SINGAPORE - Catch up on the morning's top business headlines in Singapore with The Straits Times Money Desk's daily update.

1. China Q1 economic growth slows to 7.4 per cent. The world's No.2 economy grew at its slowest pace in 18 months in the first quarter of 2014, with signs of waning momentum already prompting limited government action to steady the world's second-largest economy.

2. Cambridge Industrial Trust to pay Q1 distribution per unit of 1.251 cents. This is 1.4 per cent higher than the 1.234 cents it paid a year ago, said the trust's manager Cambridge Industrial Trust Management.

3. US warns China its currency is still undervalued. In a semiannual report to Congress, the United States Treasury stopped short of declaring China a currency manipulator, but singled it out among large US trading partners for its currency practices.