Business and technology quick bites

Updated version at 2.03 pm

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

March 23, 2021,

Business News

1. Mizuho Daily – Of Slips & Falls. The wider point being, whether rising UST yields, which have triggered some slippage in prices in parts of the asset market could turn out to be a more lasting fall in valuations; or the “Lincoln effect” will save the day.
2. Equity and Oil market analysis: Tech sector leads US stocks higher. US equities were stronger overnight led by a rebound in tech stocks. NASDAQ was up 1.2% as US 10-Year yields fell 4bps to 1.69%.
3. WeWork lost US$3.2 billion last year, the office-sharing startup disclosed in a presentation shown to prospective investors as part of a pitch for US$1 billion in investment and a stock market listing, a person familiar with the matter told Reuters
4. Boeing said it had entered into a US$5.28 billion, two-year revolving credit agreement, as the US planemaker contends with a prolonged slowdown in commercial air travel fueled by the COVID-19 pandemic.
5. British consumer goods company Reckitt Benckiser Group is considering selling its infant formula business in Greater China, in a deal that could value the business at more than US$2 billion
6. Sapura Energy Bhd has announced that its president and group chief executive officer Tan Sri Shahril Shamsuddin will step down from his post upon reaching the retirement age of 60.
7. .Tan Sri Mokhzani Mahathir has been appointed the new chairman of Maxis Bhd effective April 22, the telco group said.
8. The days of the massive first-day pop in Hong Kong’s initial public offering frenzy may be nearing an end. The offshore Chinese city’s IPOs and new listings were in hot demand from both institutional and mom-and-pop investors.
9. Khong Guan has signed a shareholders’ agreement effective Monday with SGProtein founders and investors to invest in a 30% stake in the producer and seller of plant-based meat alternatives for USS$1.5 million in cash.

Technology News 

1. A growing chorus of Wall Street professionals is predicting that electric and autonomous vehicles sales will propel Apple Inc. and Tesla Inc. to US$3 trillion each in market value by 2030.
2. Pluang, a wealthtech startup headquartered in Jakarta, announced today it has raised US$20 million in a pre-Series B round led by returning investor Openspace Ventures.
3. Oracle Corp. sold US$15 billion of bonds Monday in the second-largest offering this year, drawing downgrades from Fitch Ratings and Moody’s Investors Service.
4. Bain Capital has invested US$200 million in Chinese tech startup Newlink Group, the private equity firm said, bringing the company’s total fundraising to US$300 million this year.