Welcome to another edition of The 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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[Retail] The world’s largest clothing retailer, Inditex, reported first-quarter sales of €4.9 billion, a 50% increase compared to the €3.3 billion reported in Q1 2020. As of this week, 98% of the group’s stores were operational, while online sales had increased by 67%. Inditex owns various brands including Pull and Bear, Zara and Bershka.
[Inflation] China’s Producer Price Index (PPI) rose at its fastest rate in 13 years, displaying a 9% increase in finished goods prices year on year. While consumer prices in China remain low, the concern is that costs are bound to increase for businesses and exporters, further adding to the fear of rising global inflation.
[Automobiles] Ferrari has named Benedetto Vigna, an electronic components specialist as its next CEO. The appointment came as a massive surprise to the industry, given that Vigna had no prior automobile or luxury industry experience. However, many analysts are banking on the CEO to ‘reinvent’ Ferrari and push the company towards establishing a foothold in the electric vehicle segment.
[Oil] Prices of Oil futures rose above the $70 mark for the first time since October 2018. The price of the commodity rallied as demand recovered in the US, Europe and China, along with a drop in fresh Covid-19 cases across Asia. The US is also considering relaxing travel restrictions, which would increase demand for air travel.
Over60: Bloomberg Quint
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