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No deal Brexit threat act of self-harm, business chief warns

LONDON: Threatening to leave the European Union without a deal isn’t likely to win Britain concessions from the bloc, the country’s biggest business group said in a warning to candidates jostling to succeed Prime Minister Theresa May.

Brexit is already exacting a toll on U.K. business in the form of lost orders and customers, a drop-off in investment and increased costs for stockpiling and other no-deal preparations.

Asia stocks steady after oil surge lifts Wall Street

TOKYO: Asian stocks held their ground on Friday after Wall Street gained on a surge in oil prices as attacks on tankers in the Gulf of Oman stoked U.S.-Iran tensions and raised concerns over supply flows through one of the world's main sea lanes.

MSCI's broadest index of Asia-Pacific shares outside Japan was little changed.  Australian stocks edged up 0.05% while Japan's Nikkei dipped 0.1%.

Trump talks trade with Apple CEO Cook as China dispute looms

WASHINGTON: U.S. President Donald Trump met with Apple CEO Tim Cook on Thursday to discuss trade and other hot-button issues facing the tech company as Trump deliberates whether to make good on his threat to hike tariffs on imports from China.

With less than three weeks to go before talks between Chinese and U.S. leaders, expectations for progress toward ending the trade war are low. Sources have told Reuters there has been little preparation for a meeting even as the health of the world economy is at stake.

Wall St. climbs as oil jumps after Gulf tanker attacks

NEW YORK: U.S. stocks rose on Thursday after two days of declines, as energy shares rebounded with oil on concerns of a supply disruption following attacks on two tankers in the Gulf of Oman.

An Iranian navy boat sprays water to extinguish a fire on an oil tanker in the sea of Oman, Thursday, June 13, 2019. Two oil tankers near the strategic Strait of Hormuz came under a suspected attack Thursday, setting one of them ablaze in the latest mysterious assault targeting vessels in a region crucial to global energy supplies amid heightened tension between Iran and the U.S. - AP Photo/Tasnim News Agency

LBS Bina plans China project upgrade

PETALING JAYA: Property developer LBS Bina Group Bhd, which is optimistic about the prospects of its Zhuhai International Circuit (ZIC) development in China, is currently in the midst of reviewing and improving the project’s upgrading and transformation plans.

Managing director Tan Sri Lim Hock San (pic) said the ZIC upgrading and transformation plan was approved by the China authority in December 2017.

Alibaba files for a Hong Kong mega listing

HONG KONG: Alibaba Group Holding Ltd has filed confidentially for a Hong Kong listing, people familiar with the matter said, moving closer to what is potentially the city’s biggest share sale since 2010.

News of Alibaba’s filing sent shares in affiliated firms soaring. New Huadu Supercenter Co. and Sanjiang Shopping Club Co, both backed by the e-commerce giant, rose by their 10% daily limits on mainland exchanges.  China TransInfo Technology Co, in which an Alibaba affiliate will take a 15% stake, gained as much as 5.4% in Shenzhen. And CICC climbed as much as 1.8% while the Hong Kong market was down a tad.

SMEs ready to meet higher export demand

PETALING JAYA: Local SMEs, particularly export-oriented companies, are in a good position to meet the increasing demand that is expected to come into the region due to the ongoing US-China trade war.