23rd February 2021

Facebook News Restored In The Land Down Under

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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[Media] Facebook reached a deal with the Australian government to restore news pages to the social media company's platform, following a five-day suspension because of a disagreement over payment for content. Facebook removed news from its platform in Australia last week, as legislation that would effectively require Facebook and Alphabet Inc.'s Google to pay traditional media companies for content worked its way through the country's parliament.

Over60: WSJ, NPR

[Markets] Brazil's President, Jair Bolsonaro, ousted the Chief Executive of Petrobras. The news sent Petrobras' stock price down by 21%, as the President of the country appointed an army general as the new boss. The Brazilian Real also slid by 2.4% against the U.S. Dollar. 

Over60: Mint

[Asset Management] America's fourth-largest bank by assets, Wells Fargo, has agreed to sell its asset management arm to private equity firms GTCR and Reverence Capital for $2.1 billion. However, Wells Fargo would continue to keep a 9.9% stake in the unit. 

Over60: Business Wire

[SPAC] A record reverse merger deal between Lucid Motors and Churchill Capital Corp IV sent shares of the SPAC run by well-known investor Michael Klein tumbling in early trading Tuesday. It values Lucid at an $11.75 billion combined equity valuation and $24 billion Pro-forma equity value.

Over60: CNBC

[Commodities] Prices of Copper went above the $9,000 per tonne mark for the first time since 2011. The surge was attributed to higher Copper prices from China and an increase in speculative bets favoring the metal. Analysts expect further upside as Copper's demand is bound to increase as demand for electric vehicles picks up. 

Over60: FT

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