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.
[Earnings] JP Morgan Chase’s earnings increased fivefold to $14.3 billion in the first quarter of 2021, mainly due to lower provisioning for bad loans and higher investment banking fees. The bank reduced its loan loss reserves by $5.2 billion. JP Morgan’s CEO Jamie Dimon previously noted that the US economy was entering a very bullish cycle.
[M&A] The UK’s competition watchdog approved a proposed £31 billion tie-up between O2 and Virgin Media after it found that it was unlikely to lead to reduced competition and higher prices. The transaction is expected to result in a 50-50 ownership in the joint venture.
Over60: City AM
[Airlines] EasyJet plans on flying 20% of its regular capacity during the months of April-June. The carrier expects the summer season to fuel an increase in demand for holidays, especially since the UK Government plans on allowing holidays without the need to quarantine in the UK after mid-May. EasyJet lost over £700 million during the winter.
Over60: The Guardian
[IPO] Coinbase is set to go public on Wednesday as it lists on NASDAQ. The nine-year-old startup will be the first major cryptocurrency company to go public in the US. The IPO could result in a potential valuation of $74 billion, making it more valuable than the parent company of NYSE. The listing has resulted in various cryptocurrencies (like Bitcoin, Doge, Etherum) touching all-time highs.
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