Markets highlights

1 The oil and gas industry will cut US$1 trillion (S$1.7 trillion) from planned spending on exploration and development because of the slump in prices, according to consultant Wood Mackenzie.

2 Britain's unemployment rate fell to its lowest level in 11 years despite fears of an exit from the European Union. Unemployment in the United Kingdom fell to 5 per cent in the three months to April while basic wages grew 2.3 per cent.

3 SoftBank Group expects to book a gain of 200 billion yen (S$2.5 billion) to 250 billion yen this year from selling part of its stake in Alibaba Group. The Japanese company has begun selling shares in China's largest e-commerce company.

4 SATS will sell its 17.8 per cent stake in International Airport Cleaning to Tokyo Airport Service for 16.793,600 yen (S$214,257). This will be done through SATS' subsidiary TFK Corporation.

5 Isetan has granted an option-to-purchase on Tai Wah Building in Killiney Road to Soon Li Heng Civil Engineering. The price has been set at $10 million.

A version of this article appeared in the print edition of The Straits Times on June 16, 2016, with the headline 'Markets highlights'. Print Edition | Subscribe