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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[Economy] Retail sales in the U.S. increased by 5.3% last month. This was the first increase in four months and the highest increase in the last eight months. The main driver of the increase were higher unemployment benefits and $600 stimulus cheques.
[Markets] Shares of Verizon rose by 3.8% as Warren Buffet’s Berkshire Hathaway held a new $8.6 billion position in the company. Berkshire Hathaway also revealed that it took a $4.1 billion stake in Chevron, reduced its holdings in Apple and Wells Fargo and fully exited its investments in JP Morgan and PNC.
Over60: Business Insider
[Airlines] Air France-KLM reported an $8.5 billion loss for 2020. The company expects to fly at 40% of its pre-pandemic capacity. The group is also planning on negotiating a recapitalization plan with the Dutch and French governments after already receiving €10.4 billion (~$12.55 billion) in state aid.
Over60: Yahoo! Finance
[M&A] ThyssenKrup’s talks with Sanjeev Gupta’s Liberty Group have broken down. The two parties were reportedly not on the same page regarding the valuation of the German company’s steelmaking unit. ThyssenKrupp is now considering spinning off the division.
Over60: S&P Global
[Oil and Gas] U.S. oil supplies have taken a major hit as the cold wave in Texas has halted the operations of oil refineries. Price of WTI (West Texas Intermediate) touched $61 a barrel, the highest since January. S&P estimates that production has been reduced by 3 million barrels a day.
Over60: Yahoo! Finance
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