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.
Programming note: We’re testing a new table summarizing the market’s movement for the day/preceding day. If you think that’s pretty handy or if there’s anything else you’d like us to address, do get in touch with us.
[Venture Capital] Hedge fund manager Daniel Loeb’s company Third Point will raise close to $300 million for a venture capital fund. Venture Capital funds in the U.S. have raised close to $57 billion in the first three quarters of 2020. Daniel Loeb is also well known in the industry for his activist shareholding. With his nearly $1 billion stake in Intel, he recently announced that the chipmaker should drop its manufacturing operations.
[Airlines] The Boeing 737 MAX resumed passenger flights in the U.S. for the first time in 20 months. The resumption is expected to provide some relief to carriers who have had their aircrafts grounded for nearly two years.
Over60: Financial Express
[M&A] Fujitsu plans on spending $5.8 billion as is draws lists of potential M&A target companies. The company also announced that it plans on shifting its focus from non-core operations to tech and consulting.
Over60: FT Exclusive
[Gyms] Virgin Active, owned by South African investment group Brait, has raised concerns about its ability to remain a going concern. The company said that it faced the risk of violating its debt covenants unless it raised funds quickly. The company says its facing mounting pressure as further lockdowns and gym closures were significantly impacting its footfall.
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