In brief: UBS ‘faces money laundering probe’, Balfour Beatty in a £51 million boost, Japanese insurer close to £3bn deal

Swiss banking giant UBS is being investigated over suspected money laundering in Belgium, prosecutors in the country announced today.

“Nobody has been charged yet but an investigation into money laundering and organised crime has been started,” they said. UBS — which has more than 6000 employees in London — said it was not aware of the investigation and cannot comment.

Balfour Beatty, the UK’s biggest builder, which is searching for a new boss, today booked a £51 million profit on the sale of two public-private partnership projects.

The construction giant said it had sold its 50% stake in the University Hospital of North Durham as well as its 100% interest in the Knowsley Schools for the Future project.

Japanese insurance giant Dai-ichi Life is understood to be closing in on United States rival Protective Life in a deal that could be worth more than $5 billion (£3 billion). It would be the latest overseas acquisition by Japan’s insurers, who are buying foreign assets to offset weak domestic demand. In a statement to the Tokyo stock exchange, Dai-ichi Life said it was considering a US deal.