A delisting from the Tokyo Stock Exchange would complicate the crisis at Toshiba, increasing its financing costs and exposing it to further lawsuits from angry shareholders. — Reuters
Energy
Brent crude was 0.82% lower to US$48.32 per barrel at 3.44pm.
Forex
Ringgit up 0.04% to 4.2615 versus the US dollar at 3.53pm.
Top foreign stories
StanChart brings in senior talent to fuel US expansion: Standard Chartered aims to expand its US presence with a local hiring push and by bolstering its team in the country with senior staff from its main regions of Asia, the Middle East and Africa, its top bankers said. The world’s top economy contributed US$661 million to StanChart’s operating income in 2016, or 5% of the total, making it the smallest of its major markets - Hong Kong, China, India, and the United Arab Emirates. — Reuters
BoJ to keep policy steady, reassure markets stimulus exit still distant: The Bank of Japan is set to keep monetary settings unchanged on Friday and reassure markets it will lag way behind the Federal Reserve in dialling back its massive stimulus programme, with inflation stubbornly low despite a strengthening economy. — Reuters
China’s economy holds up in May but slowing investment points to cooling: China’s economy generally remained on solid footing in May, but tighter monetary policy, a cooling housing market and slowing investment reinforced views that it will gradually lose momentum in coming months. Still, with half a year left to go, Beijing is expected to handily meet its annual 6.5% economic growth target without too many bumps. — Reuters
Japan govt-led bid for Toshiba chip unit to include SK Hynix: A Japanese government-led consortium bidding for Toshiba Corp’s chip business will include South Korean chipmaker SK Hynix Inc, sources familiar with the matter said - a move likely to add firepower to the group’s bid in the hotly contested auction. — Reuters
Former Noble Group CEO claims millions of dollars in unpaid shares from company founder: The former chief executive of troubled Hong Kong-based commodity merchant Noble Group, Yusuf Alireza, has issued a claim against the firm’s founder and emeritus chairman Richard Elman over alleged unpaid share payments worth millions of dollars. The document claims Alireza is owed two batches of shares totalling 1.4% of Noble Group’s stock, which it claims have a combined value of S$79.2 million (US$57.3 million). — Reuters
Economists raise 2017 Singapore growth forecast: Economists raised their forecasts for Singapore’s growth this year, as they upgraded their views on manufacturing and bank lending, a survey showed. The median forecast of 21 economists surveyed by the Monetary Authority of Singapore (MAS) was for gross domestic product (GDP) to grow 2.5% in 2017, up from the 2.3% estimated in the previous survey, published in March. — Reuters
Australia’s Telstra to shed 1,400 jobs in cost-cutting drive: Telstra Corporation Ltd, Australia’s largest telecoms company, said on Wednesday it will shed about 1,400 jobs as part of a cost-cutting drive, equivalent to 4% of its total staff. — Reuters
Top local stories
Stone Master directors assume positions after court decision: Eight new directors of Stone Master Corp Bhd have assumed their positions on the company’s board after a High Court decision to set aside an ex parte injunction in relation to the company’s EGM last month. The company also confirmed that former managing director Datuk Koh Mui Tee and former executive director Datuk Lee Hwa Cheng had been removed from the board. — StarBiz
JAG eyes 25%-30% revenue growth in FY17: JAG Bhd, one of Malaysia’s leading total waste management companies, expects to achieve a 25%-30% rise in revenue for its financial year ending Dec 31, 2017 (FY17), driven by more contract wins from existing and new suppliers and increased efficiency in its processing facility. Executive director Datin Stacey Tan Siew Ching said the company registered a revenue of RM82.91 million in FY16 and aimed to hit RM100 million by the year-end. — Bernama
Indonesia’s Bank Mandiri to open first branch in Malaysia: Bank Mandiri, Indonesia’s leading commercial bank, will open its first branch in Malaysia within the next few months. Indonesian newspaper, Koran Tempo, reported that Bank Negara had recently given the green light to Bank Mandiri’s “Qualified Asean Bank” status application. — Bernama
Malaysia initiates special palm oil mission to EU: Malaysia initiated a special palm oil mission to the European Parliament in Strasbourg, France, on June 12-13 to discuss the European Union’s (EU) resolution on palm oil and deforestation. The mission was led by Plantation Industries and Commodities Minister Datuk Seri Mah Siew Keong. — Bernama
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