30th March 2021

Facebook is going under (of sorts).

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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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[Indices] FTSE Russell has announced that Indian Government bonds are being considered for inclusion in the FTSE Emerging Markets Government Bond Index. If the inclusion is successful, initial estimates indicate that more than $10 billion would be poured into the Rupee based securities. FTSE Russell is also considering Saudi Arabian Government bonds. 

Over60: Bloomberg Quint

[SPAC] UK based used car retailer Cazoo is set to go public in the U.S. by merging with Ajax I, a special purpose acquisition company. The deal is valued at $8.1 billion, more than three times the $2.5 billion value which was assigned to Cazoo during a private funding round in October 2020. 

Over60: Business Wire

[Technology] Facebook intends on building two submarine cables between the U.S. and Indonesia to provide South-East Asia’s largest economy with faster internet. It is reported that Google will have a stake in the project which is due to be completed in 2023-2024. 

Over60: Reuters

[Sovereign Debt] New data has revealed that China had cut its lending to African countries in 2019, well before the pandemic hit as concerns over the continent’s rising debt spooked China’s policy banks. The IMF had categorised more than 20 African countries as ‘high risk’ of debt distress.

Over60: FT

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