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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[M&A] Saudi Arabia’s oil giant, Saudi Aramco, announced that it has held talks with Mukesh Ambani’s Reliance Industries about a potential cash and shares deal for a stake in Reliance’s refining and petrochemicals division. Saudi Aramco is looking to obtain a 20% stake.
[Semiconductors] United Microelectronics Corporation (UMC), the world’s fourth-largest chipmaker, announced that it would expand production capacity of mature technology chips. The move is expected to provide some relief to the global semiconductor shortage which is delaying production and supply from automobiles to electronics.
[Gaming] Sony announced that since the launch of the PS5 in November, it has sold 7.8 million units of the product and is targeting selling more than 14.8 million units till the financial year ending March 2022. On the back of blockbuster earnings, Sony also announced that it will buy back shares worth $1.8 billion, which are trading near a 20 year high.
[IPO] Zomato, a food delivery startup based in India, has filed for an IPO with the Indian markets regulator. The company is looking to raise nearly $1.1 billion. Zomato’s current investors include Jack Ma’s Ant Financial and Uber, and was recently valued at $5.4 billion in February.
Over60: Economic Times
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