Updated version at 8.25 am
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June 4, 2021,
- Asian stocks set for a weaker open after U.S. equities sagged amid robust economic data that stoked concerns about a pullback in central bank stimulus.
- Retail investors in India and South Korea join the meme-stock frenzy by piling into AMC Entertainment through local trading platforms giving them access to U.S. markets.
- Biden orders bans to US entities from investing in dozens of Chinese companies with alleged ties to defense or surveillance technology sectors.
- Crypto conviction is falling after new regulatory hurdles in China and the US, and support from Musk has wavered.
- Ackman’s SPAC is nearing a deal with Universal Music that would value the combined entity at nearly $40 billion.
- Banks in Hong Kong are stepping up hiring, a sign the city’s unique position as a financial gateway to China is outweighing concerns about Beijing’s tightening grip over it.
- Germany to pump in S$483 million to keep Asian-owned shipbuilder afloat, the shipbuilding subsidiary of Asian tourism and casino giant Genting.
- Malaysia is top choice on expansion opportunities for 65% of Chinese companies looking to scale up their sales and production operations in Asean, according to Standard Chartered’s survey.
- China gives nod to Ant Group to operate a consumer finance company, a key positive step in the forced restructuring of its business just months after regulators slammed the brakes on its record-breaking listing.
- Google Android mobile software users can opt out of being tracked by advertisers on their smartphone applications, following a move by rival Apple.
- China’s memory chip makers are pushing into the lower-end of the market with the global chip shortage expected to last till 2022.
- Good Startup, a cross-border VC firm seeking to remove animals from the global food ecosystem, has launched a US$25-million fund to invest in alternative protein startups.
- Singapore-headquartered iGlobe Partners closes its third fund at US$100 million to back startups building solutions in smart cities, synthetic biology, and fintech.