Daily business and technology news:
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September 16, 2021 (last updated at 8.30 am)
- Market news: Asian stocks eye steady open after underlying confidence in an economic rebound and a jump in energy shares bolstered US stocks, Chinese stocks listed in the US slide amid Macau crackdown.
- Japan firms see economy recovering to pre-pandemic levels in fiscal 2022, a Reuters poll shows.
- PepsiCo to cut back on plastic use and plans to launch plant-based protein snacks in partnership with Beyond Meat Inc .
- Goldman Sachs to acquire GreenSky for about US$2.24 billion, expanding its Marcus consumer-banking platform to offer payment plans to customers with home-improvement projects or health-care needs.
- China’s biotech industry comes of age with major licensing deals and global ambitions.
- Top Glove withdraws application for Hong Kong listing.
- US anti-trust regulators wary of Big Tech giants’ swallowing startups can lead to a monopolistic behemoth.
- Hong Kong biotech startup Prenetics to list in US through a SPAC merger with Artisan Acquisition, valuing the combined entity at US$1.7 billion, makes it the first Hong Kong unicorn.
- Australian telecom Telstra plans to extend 5G coverage to 95 percent of the country by the end of 2025 and cut AUS$500 million (US$366.85 million) in net costs.
- Cisco forecasts growth from software sales but high chip prices in its hardware business will keep pressuring overall profits.
- Allay Therapeutics, a clinical-stage biotech startup raises US$60 million Series C round led by US-based Arboretum Ventures and participation from Temasek and its subsidiaries.
- Singapore-based Carousell raises US$100 million led by STIC, valuing it at US$1.1 billion, makes it the city-state’s latest tech startup to join the unicorn club.
- Apple supplier Foxconn‘s halts electric vehicle project with Byton due to the Chinese startup’s worsening financial situation, the Nikkei newspaper reports.
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