Sun, Apr 22, 2018 - Page 16 News List

Business Quick Take

Agencies

BANKING

HNA cuts Deutsche stake

Deutsche Bank AG’s biggest shareholder cut its stake in the lender, it disclosed yesterday, after saying in February that another reduction was not planned. HNA Group Co (海航集團), a troubled Chinese conglomerate, reduced its holdings from 8.8 percent to 7.9 percent as it allowed portions of a complex derivatives arrangement, which it uses to finance its stake, to expire, according to a regulatory filing. The company is committed to remain a major investor in Deutsche Bank, an HNA spokesman said.

RAIL

GE might sell old business

General Electric Co (GE) is in talks to sell its century-old locomotive business to rail-equipment maker Wabtec Corp, people familiar with the matter said. GE is considering combining its rail division with Wabtec, which has a market valuation of US$8 billion, the people said. The transportation unit could be worth as much as US$6.8 billion in a sale, Barclays PLC analyst Julian Mitchell wrote in a note on Tuesday. A deal has not been reached and talks might still fall apart, the people said.

ENERGY

Pipeline receives three bids

Petrobras, Brazil’s state-controlled oil company, has received three bids for a natural gas pipeline network as part of a wider push to raise cash through divestments, people with knowledge of the matter said. Dubai-based Mubadala Development Co and Sydney-based Macquarie Group Ltd each led separate groups that submitted bids on Thursday for Transportadora Associada de Gas, the people said. A third bid includes French utility Engie SA, the people said.

FINANCE

Fairfax bids for Toys ‘R’ Us

Canada’s Fairfax Financial Holding Ltd has placed a bid of US$300 million to buy Toys “R” Us’ Canadian operations in bankruptcy. The bidder is taking on a role of a “stalking horse” in a court-approved auction set for tomorrow in New York, according to court papers filed late on Thursday. That means it could be outbid in the auction if other buyers come in with a higher offer.

BANKING

Wells Fargo to pay US$1bn

Wells Fargo & Co on Friday agreed to pay US$1 billion in fines over US allegations of bank misconduct that damaged clients — the largest such penalty so far under the administration of US President Donald Trump. The bank, which has been under fire in the wake of a 2016 fake accounts scandal, is to pay the fines to resolve alleged deficiencies in its mortgage and car loan businesses uncovered by the Office of the Comptroller of the Currency and the Bureau of Consumer Financial Protection.

ELECTRONICS

Apple reveals battery fault

Apple Inc said a “limited number” of 13-inch MacBook Pro laptops sold between October 2016 and October last year have a potentially faulty component that causes the battery to expand. The company said this is not a safety issue and it would replace batteries in affected units at no charge. The company posted a page on its Web site where customers can check if their laptop is affected and begin the battery exchange process. The issue does not affect models with the Touch Bar.

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