Stocks dropped on Monday, the first trading day of 2021, amid concerns about global coronavirus cases and the Georgia runoff elections. The decline came as traders fretted over the growing number of coronavirus cases around the world. Data compiled by Johns Hopkins University showed more than 20 million Covid-19 infections have been confirmed in the U.S. Several cases of a new coronavirus strain have also been confirmed across the country. Globally, more than 85 million cases have been confirmed. In the U.K., the BBC reported the country would impose Tier 4 restrictions across the country.

Wall Street was also keeping an eye on Georgia as the state prepares for Senate runoff elections on Tuesday. Polls show both Senate races remain very close, leaving the possibility Republicans could maintain control of the chamber, or that it could go into Democratic hands, which would give incoming President-elect Joe Biden's party control of Congress.

Apple Inc supplier Foxconn Technology Group is in talks to invest in embattled Chinese electric-vehicle startup Byton in a deal that could mark a large bet by the iPhone assembler on the car-making business, according to people familiar with the matter. Foxconn, whose main listed arm is Hon Hai Precision Industry Co, plans to invest around US$200 million and the companies aim to start mass production of the Byton M-Byte by the first quarter of 2022.

Teledyne Technologies made its biggest acquisition in three decades, agreeing to buy Flir Systems for about US$7.36 billion to augment its lineup of sensors used in aerospace and defence. Flir holders will receive about US$56 per share in cash and stock, based on average trading prices over the past five days, according to a statement on Monday. That reflects a 28 per cent premium to the company's last closing price of US$43.83 on Dec 31.

Applied Materials, one of the largest makers of machines used to manufacture semiconductors, said it raised its offer for KKR owned Kokusai Electric by 59 per cent, citing higher valuations in a growing industry. It also extended the closing deadline by almost three months. The US company will pay KKR $3.5 billion, up from the originally agreed $2.2 billion, for Kokusai, Applied said in a filing.

City Developments Limited (CDL) said it has set up a special working group that will focus on improving Sincere Property Group's liquidity and profitability. Options to do so include a review of potential divestments of assets and the restructuring of existing liabilities of the China-based real estate group.

Mainboard-listed Top Glove Corporation has committed to a special dividend of 20 per cent, in addition to its existing dividend policy of a 50 per cent payout ratio on profit after tax and minority interests (PATMI). The total 70 per cent dividend payout ratio on PATMI will be applicable for the second quarter to the fourth quarter of FY2021, the Malaysia glove maker said in a bourse filing.

OCBC will again cut rates on its flagship savings account, marking its fourth round of revisions since May last year. Its banking peers DBS and Standard Chartered also recently lowered rates on their respective savings accounts to reflect the prolonged low-interest rate environment.

China's state-owned telecommunications companies (China Mobile Ltd, China Telecom Corp and China Unicom Hong Kong Ltd) declined in Hong Kong after the New York Stock Exchange said it's delisting them to comply with a US executive order that sanctioned companies identified as affiliated with the Chinese military. The nation's oil majors including CNOOC Ltd also fell on concerns they will be targeted next for delisting in the US. China's securities regulator said given the small amount of US-traded shares at each of the three phone companies, the impact on them would be limited and they are well positioned to handle any fallout.

Source: SGX Masnet, The Business Times, Bloomberg, Channel NewsAsia, Reuters, PSR