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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[Automobiles] French carmaker Renault reported an €8 billion (~$9.7bn) loss in 2020. The loss was worse than what analysts had predicted, mainly due to weak demand in Europe for Renault and Nissan vehicles. The company also announced 100,000 units might cut production due to the global semiconductor shortage.
Over60: Economic Times
[SPAC] Millennium Management, a hedge fund with $47 billion under management, has emerged as the top hedge fund investor in SPACs. The company increased its investments from $750 million in 2019 to $4.4 billion as of December 2020. SPACs have emerged as the hottest Wall Street topic for 2021.
[Tech] International Business Machines Corp. is exploring a potential sale of its IBM Watson Health business as the technology giant’s new chief executive moves to streamline the company and become more competitive in cloud computing.
[Manufacturing] Tesla followed up on its plans to sell EVs in India by announcing that it would open an electric car manufacturing unit in the southern state of India, Karnataka.
Over60: Business Standard
[Currencies] The Turkish Lira emerged as the best performing emerging markets currency for 2021, a surprising title to hold compared to its 2020 performance. The currency has appreciated by 6.5% against the U.S. Dollar since the beginning of 2021. The Central Bank held policy rates steady at 17% in an attempt to curb inflation.
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