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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[Tax] The U.S. Treasury Department called for a global minimum corporate tax of at least 15%, less than the 21% rate it has proposed for the overseas earnings of U.S. businesses -- a level that some nations had argued was excessive. Countries, including Ireland, have used low business taxes as a key economic development strategy. Negotiators are aiming for a deal this summer.
[Global Economy] Asian shares were mixed on Friday after a rebound on Wall Street broke a three-day losing streak. Benchmarks rose in Tokyo, Taipei and Singapore but fell in Hong Kong and Shanghai. Investors were encouraged by the latest U.S. jobs data showing fewer Americans filing for unemployment benefits, another sign that the economic recovery is underway.
Over60: AP News
[IPO] Oatly, the world’s largest oat milk company, raised $1.4 billion in an initial public offering Thursday on the Nasdaq stock exchange, capitalizing on a global surge in demand for its products. Oatly priced its shares at $17 a piece ahead of the IPO, giving the company a valuation of nearly $10 billion. It’s trading under the ticker symbol “OTLY.” Shares rose nearly 19% to close at $20.20 on Thursday.
[Earnings] Applied Materials Inc. gave a bullish forecast for the current quarter boosted by orders from chipmakers rushing to add capacity to meet a flood of demand for their products. Revenue will be about $5.92 billion in the three months ending in July, the Santa Clara, California-based company said.
[EV] Ford just announced the new F-150 Lightning, the company’s first all-electric pickup truck and the second vehicle in its major push into EVs. The F-150 has been the best-selling pickup truck in America since 1977. The Lighting version, if successful, could greatly increase the country’s EV adoption goals.
Over60: The Verge
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