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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[Aviation] Airbus has set out its plans to ramp up production of its A320 aircraft. The company told its suppliers to prepare for production levels going beyond its pre-pandemic levels in two years. Shares of Airbus shot up by 6%.
[Cryptocurrencies] Iran has banned cryptocurrency mining for four months. The move comes as the energy-intensive industry has triggered blackouts across the country. The ban is set to significantly impact the cryptocurrency industry in Iran, as people have bought the crypto assets as a hedge against an annual inflation rate of 49.6%, a plunging stock market and stagnant house prices.
[Banking] HSBC has sold its retail banking network in the US, bringing an end to its North American business. HSBC sold 80 of 148 branches to Citizens Bank, while ten branches on the west coast have been acquired by Cathay Bank. The remaining branches would be wound down.
[Oil and Gas] Shell has been ordered by a district court in The Hague to reduce carbon emissions by 45% of the 2019 levels by 2030, much sooner than what the company had anticipated. Simultaneously, Exxon’s shareholders have replaced two board members by voting for the two nominees from activist hedge fund Engine No 1. The events are being hailed as significant wins for climate activists.
Over60: Economic Times
[IPO] India’s largest digital payments provider, Paytm, is looking at raising $300 million in an IPO later in the year. The listing is touted to be the largest in India. The company is currently backed by Berkshire Hathaway, SoftBank and Ant Group, and is targeting a valuation between $25 to $30 billion.
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