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.
[Automobiles] Ford has announced that it will end its manufacturing operations in Brazil, putting nearly 5,000 jobs at risk. The company recorded a $386 million loss in the first nine months of 2020 and cited devaluation of regional currencies and increasing costs as the reasons behind the move. Ford will continue to manufacture cars in its Argentina and Uruguay plants.
[IPO] U.S. based Bakkt Holdings plans on going public via a Special Purpose Acquisition Vehicle (SPAC) in 2021. Bakkt, which is majority-owned by NYSE parent company Intercontinental Exchange, expects to list with an enterprise value of $2.1 billion. In a separate event, the U.K.’s Financial Conduct Authority warned that cryptocurrency investors should be “prepared to lose all their money.”
[SPAC] Former Credit Suisse chief Tidjane Thiam plans on raising $250 million to set up his own SPAC, which will primarily take financial services businesses public. Thiam is one of the latest high profile executives to enter the SPAC market, which includes the likes of Chamath Palihapitiya (ex-Facebook executive), Bill Ackman (Hedge fund manager) and Michael Klein (ex-Citigroup dealmaker).
Over60: Financial News
[Electric Vehicles] Chinese electric vehicle maker Xpeng Inc has secured a credit line of 12.8 billion yuan ($2 billion) from five Chinese banks to expand manufacturing and sales. The news comes in as Baidu and Geely announced a strategic partnership in the same market.
[Fintech] U.S. retail chain Walmart Inc announced a strategic partnership with investment firm Ribbit Capital to create a new fintech startup, building financial solutions targeted at existing Walmart customers.
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