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.
[Banking] State Bank of India is dragging its feet on extending a part of a funding line of as much as $1 billion to Adani Enterprises Ltd. Adani plans on using the funds for a coal mine in Australia, which has faced significant scrutiny and pressure from environmental groups. Investors in SBI, such as BlackRock, are also mounting pressure on the bank.
Over60: Bloomberg Quint
[Aviation] Boeing has reportedly told 16 of its 737 MAX customers to ground certain aircrafts of the model due to a potential electrical problem. However, the company also said that the problem was not related to its MCAS, which was responsible for the two 737 MAX aircrafts that crashed previously.
[Travel] TUI, Europe’s largest travel company, plans on raising €400 million to improve the company’s liquidity position as the pandemic rages on in Europe. TUI plans on issuing convertible bonds to raise €350 million with the option of an additional €50 million.
[Unions] Amazon received enough votes to stop the unionization process of its Alabama facility. However, legal groups plan on challenging the results and are demanding a recount. Had the union won the votes, it would have been the first U.S. Amazon facility to be unionized.
[Commodities] Investors are hoping that the switch to clean energy will boost the demand for nuclear energy and Uranium. An index that tracks Uranium miners has generated a 35% return in 2021 and reached its highest level in six years.
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