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.
[Sanctions] US president Joe Biden has imposed sweeping new sanctions against Russia, including long-feared measures targeting its government debt in a sharp escalation of Washington's confrontation with Moscow. The fresh sanctions ban US financial institutions from trading in newly issued Russian state debt, known as OFZs, and bonds issued by the Russian central bank and National Wealth Fund. The rouble dropped as much as 2.2% in early trading on Thursday to about 77.5 to the US dollar.
[Banking] Citigroup Inc. reported sharply higher first-quarter profit and said it is shutting down most of its consumer-banking operations in Asia, Europe and the Middle East. The bank posted a profit of $7.9 billion, or $3.62 per share, well above the $2.60 per share forecast by analysts polled by FactSet. Citigroup had reported a quarterly profit of about $2.5 billion, or $1.05 a share a year earlier.
[eCommerce] Olist, a Brazilian e-commerce marketplace integrator, has raised $23 million in a Series D round extension led by new investor Goldman Sachs Asset Management that brings its total Series D financing to $80 million. Olist connects small businesses to larger product marketplaces to help entrepreneurs sell their products to a larger customer base.
[Spin-off] Dell announced that it would receive a cash dividend of nearly $10 billion via its VMware unit's spin-off. Shares of Dell surged by 9% in after-market trading. Dell's balance sheet was facing severe pressure as the company was carrying $34 billion in debt. The dividend is expected to ease the leverage concerns.
Over60: Yahoo! News
[IPO] AppLovin, the mobile gaming company behind the game Wordscapes, has raised $1.8 billion at a valuation of $28.6 billion upon listing on NASDAQ. The company owns and operates over 200 games and is backed by private equity giant KKR, which retained an $8.6 billion stake in the company and 67.4% voting rights.
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