Business and technology quick bites

Updated version at 8.25 am

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

April 23, 2021,

Business News

1. Top Glove, the world’s largest rubber glove manufacturer announced on Thursday that it will sell 793.5 million new shares, an issuance expected to raise HK$7.94 billion (S$1.36 billion).
2. Intel Corp., the biggest chipmaker, reported a drop in data center revenue and a steep decline in gross profit margin, a sign it’s losing market share to rivals and customers who are designing their own components.
3. U.S. Senate Republicans on Thursday proposed a $568 billion, five-year infrastructure package as a counter offer to President Joe Biden’s sweeping $2.3 trillion plan, calling their measure a starting point for bipartisan negotiations.
4. The economic recoveries in the US and China will benefit Malaysia and Asean markets with increased trade and investments despite the ongoing US-China tensions.
5. Wealth management platform iFast Corporation posted a record net profit of S$8.82 million in the first quarter, almost 2.5 times the S$3.64 million in the year-ago period.
6. Datuk Seri Nazir Razak has been appointed as Bank Pembangunan Malaysia Bhd (BPMB) new chairman replacing Datuk Zaiton Mohd Hassan, who retired in February after having served for two years.
7. Singapore and Hong Kong called off an announcement planned for Thursday on an air-travel bubble, according to people familiar with the matter, the second time in five months the highly anticipated arrangement for quarantine-free travel between the two financial hubs has run into obstacles.

Technology News

1. Halodoc, a healthtech startup based in Indonesia, has raised US$80 million in Series C funding led by Astra Digital Internasional, a subsidiary of Indonesian conglomerate Astra International.
2. Canadian silicon chip developer Alphawave listing is set to be one of the most prominent to emerge a cluster of tech firms debuting on the London Stock, with a valuation of at least $4.5bn (£3.3bn) after securing cornerstone backing from investors despite Deliveroo’s (ROO.L) stock market flop knocking tech sector confidence.
3. Silicon Laboratories Inc said on Thursday it would sell its infrastructure and automotive business to Skyworks Solutions Inc for $2.75 billion, in a move that would let the chipmaker focus on its core business of wireless chips for smart home gear.
4. Facebook Inc on Thursday said it will begin testing ads on its TikTok clone Instagram Reels in India, Brazil, Germany and Australia, as the social media giant aims to make money from its short-form video feature.