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.
[Airlines] Airbus plans to increase its narrow-body jet (A320) from 40 to 45 planes a month. The company also announced that it would continue producing 5 A350’s a month. Airbus hopes that vaccination drives would increase the demand for air travel in the summer of 2021.
[Technology] Google has ended its Loon program, a service that used high flying balloons to provide internet access in hard-to-reach regions of the world. Google cited not being able to produce the balloons at cost to support its business model as the reason for ending the program.
[Housing] Ultra-low interest rates and remote work have propelled U.S. existing-home sales in 14 years. Existing-home sales totaled 5.64 million in 2020, up 5.6% from 2019 and the highest level since the 2006 pace of 6.48 million, the National Association of Realtors said.
[Energy] A new report from Bank of America said that hydrogen would take up 25% of all oil demand by 2050. The European Union recently laid out plans to install 40 gigawatts of renewable hydrogen electrolyzers and produce as much as 10 million metric tons of renewable hydrogen by the year 2030. This follows a goal of the U.K. and EU to target zero greenhouse gas emissions by 2050.
[Currency] The Chinese Renminbi touched a 30-month high against the Dollar as expectations of smoother relations between China and the Biden Administration, along with economic resiliency, drove the currency higher. China still sets a fixed peg with the Dollar daily, fluctuating between 200 basis points higher or lower than the target.
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