Morning Wrap: today's top business stories

News stories from around the web.

New Statesman

Nine big insurers face tighter regulation (FT)

Nine global insurance companies face tighter regulation and potentially higher capital requirements because regulators have determined that they are critical to the functioning of the global financial system.

US funds seek regulatory review of Billabong deal (FT)

Billabong International, the troubled Australian retail group, faces a possible regulatory review of its A$325m (US$298m) refinancing deal with Altamont Capital Partners following a complaint from lenders.

Tax cut for shale gas firms planned (BBC)

The government has outlined plans to give tax breaks to companies involved in the UK's nascent shale gas industry.

It has proposed cutting the tax on some of the income generated from producing shale gas - found in underground shale rock formations - from 62% to just 30%.

Detroit becomes largest US city to file for bankruptcy (BBC)

Detroit has become the largest US city ever to file for bankruptcy, with debts of at least $15bn (£10bn).

The city, once a symbol of US industrial power, is seeking protection from creditors who include public-sector workers and their pension funds.

Vodafone hit by battle for European business (Telegraph)

Vodafone's intense tussle with competitors in Germany and Italy wiped 3.5pc off its organic revenues in the first quarter of this year.