6th April 2021
Liberty needs to be more liberal with its cash and Credit Suisse needs to sort themselves out.
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.
[C-Suite] Two senior executives are poised to leave Credit Suisse as the bank faces a $4.7 billion loss after the Greensill Capital and Archegos Capital debacle. Lara Warner, the Chief Risk and Compliance Officer and Brian Chin, the Head of Investment Banking are the executives rumoured to step down.
[Green Finance] Liberty Steel Group’s Eastern European plants are facing a race against time to secure funding of $100 million to pay a Carbon bill and avoid steep fines. Sanjeev Gupta’s company will find it harder to secure the funds, especially since its main lender Greensill Capital filed for insolvency.
[Legal] Google has won a 10-year long legal battle against Oracle. The US Supreme Court ruled that Google did not violate copyright laws over the use of Java codes developed by Oracle. Google used the Java codes to build its Android platform, which according to the Supreme Court constitutes fair and acceptable use.
Over60: Business Insider
[Bankruptcy] The UK Government is resisting requests for a bailout from train operator Eurostar, suggesting that the company turns to its shareholders for relief. Eurostar faces filing for bankruptcy as revenues have plunged due to the pandemic. The company has £400 million in loans due in June.
[Semiconductors] Taiwan Semiconductor Manufacturing Co (TSMC) announced that it would invest $100 billion over the next three years to increase production capacity. TSMC hopes that the increased production will keep up with demand for the semiconductors from the 5G sector, along with improving a current global supply shortage of the same.
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