Updated version at 8.15 am
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June 3, 2021,
- Asian stocks set for a mixed start as traders weigh the latest Federal Reserve comments about the need for a discussion on the time frame for tapering stimulus.
- China is trying to rein in the yuan as it surges to three-year highs against the US dollar.
- The moonshot surge in the shares of AMC Entertainment has vaulted it into the ranks of some of the world’s most valuable companies, with 95% gain amid a retail-trading frenzy leaving the movie-theater chain with a market capitalisation of $31.3 billion.
- British finance minister Rishi Sunak said a US proposal to focus on the world’s 100 biggest and most profitable firms as part of a global tax deal could work but he insisted that big tech firms must pay more tax in countries where they operate.
- The US economic recovery accelerated in recent weeks even as a long list of supply chain troubles, hiring difficulties, and rising prices cascaded through the country, according to Federal Reserve officials.
- Yenher Holdings has inked an underwriting agreement with RHB Investment Bank Bhd for its initial public offering (IPO).
- Singapore’s sovereign wealth fund, GIC, has entered into a joint venture with Phoenix Mills, an India-based retail mall developer and operator, to establish an investment platform for retail-led mixed-use assets in India.
- Apple said its App Store “ecosystem” surged in 2020, up 24% from 2019 to US$643 billion, fueled by pandemic-hit consumers seeking to stay connected for work, school and play.
- Huawei launches new operating system for smartphones, looking to recover from US sanctions that have hobbled its handset business.
- Coinbase rival, crypto exchange Kraken is bringing its mobile app to the U.S. as retail investors flock to digital currencies.
- CDK Global, acquires Roadster, the Palo Alto-based digital platform that gives dealers tools to sell new and used vehicles online for $360 million.