29th March 2021

Evergreen Is Now Everfree

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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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[Logistics] Engineers managed to free the beleaguered Evergreen six days after it had run aground in the Suez Canal. The delay to global shipping has cost the shipping industry an estimated $9.6 billion in lost revenues per day. Egyptian authorities announced that traffic along the canal would resume later today.

Over60: WSJ, Reuters

[Markets] A fire sale of stocks from a large U.S. investor slammed global investment banks Credit Suisse Group AG and Nomura Holdings Inc., which said they could incur substantial losses related to the trades. Recent losses at Archegos Capital Management, run by former Tiger Asia manager Bill Hwang, have triggered the liquidation of positions approaching $30 billion in value.

Over60: WSJ, CNBC

[Labor] Workers from an Amazon warehouse in Bessemer, Alabama, will conclude a seven-week-long voting period on whether to unionize. If the union wins, the warehouse employees will become the first members of Amazon’s U.S. workforce to unionize. Amazon, the number two employer in America, has had a controversial relationship with workers organizing and has frequently come under fire for penalizing and firing workers who protest against work conditions. 

Over60: The Verge

[Robotics] Boston Dynamics’ the company best known for its dog-type robot Spot, has unveiled a new product aimed at warehouse customers. Stretch (currently a prototype) is a commercial-grade wheeled robot that can complete tasks such as unloading pallets and trucks. The company has pivoted from its previously flashy robots such as Spot and Atlas to industrial robots to replace mundane human tasks. Check out a video of Stretch in action below.

Over60: TechCrunch


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