Business and technology quick bites

Updated version at 8.00 am

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

April 6, 2021,

Business News

1. Credit Suisse Group AG started unloading stocks tied to the Archegos Capital blowup. The Swiss bank hit the market with block trades tied to ViacomCBS Inc., Vipshop Holdings Ltd. and Farfetch Ltd. that totaled more than $2 billion at current prices, a person with knowledge of the matter said.
2. Asian stocks look set to climb Tuesday after U.S. equities rallied to a record on solid economic data that added to evidence of a strengthening recovery.
3. Sri Lanka on Monday banned imports of palm oil and new palm plantations, and told producers to uproot existing plantations in a phased manner, in a surprise move that baffled the edible oil industry.
4. Zafrul Abdul Aziz, Malaysia’s Finance Minister said the country is confident of attracting more foreign investment this year after a big decline in 2020, and is looking at incentives to help support that goal.
5. SoftBank Group Corp to lead US$1.15 billion investment in the US genetic diagnostics company, Invitae Corp.

Technology News

1. Bangalore-based social commerce startup Meesho Inc. has raised US$300 million in new funding led by SoftBank Group Corp’s Vision Fund 2, valuing the startup at US$2.1 billion.
2. SoftBank Group to buy a 40% stake in AutoStore for US$2.8 billion, the Norway-based robotics firm said on Monday, from funds affiliated with Thomas H Lee (THL) Partners and other investors. The deal values AutoStore at US$7.7 billion.
3. LG Electronics‘ move to exit its loss-making mobile business is expected to create more opportunities for Samsung than its other rivals in the lucrative North American smartphone market, analysts said.
4. Foodtech startup Swiggy has raised $800 million in its latest Series J round of financing with Falcon Edge Capital, Amansa Capital, Think Investments, Carmignac and Goldman Sachs joining as new investors