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.
[Hospitality] Being one of the worst-hit industries by the pandemic, French hotel group Accor reported a €2 billion (~$2.43 billion) loss for the whole of 2020. The group which owns the Ibis and Novotel brands among others recorded a €464 million (~$564 million) net profit in 2019.
[Electric Vehicles] Hyundai is looking at recalling nearly 82,000 of its electric vehicles. Nearly 76,000 would be from the Hyundai Kona, while the remaining are from the Hyundai Ioniq. The company plans on replacing the batteries of the vehicles and the recall is estimated to cost the company nearly $900 million.
[Monetary Policy] Federal Reserve Chairman, Jay Powell, told Congress that the central bank remained committed to supporting the U.S. economy and hinted towards the central bank keeping its current accommodative monetary policy stance, despite rising inflation concerns. His comments helped tech stocks in the U.S. recover sharp losses during the day.
Over60: Economic Times
[Markets] India’s National Stock Exchange (NSE) suffered from technical glitches during the day, resulting in all cash and derivative segment trading to halt for nearly four hours. Although trading was suspended, NSE did not transfer operations to their disaster resiliency sites in Mumbai and Chennai. The Bombay Stock Exchange (BSE) was operating normally during the day.
Over60: Bloomberg Quint
[Fixed Income] Global bond markets are experiencing the worst start to the year since 2015 amid a sharp sell-off in long term government bonds. The Bloomberg Barclays Multiverse index has fallen by 1.9% since the end of 2020 (the index tracks nearly $70 trillion worth of bonds). Yields on government bonds have been soaring as vaccination rollouts have brought the fear of long term inflation to the attention of investors.
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