Fairfax Financial buys majority stake in India’s IDBI Bank for $5.56-billion

Open this photo in gallery:IDBI Bank headquarters in Mumbai in 2023. Fairfax's purchase of a controlling stake in the bank is the largest foreign investment made in India's financial services sector. Niharika Kulkarni/ReutersFairfax Financial Holdings Ltd. FFH-T is taking on another bank turnaround by acquiring control of India’s IDBI Bank for US$5.6-billion, the largest foreign investment ever made in the South Asian country’s financial services sector. Toronto-based Fairfax is buying a 60.72-per-cent stake in IDBI Bank from the government of India, according to a press release on Wednesday from India’s federal Department of Investment and Public Asset Management.

The team behind Zakura wants every swap through NEAR Intents to get its own key, so a refund address left on NEAR’s public chain can’t expose a user’s wider payment history.

South Korea’s senior finance officials are reportedly set to meet crypto exchanges on Tuesday as calls to postpone a planned cryptocurrency tax are heating up ahead of its scheduled implementation in January. According to Yonhap, the government is planning to hold a consultation on crypto taxation, with representatives coming from Upbit, Bithumb, Coinone, DigitalX and Gopax, along with executives of the Digital Asset Exchange Alliance, known as DAXA. Government officials attending include Kwon Dae-young, first vice minister of finance and economy, and Yoo Young-jun, director general for digital financial policy at the Financial Services Commission. South Korean regulators have delayed the crypto tax three times, with the latest delay pushing the start date to 2027 amid political disagreement and industry pushback over exchange readiness and the threshold level. An exchange official told Yonhap on Sunday that unresolved transaction rules and limited time to prepare infrastructure supported postponing the tax.

Validators have a bug-fix patch on course to go live Friday. The lending system it partly repairs is still 10 votes short of approval.

Bitcoin, Nasdaq futures and Asian stocks rally as stronger-than-expected China GDP and falling oil prices lift risk appetite.

The service will initially support bitcoin, ether and the stablecoins USDC, EURC and EURAU, with the bank managing clients’ wallets and private keys.