An Indonesian parliamentary panel on Monday agreed with the government on key provisions in a bill ​for the foundation of international financial centres aimed at drawing ‌in foreign financial investment. Limited details have been released to the public as of Monday, but authorities have previously said the bill will lay out tax incentives ​similar to those offered in financial hubs like Dubai, and that ​the holiday island of Bali was one potential location. Learn More

John Healey, the former British defence minister who helped to trigger the departure of Keir Starmer by accusing him of failing to spend ​enough money on keeping the country safe, has been named as finance minister by new ‌Prime Minister Andy Burnham. Widely liked by colleagues, Healey, 66, will now have to find more money to spend on defence while also investing in other key areas such as health and welfare. Learn More

Private investors are needed to funnel cash into European defence companies to plug the gap left by cash-strapped governments, but too often ​bottlenecks and barriers are discouraging investment, senior finance executives told the Farnborough Airshow ‌on Monday. “Public spending will not be enough, and we do need to mobilise private capital at scale," Cathal Deasy, global co-head of investment banking at British bank Barclays, told delegates, adding national ​governments nee