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Unabated fears over China's slowing economy pushed Asian shares further south on Wednesday, even as the Chinese markets rebounded slightly. Japan stocks fell 1.61 per cent, while Hong Kong equities dropped 1.31 per cent to reach its lowest since last December.
Japan's Kirin Holdings is set to buy Fraser and Neave's (F&N) 55 per cent stake in Myanmar's biggest brewer, Myanmar Brewery Ltd, for US$560 million (S$786 million), a source familiar with the deal said on Wednesday (Aug 19). An announcement on the deal could come as early as Wednesday, said the source, who declined to be identified due to the sensitivity of the matter.
The cloud computing arm of Alibaba has chosen Singapore as the headquarters of its overseas business, on top of being a site for its new data centre, as the Chinese e-commerce giant expands globally.
Phillip Securities, UOB-Kay Hian Holdings and CIMB Group Holdings restricted online trading and imposed other curbs on Noble Group Ltd. shares as volatility rose. The stock posted its first gain in seven days.
Jurong Aromatics Corp., operator of one of the world's largest petrochemical plants, can't service its interest payments and is negotiating a debt restructuring with bankers amid a plunge in oil prices, people familiar said.
Greece's third bailout cleared one of its last hurdles after the German parliament voted in favour of the aid package of as much as 86 billion euros (S$130 billion). Germany's lower house backed the program following a three- hour debate on Wednesday, with 454 in favour, 113 against and 18 abstentions.
Chinese stock markets tumbled for a second straight day on Wednesday (Aug 19) as investors crowded the exits, fearing a government campaign to prop up share prices was faltering and unnerved by a steady stream of gloomy economic news. The Shanghai and Shenzhen markets were down around 3 per cent in morning trade, taking their losses to more than 8 per cent since Monday's close, despite a government-directed campaign by brokers, fund managers and regulators to stabilise prices.
