Welcome to another edition of 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.
[Corporate Governance] Toshiba has called for an Extraordinary General Meeting (EGM) as it continues to face shareholder revolt regarding how the last annual general meeting was conducted and regarding its future M&A plans. EGMs are considered a rare occurrence in Japan. The company has recognized $17 billion in M&A impairment losses over the past 20 years.
Over60: FT Exclusive
[Airlines] AirAsia Group will sell 32% of its stake in AirAsia India to Tata Sons. The deal is expected to be worth around $37 million. This would result in Tata Sons owning nearly 84% of the venture, with AirAsia owning the rest. The move comes as AirAsia reviews its strategy in the wake of liquidating its Japanese arm. Similarly, Tata Sons is looking at making a bid for the Indian national carrier, Air India.
[IPO] SAP SE announced that Qualtrics, a customer relationship management software vendor they acquired in 2018, would IPO sometime next year. Regulatory filings show an initial price range of between $20 and $24.
[Economic] According to research firm Capital Economics Australia's ongoing spat with China could result in an economic contraction of 2.8% if Beijing continues to pile tariffs on the island nation. China accounted for 39.4% of goods exports and 17.6% of services exports in Australia between 2019 and 2020.
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