Portugal nominates OECD's Santos Pereira to succeed Centeno as central bank chief
The decision was announced by Cabinet Minister Antonio Leitao Amaro after a weekly cabinet meeting.
Centeno has been the target of frequent criticism from the political right, now in power, for moving from his role as finance minister in a previous Socialist administration to the central bank in 2020, a move detractors said undermined the institution's independence.
Centeno, who was Eurogroup president in 2018-2020, has been a vocal so-called dove favouring looser monetary policy at the European Central Bank.
Central bank governors are nominated by the cabinet for a five-year term and can be reappointed once. Centeno has previously said he is ready to continue leading the institution.
The nominee must submit to questioning by a parliamentary committee - which has no power to block the nomination - before the government can officially appoint him.
It is not uncommon for heads of regulatory bodies in Portugal to remain in office months after their terms expire.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Reuters
a few seconds ago
- Reuters
Hungary's government slashes 2025 growth forecast to 1%
BUDAPEST, July 29 (Reuters) - Hungary's government slashed its 2025 economic growth forecast to 1% on Tuesday from 2.5% expected at the start of the year, prolonging an anaemic recovery from an inflationary surge triggered by Russia's 2022 invasion of Ukraine. Prime Minister Viktor Orban's government had hoped a rebound in economic growth would help him secure another term in next year's elections, when political analysts expect him to face the stiffest opposition challenge in over a decade. But the economy remained flat in the first quarter, worse than expectations, and the performance in the second quarter was likely to have been similar, Economy Minister Marton Nagy said, weighed down by agriculture and industry. "On a quarterly basis, growth will likely be positive, but in annual terms, we can expect near stagnation," Nagy told a media briefing, adding that weak farm sector output had probably cut between 0.3 and 0.4 of a percentage point off growth. The new forecast is more closely aligned with the Hungarian central bank's 0.8% projection and the OECD's 0.9% estimate, rounding off the weakest three-year stretch leading up to a national election since Orban took power in a 2010 landslide. Orban aims to fend off the opposition challenge with large-scale tax cuts for families, cheap loans to first-time home buyers and pension rises due to higher-than-expected inflation, now seen averaging 4.7% this year. Nagy said Sunday's U.S.-EU framework trade agreement would reduce uncertainty, adding that he believed the car sector would be able to absorb a 15% tariff rate. Neighbouring Romania has said it expected a small hit to growth from tariffs. Despite the weaker economic performance, Nagy said there was no need to amend the 2025 budget, as consumption-linked tax revenues were on track and as the government had already implemented a spending freeze earlier this year. Orban's government targets a shortfall worth 4.1% of output this year, down from a higher-than-forecast 4.9% level in 2024. Hungary's debt, the EU's highest outside the euro zone, is expected to stagnate at around 74% this year and next. Nagy said the government was committed to keeping the deficit below 4% of economic output next year, adding however, that 192 billion forints ($555.59 million) worth of reserves would be needed to cover risks from lower-than-expected growth. ($1 = 345.58 forints)
Daily Mail
28 minutes ago
- Daily Mail
Card Factory nabs Funky Pigeon brand as WH Smith focuses on travel
Card Factory will buy online personalised card company Funky Pigeon from WH Smith for £24million. It comes as WH Smith sells off its non-core assets, as well as its high street business, to become a pure-play travel retailer with stores in airports and train stations. The deal also marks a significant shift from the high street to online for Card Factory, which told shareholders on Tuesday the takeover will make it the second largest online card and attached gift retailer in the market. Over the last two years, Funky Pigeon has generated around £32million revenue per year and £5million in adjusted earnings before nasties.. The deal, which values Funky Pigeon at £26million, represents approximately five times Funky Pigeon's earnings. Card Factory said the acquisition would accelerate the company's existing digital strategy. Chief executive Darcy Willson-Rymer added: 'This acquisition marks a significant step forward in Card Factory's strategy to build a scaled, competitive digital presence in the celebration occasions market. 'It brings a high-quality platform and proven technology, accelerating our ability to compete in the direct-to-recipient card and gifting segment, so supporting our ambition to become the leading omnichannel retailer in our sector.' The deal will be funded from a drawdown of up to £35million under Card Factory's existing borrowing facility. Once approved, it plans to extract 'annual synergy benefits of more than £5million'. Its outlook for the year - of mid-to-high single-digit percentage growth in sales and adjusted profit - remain unchanged. FTSE 250-listed Card Factory shares were up 8.1 per cent to 96p by midmorning on Tuesday. WH Smith said the Funky Pigeon sale followed a 'strategic review' of the business and 'will be used to improve the group's net debt position.' It marks the latest asset disposal for the high street stalwart, after it group agreed a £76million sale of its high street business to Hobbycraft owner Modella. The sale of its high street arm comes after years of under-pressure sales and profits at the division, while WH Smith's travel business has grown to make up the bulk of its sales and profits, with more than 1,200 stores across 32 countries. It will focus its efforts on its stores in train station and airports, ditching the WH Smith name for the TGJones brand.
Auto Car
30 minutes ago
- Auto Car
The dangers threatening to unravel JLR's magical turnaround
JLR has achieved the almost impossible to post its best profit for 10 years, cancel out a £5 billion debt mountain and deliver record dividends to owner Tata Motors. The company managed these impressive feats in its financial year running to the end of March by polishing its Range Rover and Defender brands such that they shone so brightly customers were willing to pay more than for rival vehicles in the premium SUV space. That was hard enough, given the challenges facing an arguably sub-scale company squaring up against global giants like BMW and Mercedes-Benz – but now comes the even harder part.
