Business and technology quick bites: 11.05.2021

Updated version at 8.10 am

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

May 11, 2021,

Business News

1. The rally on Wall Street ran out of steam on Monday as the Dow snapped a three-day streak of records topping 35,000 and the Nasdaq tumbled on weakness in technology shares.
2. Colonial Pipeline will not resume full operations for several more days due to a ransomware cyberattack blamed on a shadowy criminal network called DarkSide.
3. THG Plc is raising $1 billion in fresh capital, including about $730 million from a unit of SoftBank Group.
4. Ethereum, the second-largest coin by market capitalisation, jumped more than 6% to just below US$4,175 for the first time on Monday, climbing to a new peak for a third day in a row on bets it may find new uses, although some analysts said it was overvalued at current levels.
5. Amazon.com Inc is selling bonds to refinance debt and buy back stock, as cheap borrowing costs prove too tempting to resist, even for a company with tens of billions of dollars in cash.
6. Cathay Pacific has raised US$650 million in its first US dollar bond in 25 years, as it battles to stabilise its finances amid a slump in international travel, according to a person familiar with the deal.

Technology News

1. Formula One design great plans a 300-million-pound ($420 million) expansion over the next five years, which includes developing electric SUVs and delivery vehicles for carmakers as it shifts towards an all-electric supercar by 2030.
2. Apple Inc facing another lawsuit over claims of overcharging nearly 20 million UK customers for App Store purchases, yet another legal headache for the tech giant fighting lawsuits across the world.
3. Singapore-based blockchain investment firm NGC Ventures, in partnership with Solana Foundation (a web-scale blockchain), has announced the launch of a US$20 million strategic investment fund.
4. Telkomsel, a subsidiary of Telkom Indonesia and Singtel, has invested an additional US$300 million into ride-hailing startup Gojek, with plans to strengthen their existing collaboration.
5. China is expanding its far-reaching tech campaign into online education, issuing fines to two of the country’s fastest-growing tutoring apps backed by Tencent and Alibaba for violating competition and pricing laws.