Business and technology quick bites: 20.05.2021

Updated version at 8.20 am

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

May 20, 2021,

Business News

1. Cryptocurrencies came back down to earth with a bump on Wednesday after a roller-coaster ride which could undermine their potential as mainstream investments. At its worst moment Bitcoin dropped about 30% to within a whisker of US$30,000, while other cryptocurrencies held double-digit percentage losses, pressured by statement from the People’s Bank of China reiterating that digital tokens can’t be used as a form of payment.
2. Swedish vegan milk maker Oatly Group AB, backed by celebrities like Oprah Winfrey, raised US$1.4 billion in its US initial public offering said sources.
3. Japanese manufacturers’ business confidence rises to highest since late 2018 as firms benefited from stronger overseas demand, a sign that the export-driven economic recovery remained intact, a Reuters survey showed.
4. Squarespace founder Anthony Casalena is a billionaire twice over after his company is valued at $2.1 billion after the New York-based firm went public Wednesday in a direct listing.
5. Singapore Airlines posts US$3.2 billion loss after the “toughest year in its history” as the Covid-19 pandemic continues to wreak havoc on global travel.
6. Calls of consumer boycott of Coca-Cola products in Malaysia by several individuals due to rumours circulating on social media and misunderstandings regarding the company’s commitment in the Middle East.
7. Malaysia Automotive, Robotics and IoT Institute said the Malaysia is ready to offer a handsome tax incentive to accelerate the electric vehicle (EV) development with a soon-to-be announced accelerated EV policy under the National Automotive Policy (NAP) 2020.
8. A spate of skyscrapers rising next to vacant towers mark new city of London. It all augurs another period of change for the City, a geographical area of just over one square mile with a 2,000-year track record of reinvention.

Technology News

1. Spain’s La Liga partners Microsoft to boost revenue for its pandemic-hit football clubs and reenergise a fanbase that is consuming ever more digital products.
2. Malaysian ecommerce aggregator iPrice Group raised US$1.5 million from South Korean food-delivery app operator Woowa Brothers as it works towards a Series C round.
3. GOOD Meat, a division of US-based sustainable food company Eat Just, has secured US$170 million in new funding. Investors include UBS O’Connor, a hedge fund manager within UBS Asset Management, Graphene Ventures and K3 Ventures.
4. Forkast Ltd., a blockchain-focused multimedia platform, has successfully raised US$1.7 million in its seed round from Asia-based AMTD Group, Fenbushi Capital, Alibaba Hong Kong Entrepreneurs Fund.