Businessmen walking past AIG offices in Tokyo. The non-binding agreement is part of AIG’s plan to invest US$500mil in PICC’s planned Hong Kong IPO. — EPA
MarketWatch: Coming off a barrage of flimsy company earnings reports that included Apple's first revenue drop in 13 years, investors will turn to April jobs data for signs of budding resilience or further weakening in the second quarter. - Reuters
Top foreign stories
Alibaba's Ma says China economy faces 'difficult three to five years': China's economy will face “a difficult three to five years” but the slowdown will be good for its long-term development, Alibaba executive chairman Jack Ma told the South China Morning Post. He said the Chinese economy was grappling with structural problems and the authorities were working hard to steer it onto a new growth path. - StarBiz
Halliburton, Baker Hughes set to end US$28b deal: Halliburton Co and Baker Hughes Inc are expected to announce the termination of their merger agreement on Monday following opposition from US and European antitrust regulators, a person familiar with the matter said. - Reuters
China April official factory activity expands but at slower pace: Activity in China's manufacturing sector expanded for the second month in a row in April but only marginally, the official Purchasing Managers' Index showed on Sunday, raising doubts about the sustainability of a recent pick-up in the world's second-largest economy.
German industry expects output to grow despite weaker exports: German industrial output is expected to increase at a faster pace this year despite weaker growth in exports, the BDI industry association said in its latest report. - Reuters
Yahoo's bidder shortlist points to cash deal: Yahoo Inc has shortlisted close to 10 bidders in the auction for its core Internet assets, with most offers involving cash rather than a combination with another company, say sources. - Reuters
AIG raises US$1.25b by selling Chinese insurer PICC P&C shares: American International Group has raised HK$9.68 billion (US$1.25 billion) by selling a large chunk of its stake in China's PICC Property and Casualty Co Ltd (PICC P&C) in a block deal, IFR reported on Sunday. AIG sold about 740 million shares at HK$13.08 each, or near the bottom end of a marketing range, IFR said, citing sources. - Reuters
Top local stories
Indonesia's Mulia to make Signature mark: Mulia Property Development Sdn Bhd, which is part of Indonesia’s commercial property developer Mulia Group, will be building a 92-storey Signature Tower in the 70-acre Tun Razak Exchange site that is being primed as Malaysia’s financial and banking district. - StarBiz
Guocoland may emerge as anchor investor in EWI: Guocoland (Malaysia) Bhd
, the property firm controlled by Tan Sri Quek Leng Chan, may emerge as one of the anchor investors in Eco World International Bhd (EWI). Sources say Guocoland in among major institutional investors eyeing big block of shares ahead of EWI’s proposed RM2bil initial public offering (IPO). - StarBiz
Ways to reduce reliance on foreign workers: Master Builders Association Malaysia president Matthew Tee and Malaysian Palm Oil Association chief executive Datuk Makhdzir Mardan says the adoption of technology and mechanisa- tion will reduce dependence on foreign workers. - StarBiz
Takaful sector set to double growth rate: Malaysia’s Islamic insurance industry is set to double its growth rate this year as companies focus on selling cheaper policies in rural areas, The number of policies will rise 10% to 5.05 million in 2016, compared with 4.3% last year, says Malaysian Takaful Association chairman Ahmad Rizlan Azman. - StarBiz
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