Business and technology quick bites: 27.05.2021

Updated version at 7.50 am

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

May 27, 2021,

Business News

1. US Justice Department opens probe into the market-rattling meltdown of Bill Hwang’s Archegos Capital Management in March, a debacle that left big banks in Europe, Asia and the U.S. nursing more than US$10 billion in losses.
2. Nvidia Corp., the largest U.S. chipmaker by market value, gave a bullish forecast on demand for chips used in gaming PCs, data centers and cryptocurrency mining.
3. Asian stocks were set for a steady open after gains in US shares tied to the economic reopening from the pandemic.
4. Shell ordered to deepen planned greenhouse gas emission cuts, in a landmark ruling that could trigger legal action against energy companies around the world.
5. Amazon buys MGM, the fabled US movie studio home to the James Bond franchise, for US$8.45 billion ramping up competition with streaming rivals led by Netflix and Disney+.
6. Softbank-backed media startup, Jellysmack, is preparing to scale up operations with acquisitions and a global expansion.
7. Goldman Sachs to set up a wealth management joint venture in the world’s second-largest economy to go after an asset pool it estimated will surpass US$70 trillion by the end of this decade.

Technology News

1. Engine Biosciences, a biotech company that applies machine learning as well as large-scale biology testing to discover precision medicine-based therapies for cancer and other diseases, has raised S$57 million in a Series A funding round led by venture capital firm Polaris Partners.
2. WhatsApp files legal action against India seeking to block regulations coming into force which would compel the California-based Facebook unit to break privacy protections, sources said.
3. Xiaomi said a US court has removed the company’s designation as a Communist Chinese Military Company (CCMC) and lifted all restrictions on US persons buying or holding its stock.
4. Google to build a massive campus in the heart of California’s third-largest city, San Jose.