Japan’s trade deficit rose sharply in April, compared to the same time last year, soaring 70% to $8.58 billion. The is the tenth consecutive increase in the deficit, fuelled by the decline of the yen against the US dollar pushing up the cost of imported commodities. Trade data is one of the market’s litmus tests of how well ‘Abenomics’ – Prime Minister Shinzo Abe’s economic plan – is working.
Singapore’s DBS Group has received approval from Indonesia’s central bank to buy a 40% stake in Bank Danamon, more than a year after it launched a multi-billion dollar takeover bid.
Singapore’s investment company has acquired a big chunk of Markit, a global financial information services company, while also reporting that it has upped its stake in ICBC from 6.71% to 7.04%.The latter deal comes a day after Goldman Sachs exited its investment in ICBC.
Hong Kong’s securities watchdog Securities &Futures Commission has reprimanded and fined UBS Securities Hong Kong US$205,655 for regulatory breaches and internal control failings relating to position limit failures.