26th February 2021

Amazon Open New Manufacturing Plant In Chennai, India and more

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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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[E-commerce] Amazon has announced that it will start producing its FireTV stick in Chennai, India. The manufacturing will be handled by Foxconn, the Taiwanese company that manufactures the iPhone. Amazon plans on creating one million jobs in India by 2025. 

Over60: Mint

[Airlines] The parent company of British Airways, IAG, recorded a loss of €7.4 billion for 2020, the largest in its history. The company plans on flying just a fifth of its 2019 schedule while it focuses on cutting costs and raising cash in 2021. 

Over60: Guardian

[M&A] A private equity firm, L Catterton, has agreed to purchase Birkenstock in a deal valued at close to €4 billion. LVMH founder Bernard Arnault backs l Catterton. The company plans on focusing on its India and China markets in the future. 

Over60: WWD

[Twitter] Twitter announced a pair of big upcoming features yesterday: the ability for users to charge their followers for access to additional content and the ability to create and join groups based on specific interests.

Over60: The Verge

[Earnings] Airbnb Inc. posted a steep annual loss in its first earnings as a public company, as costs tied to its market debut capped a year in which the coronavirus pandemic ravaged the travel industry. The home-sharing company reported a $3.9 billion loss in the three months through December. 

Over60: WSJ, CNBC

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