BIS warns of negative rates risk, attempts to bridge Greece bailout rift and China-related bankruptcies spike in Japan

Negative interest rates risk backfiring the longer and more deeply central banks in Europe and Japan venture into this unconventional monetary policy, economists from the Bank for International Settlements have warned.

“The viability of banks’ business model as financial intermediaries may be brought into question,” BIS research stated. (FT)

In the news:

Beijing defends forex reserves data

China’s official foreign exchange reserves only include highly liquid assets, a top central banker said on Sunday, seeking toreassure investors that authorities have enough ammunition to prevent a sharp fall in the renminbi. (FT)

EU, IMF attempt to bridge Greece bailout rift

Greece’s warring creditors willattempt to reconcile their differences at a meeting of eurozone finance ministers on Monday amid mounting concerns Athens’ €86bn third bailout is already headed for crisis. (FT)

Ted Cruz emerges as Trump’s main rival

His victories in two states in Saturday’s primaries matched Donald Trump’s, positioning the Texas senator as the main rivalto the Republican frontrunner. But might Mr Cruz’s great night actually be a good thing for the former reality TV star? Sign up for our daily US election email here.(FT, Slate)

Iran sentences tycoon to death

Babak Zanjani and two associates were convicted of corruption linked to oil sales during the rule of former President Mahmoud Ahmadi-Nejad. (NYT)

China-related bankruptcies spike in Japan

Turmoil in the Chinese economy is rippling towards Japan and the rest of the world, triggering a wave of bankruptciesamong companies dependent on the Asian giant. From April 2015 to February 2016, Japan saw 80 bankruptcies caused by such factors as China’s slowing economy and higher production costs, with liabilities totalling more than Y230bn ($2.01bn). (NAR)

Nancy Reagan dies

The former first lady was a devoted and fierce protector of her husband Ronald and his legacy. She died at age 94. (FT)

It’s a big day for:

The EU’s refugee strategy

Leaders will meet their Turkish counterparts in Brussels for an emergency summit to address the growing crisis. The meeting comes as the European Commission prepares to reveal a sweeping new initiative aimed at centralising control of asylum claims in the bloc. (FT)

Food for thought:

Goldman’s hopeless memo

Lucy Kellaway on a motivational email sent by an executive that, however well intentioned, is likely to fail miserably. “It’s biggest problem is that it fails to heed the most important lesson of all . . . there is an inverse relationship between how many people an email is addressed to and its power to motivate". (FT)

The life of a rogue spy

Former CIA operative Frank Terpil died in Havana on March 1. His life was one of espionage, intrigue and entanglement with some of world’s most brutal dictators. (The Guardian)

Food worth going to prison for

In Galera, a restaurant in Milan, recently opened to rave reviews and reservations are almost fully booked for this month. But its success may have more to do with the locale than the food: It is located inside a medium-security prison and the waiters and cooks are convicted felons. (NYT)

The Corporate Jet Files

An FT analysis of securities filings has found that many companies are still footing the bill for their executives to take personal flights on corporate jets, sometimes accompanied by family and friends. (FT)

The long way round

The plummeting price of oil on international markets has had many effects — one of which is that it may be cheaper for ships to travel right around Africa than go through the Suez Canal. (BBC)

Video of the day:

My City: Bangkok

In this episode of My City, the FT’s Bangkok regional correspondent Michael Peel takes a closer look at the Thai capital. He meets outspoken critics of the ruling junta and those trying to help the country’s most vulnerable. (FT)