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.
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Additionally, we have decided to replace our reporting of DAX (Germany) with NIKKEI (Japan) as we wish to have representative indices of various parts of the world.
[Private Equity] Indian phone payments provider BharatPe has raised $108 million at a valuation of $900 million in its Series D round of funding. The company plans on processing $30 billion in payment volume by 2023. BharatPe is just $100 million shy of reaching unicorn status.
[Regulation] Australia’s government proposes passing laws that would result in Google and Facebook paying local news houses for news content. While the government has faced pushback from the tech giants, Google has gone a step further by threatening the government to change the laws or else. Google runs 95% of web searches in Australia.
Over60: Bloomberg Quint
[ESG] In a strategy update published on Thursday, Royal Dutch Shell announced new emission goals. The company said that it's petrol and diesel production would drop by 55% by 2030. The company plans on being carbon neutral by 2050. In a separate incident, investment firm Covalis looks to raise $1 billion for its new ESG fund.
[Regulation] The Securities and Exchange Commission (SEC) has increased its scrutiny of penny stock trading due to social media chatter surrounding particular stocks. The SEC suspended trading of SpectraScience, a company that has not filed its financials since 2017 or has a working phone line. The SEC alleges that social media accounts have coordinated to artificially inflate prices of penny stocks in the wake of the GameStop saga.
[Commodities] China has been purchasing large amounts of corn, sending the price of the commodity close to an eight-year high. In January, the US Department of Agriculture disclosed that China bought 2.1 million tonnes of the product, marking it as the largest transaction China has made to date.
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