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.
[Legal] The U.S. Department of Justice sued Walmart Inc. on Tuesday, alleging that the company sought to boost profits by understaffing its pharmacies and pressuring employees to fill prescriptions quickly. Walmart is America's largest retailer by revenue.
[Freight] Crucial freight routes between the U.K. and its neighbors remain chaotic even borders reopened today following a 48-hour closure due to the discovery of a new strain of Covid-19 in the U.K. Initial estimates by the Road Haulage Association suggest a backlog of 8,000 to 10,000 trucks trying to enter France.
[Stimulus] President Trump has threatened to reject a $900 billion relief package for small businesses and individuals after terming the package a 'disgrace.' The President is urging Congress to increase the stimulus's size check from $600 to $2000.
[Streaming] Formula One is in active talks with Amazon to stream all of its Grand Prix races. A digital-only streaming option would be a first for the world's most valuable motorsports series.
Over60: FT (Exclusive)
[Legal] The International Court of justice has ruled that India's Government is to pay U.K. based energy firm Cairn $1.2 billion in damages after the country lost the case in arbitration. Shares of Cairn Energy rose by 40% following the news.
Over60: Business Standard
[Commodities] Prices of Coal have surged in the last few months due to lower supply and higher demand from Asia. Prices of Thermal Coal in Australia have increased by 45%, while prices surged by 65% in South Africa (both countries are major Coal exporters). Analysts attribute tighter supply to banks and investors refusing to finance new mines, mainly due to ESG considerations.
Over60: FT Exclusive
If this was forwarded to you, subscribe here.
We thrive on subscriber feedback. Feel free to reach out to us on Instagram!