Welcome to another edition of The 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.
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[Private Equity] Shares in THG, the British e-commerce group, rose by 15% on Tuesday as the company announced a $1 billion equity issue and an investment and co-operation agreement with SoftBank. Of the $1 billion issue, SoftBank would invest $730 million and would effectively own 8% of THG.
Over60: Yahoo! Finance
[Streaming] Vice Media has launched a free to watch online television channel in order to capitalise on the boom in demand for streaming services. Vice has been relooking at its business model in order to build a sustainable business. In doing so, the company has mainly focused on production - Vice Studios claims to have produced between 60 and 70 TV productions in the last twelve months. Vice also plans on going public via a SPAC soon.
[Commodities] Prices of Iron ore reached a record high on Monday as economies continue to recover from the pandemic. Prices touched $230 a tonne, rising by nearly 8.5%. The majority of the demand for the ore has come from China, where mills have significantly increased production. Prices of Timber also touched record highs as homemaking demand in the US increased.
[Markets] Catherine Wood’s flagship fund of technology stocks has fallen to its lowest level since November. The $21 billion Ark Innovation Fund has already fallen by 33% from its February peak. Experts believe that the fund will continue to shed its value going forward as the Technology sector in the US has been facing a dramatic sell-off on the news of a potential interest rate hike.
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