Business and technology quick bites

Updated version at 8.25 am

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

April 22, 2021,

Business News

1. Wall Street rebounded on Wednesday after a two-day decline in a broad rally as a tilt toward stocks poised to benefit from a recovering economy offset Netflix Inc’s sell-off after its disappointing results a day earlier.
2. Automation software maker UiPath Inc. climbed in its trading debut after its $1.3 billion initial public offering, the shares closed up 23% to $69 Wednesday in New York, giving the company a market valuation of about $36 billion.
3. Taiwan electronics manufacturer Foxconn is drastically scaling back a planned $10 billion factory to $672 million in Wisconsin, confirming its retreat from a project that former U.S. President Donald Trump once called “the eighth wonder of the world.”
4. The housing market is hot — but is it too hot? Data from Google GOOGL, -0.03% underscore the concerns that many people have about the state of the market.
5. In a tumultuous 72 hours since its announcement, Europe celebrated the collapse of soccer’s elite Super League project on Wednesday, but some business analysts and fans said it was a missed opportunity to grow the sport’s following and revenues in its prized Asian market.
6. Fashion label Chanel has lost an EU court battle with Chinese technology firm Huawei over its famous logo. The EU General Court in Luxembourg ruled on Wednesday that the logos “share some similarities but their visual differences are significant”.
7. Kossan Rubber Industries Bhd jumped as much as 34 sen or nearly 9% to RM4.14 after the opening bell as the glove maker’s record high quarterly net profit beat expectations.

Technology News

1. The British owner of the MailOnline website on Wednesday filed a legal complaint in the United States against Google, accusing the tech giant of reducing its search traffic and asking for damages and legal costs.
2. Deel, a startup that helps companies comply with local hiring laws around the world, is raising funds valuing it at US$1.25 billion. The San Francisco-based startup said its valuation rose from US$225 million last year.
3. The 19-year-old is now chief executive officer of a US$25 million tech startup software development company Team Labs, whose clients include the Coca-Cola Company, Google and Hilton.
4. Ministry of Science, Technology and Innovation (Mosti) will consolidate Technology Park Malaysia (TPM) and the Malaysian Global Innovation and Creativity Centre (MaGIC) into a technology commercialisation agency.