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.
[Banking] Societe Generale is merging its main retail bank with its subsidiary Credit du Nord, resulting in closures of 600 branches but cost savings worth €450 million. However, the company will continue to push its digital banking services in the future.
Over60: Reuters
[Private Equity] U.K. based P.E. firm Permira will buy a €150 million stake in Catawiki, an online auction site. Currently generating losses, Catawiki plans on using the funds to hire more specialist buyers.
Over60: F.T. Exclusive
[Commodities] Water futures are set to trade on the Chicago Mercantile Exchange (CME) this week. The underlying for the futures will be the $1.1 billion California water spot market. The futures will be financially settled versus physical settlement, which involves actual delivery of the water.
Over60: Bloomberg Quint
[ESG] The largest independent Coca-Cola bottler, Coca-Cola European Partners (CCEP), has set a target of going carbon neutral by 2040. CCEP will enact the first phase of its plan by spending €250 million in three years to cut carbon emissions by 30%. Similarly, PepsiCo has set a target of going carbon neutral by 2050.
Over60: Business Green
[Trade] Talks over a trade deal between the E.U. and U.K. remain uncertain as E.U.’s Chief Negotiator Michael Barnier stated that he couldn’t guarantee that there will be a deal. Reports claim that a few significant issues yet to be discussed include fishing rights in U.K. waters and fair competition rules. The Pound Sterling dropped against the U.S. Dollar and Euro as fears over a no-deal Brexit rose.
Over60: CNBC
If this was useful to you, subscribe here. We thrive on subscriber feedback. Feel free to reach out to us here.
Team Under60,
Create your profile
Only paying subscribers can comment on this post
Check your email
For your security, we need to re-authenticate you.
Click the link we sent to , or click here to log in.