8th Feb 2021

A New Report Highlights Significant Economic Losses to The U.S. Economy Due To Pandemic-Induced Learning Losses

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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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[Automobiles] Chairman of Daimler AG and head of Mercedes-Benz, Ola Kallenius, has revealed that Mercedes-Benz will earn as much from its electric vehicles as its combustion models by the end of the decade. Separately, talks concerning a potential electric vehicle venture between Apple and Hyundai broke down. 

Over60: FT, WSJ

[Tech] TikTok plans on majorly expanding its e-commerce presence in the U.S. by enabling TikTok users to share links and receive commissions accordingly. The move comes as the Chinese app positions itself to take on Facebook, especially since Facebook rolled out similar features through Instagram worldwide. 

Over60: Mint

[Economy] New reports from the Organisation for Economic Co-operation and Development (OECD) and McKinsey demonstrate the long-term economic consequences of the pandemic's disruption of in-person school. According to economists' projections, the U.S. economy could take a $14 trillion to $28 trillion blow in the long run due to coronavirus-induced learning loss.

Over60: Axios, OECD Report, McKinsey

[Crypto] Tesla Inc. said it bought $1.5 billion in bitcoin, a purchase that comes after Chief Executive Elon Musk has promoted the cryptocurrency and other digital-currency alternatives on Twitter.

Over60: WSJ, CNBC

[Earnings] SoftBank's Vision Fund rode red-hot markets to investment gains of $13 billion in the three months ending December, their best quarter ever. Those gains underpinned a net profit of ¥1.17 trillion for SoftBank, equivalent to about $11 billion. 

Over60: WSJ, CNBC

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