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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[Outsourcing] International banks are attempting to relieve pressure on their Indian operations by putting non-essential work on hold. As regulators consult with lenders on the impact of the second wave of Covid-19 in India, UK lenders such as Barclays, NatWest and Standard Chartered, who employ more than 50,000 employees, are planning on diverting work to employees in other countries.
[Commodities] The price of Copper, the world’s most important industrial metal, crossed $10,000 for the first time in a decade. The price of the metal has increased by 11% since the start of the month, mainly due to high demand from China. Goldman Sachs had recently declared Copper to be the “new oil”.
[IPO] Vaccitech, the company that owns the technology behind the Oxford/AstraZeneca vaccine, raised $111 million via its IPO on NASDAQ. The IPO valued the company at $579 million which was 36% higher than its valuation in a private fundraising round in March.
[Earnings] Amazon has reported its second consecutive quarter of $100 billion-plus in revenue, as the pandemic forced millions of customers to adopt online shopping. The shift to work from home also resulted in Amazon’s cloud computing business posting net sales of $108.5 billion for the first three months of the year, a 44% increase from the same period last year. Amazon’s shares touched $3,590 in after-hours trading, a record high.
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