Business Digest, February 15, 2013

EU eyes financial tax with global reach

The European Union proposed a tax on financial transactions that could be collected worldwide as soon as next year by the 11 countries that have so far signed up to participate. To escape the proposed tax entirely, firms in other countries would have to cease financial services business with the 11 countries involved, the EU said. Bloomberg

CIC seeks big chunk of Moscow bourse IPO

The order book for Moscow Exchange's stock market flotation has been fully covered, a day ahead of the initial public offering, with the sovereign wealth fund China Investment Corp seeking to match the amount the state-backed Russian Direct Investment Fund is investing. CIC could take about 20 per cent of the shares, worth about US$100 million, one source said. Reuters

MTR venture extends London rail deal

MTR Corp announced yesterday its joint-venture firm London Overground Rail Operations had secured a two-year extension until November 2016 of its franchise to operate and maintain the London Overground rail services. MTR's partner is Arriva UK Trains, a subsidiary of Deutsche Bahn. Yvonne Liu

BNP plans to save €2b and grow in Asia

BNP Paribas, France's No 1 listed bank, said it would kick off a three-year plan to save €2 billion (HK$20.75 billion) in annual costs and ramp up growth in Asia, after its fourth-quarter profits were hit by Europe's weak economy. It said savings would come from simplifying its reporting structure and investing in technology improvements. Reuters

Geely sales jump 67pc to record in January

Geely Automobile announced its sales reached a record 63,532 units last month, 7 per cent higher than in December and 67 per cent more than in January last year. The firm's mainland sales also jumped 67 per cent, to more than 55,000 units last month from the same period last year. Geely shares rose 2.62 per cent to close at HK$4.31 yesterday. Yvonne Liu