HSBC ends tie-up with Markit to produce China PMI: HSBC has ended its marketing tie-up with financial information firm Markit Ltd to produce the China Purchasing Managers Index (PMI), an HSBC spokesperson said. The spokesperson described the cooperation with Markit to produce the closely-watched index, as a success but said that HSBC was moving to developing other opportunities. — Reuters
Japan inflation tepid, spending up in May: Japanese inflation remained tepid while spending rose after 13 months of falls, official data showed. Core inflation, excluding volatile fresh food prices, was up 0.1% year-on-year, beating market expectations for zero growth but coming still well short of the Bank of Japan’s 2% target. Separate data from the internal affairs ministry showed household spending rose 4.8% on-year in May, posting the first rise since Japan hiked sales taxes in April last year. But spending has not yet recovered to the pre-hike level and analysts were sticking to the view that the Bank of Japan will almost certainly be forced to expand its monetary easing scheme to jack up prices and counter a downturn in the economy. — AFP
Broker Guotai Junan soars in debut after China’s biggest IPO since 2010: Shares in Guotai Junan Securities Co, China’s third biggest brokerage, jumped 44% in their Shanghai debut today after it raised 30.1 billion yuan (US$4.9 billion) in the country’s largest initial public offering in five years. The feverish demand for the stock reflects a bull-run for the country’s share markets that has seen the CSI300 index of the largest listed companies in Shanghai and Shenzhen nearly double in value since November when the central bank cut interest rates to support a slowing economy. — Reuters
Japan, US closing in on July pan-Pacific trade deal: Japan and the United States are likely to resolve outstanding bilateral issues so that a 12-nation Trans-Pacific Partnership (TPP) deal can be struck at a multilateral ministerial meeting expected in July, a senior Japanese official said. A deal between the United States and Japan, the world’s largest and third-largest economies, is vital to clinching the multilateral TPP pact, which would cover 40% of the world economy. The deal is a key part of US President Barack Obama’s strategic rebalance to Asia in the face of a rising China. — Reuters
Top local news
Asia oil pricing change to raise trade volumes: Oil pricing agency Platts is changing how it assesses oil product values in Asian trade from July 1 in a move traders expect to boost volumes and encourage the use of regional oil storage facilities built at a cost of billions of dollars. The change in how fuel oil, diesel, jet fuel and petroleum are assessed for loadings out of Singapore and Malaysia takes a borderless approach similar to that in the world’s largest oil storage hub Amsterdam-Rotterdam-Antwerp. — Reuters
DKSH and Omron seal pact to expand in S-E Asia: DKSH Business Unit Healthcare and Omron Healthcare Inc have sealed an agreement to expand their partnership to Malaysia, Thailand and Vietnam. The agreement will allow DKSH to provide marketing, sales, distribution and logistics services for Omron at pharmacies and personal-care stores in Malaysia, Thailand and extend a wider geographical coverage in its existing collaboration in Vietnam. - Bernama
Fitters to supply renewable energy to Tenaga over 16 years: Fitters Diversified Bhd
’s biomass plant in Baling will supply renewable electricity to the national grid for 16 years, starting in February 2016. The company’s unit Future Biomass Gasification Sdn Bhd has inked a renewable energy power purchase agreement with Tenaga Nasional Bhd to supply the power. - StarBiz
Limited time offer:
Just RM5 per month.
