Business and technology quick bites: 28.05.2021

Updated version at 8.00 am

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

May 28, 2021,

Business News

1. US Federal Reserve’s reverse repurchase (RRP) facility hit an all-time high of US$485 billion, further pressuring key short-term interest rates, which risk falling below zero.
2. Asian stocks look set to rise after solid data and President Joe Biden’s federal spending plans spurred a rally in U.S. cyclical shares while Treasury yields also climbed.
3. Salesforce shares rose 5% in extended trading after the cloud software maker issued earnings and guidance that surpassed analysts’ expectations.
4. Britain is rushing out rules to make London’s stock market attractive for SPAC listings, as bankers ready a string of potential floats in Europe as interest in the US fades.
5. HSBC exiting from US mass market retail banking, a long-awaited move as the lender steps up focus to Asia, its biggest market.
6. According to company’s filings, Softbank Group’s bank borrowing climbed by 42% in the year to March-end with the increase shouldered by foreign lenders.

Technology News

1. Klarna, a European buy-now-pay-later company, is close to securing a new funding round at a valuation of more than $40 billion, backed by SoftBank.
2. Berlin-based Ada Health, which has developed a doctor-in-your-pocket style app that uses artificial intelligence to try to diagnose symptoms, raised a $90 million funding round, led by Samsung and Bayer.
3. Paytm, India’s leading digital payments provider, aims to raise about US$3 billion in an initial public offering late this year, led by Berkshire Hathaway Inc, SoftBank Group Corp and Ant Group Co, in what could be the country’s largest debut ever.
4. MiCare raises US$60 million from IFC, Mitsui Asia, for SEA expansion as well as setting HQ in Singapore.