23rd April 2021

Joe Biden’s New Capital Gains Tax Has Wall Street Millionaires Writhing

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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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[Earnings] Intuitive Surgical Inc. joined a handful of U.S. healthcare companies to reach $100 billion in market value Wednesday, fueled by strong first-quarter earnings and an optimistic outlook for recovery after Covid-19. The company, whose da Vinci robotic system is designed to facilitate minimally invasive procedures, rallied 9.9% to a record $891.38, its best day since March 2020.

Over60: Bloomberg, Yahoo! Finance

[Markets] Joe Biden’s proposal to almost double capital gains tax rates for the richest Americans has triggered a chorus of disapproval from top investors, underscoring the intense opposition the US president is likely to face as he attempts to push his plan through Congress.

Over60: F.T.

[M&A] Panasonic is paying $7.1 billion to acquire U.S. supply chain software company Blue Yonder in a deal that highlights the changing global business environment of the pandemic and a resurgence of overseas acquisitions by Japanese companies.

Over60: F.T., Reuters

[Auto] Honda's new chief executive, Toshihiro Mibe, has pledged to end the sale of petrol and diesel cars by 2040, one of the most ambitious targets for the switch to electric among the world's largest carmakers. Mibe said the group would capitalize on its existing alliance with General Motors to accelerate its shift to electric and hydrogen technology in the U.S.

Over60: F.T.

[Currency] The Indian rupee's near-term fortunes may directly be influenced by the Reserve Bank of India's intent on preventing any further depreciation in the currency as the surge in COVID-19 cases hits jobs and growth, economists and traders said. The rupee has already lost 2.6% against the dollar so far this month, putting it on the cusp of marking its worst month since the pandemic hit the country early last year.

Over60: Mint

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