Bloomberg China took a major step toward the long-awaited opening of its financial system, saying it will remove foreign ownership limits on banks while allowing overseas firms to take majority stakes in local securities ventures, fund managers and insurers. The new rules, unveiled at a government briefing, will give global financial companies unprecedented access to the world’s second-largest economy. The ...

Bloomberg Deutsche Bank AG expects to raise about 2 billion euros ($2.3 billion) from selling a quarter of its asset management business in an initial public offering, according to people familiar with the matter. The partial offering would value the unit at about 8 billion euros and account for substantially all the capital the bank had expected to raise through ...

Bloomberg Pakistan central bank Deputy Governor Jameel Ahmad played down concerns over the nation’s widening current account and trade deficits and said they will improve this year as exports begin to pick up and rising imports slow. “There are challenges in the form of a growing trade deficit and also its impact on the current account deficit, but when you ...