Reuters exclusively revealed that HSBC (HSBA.L) has agreed to buy out its China fund management joint venture partner as the Asia-focused bank pushes ahead with expansion in the world’s second-largest economy.

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Papua New Guinea’s foreign minister exclusively shared with Reuters that U.S. President Joe Biden will sign defense and surveillance agreements with the island nation, cementing the strategic importance of the nation where Biden’s uncle died in World War II.

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Reuters exclusively reported that China has told its “big four” state-owned banks to reduce the ceiling on interest rates they pay on some deposits. The interest rate self-disciplinary mechanism, a top regulatory body overseen by the People’s Bank of China, urged lenders to lower ceilings on some personal and corporate deposits by 30 basis points (bps), effective on May 15.

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Reuters was first to report the news that a tribunal granted bankruptcy protection to India’s fourth largest airline Go First, bolstering chances of its revival but dealing a blow to lessors. The decision was keenly awaited by global leasing companies in Europe and elsewhere as the ruling now bars them from repossessing dozens of their Airbus A320neo planes from Go First due to a legal moratorium, setting the stage for prolonged court battles.

The post India’s Go First airline gains bankruptcy protection, lessors’ woes deepen appeared first on Reuters News Agency.

Reuters exclusively reported that Western Digital and Japan’s Kioxia Holdings are speeding up their merger talks and now nailing down a deal structure as a slumping flash memory market has put fresh consolidation pressure on the world’s no.2 and no.4 chipmakers. Under the plan now being worked out, the merged entity would be 43% owned by Kioxia, 37% by Western digital and the rest by existing shareholders of the companies, Reuters reported. Shares of Western Digital rose more than 11% following the Reuters report.  

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In the latest news on Rakuten’s moves to fortify its balance sheet, Reuters exclusively reported that Japanese e-commerce firm Rakuten was looking to raise around 300 billion yen ($2.2 billion) by issuing new shares to shore up its finances after years of losses from its mobile business. Shares of Rakuten, which were up around 5% in afternoon trade before the May 15 Reuters report, turned negative and ended the day down 9%, their biggest one-day drop in three years. Rakuten also issued shares to founder and CEO Hiroshi Mikitani and his fund to pay down debt and build base stations. By the time Rakuten confirmed these reports at the close of trade the following day, its stock had fallen another 5%. 

The post Japan’s Rakuten plans new share issue to raise around $2.2 bln   appeared first on Reuters News Agency.

Reuters exclusively reported that CICC Capital, a unit of leading Chinese investment bank CICC (3908.HK), has stopped using Capvision Partners’ services following an investigation into the “expert network” as part of Beijing’s crackdown on national security.

The post CICC Capital bans consulting firm Capvision after China crackdown appeared first on Reuters News Agency.

Government officials exclusively revealed to Reuters that India, backed by China, is trying to build a consensus within the G20 group to let countries choose a roadmap to cut carbon emissions instead of setting a deadline to end the use of fossil fuels. 

The post India, China propose ‘multiple pathways’ on cutting use of fossil fuels appeared first on Reuters News Agency.