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.
*Please note that the S&P 500 data is as of Friday (15th January). The U.S. markets are closed today on account of Martin Luther King Day.
[GDP] China’s Q4 GDP results revealed that the economy grew by 6.5% for the quarter. This meant that China’s GDP grew by 2.3% in 2020, making it the only large economy in the world that did not shrink in 2020. Industrial production was the main driver of GDP growth, while retail sales lagged.
[M&A] French oil giant, Total SE, will acquire a 20% stake in India’s Adani Green Energy in a deal expected to be valued at $2.5 billion. The deal will involve Total obtaining a 50% stake in Adani Green’s portfolio of solar assets in addition to a seat on the company’s board. Total had previously announced deals with the Adani Group to develop gas retail networks and gas terminals.
[M&A] One of the world’s largest auto components manufacturer, Motherson Group, is set to obtain a majority stake in Turkish company Plast Met Group. The acquisition of a 75% stake in the plastic moulds manufacturer will be Motherson’s first entry into Turkey. Motherson already operates in 41 countries worldwide.
[Debt] Asian governments and companies have raised $45 billion in the first two weeks of 2021, taking advantage of historically low-interest rates worldwide. Alibaba is expected to sell $8 billion worth of bonds this month, while the Indonesian government sold a tranche of a $3 billion bond at a record low-interest rate of 1.9%. So far, all bond offerings in the region have been heavily oversubscribed as investors look towards Asia for higher yields.
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