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.
*US and UK Markets were closed on 2nd April on account of Good Friday.
[Manufacturing] India’s Purchasing Managers Index in March dropped to a seven month low, touching 55.4. The PMI for February stood at 57.5. A PMI of over 50 indicates manufacturing growth. Despite it being over 50, India’s PMI in March faced a contraction compared to its Emerging Market peers. The future outlook has also been dampened by increasing restrictions due to India’s second wave.
[Sports] Fenway Sports Group (FSG) is looking at acquiring more sports teams in the future along with a possible IPO. The Group already owns Liverpool FC and the Boston Red Sox. LeBron James and RedBird Capital recently purchased minority stakes in FSG, valuing the company at $7.35 billion.
Over60: Liverpool Echo
[Smartphones] LG has confirmed that it will officially exit the smartphone business, allowing the company to focus on more important verticals such as electric vehicle parts manufacturing among others. LG was looking at finding a buyer for its smartphone division but could shut it if no suitable opportunity was found.
Over60: The Verge
[SPAC] Vice Media is in advanced talks to merge with 7 GC Company, a SPAC. Vice was most recently valued at $2.5 billion, compared to its peak of $5.7 billion in 2017. BuzzFeed was also considering going public via a SPAC after it completed its acquisition of Huffington Post.
Over60: New York Post
[Vaccinations] Johnson and Johnson announced that it would assume full operational responsibility of a pharmaceutical plant in Baltimore that produces ingredients for the Covid-19 vaccine. The factory was previously producing the ingredients for J&J and AstraZeneca, but a mistake by workers spoilt millions of vaccinations. As a result, AstraZeneca announced they would move production to another location.
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