Business and technology quick bites: 02.06.2021

Updated version at 8.15 am

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

June 2, 2021,

Business News

1. Asian stocks eyes steady open after US equities inched lower as the tussle between economic optimism and inflation concern continues to play out in markets.
2. China is seeking to curb speculation in the yuan without derailing a plan to liberalise the currency and promote its global usage.
3. Australian banks set to return a record US$15 billion cash to investors over the next two years, with investors betting Commonwealth Bank will move first and helping drive shares of the top lender to all-time highs.
4. Cyberattack on JBS, the largest meat producer globally, forced the shutdown of all its U.S. beef plants, wiping out output from facilities that supply almost a quarter of American supplies.
5. US meat processor Tyson Foods to launch its plant-based food in Asia Pacific, as it looks to cash in on the burgeoning demand for meat substitutes in the region its rivals have set out to capture.
6. Oil demand will reach pre-pandemic levels in mid-2022 says analyst.
7. Zoom reported better-than-expected first-quarter results, exceeded estimates across the board, with sales growth of 191%.
8. Raffles Medical Group and China Life Healthcare embark on strategic partnership to support ageing population.
9. AirAsia X shareholders have approved the restructuring plan, including a cash call to raise up to RM300 million plus share placement to a special purpose vehicle (SPV).

Technology News

1. Xiaomi-backed online trading platform Tiger Brokers partners Alibaba Cloud, the digital intelligence and technology arm of Alibaba, to provide end-to-end technology support to its trading platform, Tiger Trade.
2. Zenyum, cosmetic dental startup has raised US$40 million in a Series B round led by L Catterton, the consumer-focused private equity firm, to accelerate expansion across Asia.
3. Thai logistics startup Flash Group, latest round of fundraising had generated US$150 million, which pushed the company’s overall value beyond the US$1 billion mark.
4. Goldman Sachs leads a US$202 million investment in project44, a Series E funding round, doubling project44’s valuation to US$1.2 billion.
5. Twitter will begin testing advertising in Fleets, its competitor to the “stories” features on platforms like Snapchat and Instagram that let users post ephemeral updates.