Quick view: US manufacturing growth accelerates in March

US manufacturing growth accelerates in March

US manufacturing growth accelerated for a second straight month in March, an industry report showed on Tuesday, as production recovered though employment growth slowed. The Institute for Supply Management (ISM) said its index of national factory activity rose to 53.7 in March, which was up slightly from February?s read of 53.2 but below the median forecast of 54.0 in a Reuters poll of economists. The report remains below November?s recent peak reading of 57, which was the highest read since April 2011.

Singapore?s OCBC offers $5 bn for Wing Hang bank

Oversea-Chinese Banking Corp, Singapore?s second-biggest lender, made a formal offer to buy Hong Kong?s Wing Hang Bank for a slightly lower than expected HK$38.428 billion ($4.95 billion). It is offering HK$125 a share to buy all shares of Wing Hang, according to a joint announcement, after having reached a deal with the bank?s biggest shareholder to purchase a nearly 45% stake.

FBI probing high-speed trading on Wall Street

The FBI has said it was probing high speed trading on Wall Street, a controversial practice in which computers carry out transactions in seconds or faster. Investigators are looking into possible securities fraud, wire fraud and insider trading by companies or people who engage in this kind of trading based on rapid-fire transactions using complex algorithms, an FBI spokesman said. Debate on high speed traders was renewed on Monday with the release of the book Flash Boys: a Wall

Street Revolt by Michael Lewis.

SEC lawsuit against BofA should proceed: US judge

A federal judge on Monday recommended rejecting Bank of America?s bid to dismiss a US Securities and Exchange Commission lawsuit over $855 million of mortgage securities that soured during the global financial crisis. US magistrate judge David Cayer in Charlotte, North Carolina,

where the bank is based, made the recommendation four days after urging the dismissal of a separate, related US Department of Justice lawsuit that alleged violations of a different law.

GE recalls hundreds of baby ?warmers? in China

A healthcare unit of General Electric has recalled hundreds of incubator-like infant ?warmers? in China over safety concerns as Beijing tightens oversight of the country?s fast-growing medical device sector. GE Healthcare recalled 223 of the US-produced warmers after uncovering a potential safety issue that could restrict oxygen supply to the child, the China Food and Drug Administration said in a statement on Tuesday.

Shares of Shandong Molong slide 6%

Shares of Shandong Molong Petroleum Machinery slid 6% in resumed trade on Tuesday after it reported a full-year loss for 2013. Late on Monday, Shandong Molong reported a full-year net loss of 175.7 million yuan ($28.26 million), compared with a profit of 134.3 milllion yuan a year earlier. It postponed the release of its earnings on Monday and suspended its shares pending the release. Shandong Molong?s stock fell as much as 6% to HK$1.91, lagging a 0.6% gain for the benchmark Hang Seng Index.

Royal Mail was sold off cheaply: UK auditor

Britain?s public-spending watchdog has said the government cost taxpayers millions by selling off the Royal Mail at too low a price. The National Audit Office said shares in the postal service were sold ?substantially below? their actual trading price. Royal Mail shares were offered at 330 pence ($5.49), but on the first day of London Stock Exchange trading in October closed at 455 pence. On Tuesday they traded at 565 pence. NAO chief Amyas Morse said the government?s approach ?was marked by deep caution, the price of which was borne by the taxpayer?.