Business Digest, September 22, 2012

PUBLISHED : Saturday, 22 September, 2012, 12:00am
UPDATED : Saturday, 22 September, 2012, 3:25am

Lan Kwai Fong to build complex in Wuxi

Lan Kwai Fong Holdings will expand into Wuxi city in Jiangsu province as the mainland's growing middle class demands more entertainment choices. The developer signed a memorandum of understanding with the city's government to jointly build a 140,000 square metre retail and restaurant complex, chairman Allan Zeman said. Bloomberg


Nomura slashing jobs in Europe, Africa

Nomura, Japan's biggest brokerage, began eliminating about 30 per cent of jobs at its European, Middle East and African investment banking division this week, a person briefed on the plans said. The cuts mostly affect bankers in the advisory and industry coverage areas within the securities unit. Bloomberg


Xstrata gets extension on Glencore offer

Britain's takeover regulator has given global miner Xstrata an extra week, until October 1, to decide whether to accept the US$36 billion revised offer from Glencore. The unexpected extension - granted at the request of both firms - briefly unnerved investors, who had been expecting Xstrata's decision by Monday. Xstrata slid 2.3 per cent in London afternoon trading, and Glencore was down 1 per cent. Reuters


Lloyd's Bank's security chief jailed for fraud

In another blow to London's reputation as a financial centre, Lloyds Banking Group's former head of digital banking fraud and security was sentenced to 2½ years in jail for submitting false invoices totalling more than £2.4 million (HK$30 million). Jessica Harper, 50, was sentenced to half of a five-year term by a judge in London. She gave the money to family and friends, including helping some people buy houses. Bloomberg