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.
[Wine] Australia’s largest listed winemaker, Treasury Wine Estates, will attempt to focus on China. The move comes after the Chinese government imposed new import tariffs worth up to 212% on Australian wine. Nearly a third of Treasury Wine Estate’s earnings are attributable to the Chinese market.
[M&A] S&P Global is in talks to buy IHS Markit for $44 billion. The move would create one of the largest financial data companies in the world. However, the deal is likely to face antitrust watchdog scrutiny, just as how the London Stock Exchange and Refinitiv deal had.
[Commodities] Prices of the world’s most expensive spice have dropped by more than a third in 2020 due to Covid-19 lockdowns. Iranian saffron now costs €35,384 per 100kg in Europe. Similarly, prices of Kashmiri saffron have tumbled by close to 25%.
[EV] GM announced that it would scale down its supplier agreement with embattled EV startup, Nikola. The new deal would mean that GM would no longer manufacture the planned electric pickup truck Badger for Nikola and eliminate its equity. GM will still uphold its fuel-cell technology sharing agreement.
[Venture Capital] Chinese VC investors are shifting their focus away from India and towards Indonesia. In the first half of 2020 itself, Chinese investments in Indonesian tech firms have soared by 55%. The switch comes as the Indian government has increased the sanctions on Chinese investments and has banned certain Chinese apps from Indian consumers - most notably TikTok.