25th March 2021

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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[IPO] SoftBank Group Corp-backed real estate brokerage firm Compass Inc is aiming for a valuation of up to $10 billion in its initial public offering in the United States. The firm aims to raise up to $936 million in the IPO, selling 36 million Class A shares priced between $23 and $26 per share.

Over60: Reuters

[Logistics] Egyptian authorities announced it could take weeks to dislodge a massive container ship that has run aground in the Suez Canal. The disruption of the canal is expected to affect global trade and oil prices. Brent crude, the international benchmark, has already risen by almost 5 percent to about $63 a barrel since the canal closed.

Over60: FT, Market Watch

[Media] News Corp, the mass media company behind companies such as Dow Jones & Company ( publisher of WSJ), News U.K. and HarperCollins, purchased Investor's Business Daily for $275 Million. News Corp CEO Robert Thomson said the acquisition would allow the company to cross-sell and up-sell with Dow Jones financial products and provide specialist insights for a knowing business audience.

Over60: WSJ, Business Wire

[U.S. Economy] Jobless claims reached their lowest level of the pandemic last week, as the U.S. economy's revival picks up speed. Worker filings for unemployment benefits, a proxy for layoffs, fell to 684,000 last week from 781,000 a week earlier, the Labor Department said Thursday. Claims are now at the lowest point since mid-March of last year and below the pre-pandemic high of 695,000.

Over60: WSJ. Politico

[Startups] Baton, a San Francisco-based startup, raised $10.5 million to solve truckers' long-standing problem. Through the service, long-haul truckers would deliver cargo to 'drop zones' located outside busy urban centers from where short-haul trucks contracted by Baton will pick up and deliver the cargo to its final destination.

Over60: TechCrunch

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