Daily business and technology news:
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September 07, 2021 (last updated at 8.40 am)
- Market news: Asian stocks eye steady open bolstered by a rally in Japan, oil falls after Saudi price cuts, and dollar firmer.
- Japanese stock market emerges as a clear winner of Prime Minister Yoshihide Suga’s abrupt departure, with the broad Topix index soaring to 31-year highs.
- Britain needs to ease taxes on banks to unseat New York as the world’s top international financial centre with five year financial plan.
- Millions of jobless Americans stranded in a bureaucratic nightmare, still waiting for benefits they are owed as pandemic benefits expire.
- Oil extend losses after Saudi cuts prices for Asia buyers as resurgence of Covid-19 clouds demand outlook.
- Chinese firms are heading for the exit on overseas investments amid rising demand for anything that throws off cash.
- Indonesia’s Traveloka halts talks to go public with billionaires Richard Li and Peter Thiel’s SPAC Bridgetown, according to sources.
- Deutsche Telekom to sell its Dutch unit for US$5.9 billion and will be one of its largest divestments of recent years.
- BMW orders more than 20 billion euros worth of batteries to keep pace with accelerating demand for electric cars that made up for more than 11 percent of deliveries during the half of the year.
- Malaysia, the world’s second-largest producer of palm oil, is facing a perfect storm of production headwinds that will likely drag global stocks to their lowest level in five years.
- El Salvador buys its first 200 bitcoins, an announcement that sent the price of the cryptocurrency rising one day before the country formally adopts it as legal tender alongside the US dollar.
- Ongoing semiconductor shortage cast a long shadow over Munich Motor Show.
- Warren Buffett- backed BYD, one of the biggest electric vehicle makers in China, sees sales surge by more than 300% sells 61,409 new energy vehicles in August.
- Tech giants like Apple, Amazon, Facebook, Tesla and Baidu are all shunning established chip firms, look to develop own chips in-house.
- Another mobile technology of yesteryear, the multimedia messaging service (MMS) will no longer be offered by telcos in Singapore after the middle of November.
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