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  • Business

    Tencent-backed Waterdrop says to prioritise user growth over profit in short term

    Online insurance technology firm Waterdrop Inc will focus more on user growth than on profit in the short term and aims to become China's version of UnitedHealth Group in a decade, its chief executive told Reuters on Friday. Waterdrop, which is backed by Chinese gaming giant Tencent and will list in New York on Friday, has no plan to revive its once popular mutual aid service, founder and CEO Shen Peng said in an interview. The loss-making company will focus until 2025 on growing its online insurance business in China, and would like to expand further into healthcare businesses in 10 years' time in the country, Shen said.

  • European stock markets rise with FTSE 100 hitting new pandemic high
    Yahoo Finance UK

    European stock markets rise with FTSE 100 hitting new pandemic high

    It comes as hiring in the UK surged last month as the economy reopened under Boris Johnson’s roadmap out of lockdown. Vacancies soared at their fastest pace in 23 years.

  • Business
    Reuters SG

    EMERGING MARKETS-Currencies gain ahead of U.S. jobs data, rupiah at 2-month high

    * Graphic: World FX rates * Won up 0.4%, sees best day in a week * China posts rapid trade growth in April * Lenders lift up Singapore stocks; OCBC doubles Q1 profit By Anushka Trivedi May 7 (Reuters) - Asian currencies gained against the dollar ahead of key U.S. jobs data on Friday, with the Indonesian rupiah hitting a two-month high, while stocks received a boost from China's upbeat economic report. The rupiah rose 0.5% and was headed for its best week since early November as the country's recent economic output data hinted at a mild recovery and as foreign investors returned to its high-yielding debt. Outflows, dividend repatriation pressure and concerns about Bank Indonesia's autonomy had seen the rupiah slump this year, but it recently found favour among yield-seekers as the Federal Reserve asserted a dovish stance.