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.
[M&A] Hitachi has agreed to take over GlobalLogic, a Silicon Valley-based software engineering company. The deal is expected to be worth $9.5 billion, which would make it Hitachi’s most expensive deal made to date.
[WFH] Accounting giant PwC has informed its staff in the U.K. that they will spend 40-60% of their time working from the office while working from home during the remainder of the week. PwC is the first of the ‘Big Four’ to announce their post-Covid work plans.
Over60: City AM
[IPO] InMobi Pte, India’s first unicorn, plans to go public in the U.S. by the end of the year. The company, which provides mobile advertising solutions worldwide, is looking to raise $1 billion at a $12-$15 billion valuation. Softbank owns close to 40% of InMobi Pte.
Over60: Economic Times
[Fashion] H&M is the latest major brand to experience Chinese consumers' wrath after calling out the country for human rights violations. The company’s position has resulted in angering Beijing and the disappearance of the H&M brand from China’s internet. China is H&M’s third-biggest market and accounts for 6% of revenues.
[Economy - U.S.] President Biden will unveil a $2 trillion infrastructure plan centred on fixing roads and bridges, expanding broadband internet access and boosting funding for research and development while proposing an expansive increase in corporate taxes to pay for the package. The president expects the investments to help the U.S. compete with China and tackle climate change.
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