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Updated version at 8.00 am
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May 18, 2021,
Business News
- Oil prices up more than 1%, lifted by European economic reopenings and rising US demand despite surging coronavirus cases in Asia and underwhelming Chinese manufacturing data.
- US stock indices closed lower, with tech stocks hit hardest by investors’ fears of rising inflation.
- China’s Tencent Music Entertainment Group beat quarterly profit estimates, rose to $1.21 billion in the first quarter from a year earlier, driven by strong growth in subscription revenue and advertising sales from its music streaming platform.
- Berkshire Hathaway Inc sold nearly all of its holdings in Wells Fargo & Co, now owning just $26.4 million shares down from around $32 billion shares, an investment Warren Buffet held for more than 31 years.
- Co-living operator Hmlet has received a US$6 million injection, which the company hopes will help turn the tides in its favour amid a recovering rental market, having exited Australia, Thailand and Malaysia.
- Airbnb shares fell almost 6% after insiders in the home rental firm became free to sell their shares for the first time since the company’s December IPO.
Technology News
- Indonesian tech giants Gojek and Tokopedia complete merger to form GoTo Group, a company specialising in e-commerce, on-demand services and financial services.
- France welcomes the cloud computing technology developed by Alphabet’s Google and Microsoft, to store most sensitive state and corporate data, if it is licensed to French companies.
- Amount, a company that provides technology to banks and financial institutions, has raised $99 million in a Series D funding round at a valuation of just over $1 billion, led by WestCap, a growth equity firm founded by ex-Airbnb and Blackstone CFO Laurence Tosi.
- Moglix, a business-to-business (B2B) e-commerce platform for manufacturing goods, joins the unicorn club after having raised raised $120 million from investors at a valuation of $1 billion.
