As the Greek drama slowly disappears from the scene (at least for the meantime), Asian shares may follow their U.S. peers in another upbeat day at the market. Meanwhile, global exporter Li & Fung is eyeing the Chinese consumer market for its planned own labels after forming a joint venture with two mainland retailers. Last but not the least, China’s rising, but volatile equities market, may lure another Chinese firm listed in the U.S. to try its luck at home. Read on…
Li & Fung forms joint venture in Chinese push. The firm formed the venture with two Chinese department store operators and plans to set up its own private labels. Having its own brand would differentiate the venture from its rivals, said the company, which exports consumer products to U.S. retailers such as Wal-Mart. Reuters
Asian shares seen rising anew. After an upbeat session on Wall Street overnight, Asian equities may also gain with the Nikkei predicted to post a new 15-year high. Nikkei’s Chicago and Osaka futures both traded well above its 20,809 close in the previous session. CNBC
Another U.S.-listed Chinese firm may go private. Dating app Momo received a buyout offer from its CEO and affiliates, who offered to acquire the firm’s ADRs they don’t already own for $18.90 apiece in cash, a 21% premium over their closing price Monday. The Wall Street Journal (paywall)
South Korea’s award-winning writer apologizes over plagiarism. Shin Kyung-sook, author of the international bestseller “Please Look After Mom” that also gave her the 2011 Man Asian Literary Prize, has been accused of plagiarizing parts of “Patriotism” in her short story “Legend.” The Wall Street Journal (paywall)
Fed governor causes market stir. Federal Reserve governor Jerome Powell told the Wall Street Journal he predicts one rate hike in September and another in December. Powell says he sees about 2% growth in 2015, and interest rates could be raised as soon as September. The odds are 50/50. WSJ
“Eight is Enough” father dies. Dick Van Patten, the father on the 1970’s show “Eight is Enough,” has died. He was 86. Van Patten was a child star and frequent guest on popular shows such as “The Love Boat” and “I Dream of Jeannie.” CNN
Confederate flag gets Amazon resurgence. As major stores including Walmart and Sears pull confederate flag merchandise out from their shelves, online sales are skyrocketing. Amazon, which sells everything from “rebel flag bikinis” to stars and bars shirts for dogs, has had a 3,620% increase in flag item sales. But Amazon too will be banning rebel flag sales. USA Today/Vanity Fair/Newsweek
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