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.
[EV] Chinese carmaker, Geely Auto, launched its premium EV brand in an attempt to fight competition from Tesla. The premium cars would sell under the brand ‘Zeekr’. Geely is expected to pump in $307 million into the new venture.
[Cinema] Cineworld is considering reopening its US cinemas from April, which would mark 6 months since it closed due to the pandemic. Cineworld’s rival AMC aims to have 99% of its cinemas running by this Friday. Both companies are relying on a strong rebound as vaccinations across the country increase, along with many Hollywood blockbusters lined up for a 2021 release.
Over60: Yahoo! News
[SPAC] WeWork is planning on going public via a $9 billion merger with a SPAC. Among the potential SPAC candidates is BowX, which counts Shaquille O’Neal as an adviser. WeWork also announced to investors that it lost $3.2 billion in 2020.
Over60: Business Insider
[Central Bank] Turkey’s President fired the Central Bank chief, which led to a liquidity squeeze in Turkish markets. The overnight swap rate for the Turkish Lira touched an annualized rate of 1,400%. The currency also fell by 14% against the Dollar.
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