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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[Cryptocurrencies] The Reserve Bank of India provided relief to Indian cryptocurrency traders as it advised banks not to follow a circular that it had issued in 2018 which penalised cryptocurrency traders. The country’s cryptocurrency exchanges also set up an advisory board with the Internet and Mobile Association of India to implement a code of conduct for the industry and standardise compliance requirements.
Over60: Economic Times
[SPAC] Chamath Palihapitiya is looking to raise $800 million for four SPACs as he targets biotech businesses, despite the obvious slow down in SPAC deal-making. Only 32 SPACs publicly listed in April and May, a significant decrease from the 298 that listed in Q1 2021.
[Pensions] British Airways has transferred the management of £21.5 billion worth of pension assets to BlackRock, months after the airline was forced to defer £450 million worth of pension contributions. The deal is one of the largest transfers of retirement assets by a company to an external manager. The £21.5 billion was previously managed in house.
[Taxation] The US has threatened to slap tariffs on $2 billion worth of goods from the UK and five other countries as talks surrounding taxation of technology companies continue. The US imposed tariffs on goods from UK, India, Austria, Spain, Italy and Turkey but immediately suspended the tariffs for six months. The US hopes that the suspension will allow for more fruitful talks surrounding taxation of Big Tech firms.
[Inflation] Global food prices surged by the biggest margin in a decade, raising fears of food inflation later in the year. The UN Food and Agriculture Organization’s monthly food price index recorded a 40% increase year on year. China’s growing demand for grains and soybeans coupled with a drought in Brazil added significant pressure to global food prices. Nestle and Coca-Cola already announced that they would be passing on the increase in food input prices to consumers.
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