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☆ McLennan replaced by Herbert as Rugby Australia chairman in boardroom coup
▼ + stars: | 2023-11-19 | by ( ) www.reuters.com time to read: +3 min

New Australia rugby union coach Eddie Jones poses with Rugby Australia Chairman Hamish McLennan and CEO Andy Marinos after his first news conference since his reappointment, which was held at Matraville Sports High School, in Sydney, Australia January 31, 2023. REUTERS/Nick Mulvenney/File Photo Acquire Licensing RightsSYDNEY, Nov 20 (Reuters) - Hamish McLennan was replaced as chairman of Rugby Australia (RA) by former Wallabies centre Dan Herbert late on Sunday as the fallout from the country's early World Cup exit continued to reverberate. McLennan, a successful businessman who had overseen the hiring of Eddie Jones to run the ill-fated World Cup campaign, immediately resigned from the board. "Australia will host the British and Irish Lions Tour in 2025, the Men's 2027 Rugby World Cup and the Women's 2029 Rugby World Cup and the 2032 Olympic Games," he added. RA paid tribute to McLennan's role in helping the game get through the COVID pandemic, which brought the governing body close to bankruptcy, and in securing the hosting of the men's and women's World Cups.

Persons: Eddie Jones, Hamish McLennan, Andy Marinos, Nick Mulvenney, Dan Herbert, McLennan, Herbert, Jones, Dave Rennie, Phil Waugh, Rugby Australia's, Toby Davis Organizations: New Australia rugby, Rugby Australia, Matraville Sports High School, REUTERS, Rights, Wallabies, Australia, New South Wales Rugby Union, Australian Capital Territory, ACT, Super Rugby, Irish Lions, Rugby, Thomson Locations: Sydney, Australia, England, Queensland

☆ Watchdog with teeth can help EU hunt unicorns
▼ + stars: | 2023-07-11 | by ( Rebecca Christie | ) www.reuters.com time to read: +8 min

Yet the EU today is a long way from uniting its capital markets. By comparison, the United States has seven exchange groups, three listings exchanges and 16 trading exchanges, along with one clearing house and one depository. Bringing capital markets together through better regulation, as well as better market incentives, could keep the next generation of unicorns home. Follow @rebeccawire on TwitterCONTEXT NEWSEuropean Union leaders called for the EU to improve capital markets as part of a push for competitiveness at summits in March and June. Capital markets union is an EU endeavour launched in 2014 as a long-term project to boost investment across borders.

Persons: –, Austria’s i5invest, Backes, Magdalena Rzeczkowska, Nadia Calviño, ESMA, ” Calviño, won’t, centralisation, Francesco Guerrera, Oliver Taslic Organizations: Reuters, EU, ABC Fitness Solutions, Reuters Graphics Reuters, Canada, Berlin Brands Group, European Securities and Markets Authority, European, Central, Union, European Commission, Capital, Thomson Locations: BRUSSELS, Europe, China, Ukraine, Arkansas, London, Switzerland, United States, IPOs, Belgian, U.S, Paris, spillovers, Luxembourg, Poland, Brussels, EU, wean

In a major shake-up, China will set up the new regulatory body, the National Financial Regulatory Administration (NFRA), according to a proposal that the State Council, or cabinet, presented to parliament on Tuesday. The watchdog, which will oversee all aspects of China's $57 trillion financial sector apart from the securities market, should help reduce regulatory overlap especially at the level of local government, analysts say. There are also plans, sources have said, for the revival of another high-level financial watchdog which is expected to be directly under central party leadership. 'ENHANCING CENTRALISATION'In its reform proposals presented in parliament, the State Council said the changes were meant to "deepen reforming local financial regulatory systems" by "enhancing centralised management of financial affairs". Some investors, however, are concerned that the regulatory power reshuffle means tighter government control, which may bring more interference or crackdowns on financial activity, particularly in the private sector.

☆ China to set up new financial regulator in sweeping reform
▼ + stars: | 2023-03-07 | by ( ) www.reuters.com time to read: +6 min

The new financial regulator will replace the China Banking and Insurance Regulatory Commission (CBIRC) and bring supervision of the industry, excluding the securities sector, into a body directly under the State Council, or cabinet. The proposal for setting up the new regulator, the National Financial Regulatory Administration, was presented to China's parliament during its annual meeting on Tuesday. China's financial sector is overseen by the People's Bank of China (PBOC), the CBIRC, and the China Securities Regulatory Commission (CSRC), with the cabinet's Financial Stability and Development Committee having overall responsibility. The setting up of the new financial regulatory body comes as Beijing seeks to rein in large corporate and financial institutions that may bring systemic risks via regulatory arbitrage among multiple authorities. 'STRENGTHEN SUPERVISION'The new administration will "strengthen institutional supervision, supervision of behaviours and supervision of functions", according to the plan.

☆ 'A crane, for God's sake': Inside the struggles of Turkey's earthquake response
▼ + stars: | 2023-02-13 | by ( ) www.reuters.com time to read: +9 min

Many in Turkey say more people could have survived the 7.8 magnitude earthquake that struck the south of the country and neighboring Syria a week ago if the emergency response had been faster and better organized. Two experts consulted by Reuters partly blamed the delays on the centralisation of emergency response under AFAD by President Tayyip Erdogan's government. U.N. aid chief Martin Griffiths, speaking in Kahramanmaras on Saturday, called Turkey's disaster response "extraordinary" given the quake's historic size. Interior Minister Suleyman Soylu said he commissioned the report precisely to improve Turkey's disaster response. But they have generally seen the state's emergency response as effective.

☆ China's Xi deals knockout blow to once-powerful Youth League faction
▼ + stars: | 2022-10-26 | by ( Martin Quin Pollard | ) www.reuters.com time to read: +5 min

BEIJING, Oct 26 (Reuters) - The three most glaring omissions from China's new Communist Party leadership share one common trait: all rose through its Youth League and were considered members of a once-powerful faction whose influence Xi Jinping has now effectively crushed. "On Hu Chunhua, I think this has been Xi Jinping's main tactic of shutting down the youth league faction," said Victor Shih, an expert on elite politics in China and a professor at the University of California, San Diego. "They are completely defeated," said Cheng Li, a specialist on the transformation of political leaders in China, referring to the sidelining of the Youth League faction. The Youth League has been active in attacking foreign brands accused of misbehaviour in China, such as false advertising. The Youth League did not immediately respond to a request for comment on Wednesday.

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