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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Today marks a big day for DogeCoin. Reddit and Twitter users are hinting at sending the price of DogeCoin to $0.42, and are therefore terming it as ‘Doge Day’. Will they achieve it? Maybe with a bit of help from Elon Musk…
[Technology] Zoom announced that it was setting $100 million aside to invest in companies that offer apps that can tie into its video meetings. The company also plans on using the investments as opportunities for acquisition to diversify from its video meetings.
Over60: Economic Times
[IPO] Oatly, the Blackstone-backed vegan milk company has filed to go public on NASDAQ. The company would also consider a second listing in Hong Kong, mainly due to the fact that 60% of the company is owned by state-backed China Resources. An investment round last year led by Blackstone valued the company at $2 billion. Oatly’s other investors include Oprah Winfrey and Jay-Z.
[Paper] Finnish company Stora Enso plans on closing two of its paper mills, located in Finland and Sweden. The move is expected to reduce the company’s annual revenues by €600 million. Paper represents 10% of the company’s revenues, compared to the 70% that it did before. The paper industry has been on a terminal decline over the past few years due to falling demand for print media and office paper, which was further accelerated due to the pandemic.
[IPO] Glenmark Life Sciences, a manufacturer and developer of active pharmaceutical ingredients (API) has filed a red herring prospectus to go public in India. The company will issue shares worth up to INR 1,160 crores ($154.4 million). The IPO will be led by Goldman Sachs and Bank of America among others.
Over60: Bloomberg Quint
[Coronavirus] Amid the second wave of infections that is tearing through India, shares of Indian banks have crashed as investors fear a new wave of defaults. The NIFTY Bank index, which tracks Indian lenders, has tumbled by 17% since its record high in February, while the broad NIFTY index has fallen by 6% over the same period. The resurgence in COVID-19 cases has also resulted in downgrades of GDP estimates, with JP Morgan now predicting an 11% growth compared to the 13% it predicted earlier.
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Happy Doge Day,