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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[Economy] India is preparing a stimulus package for sectors worst affected by a deadly coronavirus wave, aiming to support an economy struggling with a slew of localized lockdowns. The industries include tourism, aviation and hospitality industries, along with small and medium-sized companies.
[Banking] Goldman Sachs has won initial approval from Chinese regulatory authorities for a wealth management joint venture with ICBC, one of China’s largest banks, as Wall Street expands its presence in the country. Goldman Sachs Asset Management will hold a 51% stake in the venture, while ICBC wealth management, a bank subsidiary, will own the rest.
[Tech] Snap has become the first leading US tech company to unveil augmented-reality (AR) glasses, beating rivals such as Facebook and Apple to what many see as the next big computing platform. The smart glasses called Spectacles allow wearers to overlay their playful augmented reality filters, known as Lenses, onto the real world.
[Legal] The Epic vs. Apple courtroom battle took a bit of a turn yesterday when Apple CEO Tim Cook feigned ignorance on key questions asked by the judge. Judge Yvonne Gonzalez Rogers appeared to be more interested in present-day business facts than older legal precedents, a win for Epic. Epic sued Apple earlier this year after Apple booted Fortnite (a popular video game) from the app store after Epic tried to circumvent the 30% commission that the iPhone maker charges on app sales and purchases made inside the smartphone’s games.
[Crypto] Bitcoin traded lower on Tuesday as prices pulled back from a double-digit percentage rally, stoked in part by Elon Musk’s effort to bolster the token’s green credentials on Twitter. The largest digital currency slipped as much as 6.5% to $36,494 in New York, following a 16% jump on Monday.
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