Welcome to the Morning Meeting, a look at some of the major news from around the globe that is key to the world of deals.
- Manulife Financial Corp. is getting further from its hopes of owning AIA. Reuters reports that the board of AIA owner American International Group is preparing this week to move forward with an initial public offering for the Asian life insurance businesss after sale opportunities fell short.
- European banks are likely to get an easier path to implementation of new capital rules, something that will be closely watched by Canadian banks who have been promised a level playing field by regulators. Bloomberg News reports that the European lenders are "posed to win a reprieve" based on how global regulators define capital. The key for Canadian banks will be applying the new rules equally for all.
- Florida is looking a lot like Europe. The Wall Street Journal reports that banks in the state are so pinched they are asking for a reprieve from capital raising rules.
- Rio Tinto and BHP Billiton are refining their "Plan B" in case regulators say no to the companies' planned iron-ore joint venture, Reuters says.
- The good news for BP Plc is it may pay a lot less tax, as the company believes its spill costs are write offs. That means about $10-billion less tax, a big hit for finance ministers in the U.S. and the U.K. who are counting on that money, the Financial Times reports.
- Moody's Investors Service downgrades Portugal. The New York Times says it's a reminder of what Europe and banks face if countries can't pay their debts.