Welcome to another edition of The 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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[Earnings] Walmart reported strong first-quarter earnings beating Wall Street’s expectations. The company reported strong grocery sales and e-commerce growth as the reason for its higher outlook this year.
[M&A] Amazon is in talks to buy MGM, the storied Hollywood company behind the James Bond series, the Information and Variety said in separate reports late Monday. Amazon is weeks into negotiations to buy the studio for about $9 billion.
[Economy] Thailand plans to borrow an additional 700 billion baht ($22.3 billion) to fund measures to counter the worst Covid-19 outbreak to hit Southeast Asia’s second-largest economy. This latest borrowing is part of an ongoing 1-trillion baht debt plan authorized by the cabinet last year to fund pandemic relief measures. This may raise Thailand’s public debt-to-gross domestic product ratio may rise to 58.6% by September but still below the nation’s 60% debt ceiling.
[Stocks] Taiwan stocks rebounded, posting their best gains since March last year thanks to a broader rally in chipmakers. The Taiwan Stock Exchange Weighted Index closed 5.2% higher on Tuesday. The rally more than erased the 3% slump on Monday after the government tightened restrictions to control its worst outbreak of the coronavirus.
[Leadership] JPMorgan Chase has shaken up its top team with Gordon Smith, one of chief executive Jamie Dimon’s top lieutenants, set to step down from his role at the end of the year. Smith was co-president and co-chief operating officer alongside investment banking chief Daniel Pinto and ran the bank's consumer side. Once he leaves, Pinto will become sole president and COO.
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