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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[Earnings] SoftBank reported a profit of $46 billion, the highest ever reported for a Japanese company, with Masayoshi Son determined to ensure that the numbers are not a one-off event. However, Son also made it clear to investors that market volatility and the pandemic are expected to impact their portfolio company’s valuations in the future.
Over60: Economic Times
[Oil] U.S. average gasoline prices exceeded $3 a gallon for the first time in more than six years amid growing shortages of fuel across the South and East, while Colonial Pipeline remains out of action due to a cyberattack.
[Travel] European tour operator Tui expects to return to making a profit again in September. The company revealed that while bookings for the summer were still down by 69% compared to the same period in April 2019, there was an ‘evident pick-up in demand.’ After the U.K. included Portugal on its ‘safe travel list,’ Tui was forced to operate its Boeing Dreamliners over its 737 jets to cope with demand.
Over60: Bloomberg Quint
[Crypto] Block.one, a blockchain software company whose long-time backers include billionaires Peter Thiel, Alan Howard and Louis Bacon, is launching a crypto exchange that seeks to combine attributes of traditional bourses with the benefits of decentralized finance. Bullish, as the exchange will be known, is being capitalized by Block.one with about $10 billion in digital assets and cash.
[Inflation] U.S. consumer prices climbed in April by the most since 2009, topping forecasts and intensifying the already-heated debate about how long inflationary pressures will last. The consumer price index increased by 0.8% from the prior month, reflecting gains in nearly every major category and a sign burgeoning demand gives companies latitude to pass on higher costs.
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