Business and technology quick bites

Updated version at 7.45 am

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

April 20, 2021,

Business News

1. JPMorgan Chase & Co is bankrolling the biggest upheaval of European soccer since the 1950s in a 4 billion-euro (US$4.8 billion) bet that has already drawn heavy criticism from fans, domestic leagues and politicians.
2. IBM shares jumped in extended trading after the company reported its biggest revenue gain since 2018 driven by demand for cloud services.
3. A planned $3.1 billion merger of two Australian miners is set to create one of the world’s biggest producers of lithium products key to meeting fast-growing global demand for electric vehicle batteries.
4. Sunway Bhd to undertake a transit-oriented mixed development worth RM1.15 billion on a piece of the newly acquired land on Jalan Cochrane in Kuala Lumpur which it acquired from Boustead Properties Bhd for RM233.4 million.
5. Chinese delivery giant Meituan is seeking about US$10 billion from the sale of new stock and convertible bonds as it doubles down on efforts to fight the likes of Alibaba Group Holding in newer areas such as online groceries.
6. A Cabinet paper on the country’s new investment policy which will attract more high-quality investors in an effort to make Malaysia a high-income nation, will be tabled on Wednesday (April 21), says Senior Minister cum Minister of International Trade and Industry Datuk Seri Mohamed Azmin Ali.
7. Microsoft Corp. announced its “Bersama Malaysia” (Together with Malaysia) initiative, a commitment to invest at least US$1 billion (RM4 billion) over the next five years. It will empower Malaysia to be an inclusive digital economy and advancing the nation’s digital transformation across the private and public sectors.

Technology News

1. Zoom Video Communications said it has created a US$100 million fund to invest in startup software companies that build apps using its technology.
2. Nasa successfully flew its mini helicopter Ingenuity on Mars early Monday, the first powered flight on another planet and a feat the agency likened to “our Wright brothers moment.”
3. Singapore-based Qapita, a fintech startup that provides software to manage a company’s equity, has raised US$5 million in a pre-Series A round led by MassMutual Ventures.
4. Ant Group is exploring options for founder Jack Ma to divest his stake in the financial technology giant and give up control.
5. Indonesia-based edutech startup Ruangguru raised US$55 million in a funding round led by Tiger Global Management, with participation from GGV Capital, the funds will be used to further accelerate its business expansion across Indonesia, Vietnam and Thailand.