20th January 2021

Ma man is back!

Dear Reader,

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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[Exchanges] The London Metal Exchange (LME) plans of permanently closing its trading floor (open outcry trading floor), which would result in the end of in-person trading of commodities in Europe, thanks to COVID-19. On the other side of the world, the Singapore Stock Exchange (SGX) has started reviewing the possibility of allowing SPACs to list on its exchanges. This would make SGX the first major Asian exchange to allow it. 

Over60: FT, The Guardian

[Electric Vehicles] Ola, one of the largest taxi aggregators in India, has announced its intention to set up an electric vehicle manufacturing facility in India. Ola also announced that Siemens would join in as a partner. The company plans on using the facility as a manufacturing hub for its India and foreign markets. 

Over60: Business Standard

[Technology] Alphabet Inc’s Google is investigating a member of its ethical AI team and has locked the corporate account linked to that person after finding that thousands of files were retrieved from its server and shared with external accounts. This is in the wake of a labour dispute surrounding discriminatory treatment and firings at Google. 

Over60: Reuters

[Regulatory] The Federal Communications Commission rejected a bid by U.S. government agencies to freeze its decision to allow Ligado Networks to deploy a nationwide mobile broadband network. The U.S. Commerce Department’s National Telecommunications and Information Administration had argued the commission’s approval would cause “irreparable harms to federal government users” of global positioning systems (GPS).

Over60: Reuters

[Currencies] The Pound touched its highest level in eight months against the Euro, as the accelerated rollout of the COVID-19 vaccine in the UK raised hopes of an economic recovery. Investors are anticipating that the Bank of England will not cut rates any further, despite the UK entering its third national lockdown.

Over60: FT

Not exactly business news, but something that we found pretty encouraging was that Jack Ma has finally made a public appearance! This comes after the $37 billion IPO for Jack Ma’s Ant Group was halted by the Chinese government. 

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Team Under60.