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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[IPO] Swedish car giant, Volvo, said it plans on resurrecting its IPO plans. The company planned on going public three years ago until its Chinese owners pulled the plug on the plan citing trade war concerns. Zhejiang Geely bought Volvo for $1.8 billion in 2010 and announced that it would continue to be a major shareholder post IPO in Stockholm.
[Earnings] South Korean based e-commerce group, Coupang, reported a net loss of $275 million even as revenue rose by 72% to $4.2 billion. The loss marks a 180% increase in losses YoY. Coupang has listed in New York in March which gave it an $80 billion valuation. The IPO was the largest foreign listing in the US since Alibaba in 2014. The IPO heavily contributed towards SoftBank’s $46 billion net profit.
Over60: Business Wire
[Luxury] Burberry has reinstated its dividend payment back to pre-pandemic levels, as revenues start to recover but at a slower pace than rivals. Burberry’s Q4 sales were up 32% YoY but still remained 5% lower than what it was in 2019. Burberry’s increased sales revenues were mainly driven by demand in China, Korea and the US.
[Cryptocurrencies] Elon Musk announced that Tesla would suspend accepting Bitcoins as payment for its vehicles. Musk’s decision was influenced by the fact that Bitcoin mining and the mechanism to validate Bitcoin transactions are power-hungry and contribute towards global warming. However, Musk stated that Tesla was looking at other cryptocurrencies that consume less than 1% of Bitcoin’s energy. The price of Bitcoin dropped by 11% on the news.
Over60: Business Today
[Automobiles] Auto sales in India dropped by 30% in the month of April as new curbs to fight the pandemic’s second wave was imposed. While the auto sales data is often looked at by economists to determine the momentum of a potential pick-up in economic activity, auto manufacturers have started diverting resources in order to produce more liquid oxygen, cylinders, and concentrators to fight a severe oxygen shortage in India.
Over60: Telegraph India
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