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May 19, 2021,
Business News
- Wall Street stocks finished firmly lower on Tuesday after a tech sector rally faded in the latter portion of the session, even as Walmart and other retailers reported strong results.
- The new entity that will house the merged AT&T Inc. spun-off WarnerMedia division with Discovery Inc.’s reality-TV empire is marketing US$41.5 billion of merger loans.
- Citi says some of the worst-performing Chinese Internet stocks currently are the ones with the best value.
- China bans financial institutions and payment companies from providing services related to cryptocurrency transactions, and warned investors against speculative crypto trading.
- Baidu beats quarterly estimates, total revenue rose 25% to 28.13 billion yuan (S$5.8 billion) in the first quarter, boosted by its cloud and artificial intelligence services.
- Tata Motors loses US$1 billion despite a strong performance in the first quarter of 2021 as restructuring costs related to its British luxury car brand Jaguar Land Rover hit the automaker’s bottom line.
- Temasek Holdings-backed payments firm, Flywire Corp, seeks US$2.4 billion valuation in its initial public offering in the United States.
- Lamborghini unveiled a €1.5 billion electrification plan for its luxury vehicles, joining a global push away from fossil fuels. The outlay will be the largest investment ever for Italian sports car maker.
Technology News
- Google unfurled an expansive range of consumer products and gee-whiz research, to firm its desire to position itself as a leader in the less splashy business of enterprise software.
- Apple is planning to release redesigned MacBook Pro laptops with an updated version of its in-house processor sometime this summer.
- BukuKas, a digital ledger app for MSMEs in Indonesia, has raised US$50 million in Series B funding, led by angel investors Gokul Rajaram.
- Singapore-based Thunes, a fintech focused on making cross-border money transfers easier, has raised a $60 million growth round led by Insight Partners.
- Esports Players League (ESPL), a Singapore headquartered e-sports tournament organiser, has closed a “seven-digit” pre-Series A funding, for product enhancement and to further grow its platform.
