Business Digest, January 14, 2013
Wu Changjiang, the founder of NVC Lighting, China's biggest lighting manufacturer, who quit as chairman amid a shareholder battle for control of the Hong Kong-listed firm, has been reappointed chief executive under a three-year contract from January 11, NVC announced yesterday. On August 14, NVC's board said it would be "inappropriate" for Wu to be reappointed chairman given certain of his activities uncovered by an investigation team. Trading in NVC shares, which was suspended on Friday, resumes today. Toh Han Shih
Spain's Santander has received regulatory approval to operate as an independent car financing firm on the mainland, one of the first foreign banks to succeed in doing so. Santander will operate through a 50-50 tie-up between its consumer finance unit and China's seventh-biggest car manufacturer, Jianghuai Auto, the bank said. Reuters
American International Group is asking a New York court to declare the firm's right to sue the originators of devalued mortgage-backed securities it was forced to sell to the Federal Reserve Bank of New York as part of a government bailout in 2008. AIG claims Bank of America defrauded it in connection with the sale of some of those securities. Bloomberg
JP Morgan Chase's board will consider releasing an internal report this week that faults chief executive Jamie Dimon's oversight of a British division that lost more than US$6.2 billion on botched trades, two people familiar with the matter said. The report criticises Dimon and others for inadequately supervising traders. Bloomberg
