Reuters Asia Business

By Selena Li and Scott Murdoch HONG KONG (Reuters) -HSBC has been fined HK$4.2 million ($537,683) by Hong Kong regulators over disclosure failures, the regulators said on Tuesday. The bank failed to properly disclose investment banking relationships with Hong Kong-listed companies in more than 4,200 research reports published between 2013 and 2021, the regulators said. …

HSBC fined $4.2 million by Hong Kong regulators over disclosure failure Read More »

TOKYO (Reuters) -The pension trust of German automaker Mercedes-Benz has sold its entire stake in Japan’s Nissan Motor for 47.83 billion yen ($324.65 million), a source with direct knowledge of the matter said on Tuesday. Shares in the Japanese automaker ended the day more than 6% lower, following Mercedes-Benz’s announcement on Monday that it would …

Mercedes-Benz offloads Nissan stake for $325 million, source says Read More »

(Reuters) -Apple will host its annual fall event on September 9, according to an invite on Tuesday, where the company is expected to unveil new iPhones, watches and other devices. The event will be held at the Steve Jobs Theater at Apple’s headquarters in Cupertino, California and serve as a showcase of the company’s efforts …

Apple to hold fall event on September 9, new iPhones expected Read More »

By Rishav Chatterjee (Reuters) -Shenyang’s local government has offered to take Shengjing Bank private in a deal that valued the commercial lender at HK$11.61 billion ($1.49 billion), the bank said on Tuesday, following several years of weak share performance. Shenyang Shengjing Financial Holding Investment, which is majority owned by Assets Supervision and Administration Commission of …

Shengjing Bank gets go-private offer from top investor at $1.49 billion valuation Read More »

By Yuka Obayashi TOKYO (Reuters) -Japan’s industry and land ministries on Tuesday proposed revising guidelines to extend offshore wind project leases by 10 years, from the current 30 years, to help developers manage soaring construction costs and complete projects. The proposal was submitted to a joint expert panel of the Ministry of Economy, Trade and …

Japan proposes 10-year extension for offshore wind farm leases to ease cost pressures Read More »

(Reuters) -PetroChina on Tuesday proposed to take over three natural gas storage facilities from its controlling shareholder, state-owned China National Petroleum Corporation, in a deal worth 40.02 billion Chinese yuan ($5.59 billion). The deal comes as China’s biggest oil and gas producer looks to ensure stable operation and develop its natural gas industrial chain, aiming …

PetroChina proposes to buy gas facilities from CNPC in $5.59 billion deal Read More »

By Nikunj Ohri NEW DELHI (Reuters) -The Reserve Bank of India (RBI) has asked the country’s lenders to increase scrutiny over funds flowing indirectly from Pakistan, according to a letter seen by Reuters that cited a “high risk” of such money being used to buy arms. Direct flows of funds from Pakistan to India are …

India urges banks to tighten checks over ‘high risk’ fund flows from Pakistan Read More »

By Aditi Shah HANSALPUR, India (Reuters) -Japan’s Suzuki Motor will invest 700 billion rupees ($8 billion) in India over the next five to six years, its chairman said on Tuesday, as production of the automaker’s first electric vehicle began. Through its majority stake in Maruti Suzuki, Suzuki Motors already produces 17 models in India for …

Suzuki Motor to invest $8 billion in India, begins first EV production Read More »

By Eric Onstad and Amy Lv LONDON/BEIJING (Reuters) -Prices of two rare earth elements needed for super-strong magnets have surged to their highest in more than two years after U.S. miner MP Materials stopped raw material exports to leading magnet maker China amid rising demand. China dominates the global supply chain for rare earths, accounting …

Rare earth prices hit two-year peak after MP Materials stops China shipments Read More »

(Reuters) -China’s Sinopec said on Tuesday it has agreed to provide engineering services for Saudi Arabia’s ACWA Power to build the world’s largest integrated green hydrogen and green ammonia project in the kingdom. The project, to be built in Yanbu city in Saudi Arabia, will produce annually 400,000 metric tons of green hydrogen and 2.8 …

Sinopec wins engineering contract for Saudi Arabian green hydrogen project Read More »