As reported by Yahoo, Wang Jianlin, China's richest man, said FIFA's corruption scandal was an opportunity for big Chinese companies to further the country's lofty footballing ambitions by undertaking sponsorship deals with the global governing body.

Wang's Dalian Wanda Group, China's biggest commercial property developer and an active buyer of global entertainment and sports companies, became the first Chinese top level sponsor of FIFA last week.

At a news conference in Beijing on Monday, the 61-year-old multi-billionaire said he expected other companies to follow suit to help drive China's ambition to become a soccer superpower.

"Two or three years ago, Chinese and Asian companies probably wouldn't even have had a chance to sponsor FIFA even if we wanted to. But because some western companies dropped out, we got the opportunity," he said.

"To my knowledge, another Chinese company will become a FIFA top sponsor soon. If there are no surprises, there will be three Chinese top-level sponsors by the end of the year.

That's a deficit limit of 3 percent of GDP, and five EU states will make the budgetary bad books this year by breaching that level, according to economists surveyed by Bloomberg since January. 

These five — the U.K., France, Spain, Greece, and Croatia — include three of Europe's five largest economies. Three more countries — Finland, Poland, and Romania — are seen posting deficits at the threshold.

The EU dictates that governments must narrow budget deficits to within 3 percent of GDP and reduce debt to 60 percent of GDP, or face fines (though none have ever been applied despite consistent breaches). Since the Stability and Growth Pact came about in 1998 to strengthen the monitoring of budgets, 25 of the EU's 28 members have overstepped the deficit limit. Sweden, Estonia and Luxembourg are the only countries that have avoided breaching it.

As reported by Bloomberg, leaving the European Union might cost the U.K. 100 billion pounds ($145 billion) in lost economic output and 950,000 jobs by 2020, the Confederation of British Industry said as it stepped up its campaign against a so-called Brexit.

A vote to leave the bloc in the referendum Prime Minister David Cameron has called for June 23 “would cause a serious shock to the U.K. economy,” Britain’s main business lobby group said, citing a study it commissioned from PricewaterhouseCoopers of two Brexit scenarios.

“Leaving the European Union would be a real blow for living standards, jobs and growth,” CBI Director-General Carolyn Fairbairn will say in a speech in London Monday, according to remarks released in advance by the lobby group. “The savings from reduced EU budget contributions and regulation are greatly outweighed by the negative impact on trade and investment.”

Crude-oil producers can blame only themselves for cheap oil if there's no recovery, BusinessInsider reports.

By hedging against the volatility in prices, producers are limiting how far up oil prices can go, according to Morgan Stanley's Adam Longson.

In a note on Monday, Longson and team write about how "rampant" hedging among oil producers will probably cap West Texas Intermediate (WTI) crude oil prices at $49 per barrel.

In hedging, producers sell futures contracts at current oil prices, often with the intention to buy them back before they expire — and to avoid making an actual delivery of physical oil.

So producers would earn only a net gain if the settlement price is cheaper than what they sold the contracts for. If oil prices are higher than the hedged price, then producers buy back the contracts at a loss.

According to Bloomberg, Chinese Finance Minister Lou Jiwei downplayed a decision by Moody’s Investors Service Inc. to cut his country’s credit-rating outlook, saying leaders “didn’t care that much” because the move had little market impact.

The March 2 downgrade didn’t lead to irrational market behavior or aggressive short-selling, Lou said at the China Development Forum, a gathering of world business leaders and Chinese government officials. He noted that the offshore yuan even rose afterwards.

“Internationally there was no ensuing action, for example shorting on China, so we didn’t care that much about it,” Lou said. He was responding to a question from Jin Liqun, the president of the China-backed Asian Infrastructure Investment Bank, who asked whether leaders would communicate with ratings agencies after the downgrade.


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