Business

Singapore adds 23 charges against founder of oil trader Hin Leong

A Singapore prosecutor filed 23 additional forgery-related charges on Friday against Lim Oon Kuin, the founder of collapsed oil trading firm Hin Leong Trading Pte Ltd. Last year, police had charged the 79-year-old former oil tycoon, better known as O K Lim, with two counts of abetment of forgery for the purpose of cheating. Friday’s […]

Business

Europe’s Green Revolution? Italy’s spending plans raise doubts

The European Union is billing its 750-billion-euro pandemic Recovery Fund as the opportunity of the century to transform the region’s economy and help it lead the world in reducing carbon emissions. But a closer look by environmentalists at the spending plans prepared by Italy – the biggest recipient of EU cash – raises questions about […]

Business

UBS seeking to boost stake in China JV, CEO tells newspaper

UBS wants to boost its stake in its securities joint venture in China, Chief Executive Ralph Hamers told Swiss newspaper NZZ in an interview published on Friday, as the world’s biggest wealth manager looks to Asia for growth. “If you want to grow faster in Asia, for example, China plays an important role. We want […]

Business

Tax cut drives biggest jump in UK house prices since 2004

British house prices jumped by 2.1% in April, their biggest monthly rise in more than 17 years, after finance minister Rishi Sunak unexpectedly extended a tax break on property sales, mortgage lender Nationwide said on Friday. House prices are now 7.1% above their level last April, a growth rate which is just shy of the […]

Business

U.S. SEC probes VW ‘Voltswagen’ marketing stunt

The U.S. Securities and Exchange Commission has opened an inquiry into the U.S. unit of Volkswagen’s AG over a marketing stunt in which it falsely said it was changing its name in the United States to “Voltswagen,” a person briefed on the matter confirmed. Spiegel first reported the inquiry and the SEC’s request for information […]

Business

China’s Ant-backed MYBank plans to expand rural reach

MYBank, the online bank backed by China’s Ant Group 688688.SS, said on Friday it aimed to serve 2,000 rural Chinese counties by 2025, more than doubling the current number of rural districts covered. MYBank also said it had served more than 35 million small and medium-sized enterprises (SMEs) at the end of 2020, a 70% […]

Business

Huawei deepens dive into EVs, seeks control of small automaker

China’s Huawei Technologies is in talks to take control of a small domestic automaker’s electric vehicle unit, two people with direct knowledge of the matter said, a move that would be a strategic shift for the world’s largest telecom equipment maker. A company spokesman denied such a step, however. Huawei, which has been battered by […]