16th February 2021
Byjus Swallows Another Company, Oil Hits a New High, Apple Experiences Further Trouble With Its EV Program And More
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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*Markets in the U.S. were closed on 15th February 2021 on account of President’s Day. The reported S&P 500 value relates to 12th February 2021’s closing.
[Commodities] China is considering imposing new curbs on rare earth materials that it exports to the United States. The country controls nearly 80% of the global supply when it comes to 17 rare earth minerals. The move is expected to impact the United States's manufacturing capacity of F-35 fighter jets.
[M&A] Indian EdTech startup Byjus is set to acquire its rival, Toppr, for $150 million. Byjus was valued at $11 billion in funding rounds led by Silver Lake and BlackRock in September. Byjus had also agreed to acquire Aakash Educational Services in a $1 billion deal.
Over60: Bloomberg Quint
[Markets] The Moscow Exchange will open its currency and derivatives trading facility three hours earlier than usual. Russia hopes that the move will increase trading demand from China as the two countries attempt to promote trading.
[Automobiles] Apple was also reportedly in early talks with Nissan concerning an electric vehicles partnership, although the deal did not go through. Earlier this month, it was reported that Apple had similar talks with Hyundai that concluded the same was talks with Nissan.
[Oil and Gas] Wall Street predicts that the oil price will touch $100 a barrel, a level not seen since 2014. The analysts predict that the rally will be attributed to an increase in business activity as the world recovers from the pandemic. The price of Brent Crude is currently $63 per barrel.
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