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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[Oil] The Biden Administration will suspend the Arctic oil drilling rights that were sold during the last days of the Trump Administration, handing a significant win to environmental activists. However, local officials in Alaska opposed Biden’s decision, as the Alaskan economy is heavily dependent on oil activity within the state.
Over60: Business Standard
[M&A] Etsy is acquiring Depop, a second-hand fashion app, for $1.6 billion. Etsy plans on using the acquisition to obtain access to Depop’s customer base - 90% of Depop’s active users are under 26, compared to Etsy’s median user age of 39.
Over60: The Verge
[Cyberattack] A cyberattack on JBS SA, the largest meat producer globally, forced the shutdown of all its U.S. beef plants, wiping out the output from facilities that supply almost a quarter of American supplies. A notorious Russia-linked hacking group that goes by the name REvil or Sodinokibi has been linked to the attack.
[Memestocks] Shares of AMC Entertainment were briefly halted Wednesday after jumping over 90% as the meme stock rally continues. At one point, AMC shares changed hands as high as $61.90, far above their previous intraday high of $36.72, which occurred on Friday. Its closing record is $35.86, set on March 23, 2015, according to FactSet data.
[Markets] Global investors believe that the worst of India’s second wave of pandemics has passed and have helped push Indian stocks to record highs. The NIFTY 50 Index touched its record high this week and has risen by over 9% since it was corrected in April.
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