China’s vice finance minister says no need for economic stimulus

Zurich Insurance Finance Chief Pierre Wauthier Found Dead

View gallery China’s Vice Finance Minister Zhu Guangyao addresses the media during a news conference at a hotel in BEIJING (Reuters) – China’s Vice Finance Minister Zhu Guangyao said there was no need for the government to stimulate the world’s No. 2 economy, saying on Tuesday that growth can instead be supported through structural adjustments. Zhu said while China faced a severe economic environment at home and abroad, it would keep economic policies stable. Speaking at a briefing ahead of G20 meeting in Russia next week, he said the United States must consider when and how fast it moderates its ultra-loose monetary policy. Central Bank Deputy Governor Yi Gang said the issue of how nations would cope as developed economies tighten their monetary policy would be a focus at the G20 meeting.

Wauthier was appointed CFO in September 2011 after previous roles as group treasurer and head of centrally managed businesses. A citizen of Britain and France , the married father of two had worked for Zurich Insurance since 1996, the company said. Vibhu Sharma, group controller, will take over as CFO on an interim basis, according to the statement. The board of directors, group executive committee and all of our colleagues are deeply saddened and pass on our condolences to the family and relatives, Chief Executive Officer Martin Senn said in the statement. The police ordered an autopsy to determine the cause of death, according to Schlatter.

Market Chatter-Corporate finance press digest

* Private equity firm MBK Partners has agreed to buy a 90 percent stake in ING’s South Korean insurance unit for 1.63 trillion won ($1.46 billion), a source with direct knowledge of the matter said Monday. * Brazil’s oil industry watchdog plans to reject OGX Petroleo e Gas Participacoes SA’s plan to develop the Tubarao Azul offshore oil field, two government sources with direct knowledge of the situation told Reuters. * Abu Dhabi National Energy Co (TAQA) may shelve a $12 billion power project in Turkey amid a deteriorating economic outlook and increasingly difficult financing conditions, Turkish energy industry sources said on Monday. * Thai billionaire Charoen Sirivadhanabhakdi is looking to raise at least $500 million by listing a hospitality trust in Singapore next year to help refinance some of the debt that his companies took on to win control of Fraser and Neave (F&N) , people with knowledge of the matter said.

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