Greek PM to meet Merkel as bailout deal nears: Greek Prime Minister Alexis Tsipras was expected to meet with Angela Merkel in Brussels after the European Union’s top official for the euro said a breakthrough bailout deal could be “days” away. The mooted meeting with the German chancellor comes with cash-strapped Greece having submitted new proposals to end a standoff with the EU and International Monetary Fund, which have demanded tough reforms in exchange for giving Athens the final 7.2 billion euros (US$8.1bil) of its bailout funds. - AFP
Alibaba's Ma says not in US to compete: Chinese e-commerce titan Alibaba Group Holding Ltd does not want to fight for US market share but instead hopes to help small American businesses sell more goods in China, executive chairman Jack Ma said. Ma is visiting the United States this week to explain Alibaba's global strategy and to "help dispel misconceptions" about the company, spokesman Greg Jenkins said. "We're not coming here to compete," Ma told the Economic Club of New York. - Reuters
Facebook earns 51% of ad revenue overseas: Overseas markets bring in more advertising revenue than the United States for Facebook Inc, amounting to 51% of global ad sales in the first quarter, with growth in Asia the fastest in the world at 57%, company executives said. While Facebook has reported regional growth in percentage terms, this is the first time it has detailed ad sales outside the United States and Canada as a per cent of worldwide sales. - Reuters
BoJ's Sato warns of diminishing returns of monetary easing programme: Bank of Japan (BoJ) board member Takehiro Sato warned of diminishing returns and potential drawbacks of maintaining the central bank's massive stimulus programme for too long, such as delaying government efforts to fix Japan's tattered finances. Steady progress in restoring Japan's fiscal health is crucial for the success of the BoJ's quantitative and qualitative easing campaign including a smooth exit from the huge asset-buying programme, the former market economist said. - Reuters
GM chief brushes off Fiat merger talk: General Motors chief executive Mary Barra brushed off talk of a merger with Fiat Chrysler Automobiles (FCA), suggesting the top US automaker doesn't need to boost its size via acquisition. "We have scale. We're in the top tier," she said to questions about overtures from FCA head Sergio Marchionne. "The best way to boost the value of GM's shares is follow the company's own its internal plan for improvement." - AFP
Henkel, Coty submit binding bids for P&G assets: Henkel & Co KGaA AG and Coty Inc, both of which have personal care and cosmetics businesses, made binding offers to buy separate parts of Procter & Gamble Co's beauty businesses worth up to a total US$12bil, according to people familiar with the matter. The bids, submitted on Monday, bring P&G one step closer to shedding several assets it considers non-core, as its chief executive officer, A.G. Lafley, presses on with his cost-cutting strategy. - Reuters
China's big biotech bet starting to pay off: Years of pouring money into its laboratories, wooing scientists home from overseas and urging researchers to publish and patent is starting to give China a competitive edge in biotechnology, a strategic field it sees as ripe for "indigenous innovation." - Reuters
Dai-ichi Life wants bigger Indonesia presence but won't bid for BRI unit: Dai-ichi Life Co, Japan's second-largest life insurer, is keen to further build its presence in Indonesia but is not interested in bidding for a stake in Bank Rakyat Indonesia's (BRI) insurance unit. - Reuters
Top local news
Palm oil stocks, output and exports rise in May: Malaysia's palm oil stocks, output and exports rose in May 2015 from the previous month, according to the Malaysian Palm Oil Board (MPOB). Palm oil stocks increased 2.51% to 2.24 million tonnes from 2.18 million tonnes in April. CPO output was 6.92% higher at 1.81 million tonnes, while palm oil exports surged 37.3% to 1.61 million tonnes. - Bernama
Malaysia to proceed with open skies deal: Malaysia will be a part of the open skies agreement between Asean countries despite the Philippines' hesitation to sign the policy. - StarBiz
Boost for BioNexus companies: Malaysian Biotechnology Corp is revving up its strategy to strengthen BioNexus companies by showcasing new products at the BioShoppe of the Expo Milan 2015. Chief Executive Officer Datuk Dr Mohd Nazlee Kamal said the initiative was part of BiotechCorp's strategies to enhance exports of BioNexus companies, especially to the European market. - StarBiz
TPPA study to be ready by end-July, says Mustapa: The "cost and benefit analysis" study of the Trans-Pacific Partnership Agreement(TPPA) is expected to be ready by the end of July, says International Trade and Industry Minister Datuk Seri Mustapa Mohamed. He said the analysis, by the Institute of Strategic and International Studies and PriceWaterhouseCoopers will provide input to help the Government make a decision on the TPPA. - Bernama
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