Business and technology quick bites

Updated version at 8.46 am

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

March 30, 2021,

Business News

1. The woes that arose from Archegos Capital Management at the end of last week bled into Monday as a slew of big banks saw their share prices decline, US$20 billion blowup unfolded.
2. Asian shares were set to open higher as investors shook off earlier worries about a hedge fund default that roiled global banking stocks overnight, while rekindled concerns about inflation pushed bond yields higher.
3. The Chinese government has called for boycotts of several Western companies — including Nike, Adidas, and H&M — that have made past statements criticizing China for alleged human rights abuses against Uyghurs in the northern province of Xinjiang, but Western brands are likely to remain under a microscope in China, according to a recent note from Cowen Equity Research.
4. The US Customs and Border Protection (CBP) announced that it has directed personnel at all US ports of entry to begin seizing disposable gloves produced in Malaysia by Top Glove Corp Bhd.
5. China Evergrande Group 3333.HK said it will sell 10% of its online real estate and automobile marketplace, Fangchebao (FCB), to 17 investors for HK$16.35 billion (US$2.10 billion), in a fundraising ahead of the unit’s initial public offering (IPO).

Technology News 

1. All signs point to Volkswagen changing the name of its stateside operation to “Voltswagen of America“. The automaker prematurely published an incomplete press release to its website it planned to share on April 29th. VW quickly took down the announcement.
2. Chinese electric vehicle maker BYD Co Ltd,, which is backed by billionaire Warren Buffett, on Monday reported a 162per cent growth in 2020 net profit as it became a major mask maker amid the COVID-19 pandemic.
3. Google and Facebook have unveiled plans for two new undersea data cables linking North America and the Asia-Pacific region, weeks after halting one destined for Hong Kong.
4. Ajaib Group, an Indonesian online investment platform targeting millennials and first-time investors, has raised an additional investment of US$65 million for its Series A round led by Silicon Valley-based fintech VC firm Ribbit Capital.
5. Visa said that it will allow the use of the cryptocurrency USD Coin to settle transactions on its payment network, the latest sign of growing acceptance of digital currencies by the mainstream financial industry.