Business and technology quick bites

Updated version at 8.15 am

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

April 14, 2021,

Business News

1. The first company devoted entirely to cryptocurrency to enter the US stock exchange, Coinbase – which will be listed under the symbol COIN – is already a heavyweight. Taking into account the shares in circulation, stock options and restricted shares, the company’s overall valuation will begin at US$65.3 billion.
2. The S&P 500 closed at another record high on Tuesday and the Nasdaq composite index jumped, as investors shook off concerns about the halt in Johnson & Johnson’s COVID-19 vaccine rollout and strong U.S. inflation.
3. Telkom Indonesia unit Mitratel, is considering an initial public offering in Jakarta that could raise about US$1 billion, in what could be the country’s biggest first-time share sale in more than a decade, people familiar with the matter said.
4. Grab Holdings Inc., Southeast Asia’s most valuable startup, is going public in the U.S. through the largest-ever merger with a blank-check company. The deal would make the ride-hailing and food-delivery giant the first Southeast Asian tech unicorn to go public through a US$40 billion SPAC deal and give it funds to expand.
5. Italy’s biggest insurer Generali is in exclusive talks to buy assets in Malaysia belonging to French rival AXA in a deal worth around 300 million euros (US$358 million), two sources said on Tuesday.
6. Top Glove billionaire founder, Lim Wee Chai, has emerged as a minority shareholder in Malaysian private education group Minda Global Bhd.

Technology News

1. Blockchain technology firm ConsenSys said on Tuesday it had raised US$65 million from major banks and financial services firms including JP Morgan, Mastercard and UBS Group to fund its growth and global expansion.
2. Fave, a Malaysia-based fintech platform providing QR payments and loyalty cashback to restaurant and retailers, has been acquired by Indian merchant commerce giant Pine Labs in a deal valued at over US$45 million.
3. The full implications of Beijing’s rapid-fire moves against Jack Ma’s Internet empire in recent days won’t be apparent for weeks, but one lesson is already clear: The glory days for China’s technology giants are over.