China’s new plan to rival World Bank
China is expanding plans to establish a global financial institution to rival the World Bank and the Asian Development Bank, which Beijing fears are too influenced by the US and its allies.
In meetings with other countries, Beijing has proposed doubling the size of registered capital for the proposed bank to $100bn, according to two people familiar with the matter.
So far, 22 countries across the region including several wealthy states in the Middle East - which China refers to as West Asia - have shown interest in the multilateral lender, which would be known as the Asian Infrastructure Investment Bank.
Low rates ruining insurers, says chief
Central bankers are “ruining” the insurance sector by keeping interest rates at historic lows, an industry veteran has said, in one of the most outspoken criticisms of western monetary policy by a business leader to date.
Dennis Kessler, chief executive of Scor, the world’s fifth largest reinsurer by premium value, claimed on Tuesday that the sector had been a “collateral victim” of policy makers’ decisions.
Referring to the heads of central banks in the UK, Europe and the US, he told a conference in London: “My message to Mr Carney, Mr Draghi and Mrs Yellen is please stop ruining the reinsurance [and insurance] industry.”
His comments demonstrate the recent pressures experienced by reinsurance groups.
Shale explorers to share data
New light is to be shed on the shale gas industry under new government rules that will force explorers to reveal the results of fracking within six months. At present, shale gas companies can keep exploration results secret for up to four years, citing commercial confidentiality. Michael Fallon, the energy minister, announced new rules to improve the transparency of the industry.
£25m for SABMiller chairman’s estate
The estate of Graham Mackay has received shares worth £25m after the former SABMiller chairman’s death last year triggered the vesting of several long-term incentive schemes.
The Daily Telegraph
US takes steps to end oil export ban
The US government has moved towards lifting a 40-year ban on oil exports by allowing two firms to sell ultra-light oil to foreign buyers. Pioneer Natural Resources and Enterprise Products Partners have been told by the Bureau of Industry and Security that they can export the oil.
Skyscanner buys Chinese travel site
Skyscanner, the British flight search company, aims to challenge Baidu, the Chinese search engine, with the acquisition of Youbibi, a domestic travel price comparison start-up. The deal will see Youbibi’s 20 staff come under the control of Skyscanner’s Beijing operation.
THE WALL STREET JOURNAL
AT&T pitch merger to Congress
AT&T’s proposed $48bn acquisition of DirecTV is the only way the two companies can stay competitive in the highly consolidated broadband and pay-TV industries, the companies’ chief executives told members of the US Congress yesterday. Lawmakers have no official role in reviewing the deal, but still have influence.
Web.com hit by Google competition
Web.com Group’s shares tumbled 20 per cent yesterday as Google said it has begun to test a competing domain registration service that could undercut Web.com’s prices.