20th May 2021

Australian farmers want to butcher their cash cows.

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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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[Technology] Amazon is indefinitely extending a moratorium on police use of its facial recognition software as concerns over its failure to recognize people with dark skin increase. Amazon had previously announced a year-long pause on the technology to allow lawmakers to draft laws regulating its use. 

Over60: Bloomberg

[Commodities] Prices of Gold touched a four-month high as investors assessed the minutes of the Federal Reserve’s April meeting. As per the minutes, “a number of participants suggested that if the economy continued to make rapid progress toward the committee’s goals, it might be appropriate at some point in upcoming meetings to begin discussing a plan for adjusting the pace of asset purchases.” US Treasury yields and the dollar rose after the minutes were released. 

Over60: Bloomberg Quint

[Airlines] As the summer travel season begins in Europe, EasyJet announced that it would fly 15% of its normal schedule between April to June, but plans on increasing capacity in time. Similarly, British Airways plans on flying 25% of its capacity while KLM-Air France expects to fly 50% of its capacity. 

Over60: FT

[Trade] Australia’s largest beef exporter plans on increasing exports to the UK if the two countries agree on a zero-tariff trade deal. If a deal is struck between the two countries, it is predicted that Australian exports of beef to the UK could rise by tenfold. However, British farmers warn that a potential deal could throw them under the bus. 

Over60: The Guardian

[Carbon] Prices of UK carbon credits touched £50 before sliding by 10% in the first day of trading of the post-Brexit carbon emissions scheme. The prices are now trading at more or less the same level of EU carbon credits. However, experts warn that there is room for UK prices to increase, which could cause potential arbitrage between UK and EU systems. 

Over60: FT

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