Business and technology quick bites: 18.06.2021

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

June 18, 2021 (last updated at 8.30 am)

Business News

1. Stock market update: Nasdaq closes up on tech stocks strength, Dow falls in post-Fed rotation.
2. Bristol-Myers and Eisai in up to $3.10 billion deal to jointly develop and market an experimental cancer drug.
3. Bank of Japan is expected to maintain its massive stimulus and may extend a deadline for its pandemic-relief programme.
4. Asia’s private capital industry on track to reach US$6.1 trillion by 2025, but are still limited by structural challenges unique to the region according to Preqin report.
5. China’s worst-than-Suez delays set to widen trade chaos, further snarling trade routes and lifting record freight prices even higher.
6. Indian billionaire, Gautam Adani, loses more money this week than anyone else in the world.
7. Malaysia’s CTOS Digital is in talks to sign up Aberdeen Standard Investments and AIA Group as cornerstone investors for its planned initial public offering (IPO) that could raise about RM1.2 billion (S$388.4 million).
8. G Capital to sell solar power to Evergreen Fibreboard for 25 years.

Technology News

1. Exclusive: Chinese apps could face subpoenas or bans under Biden orders.
2. ByteDance’s total revenue hit US$34.3b in 2020, up 111 per cent from 2019 according to source.
3. China’s Didi adds five more investment banks to work on its US initial public offering (IPO) worth up to US$10 billion, said sources with direct knowledge of the matter.
4. Sweden’s Ericsson says 5G remains on track to become the fastest adopted mobile generation in history with subscriptions expected to rise to 580 million by the end of 2021 from 220 million last year before crossing 3.5 billion by 2026.
5. Cryptoassets: Fears that investors are taking too many risks.
6. Spotify acquires Podz, a startup that’s trying to solve the problem of podcast discovery.