A pair of advanced destroyers kicked off an intensive and wide-ranging training exercise soon after they were assigned to the People’s Liberation Army division that oversees Taiwan and the East China Sea. The newly commissioned 12,000-tonne guided-missile destroyers, the Dongguan and Anqing, took part in their first live-fire training in mid-March, simulating high-intensity combat missions, the of...
A pair of advanced destroyers kicked off an intensive and wide-ranging training exercise soon after they were assigned to the People’s Liberation Army division that oversees Taiwan and the East China Sea. The newly commissioned 12,000-tonne guided-missile destroyers, the Dongguan and Anqing, took part in their first live-fire training in mid-March, simulating high-intensity combat missions, the official PLA Daily reported on Sunday. The Type 055 “super destroyers” are the first of their kind in...
The European Central Bank will begin a fresh round of checks on banks that it supervises as concerns intensify over loan quality in the private credit sector, according to people familiar with the matter. The ECB plans to ask banks for details of their dealings with direct lenders, said some of the people, who asked to remain anonymous as the matter is private. Previous such exercises addressed ab...
The European Central Bank will begin a fresh round of checks on banks that it supervises as concerns intensify over loan quality in the private credit sector, according to people familiar with the matter. The ECB plans to ask banks for details of their dealings with direct lenders, said some of the people, who asked to remain anonymous as the matter is private. Previous such exercises addressed about a dozen banks, they said. A spokesman for the ECB declined to comment. A string of high-profile blow-ups since last year and a spike in investor withdrawals from private credit funds has triggered worry over the extent to which regular banks are exposed to the $1.8 trillion sector. In the euro area, lenders including Deutsche Bank AG and Societe Generale SA have sought to allay fears that the area poses a systemic risk. Read More: Apollo Caps Private Credit Fund Withdrawals as Requests Hit 11% While the ECB’s planned exercise builds on similar work in 2024 and 2025, euro area regulatory officials told Bloomberg that recent developments have underlined its importance. The ECB wants to ensure banks have a grasp of the risks they face, said the people. The ECB is following up on deficiencies identified in assessments last year of banks’ links to private credit, said the people. Worries over the private credit sector have been prompted by the advance of AI and the disruption it presents to software firms in particular, to which non-bank lending is heavily exposed. The watchdog has previously found that banks aren’t able to properly identify the detailed nature and levels of their links to private credit funds. Read More: JPMorgan, Goldman Offer Hedge Funds Way to Short Private Credit Exposure to private credit may be around 1 to 2% for the European banking system, analysts at Keefe, Bruyette & Woods wrote in a note on Monday. It accounts for a larger share at bigger lenders Deutsche Bank, BNP Paribas SA and Societe Generale, they wrote. It’s not clear whether European banks...
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Daniel Grizelj/DigitalVision via Getty Images International equities trade at discounted valuations relative to comparable U.S. equities. Investing in these securities also increases portfolio diversification, at least for investors focusing on U.S. securities. International equity ETFs provide investors with simple, effective ways to gain exposure to