VENTURE CAPITAL POST

The closure of the US Export-Import Bank (EXIM) charter is forcing the US companies to explore business options overseas. Major aerospace companies, which have been benefiting from export financing and other encouraging schemes from EXIM, are in favor of shifting out of the US. General Electric (GE) has already firmed up to its plan to set up $400-million turboprop engine in Europe. Aerospace Industries Association (AIA), the largest US aerospace trade group, expresses concerns that many aviation companies are losing their competitiveness in the absence of support from EXIM. However, conservative Republicans are against EXIM charter as it's confined to only three major companies.

China's central bank will inject some of its war chest of foreign exchange reserves into two state-owned policy banks to support the government's overseas development plans, financial news magazine Caixin reported.

Barack Obama last year told a cheering crowd in Cape Town that a $7 billion plan to "Power Africa" would double electricity output on the world's poorest continent and bring "light where currently there is darkness".