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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[Economy] The U.S. economy contracted 3.5% in 2020 despite growing 4% last quarter. The decline marks the first decline since the 2008 financial crisis and the largest since 1946.
[Earnings] Apple reported its largest quarterly earnings ever by bringing in $111.4 billion in total, with earnings per share of $1.68 for Q1 2021. Meaning Apple’s latest 12th generation iPhones sold incredibly well during the holiday quarter. Apple also switched the chips on several of its products from Intel to its M1 processors.
Over60: The Verge
[EV] Tesla unveiled a redesigned Model S with a more powerful powertrain that makes it the “fastest accelerating production car ever made,” according to the company. The car also features a race car style steering wheel that has polarized fans and the media.
Over60: The Verge
[EV] GM sets 2035 target to phase out gas-, diesel-powered vehicles globally. Vehicles that run on fossil fuel fuels account for 98% of GM’s sales today.
[C-Suite] Starbucks Chief Operating Officer Rosalind Brewer will replace Stefano Pessina as CEO of Walgreens Boots Alliance, the drugstore chain confirmed in a statement Tuesday evening. As CEO of Walgreens, Brewer will be the only Black woman leading a Fortune 500 company.
[Economy] “Brazil is broke. There is nothing I can do.” Says Brazilian president Jair Bolsonaro. Brazil is Latin America’s largest economy and could escape most of the turmoil last year by passing a massive stimulus package worth 8% of its GDP. The stimulus appears to be a bandage fix as Brazil, with public debt, is now more than 90% of its GDP.
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