Company Briefs Tata Motors

Indian carmaker Tata Motors has signed an agreement to potentially buy a Ford Motor manufacturing facility in the western state of Gujarat as it looks to ramp up its production of electric vehicles (EVs). The owner of Jaguar Land Rover already dominates India's fledgling EV market, which the government is trying to grow by offering companies billions of dollars in incentives.

The memorandum of understanding announced yesterday covers the land, assets and all eligible employees working at the Sanand facility. Financial details of the agreement were not disclosed.

REUTERS

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ANZ 

Australia's market regulator said yesterday that it has commenced civil penalty proceedings against Australia and New Zealand Banking Group (ANZ) for allegedly misleading its customers over their credit card accounts. About 165,750 ANZ clients were charged cash advance fees and interest for withdrawing or transferring money from their credit card accounts between May 2016 and November 2018, based on incorrect account balances, it said.

In some cases, the Australian Securities and Investments Commission said, single customers were charged thousands of dollars in fees.

REUTERS

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SoftBank Group

SoftBank Group has trimmed borrowing from its main bank Mizuho Financial Group by 4.5 per cent in the year ended March to 812 billion yen (S$8.7 billion), a filing showed. Borrowing by the Japanese tech conglomerate from JPMorgan Chase & Co fell 23 per cent to 637 billion yen and from Goldman Sachs Group fell 39 per cent to 364 billion yen.

The disclosure ahead of the group's annual general meeting on June 24 comes after SoftBank reported a record investment loss at its Vision Fund unit due to weakness in tech stock valuations.

REUTERS