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.
[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.