15th January 2021

Amazon Prepares For An Influx Of Cash As Americans Look To Receive Another Stimulus Check.

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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.

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[Regulation] The U.S. Defense Department added nine Chinese firms, including Xiaomi, to a list of companies the agency claims are owned or controlled by China's military. Businesses on the list are subject to harsh restrictions, including a ban on American investment.

Over60: CNN Business

[Stimulus] President-elect Biden has called for a new $1.9 trillion stimulus package that would see Americans receiving direct payment of $1400 while expanding the unemployment insurance supplement. The package also calls for nearly $400 billion to support vaccine distribution and state and local governments.

Over60: WSJ, CNBC

[Finance] JPMorgan Chase & Co. posted its highest-ever quarterly profit after releasing $2.9 billion in funds it had set aside to cover soured loans. CEO Jamie Dimon says the bank remains positioned for 'significant near-term economic uncertainty.'

Over60: WSJ, Forbes

[E.V.] Tesla ended all speculation on its India plans by setting up its first office in Bengaluru, Karnataka. State officials hint towards an R&D center for the site.

Over60: Times of India

[U.S. Economy] U.S. retail sales fell 0.7% in December as Covid-19 cases rose, marking the third straight month of decline. Businesses and economists expect the next few months could be sluggish before activity picks up as more people are vaccinated, and the pandemic starts to ease. 

Over60: WSJ, CNBC

[India Trade] India's exports rose marginally to $27.15 billion in December 2020, while imports surged 7.56% to $42.59 billion, official data showed on Friday, January 15th.

Over60: Business Standard

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