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.
[Automobiles] GM is recalling 5.9 million pickups and SUVs worldwide with airbags made by the same manufacturer whose airbags are linked to at least 17 deaths in the United States. The National Highway Traffic Safety Administration ordered a US recall on Monday, rejecting GM's argument that this version of the airbags didn't need to be replaced.
[Iron Ore] Swedish mining firm LKAB has announced its plans to inject $47 billion to produce carbon-free iron ore using emission-free hydrogen. The move is expected to help the company reach its objective of net-zero carbon emissions by 2045.
Over60: S&P Global
[Hedge Funds] York Capital Management has decided to wind down its European business. The decision will result in Credit Suisse booking a $450 million loss as the Swiss bank held a significant stake in the fund. Credit Suisse announced that it will book the $450 million impairment charge in Q4 results.
[Gaming] Sony Interactive Entertainment’s CEO, Jim Ryan, has announced that worldwide stock of the PlayStation 5 has sold out. The gaming console has seen significant demand, while Sony had recently unveiled its unique marketing tactics to drive up demand.
[Oil and Gas] The price of Brent crude touched $47 a barrel on Tuesday as the positive news surrounding the Covid-19 vaccine sent oil prices up. Brent is up 24% in November alone and its price is at its highest since the pandemic struck. However, prices still remain well below the pre-pandemic $70 a barrel mark.