Business and technology quick bites: 3.05.2021

Updated version at 8.00 am

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

May 3, 2021,

Business News

1. Robinhood Market’s largest source of revenue – payment for order flow – more than tripled in the first quarter, reached about US$331 million up from US$91 million a year ago.
2. Stocks in Asia are set for a muted start to the week with some major markets closed for a holiday and inflation concerns resurfacing. U.S. futures opened higher.
3. Investors will have another packed schedule of corporate earnings reports to consider, alongside the latest monthly jobs report from the Labor Department.
4. Intel Corp said it will invest another $600 million in Israel to expand its research and development (R&D).
5. Billionaire Warren Buffett warned people not to think investing is an easy way to make a fortune, most people will fare better by owning an S&P 500 index fund instead of betting on individual stocks.
6. The pandemic has given Indonesian hospitals a ‘once in a lifetime opportunity’ to prove their quality of care, an analyst says. As the country’s borders stay shut for a year and counting, people who used to travel overseas for medical treatment are turning to local hospitals.

Technology News

1. Wells Fargo Securities’ Chris Harvey is calling Big Tech’s recent outperformance a “head fake.” Take some profits, the firm’s head of equity strategy told CNBC’s “Trading Nation” on Friday.
2. Bibit.id, a robo-advisor startup in Indonesia, announced today it has raised US$65 million in a funding round led by Sequoia Capital India.
3. Apple has gone on sprees picking up multiple firms in fields such as augmented and virtual reality, artificial intelligence, maps, health, and semiconductors, signaling an increased emphasis on those technologies.
4. Four-year old startup Pune-based ElasticRun, a platform that connects FMCG (fast-moving consumer goods) and ecommerce companies with mom and pop stores in India’s rural areas, has raised US$75 million in a round co-led by existing investors Avataar Ventures and Prosus Ventures.