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  AFP Postal Savings Bank of China (PSBC) made a low-key debut on the Hong Kong bourse on Wednesday, despite notching up the world’s biggest IPO in two years aimed at expanding the business. China’s fifth-biggest lender raked in a colossal $7.4 billion in the flotation, with a report in the Chinese language financial news portal Caixin saying a fund ...

  AFP The board of the World Bank has unanimously agreed to name Jim Yong Kim to a second term as president, the global lender announced. Kim had been the only candidate in a process criticized by World Bank staff and campaigners as lacking in transparency and dominated by the United States. In a statement announcing the decision, the Bank’s ...

  AFP Royal Bank of Scotland (RBS) on Wednesday said it had agreed a fine of $1.1 billion (982 million euros) with US authorities over the alleged mis-selling of mortgage securities ahead of the 2008 financial crisis. It comes a week after US authorities said they would seek $14 billion from Deutsche Bank over similar allegations. “The Royal Bank of ...

  Bloomberg Deutsche Bank AG rose in Frankfurt trading after the German lender agreed to sell its U.K. insurance business for 935 million euros ($1.2 billion) and Chief Executive Officer John Cryan ruled out a capital increase. Responding to investor concerns that the bank may be forced to raise capital to meet mounting legal costs, Cryan told Germany’s Bild newspaper ...

  AFP Germany’s second-largest lender Commerzbank could slash around a fifth of its staff in the coming years as part of a billion-euro restructuring programme, a German newspaper said. Chief executive Martin Zielke is to present his vision for the bank’s future up to 2020 — including some 9,000 job cuts — to fellow board members on Friday, according to ...

  Bloomberg Wells Fargo CEO John Stumpf will forgo $41 million in compensation, the bank’s board of directors announced, as punishment for a bogus accounts scandal that has rocked the company. The bank has already apologized and said it fired 5,300 employees tied to the illegal conduct, which saw employees boost sales figures by opening unauthorized deposit and credit accounts ...

  Agencies The entire state of South Australia lost electricity after severe winds and storms lashed the region, according to Adelaide-based SA Power Networks. The distributor, which services about 850,000 homes and businesses, said that Australia’s fourth-largest state by area is currently without power and there is “no upstream supply from the transmission network.” The state — about one and ...

  Bloomberg India has more than doubled the amount of coal small and medium companies can buy as the country aims to boost domestic sales of the fuel to reduce a glut. The cap was raised to 10,000 metric tons a year, from 4,200 tons set almost nine years ago, the coal ministry said in a notice. The new guidelines ...

  Kuala Lumpur / AFP An airbag made by Takata — the Japanese firm at the heart of the auto industry’s biggest-ever safety recall — ruptured after a crash in Malaysia which killed the driver, Honda said on Wednesday. “Honda has confirmed that the Takata single stage driver’s airbag inflator ruptured in a crash… in Malaysia” the carmaker said in ...

  JAKARTA / AFP An Indonesian power company said on Wednesday it had removed its founders last year and takes seriously allegations of “improper behaviour” after revelations US justice officials are probing Standard Chartered over suspected bribery at the firm. London-based, Asia-focused Standard Chartered, which controls the MAXpower Group, acknowledged it was being investigated by the US Department of Justice over ...