24th May 2021

IndiGo leaps ahead of previous records while Iron drops it like its hot.

Dear Reader,

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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[International Relations] A Ryanair flight from Greece to Lithuania was forced to land in Belarus, which resulted in the detention of Roman Protasevich, a journalist who was against the Belarussian regime. The act of aviation piracy has caused all 27 members of the EU to consider sanctions including banning Belarus’s national carrier, declaring the country’s airspace unsafe and extending travel bans along with freezing assets. 

Over60: Mint

[M&A] Snap Inc announced that it would acquire WaveOptics, a British augmented reality (AR) company, for $500 million. Snap said it would pay half of the amount as its own stock and the other half as either cash or stock in two years. Snap hopes that the acquisition will help the firm establish its position in the AR eyewear industry. 

Over60: Financial Express

[Airlines] The Airbus A320’s biggest customer, IndiGo, has chosen GE’s LEAP-1A engines to power the 310 Airbus A320s currently on order. The Indian airline’s order makes it the single largest order for GE. Although the value of the deal was not specified, the size of the deal comes as a shock to the aviation industry, which was hit hard by the pandemic. 

Over60: Mint

[Private Equity] SoftBank Vision Fund II invested $250 million into Zeta, an Indian banking technology provider, at a valuation of $1.45 billion, making it a unicorn. Zeta plans on using the funds to expand in the US as Europe by providing the backbone technology for credit and credit card processing, core banking, loans, mobile banking and personal financial management. 

Over60: Bloomberg Quint

[G7] The G7 are close to agreeing upon an accord on the corporate taxation on multinationals. The move comes as the US lowered its global minimum corporate tax rate from 21% to 15% last week. Simultaneously, the G7 also agreed to stop all new financing for overseas coal projects by the end of the year. 

Over60: FT

[Commodities] The price of Iron ore dropped as China said it would focus on cooling soaring prices while warning of excessive speculation in the ore. Iron ore futures listed in China fell by nearly 7% immediately and has fallen by 20% since it hit a record high this month. 

Over60: FT

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Happy Monday,

Team Under60.