News for National Silicon Industry Group Co., Ltd. (688126.SS)

Investment plummets after Beijing largesse laid ground for alleged graft and wasteful spending

BEIJING (BLOOMBERG) - Semiconductor Manufacturing International Corp (SMIC) will build a US$2.35 billion (S$3.15 billion) plant with funding from the government of Shenzhen, the first major project to emerge from China's masterplan to match the US and become more self-reliant as global chip supply dwindles.. Read more at straitstimes.com.

Australia's Westpac Banking Corp said on Thursday it will sell its lenders mortgage insurance (LMI) business to Arch Capital Group in a deal that will also make Arch Westpac's exclusive LMI supplier for 10 years. The sale, which is expected to close by the end of August, is the latest step in Westpac's efforts to simplify its operations and cut costs by focusing on its core domestic and New Zealand businesses. Westpac, Australia's third largest lender, said it will record a loss on the sale, though the deal is expected to add about seven basis points to its common equity tier 1 capital ratio.