Business and technology quick bites: 14.05.2021

Updated version at 8.30 am

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

May 14, 2021,

Business News

1. Asian stocks look set to rally following US rebound halting a three-day slide, with investors migrating to value from growth companies as signs of a strengthening labor market tempered inflation worries.
2. Oil prices dropped about 3% on Thursday as India’s coronavirus crisis deepened and a key US fuel pipeline resumed operations, but shortages continue.
3. Colonial Pipeline paid nearly $5 million ransom to Eastern European hackers on Friday, to help restore the country’s largest fuel pipeline.
4. Airbnb bookings jumped 52% to US$10.29 billion in the quarter, beating analysts’ estimates of US$6.93 billion, as speedy Covid-19 vaccinations and easing restrictions encouraged vacation rentals.
5. Coinbase, the largest cryptocurrency exchange in the US, missed analysts’ expectations on the top and bottom line in its Q1 2021 earnings report, its first ever as a public company.
6. Top Glove‘s shipment of 4.68 latex gloves produced in Malaysia, estimated to be worth US$690,000, seized by US customs on indications that the gloves were made by forced labour.
7. Tesla CEO Elon Musk said the EV manufacturer suspends purchases using Bitcoin, over concerns about the increasing use of fossil fuels for Bitcoin mining and transactions, triggered a tumble in the digital currency. The largest cryptocurrency dropped as much as 15 per cent to just above US$46,000, before paring some of the retreat.
8. Jack Ma’s Ant Group profit rose to $3.4 billion in the December quarter, up 50% from 14.5 billion yuan in the previous three months, after Chinese regulators halted its record initial public offering.

Technology News

1. Chinese grocery app Dingdong Maicai has raised US$330 million, led by SoftBank Vision Fund, amid a surge of fundraising in the sector.
2. SoftBank Group has reaped $45.8 billion net income for the fiscal year ended March 31, 2021, the highest of any Japanese company ever, driven by an investment gain from the US listing of ecommerce firm Coupang in March.
3. Southeast Asia’s hottest funding stories, insights, and analysis to gear you up for success in your startup fundraising journey.