Business

Morning business round-up: World Bank nominees due

  • 23 March 2012
  • From the section Business

What made the business news in Asia and Europe this morning? Here's our daily business round-up:

Candidates to be the next president of the World Bank are being announced as the deadline for nominees approaches.

Nigeria, South Africa and Angola have endorsed the nomination of Nigerian Finance Minister Ngozi Okonjo-Iweala.

The US is yet to name its candidate, but former White House adviser Larry Summers has been mentioned.

Indian airlines will not comply with the European Union's carbon trading scheme, according to civil aviation minister Ajit Singh.

The EU has directed Indian carriers to submit emission details of their aircraft by 31 March, but Mr Singh told parliament that "no Indian carrier is submitting them in view of the position of the government".

There was outrage in India's parliament after a draft report by government auditors estimated India had lost $210bn (£133bn) by selling coalfields too cheaply.

Opposition politicians accused the government of "looting the country" by selling coalfields to companies without competitive bidding, but the auditor says the leaked draft is "exceedingly misleading".

Japan, China and South Korea have moved closer to signing a trilateral investment agreement that could pave the way for a free-trade deal.

If signed it would be the first economic agreement that is backed by law between three of Asia's largest economies.

Japanese investigators have searched the offices of AIJ Investment Advisors, the scandal-hit pension and money management firm.

AIJ is being investigated after it failed to account for 185.3bn yen ($2.2bn; £1.4bn) of client funds.

The company was also stripped of its registration, effectively ending its ability to operate as an asset manager.

In the UK, telecoms firm BT says it will pay £2bn into its pension fund to help cover the scheme's deficit.

It is one of the biggest one-off payments yet made by a British company into a pension fund.

British banks needs to raise fresh capital as soon as feasible, according to a new Bank of England regulator.

Although banks have been bolstering their finances, they still do not have enough funds in reserve to withstand potential financial trouble, the Financial Policy Committee said.

Credit Suisse has halved the total pay for its chief executive, Brady Dougan, following the Swiss bank's poor performance last year when net profit slumped 62%.

Mr Dougan still made $6.37m (£4m) in 2011, roughly split between a basic salary and share awards.

The latest edition of the BBC's Business Daily programme looks at future food prices and asks what African governments can do to further agricultural productivity.

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