The International Monetary Fund approved plans on Wednesday to issue its own debt to strengthen its capacity to fund bail-outs, the Financial Times reported. Meanwhile, the World Bank said it committed a record $59 billion in loans and guarantees to developing countries in the year to June 30.

Zimbabwe’s prime minister, Morgan Tsvangirai, said Tuesday that an official he had appointed had secured lines of credit worth $950 million from China, President Robert Mugabe’s longtime ally, The New York Times reported. Mr. Mugabe’s party has mocked Mr. Tsvangirai for failing to bring home much aid from his three-week tour of the United States and Europe. Zimbabwe’s government — a virtually bankrupt contraption led by Mr. Mugabe and his rival, Mr. Tsvangirai — needs an estimated $8 billion to rebuild the country’s ruined economy.

The Japanese government has embarked on a controversial plan to prop up domestic electronics companies weakened by overseas competition and clobbered by the recession, echoing the automobile-industry bailout in the U.S., The Wall Street Journal reported. Japan said Tuesday it will invest 30 billion yen ($310 million) in Elpida Memory Inc. to help the semiconductor-maker survive the current downturn by beefing up its financial standing and modernizing its production facilities so it can compete with overseas rivals.

Carlyle Group, Primus Financial Holdings Ltd. and MBK Partners Ltd. may seek to buy American International Group Inc.’s Taiwanese life insurance unit, three people familiar with the matter said. KKR & Co., Affinity Equity Partners Ltd., Cathay Financial Holding Co. and Chinatrust Financial Holding Co. have also asked New York-based AIG for information about the sale and may take part in a first round of bids scheduled for July 3, the people said. The unit may fetch about $2 billion, they said, declining to be identified because the discussions are private.

Local marine and sports clothing company Line 7 has gone into receivership, The National Business Review reported. The business, owned by Ross Munro and Marilyn Horne, is most well-known for dressing Team New Zealand sailors in the America’s Cup. Receivers Grant Graham and Brendon Gibson of KordaMentha were appointed to the business today. It is not known whom they were appointed by; but Companies Office records show ANZ National Bank is the only bank listed as a Line 7 secured creditor.

General Motors Corp. and the Chinese firm that has agreed to acquire the bankrupt automaker's Hummer unit are both denying earlier news reports that China will move to block the deal over pollution concerns, Bankruptcy Law360 reported. Read more. (Subscription required.)

Mizuho Financial Group Inc. will likely begin procedures to raise up to Y600 billion through a new share issuance, a person familiar with the situation said Monday, making it the latest Japanese bank to take steps to strengthen its capital base, Dow Jones reported. While Mizuho announced plans for a common share issuance of that amount in May, it didn't specify when it would do so. Starting procedures would suggest to investors that the issuance will take place in the near future.

Porsche has rejected Volkswagen AG's bid to take a 49 percent stake in the sports car maker, a company spokesman said Monday. Porsche Automobil Holding SE spokesman Albrecht Bamler said the offer by VW "is not a viable option," the Los Angeles Times reported on an AP story. Debt-laden Porsche, based in Stuttgart, has been holding talks with a Qatar state investment fund on a possible investment. Porsche confirmed earlier this month that it is in exclusive talks with the Qatar Investment Authority — the primary investment vehicle of the small, energy-rich state.

Australian start-up Strategic Airlines has bought Australian charter carrier OzJet, which went into voluntary administration in May, Flightglobal reported.

Bank of Queensland is the subject of an investigation by the Australian Securities and Investments Commission, The Australian reported. The regional bank that is based in Brisbane said it was made aware that it was under investigation yesterday. The news comes after the bank told the stock exchange yesterday there was no evidence it had acted dishonestly in relation to clients of collapsed investment group Storm Financial.