Stock markets have retreated again over worries of further US interest rate rises after the Federal Reserve defied Donald Trump to increase rates for the fourth time this year.

The EU has confirmed it is “actively investigating” a potential breach of its diplomatic communications network, following reports that secret cables had been stolen by hackers.

The Bank of England has welcomed a “crucial and positive” move by the EU to help keep a key part of the financial system functioning in the event of a “no-deal” Brexit.

A handful of banks will be forced to write multimillion pound cheques to buy shares in the construction giant Kier Group after some of its biggest investors snubbed the chance to take part in a £250m fundraising.

GlaxoSmithKline (GSK) is to merge its consumer healthcare unit with that of rival Pfizer, to create a new market leader with almost £10bn in annual sales.


Santander has been fined more than £30m for “serious failings” in processing the accounts of dead customers, the Financial Conduct Authority (FCA) says.


Asian Infrastructure Investment Bank (AIIB) to finance projects worth $4 billion in 2019


Lender will focus on projects in Asia, and prioritise its efforts in Pakistan, according to the president

The AIIB aims to finance projects worth about $4bn this year, about 20% more than the $3.3bn it financed in 2018.

 “We expect to do more this year and beyond but I am not into rushing. I want to move forward on the basis of prudence and the basis of a meticulous feasibility study,” Jin Liqun stated.

“Quantity is important … but quality is the most important thing,” he further added.

The AIIB, which has 93 member countries, was set up to meet Asia’s infrastructure needs, while also showing that a China-led institution can meet international standards for best practice. It has financed $7.5bn in projects since it launched in 2016, mostly in Asia but also in countries like Egypt.

The bank would focus on financing projects in Asia this year, Jin said, adding that the AIIB wanted to “prioritise efforts” in Pakistan, where it had already financed several projects.

He also stated that the AIIB was interested in working with the Gulf Cooperation Council countries—Saudi Arabia, the UAE, Qatar, Kuwait, Bahrain, Oman and Jordan—where it had already financed projects.

Jin, who is attending the World Government Summit in Dubai this week, said he met with UAE deputy prime minister Sheikh Mansour bin Zayed al-Nahyan earlier on Monday.

“I reaffirmed my commitment to working with the UAE, with Saudi, with Oman, with Jordan,” he stated.

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