4th March 2021

Jay-Z has a pretty impressive Empire (State of Mind) 🗽

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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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[M&A] Music giant Jay-Z’s streaming platform, Tidal, has announced that mobile payments app Square will acquire a majority stake in the company for $297 million. Jay-Z has been on an M&A spree as he sold 50% of his champagne company, Armand de Brignac to LVMH. The deal would be a mix of cash and stock. 

Over60: NBC

[Airlines] Lufthansa reported its worst-ever loss due to the pandemic. The company generated an operating loss of €5.5 billion for 2020 and warned that passenger traffic would not reach pre-pandemic levels until 2025. The company had reported a €2 billion profit in 2019. 

Over60: Economic Times

[Green Finance] Italy raised €8.5 billion via the sale of green bonds. The country received orders worth €80 billion for an offering that was only 10% of that. The bonds which mature in 2045 were issued at a yield of 1.547%. 

Over60: IPE

[Economy] U.S. unemployment benefit claims increased to 745,000 last week. The number was lower than economist predictions of 750,000. 

Over60: FT

[IPO] UK based food delivery app, Deliveroo, has announced its intent to go public on the London Stock Exchange. The company expects a valuation of £10 billion. The decision to list in London comes at a time when European firms are more attracted to the prospect of fetching higher valuations by listing in the U.S. 

Over60: CNBC

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