Business Digest, March 1, 2013

Yuan deposits in HK approach record high

Yuan deposits in Hong Kong climbed in January to within 0.5 per cent of a record as investors revived bets on the currency's appreciation given an improving outlook for economic growth on the mainland. Savings rose 21 billion yuan (HK$26.2 billion) from December to 624 billion yuan, the Hong Kong Monetary Authority said. Bloomberg

Petrobras, Sinopec in talks to build refinery

Petrobras, the world's most indebted publicly traded oil company, is in talks with China's Sinopec to build a refinery in Brazil to meet growing demand, Brazil's energy minister said. The state-controlled crude producers are also in talks to form partnerships for oil block auctions in Brazil. Bloomberg

Tencent partners with Indonesian online firm

Tencent, China's biggest internet company by revenue, established a joint venture yesterday with Jakarta-based Global Mediacom to develop social media and online gaming businesses in Indonesia. The venture is backed by Hillhouse Capital Management, which runs the largest hedge fund in China. Bien Perez

StanChart eyes Morgan Stanley unit in India

Standard Chartered, which earns most of its profit in Asia, is in talks to buy Morgan Stanley's Indian wealth management unit, two people familiar with the discussions said. The British bank plans to expand its business in India, one of them said. Bloomberg

RBS triples its loss, boss keeps bonus

Britain's bailed-out Royal Bank of Scotland posted its fifth consecutive annual loss for last year, when it was hit by a string of scandals, but said chief executive Stephen Hester would still take a deferred bonus of £780,000 (HK$9.17 million) in RBS shares. Losses after tax nearly tripled to £5.97 billion from £2 billion in 2011. AFP