China to invest $3bn in Blackstone
New York: A new state investment firm in China said it would invest $3 billion in the Blackstone Group, one of the most prominent and powerful U.S. private equity firms.

China's foreign exchange investment company said it would make the investment in the form of nonvoting common units of Blackstone, a firm that has been at the forefront of a global boom in mergers and acquisitions.

Earlier in March China announced the setting up of a vehicle to help diversify part of its $1.202 trillion of foreign exchange reserves to improve returns and diversify risk.
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Outgoing British PM may head the World Bank
Washington: Outgoing British prime minister Tony Blair is said to be on of the main contenders for the post of chief of the World Bank. Although the post has traditionally been with the US and the Bush administration is in the process of choosing a successor to Paul Wolfowitz, who leaves the post next month.

Nobel Prize-winning economist Joe Stiglitz and the former senior vice president and chief economist of World Bank was quoted as saying that Blair was "in the frame" for the job. Stiglitz said Blair being a strong political leader, also has the kinds of connections that one needs and would be useful as head of the institution.
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