Welcome to another edition of Under60 Daily - a brief rundown of the top happenings in the business world, compiled by hand to exclude the clutter and ensure you get up to speed in under a minute.
[Electric Vehicles] China’s largest search engine, Baidu, plans on partnering with Geely to produce battery-operated vehicles. Geely is China’s largest private automaker by sales. Baidu plans on setting up a new subsidiary that will leverage its technological superiority (voice assistant, mapping technology, etc) with Geely’s manufacturing experience.
[Tech] Reports suggesting that Intel could outsource production of some its processor chips to either Samsung or Taiwan Semiconductor Manufacturing Co (TSMC) lifted shares of Samsung by 10% on Monday. However, analysts expect the contract to be awarded to TSMC due to their superior technology and execution.
Over60: The Indian Express
[Private Equity] Appian Capital Advisory has raised $775 million for a new mining fund. The company plans on using the funds to capitalise on the renewable energy movement by investing in Copper mines worldwide. Appian is one of the few private equity firms operating in the Metals and Mining sector.
Over60: Appian Capital Advisory
[IPO] Dr Martens plans to IPO on the London Stock exchange. The company, which sells more than 11 million boots worldwide per annum was previously purchased for £300 million by private equity firm Permira in 2013.
[Metals] Tata Steel announced that its output from Indian operations increased by 3% to 4.6 million tonnes during the most recent quarter. The company also states that sales from its automotive segment increased by 48% quarter on quarter, indicating an overall increase in demand for discretionary consumer goods - a positive indicator for the Indian economy.
Over60: Bloomberg Quint
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