1st March 2021
Credit Suisse Suspended A Group of Private Investment Funds, A New Stimulus Package, 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.
[Markets] Credit Suisse said it suspended a group of private investment funds that contain $10 billion in assets from SoftBank Group Corp. backed specialty-finance company Greensill Capital. The bank said a part of the funds is "currently subject to considerable uncertainties concerning their accurate valuation."
[Trade] Chinese investment in Australia plummeted 61% in 2020, the lowest number in six years. A new temporary measure instituted by Australia's Foreign Investment Review Board (FIRB) would subject every proposed foreign direct investment to scrutiny.
[Stimulus] The House early Saturday approved a $1.9 trillion economic stimulus bill championed by President Joe Biden. It included $1,400 direct payments to individuals, a $400-per-week federal unemployment boost through late August, and billions of dollars to distribute coronavirus vaccines and assist schools and local governments.
[Letter] Read Warren Buffet's annual letter to Berkshire Hathaway shareholders below.
Over60: Berkshire Hathaway
[SPAC] Space-launch company Rocket Lab USA Inc. agreed to merge with Vector Acquisition Corp., becoming the latest startup to go public through a so-called blank-check company. The combination values Rocket Lab at $4.1 billion, including debt, according to a statement Monday. The combined company will have about $750 million in cash. The funding will help Rocket Lab develop a launch vehicle that can deploy satellite mega-constellations, go to deep space and serve human space missions.
Over60: Yahoo! Finance
[Markets] U.S. stocks surged Monday as a weeklong advance in government bond yields stalled, easing investors' jitters over rising interest rates. The Dow Jones Industrial Average soared 524 points, or 1.7%, after the opening bell. The S&P 500 gained 1.6%, while the technology-heavy Nasdaq Composite jumped 1.6%. All three indexes declined last week, weighed down by losses among tech stocks.
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