Welcome to another edition of Under60 Daily - a brief rundown of the top happenings in the business world, curated by hand to exclude the clutter and ensure you get up to speed in under a minute.
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[EV] Apple Inc is expected to make its debut in the electric vehicle space with its first passenger vehicle set to release sometime in 2024. The vehicle would likely possess Apple’s self-driving car technology and breakthrough battery technology.
[M&A] Peloton, the American company famous for its $2000 indoor exercise bike agreed to purchase Precor, a leading commercial supplier of fitness equipment for $420 million. Peloton’s stock rose 11% following the news release.
Over60: Business Insider
[Banking] ICICI Bank, one of the largest private banks in India launched an online platform called Infinite India to aid foreign companies in setting up or expanding their businesses in India.
Over60: Hindustan Times
[Legal] Several high-profile tech companies including Microsoft, Google, and Cisco have filed legal action against NSO Group Technologies, an Israeli cyber intelligence firm that makes spyware tools. Last year Facebook-owned WhatsApp sued the spyware vendor alleging that its software was used to hack 1,400 devices via a vulnerability in the messaging service.
Over60: The Verge
[M&A] Softbank has set up a SPAC (Special Purpose Acquisition Vehicle) called SVF Investment Corp. The SPAC is looking to raise $604 million and plans on using the funds to acquire a business that it previously funded through its $100 billion Vision Fund. SPACs have become increasingly popular in 2020, with 235 SPACs listed on U.S. exchanges this year alone.
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