GIC 'in talks to buy Yes Communities'

SINGAPORE • Singapore's sovereign wealth fund GIC is in talks to buy Denver-based Yes Communities, an owner of manufactured-housing communities, in a US$2 billion (S$2.7 billion) deal, The Wall Street Journal reported, citing people familiar with the matter.

The talks with private equity firm Stockbridge Capital Group could still break down, the WSJ said. Yes owns or operates 178 communities in 17 US states.

GIC declined to comment. Yes Communities and Stockbridge Capital were not available for comment.

REUTERS

US first-quarter growth revised upward

WASHINGTON • US economic growth slowed in the first quarter but not as sharply as previously estimated, with gains in exports and investment in software partially offsetting weak consumer spending.

Gross domestic product increased at a 1.1 per cent annual rate rather than 0.8 per cent as reported last month, the Commerce Department said.

There are signs the economy regained momentum in the second quarter, with retail and home sales rising in April and May, even though business spending continues to struggle and job growth has slowed.

REUTERS

More downbeat outlook on China's growth

BEIJING • China's economy will grow at about 6.6 per cent this year and will need to be underpinned by policy support in the second half to counter downward pressures, according to the China Academy of Social Sciences (Cass).

The forecast from the government think-tank was reported by the Shanghai Securities Journal newspaper and marked a slightly more downbeat outlook than one given last month, when Cass forecast growth of 6.6 per cent to 6.8 per cent for the year.

Cass called on Beijing to deepen economic reform and restructuring.

REUTERS

Maersk to lose major oil field in Qatar

COPENHAGEN • AP Moeller-Maersk is losing the biggest oil field in its portfolio as Qatar prepares to end a 25-year partnership with the Danish shipping and petroleum conglomerate.

Maersk, which revealed last week that it may need to split up its business units, said on Monday it will stop operating the Al Shaheen offshore field when the current agreement expires in July next year, after losing a bid for renewal.

In a separate statement, Total said it had won the tender.

BLOOMBERG