Money Matters: Morning business news round-up for April 1, 2014

OCBC Bank announced on April 1, 2014 its keenly-awaited bid to acquire Hong Kong-listed Wing Hang Bank, at HK$125 per share or HK$38.4 billion (S$6.2 billion) in cash. -- PHOTO: REUTERS
OCBC Bank announced on April 1, 2014 its keenly-awaited bid to acquire Hong Kong-listed Wing Hang Bank, at HK$125 per share or HK$38.4 billion (S$6.2 billion) in cash. -- PHOTO: REUTERS

Heading out for lunch? Catch up on the morning's top business headlines with The Straits Times Money Desk's daily update.

1. OCBC makes bid for Wing Hang Bank

OCBC Bank finally announced its keenly-awaited bid to acquire Hong Kong-listed Wing Hang Bank, at HK$125 per share or HK$38.4 billion (S$6.2 billion) in cash.

OCBC will be paying about 1.77 times the consolidated net book value of Wing Hang as at Dec 31 last year. OCBC shares rose slightly after the news.

2. Singapore home prices continue slide in Q1

Home prices in Singapore continued to fall in the first three months of this year.

Private home prices dipped 1.3 per cent in the first quarter from the fourth quarter last year, a steeper drop than the 0.9 per cent decline in the previous quarter.

Prices of Housing Board (HDB) resale flats also fell 1.5 per cent in the first quarter, matching the preceding quarter's 1.5 per cent fall.

3. China manufacturing edges up in March

China said its manufacturing activity improved marginally in March from the previous month, but analysts believe the world's second biggest economy remains weak.

The official purchasing managers index (PMI) was 50.3 in March, up from 50.2 in February, which was an eight-month low. The market had expected PMI to remain unchanged in March at 50.2.