Insurers warn on too big to fail plans
Regulators’ plans to designate big global insurers as too big to fail could have unintended consequences that risk “destabilising the financial system”, an industry body has claimed. The Geneva Association said they might prompt insurers to cut holdings of government bonds as well as bank debt and equity.
Congressional leaders reach fresh budget deal
US congressional leaders have reached a short-term budget deal to fund the government for six months from September, extinguishing a potential partisan fiscal fight ahead of the election.
Payments likely if Heathrow grows
BAA, Heathrow’s owner, expects that a noise compensation regime will be needed if a third runway at the airport is given the ministerial go-ahead, a policy being promoted by Tory MPs with close links to George Osborne, the chancellor. Osborne is thought to favour expansion of Heathrow as the quickest and cheapest way to solve the UK’s capacity crunch.
Euro doom loop threat to Britain
Britain’s heavily indebted economy would contract 5.2 per cent in 2013 - more than Germany’s - in the immediate aftermath of a break-up of the euro, Fathom Financial Consulting has predicted.
Bikers’ friend faces uphill struggle
The British division of Hein Gericke, one of Europe’s biggest sellers of clothing and equipment to bikers, has fallen into administration. The firm fell victim to the spending squeeze on affluent riders.
The Daily Telegraph
China prepares vast stimulus
China has ditched its reform strategy and prepared a vast stimulus package as the country’s soft-landing turns uncomfortably hard, with recession warnings flashing across East Asia.
PokerStars to settle US allegations
PokerStars, an online poker company based in the Isle of Man, has agreed to pay $731m (£466.2m) to US authorities to settle allegations of money laundering and bank fraud.
THE WALL STREET JOURNAL
Heat rises on central banks
The US Federal Reserve and European Central Bank face critical tests this week amid heightened expectations that they are moving toward new actions to tackle fragility in the global economy.
EU sends Visa objections on fees
The European Union's antitrust regulators have sent fresh objections to Visa Europe about some fees it charges for use of its credit cards, arguing that the fees hurt competition and increase prices.