Business and technology quick bites: 11.06.2021

Updated version at 8.00 am

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

June 11, 2021,

Business News

1. SoftBank-backed Chinese ride-hailing company Didi revealed a $1.6 billion net loss for 2020 as it moves ahead with plans for a U.S. initial public offering.
2. Asian stocks set for calm start after US shares and Treasuries rallied as investors judged that a jump in inflation is likely to be transitory, leaving scope for ongoing central-bank support. The S&P 500 Index climbed to a record overnight and a rally in technology heavyweights boosted the Nasdaq 100.
3. Oil prices rose to the highest settle in over two years, drawing support from higher-than-forecast U.S. inflation data and a strong demand outlook.
4. Zoom and Salesforce each invested $75 million into Monday.com’s IPO, and made a quick $23 million profit.
5. GameStop shares fell 25% and other so-called meme stocks also declined in a sell-off that hit a broad range of stocks favoured by retail investors on social media platforms.
6. TPG-backed LifeStance Health shares jumped over 11% in their Nasdaq debut, giving the therapy provider a market value of nearly US$7.5 billion and underscoring demand for mental health services during the Covid-19 pandemic.
7. OCBC Bank becomes the first bank in Asia to receive the approval of bondholders to convert the interest rate benchmark for its £250 million floating rate covered bonds from the GBP London Interbank Offered Rate (LIBOR) to Sterling Overnight Interest Rate Average (SONIA).

Technology News

1. Apple CEO Tim Cook said augmented reality is the “next big thing,” these technologies could be vital if Apple in fact releases an augmented reality headset or glasses in coming years.
2. Indonesian fintech startup BukuWarung has raised US$60 million in Series A funding in a round led by Valar Ventures and Goodwater Capital, to enhance its technology and product capabilities across its core accounting, digital payments and commerce products.
3. French startup Ledger has raised a $380 million Series C funding round led by 10T Holdings, giving the company a $1.5 billion valuation, making it the latest crypto unicorn.
4. US-based tech company Nityo Infotech has invested US$100 million in Singapore-based embedded finance company MatchMove Pay in return for a significant equity stake.
5. Go-to-market intelligence startup Slintel, has raised $20 million in Series A funding led by GGV Capital.