SINGAPORE - Catch up on the morning's top business headlines with The Straits Times Money Desk's daily update.
1. Singapore's Etika sells dairies and packaging business to Asahi unit. The Singapore Exchange Catalist-listed maker of sweetened condensed milk and evaporated milk will sell to Asahi the shares and intellectual property of 12 subsidiaries for a total price of US$328.8 million (S$410.2 million).
2. Indonesia's surprise election result unsettles investors. An unexpectedly weak election result for the party behind the frontrunner to be Indonesia's next president hurt stocks and the currency on Thursday, with concern South-east Asia's biggest economy could be heading into a period of political confusion.
3. Steady stimulus taper 'likely': Fed minutes. The members of the United States Federal Reserve's Open Market Committee hedged their commitment on the performance of the economy, but the minutes show that, despite recent weakness, they remain on track to wind up the bond-buying program late this year.