5th March 2021

OPEC Drives Oil Prices Even Higher, The US’s Latest Jobs Report Gives New Hope To The Economy And Another SPAC Deal Is Announced

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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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[Energy] The OPEC cartel and allies decided on Thursday that they would leave most production cuts in place amid worry that coronavirus restrictions could still undermine recovering demand for crude. This decision sent crude prices even higher, shooting up 5% to $64 a barrel in the United States.

Over60: AP News

[Jobs] Hiring accelerated sharply in February as restaurants and other hospitality businesses reopened, adding 379,000 to U.S. payrolls and fueling renewed growth as the coronavirus pandemic eases.

Over60: WSJ, CNBC

[SPAC] Shutterfly Inc. is in talks to go public through a merger with a blank-check company, according to people familiar with the matter, less than two years after Apollo Global Management Inc. took the online-photo-book maker private. 

Over60: WSJ, Seeking Alpha

[Energy] China’s quest to anchor its industrial growth to cleaner energy is whiplashing global prices of liquefied natural gas (LNG). Chinese LNG consumption rose last year by some 11%, far outpacing the 1% rise globally, data from consulting firm Wood Mackenzie shows.

Over60: WSJ


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