Business and technology quick bites: 03.06.2021

Updated version at 8.15 am

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

June 3, 2021,

Business News

1. Asian stocks set for a mixed start as traders weigh the latest Federal Reserve comments about the need for a discussion on the time frame for tapering stimulus.
2. China is trying to rein in the yuan as it surges to three-year highs against the US dollar.
3. The moonshot surge in the shares of AMC Entertainment has vaulted it into the ranks of some of the world’s most valuable companies, with 95% gain amid a retail-trading frenzy leaving the movie-theater chain with a market capitalisation of $31.3 billion.
4. British finance minister Rishi Sunak said a US proposal to focus on the world’s 100 biggest and most profitable firms as part of a global tax deal could work but he insisted that big tech firms must pay more tax in countries where they operate.
5. The US economic recovery accelerated in recent weeks even as a long list of supply chain troubles, hiring difficulties, and rising prices cascaded through the country, according to Federal Reserve officials.
6. Yenher Holdings has inked an underwriting agreement with RHB Investment Bank Bhd for its initial public offering (IPO).
7. Singapore’s sovereign wealth fund, GIC, has entered into a joint venture with Phoenix Mills, an India-based retail mall developer and operator, to establish an investment platform for retail-led mixed-use assets in India.

Technology News

1. Apple said its App Store “ecosystem” surged in 2020, up 24% from 2019 to US$643 billion, fueled by pandemic-hit consumers seeking to stay connected for work, school and play.
2. Huawei launches new operating system for smartphones, looking to recover from US sanctions that have hobbled its handset business.
3. Coinbase rival, crypto exchange Kraken is bringing its mobile app to the U.S. as retail investors flock to digital currencies.
4. CDK Global, acquires Roadster, the Palo Alto-based digital platform that gives dealers tools to sell new and used vehicles online for $360 million.