Singapore Telecommunications , Southeast Asia's largest telecoms firm, and ridehailing-to-payments firm Grab Holdings Ltd, have each bought a 16.3% stake in PT Bank Fama International to pursue banking opportunities in Indonesia. Indonesian conglomerate Elang Mahkota Teknologi Tbk (Emtek), the majority owner of the bank, said on Friday that it sold the stakes to units of Singtel and Grab to "accelerate and expand business growth" of Bank Fama.
Growth stocks were having a good day as jobless claims rose more than expected and China's central bank cut interest rates.
After beating the market in 2020, Cathie Wood underwhelmed in 2021. Her focus on disruptive tech stocks meant that her company, Ark Invest, was susceptible to a pullback as that sector tumbled last year due to economic instability and wildly high valuations.