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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[Bankruptcy] China’s Luckin Coffee filed for Chapter 15 (bankruptcy) relief in New York to allow for financial restructuring. The company was considered as a rival to Starbucks up until it disclosed that hundreds of millions of dollars worth of sales were fabricated. The SEC had fined Luckin Coffee $180 million for its accounting scandal.
[IPO] Kuaishou, TikTok’s biggest rival, saw its share price surge by 194% on its first day of trading in Hong Kong. The listing saw the company’s market value touch $160 billion.
[Trade] Australia’s farmers have requested the Government to invest $2.7 billion into the industry to improve supply chains and promote exports. The National Farmers’ Federation also indicated that the current trade spat between Australia and China could cost the industry $28 billion over the decade. China recently increased sanctions on barley, seafood and wine among other products.
[Central Bank] The Reserve Bank of India Monetary Policy Committee (RBI MPC) decided to keep its interest rates steady at 4% while maintaining its accommodative stance. The Bank also noted that inflation fell below its 6% tolerance level and expects India’s GDP to rebound by 10.5% in FY 2022. The MPC also proposed to provide retail investors with direct access to the primary and secondary Government bond markets.
[Automobiles] The worldwide semiconductor shortage is continuing to create havoc within the automobiles industry, with Ford being the latest manufacturer to be impacted. Ford plans on cutting production of its F-150 pick-up truck (a bestseller) by 10-20%, which could impact its earnings by up to $2.5 billion.
Over60: The Verge
[Treasuries] The spread between U.S. 30-year Treasuries and 5-year Treasuries touched 147 basis points, the widest since October 2015. A recent sell-off of 30-year Treasuries pushed yields higher as investor expectations of increased inflation and stimulus packages rose.
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