Business and technology quick bites

Updated version as at 9.42 am

The highlighted words in red are links to the news article.

March 4, 2021,

Business News 

1. AMMB Holdings Bhd’s (AmBank) share price plunged 11.4% or 36 cents to a near four-month low of RM2.80 on the first trading day after the banking group announced a whopping global agreement related to the 1Malaysia Development Bhd (1MDB) scandal.
2. The Norwegian central bank said it had put Japan’s Kirin Holdings Ltd Co on a watch list for possible exclusion from its USD1.3 trillion sovereign wealth fund over the beverage giant’s ties to a business owned by Myanmar’s military.
3. Data from SPAC Insider shows that some 204 SPAC IPOs had come to market; no fewer than 12 SPACs were announced. At this rate, 2020’s record year for SPACs might be eclipsed by the weekend. SPAC Insider data shows that from 2009-2019, there were 226 total SPAC IPOs. SPACs to generate more than USD700 billion in acquisition activity in the next two years
4. Oil behemoth Royal Dutch Shell announced, after revising its long-term outlook for oil and gas prices, that it will write down the value of its assets by up to USD22 billion in the second quarter.

Technology News

1. Ellegra, a fashion tech start-up, provides online personal styling services with automating sartorial choices. In the Zalora Southeast Asia Trender Report 2020, the leading fashion e-retailer revealed that women shoppers make up 80% of its sales, compared to 20% by men.
2. The Collaborative Research in Engineering, Science, and Technology (CREST) has been appointed as the Neutral Entity for the i-Connect Health & Wellness sector, an initiative introduced by Academy of Sciences Malaysia (ASM), under the purview of the Ministry of Science Technology and Innovation (MOSTI).
3. Online marketplace for used smartphones Cashify said it has raised USD15 million from Asia Environmental Partners (AEP) — a fund focused on the renewable energy sector and environment. AEP is a division of private equity player Olympus Capital.
4. Shares of Oscar Health fell more than 7% in their stock market debut on Wednesday, fetching a valuation of just over USD7 billion for the health insurance startup backed by Google parent Alphabet Inc.