Business and technology quick bites

Updated version at 2.20 pm

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

March 19, 2021,

Business News 

1. The straw that broke the camel’s back appears to be the Philadelphia Fed Manufacturing Index, which exploded from 23.1 to 51.8 for March, a 50-year high. That telegraphs input cost rises are coming as much as anything and was all an edgy market needed to hit the sell button on US bonds.
2. The US dollar has reversed after a modest sell-off in the wake of the Federal Open Market Committee (FOMC) meeting.
3. Rising bond yields spurred by concerns over inflation hammered tech stocks and sent Wall Street closing lower yesterday, while oil markets slid on fears of a renewed demand slump. The tech-rich Nasdaq Composite Index slid 3.0% to close at 13,116.17, while the broad-based S&P 500 lost 1.5% to end at 3,915.46.
4. Gold declined as Treasury yields reached their highest in more than a year, continuing their climb after being briefly held back by the Federal Reserve’s dovish words. Most base metals also fell.
5. Nike Inc‘s third-quarter profit gained but revenue fell short of Wall Street estimates on Thursday, as it grappled with supply chain problems in North America and a slump in sales at brick-and-mortar stores that were shut due to the COVID-19 pandemic.
6.  As confectionery groups scramble to reduce added sugar, chocolate sweetened with cocoa fruit pulp is about to hit supermarket shelves with food giant Nestle ready to launch its “Incoa” bar.
7. The number of companies facing winding-up proceedings this year is expected to decrease after the indebtedness threshold was raised from RM10,000 to RM50,000, said Domestic Trade and Consumer Affairs Minister Datuk Seri Alexander Nanta Linggi.
8. Nippon Paint Holdings Co Ltd’s wholly-owned Nippon Paint (M) Sdn Bhd has acquired a majority stake in Vital Technical Sdn Bhd.

Technology News 

1. Google has announced a US$7 billion investment in the US that will create at least 10,000 new jobs this year, a drop from the US$10 billion it promised it would invest in 2020 before the pandemic swept the country.
2. Malaysia-based Jocom International Holdings, which runs a grocery mobile app, announced today that it has raises approximately SGD5.6 million (US$4.1 million via listing part of its share capital on Singapore’s first regulated private securities exchange).