Business and technology quick bites

Updated version as at 9.00 am

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

March 5, 2021,

Business News 

1. The Dow Jones Industrial Average slid 450 points Thursday in the wake of Fed Chairman Jerome Powell’s speech, as the 10-year Treasury yield spiked back above 1.5%. Tesla stock dived 7%, while DraftKings briefly jumped on a deal with the UFC before reversing lower.
2. Philippine food maker Monde Nissin Corp filed for an initial public offering to raise as much as 63 billion pesos (USD1.3 billion) in what could be the nation’s biggest ever first-time share sale.
3. China Investment Corp posted a return of more than 12% on overseas investments in 2020, after markets rallied on loose monetary policies, marking a breakout year for China’s US$1 trillion sovereign wealth fund.
4. Khazanah Nasional Bhd is on the lookout for potential new strategic investments in Malaysia, in line with the call from the government to seek more contributions from government-linked companies (GLCs) and government-linked investment companies (GLICs) to grow the economy, particularly in the current climate.

Technology News 

1. Wipro, an Indian software exporter, agreed to acquire Capco for USD1.45 billion, in its biggest purchase to spur growth that’s been lagging behind local rivals.
2. UK antitrust authorities opened a probe into Apple Inc and its App Store to examine whether the iPhone maker is abusing its market power by insisting on its own payment system to restrict competition.
3. TikTok owner ByteDance is working on a Clubhouse-like app for China, sources familiar with the matter said, as the global success of the US-based audio chat service inspires a rush of copycats in the country.
4. Amazon.com is opening a cashierless convenience store in the UK, the first expansion of the company’s automated checkout technology outside the US. The Seattle company said it will debut a 2,500-square foot Amazon Fresh-branded store in London.