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.
[International Trade] Chinese regulators announced heavy tariffs on Australian wines after finding preliminary evidence of dumping. Starting Saturday, the Ministry of Commerce will begin slapping duties of 107.1% and 212.1% on Australian wine imports.
[Economy] India’s gross domestic product in the July-September quarter contracted 7.5% on the year, data released by the National Statistical Office on Friday showed, compared to a decline of 23.9% in the previous three months. This marks the second consecutive quarter the Indian economy has contracted in, with recovery anticipated next year.
Over60: Economic Times
[Oil] OPEC and Russia are in the process of extending oil production cuts for another two to three months. If finalized, the move would keep markets tight even as prices start to recover from Covid-19 related dips.
[Crypto] Facebook’s Libra currency may launch in January next year. The libra association, the consortium created by Facebook responsible for the governance, implementation, and strategy for the Libra network, is also set to scale back its ambitions.
[Rideshare] The Indian government has changed many rules for Uber and Ola in India. New rules include capping surge pricing to 1.5 times the base fare and a requirement for Ola and Uber to only draw a fee of up to 20% on ride fares, among other regulations. The move is expected to increase operating costs for both companies while increasing benefits to riders and drivers.