Updated version at 8.20 am
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May 12, 2021,
- US stocks closed lower on Tuesday as rising commodity prices and labor shortages fed fears that despite reassurances from the US Federal Reserve, near-term price spikes could translate into longer-term inflation. And over in Europe, European stocks tumbled from all-time highs, with the travel, retail and technology sectors among the top losers.
- SoftBank targets payment app PayPay for IPO, adding that subsidiary SB Payment Service could also be a candidate for listing.
- Australia unveils big-spending budget that seeks to drive unemployment down to levels rarely seen in the past 50 years.
- The UK’s financial watchdog has opened an investigation into the collapse of Liberty Steel backer Greensill Capital over “potentially criminal” allegations.
- Sovereign wealth funds‘ direct investments almost doubled in 2020 to US$65.9 billion, with a significant portion of that amount invested at home as funds sought to soften the hit to their economies from the Covid-19 crisis.
- ST Engineering and Temasek Holdings have set up a 50-50 joint venture (JV) for freighter aircraft leasing targeting to build a portfolio valued at around US$600 million (S$800 million) within five years.
- Chinese food delivery giant Meituan‘s shares have fallen sharply after its boss reportedly shared a 1,000-year-old poem on social media.
- SoftBank Corp to invest US$60 million in Axiata Group Bhd‘s data analytics and artificial intelligence unit, ADA, to establish the latter as its core digital and data marketing partner in Asia.
- Bill Gates-backed Boston-based biotech company Ginkgo Bioworks makes market debut via US$15 billion SPAC.
- Renowned investor Jim Rogers backs Singapore-based foodtech company Life3 Biotech and joins as a member of its board of investors. Life3 is the first alternative protein company that he is advising.
- YouTube will pay $100 million to its most popular users on its Shorts product, which aims to compete with popular video app TikTok.
- Softbank-backed digital mortgage lender Better.com will make its market debut by merging with Aurora Acquisition Corp., valuing Better at $7.7 billion.
- Thailand’s public listed financial consultancy firm, Brooker Group, will invest a total of US$48 million in a diversified portfolio of decentralised applications (dApps) and decentralised finance (DeFi) tokens.
- Filipino neobank Tonik has raised US$17 million in a pre-Series B funding round, led by Singaporean VC firm iGlobe Partners.