News reports have indicated China's manufacturing activity contracted in March at its fastest rate in almost a year, HSBC had said earlier this month, with its purchasing managers index (PMI) suggesting worsening conditions in the country.

The preliminary reading for the key Chinese indicator came in at 49.2, the British bank said in a statement, below the break even point of 50 and the weakest reading since last April, when it hit 48.1, according to the bank's data.

It also slumped from a final reading of 50.7 in February, the figures showed. The index, compiled by information services provider Markit, tracks activity in China's factories and workshops and is regarded as a barometer of the health of the Asian economic giant.

The sluggish reading "signalled a slight deterioration in the health of China's manufacturing sector in March", said Markit economist Annabel Fiddes in the statement.

Latrobe, US: Kennametal has been named for the fourth consecutive year among the World’s Most Ethical Companies by the Ethisphere Institute. The designation recognises organisations that lead in the standards and practices of ethical business conduct by cultivating a culture of ethics and transparency at every level, and performing to the highest standards. The cutting tool producer is one of only four companies in the machine tools and accessories category honoured this year.

Germany: Deliveries by Volkswagen Passenger Cars remained stable in February. The brand handed over 413,700 vehicles last month, matching deliveries for the same month of the previous year in a difficult environment. A total of 920,700 (January-February 2014: 935,200; -1.6 percent) vehicles were therefore delivered to customers in the first two months of the year. 

“The situation on world markets remains tense,” said Christian Klingler, board member for sales and marketing for the Volkswagen Group and the Volkswagen Passenger Cars brand.  

In the Asia-Pacific region, the brand recorded a slight 0.5 percent rise in deliveries from January to February, handing over 475,200 (472,600) vehicles to customers, of which 441,600 (437,700; +0.9 percent) were delivered in China (including Hong Kong). 

Singapore: DHL Express has unveiled the blueprint of DHL Express South Asia Hub, a 24-hour express hub facility located within Changi Airfreight Center at Singapore Changi Airport. The new facility, in line with the company’s global investments to bolster network connectivity, will cost the company some US$102 million and this figure is the largest infrastructural amount invested by DHL.

Occupying a land area of 26,200 sq m and a total floor area of 23,600 sq m, the hub features the first fully automated express parcel sorting and processing system in Singapore and South Asia. Upon completion, the facility will be able to handle a cargo throughput of more than 628 tonnes per day when at full capacity and process shipments at the speed of 14,000 shipments per hour. In comparison, the manual processing system in the current facility handles up to 225 tonnes per day at a speed of 2,400 shipments per hour.