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Business Digest, December 19, 2012

PUBLISHED : Wednesday, 19 December, 2012, 12:00am
UPDATED : Wednesday, 19 December, 2012, 2:37am

Deutsche Securities fined HK$2.5m by SFC

The Securities and Futures Commission fined Deutsche Securities Asia HK$2.5 million for regulatory breaches and internal control failings relating to position limits. It found the firm's holding, on behalf of a client, of 57,403 contracts in China Construction Bank stock options on September 1 last year was in breach of the limit of 50,000 contracts. Toh Han Shih

 

Sinopec's parent eyes North Sea oil and gas

China Petrochemical Corp, parent of listed Sinopec, agreed to buy a 49 per cent stake in the British subsidiary of Canada's Talisman Energy for US$1.5 billion. The unit has stakes in 51 oil and gas fields in the North Sea, with proven and probable recoverable oil and gas reserves of 489 million barrels of oil equivalent. Eric Ng

 

Samsung to drop suits against Apple in Europe

Samsung Electronics said it would withdraw patent lawsuits seeking to block sales of Apple products in European countries as part of litigation over the use of its technology. The decision came hours after a US court refused to ban sales of 26 Samsung products in a patent lawsuit by Apple. Bloomberg

 

Toyota to pay record fine for safety delay

Toyota Motor has been ordered to pay a record civil penalty of US$17.35 million for failing to report a safety defect to the US Department of Transportation in a timely manner. The fine arises from Toyota's delay in reporting a floor mat problem that caused unwanted acceleration in 2010 Lexus RX350 models. Reuters

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