Guggenheim Partners LLC and Apollo Global Management LLC are among firms subpoenaed by New York’s financial watchdog in a probe of risk tied to investment-company ownership of insurers, said a person familiar with the inquiry.
Envoys at United Nations global warming talks are considering whether to adopt a target for carbon emissions around 2050 as they struggle to work toward a deal to limit climate change that they aim to agree on in 2015.
Billionaire John Paulson’s Bermuda venture, which positions its owners to avoid taxes on hedge fund earnings by routing money through a reinsurer, sold about 3 percent as much coverage as competitors in its first year.
European Union nations must resume talks on a draft law to overhaul the bloc’s financial market rules, after ambassadors failed to resolve a clash between the U.K. and Germany on competition in derivatives clearing.
China Petroleum & Chemical Corp., Asia’s biggest refiner, expects more asset deals with its parent after creating a $3 billion joint venture to replace dwindling reserves with oilfields in Kazakhstan, Colombia and Russia.
Chancellor Angela Merkel is losing support from her two biggest allies in the utilities industry as their mounting debt prompts a retreat from renewable-power expansion, undermining her $700 billion program to reshape Germany’s energy market.