Business and technology quick bites: 06.05.2021

Updated version at 7.45 am

The highlighted words in red are links to the news article.

May 6, 2021,

Business News

1. Asia stocks are set for a muted open after technology shares weighed on U.S. markets, offsetting optimism over solid corporate earnings and economic reports. Treasuries climbed.
2. Jeff Bezos sold about $2.5 billion of Amazon.com Inc. stock, his first big disposal this year after offloading more than $10 billion worth of shares in 2020.
3. Tencent is negotiating agreements with a U.S. national security panel to keep its ownership stakes in U.S. video game developers Riot Games and Epic Games, according to people familiar with the matter.
4. Peloton shares shed nearly 15%, wiping $4.1 billion off its market value in one day, after the fitness equipment maker apologized for not voluntarily recalling both its treadmill machines over safety concerns sooner.
5. Archegos, the family office run by former Tiger Asia manager Bill Hwang, prepares for insolvency as banks involved in financing its trades seek to recoup some of their losses, the Financial Times (FT) reported.
6. Analabs Resources Bhd buys Maybank shares amounting to RM15.46 million with the intention of deriving dividend income and for potential capital gains.
7. Shell to sell its US refinery for US$350 million in the latest major divestment for the European oil giant that’s moving away from processing crude.

Technology News

1. Una Brands, an ecommerce startup based in Singapore, has raised US$40 million in a seed round led by Kingsway Capital  to buy and scale e-commerce brands based in the Asia-Pacific.
2. China expressed concern over India’s move to not grant any Chinese firm permission to participate in 5G trials in the world’s second largest Internet market as the two neighboring nations struggle to navigate business ties amid their geo-political tensions.
3. Social Bella, an Indonesian beauty-tech company, has raised approximately US$56 million in a round led by L Catterton, the US-based PE firm’s maiden investment in Indonesia.