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.
[M&A] The deal for taking over TikTok’s U.S. operations faces complications as questions arise surrounding the inclusion of the video-sharing app’s core algorithms.
[Sovereign Debt] The colossal U.S. Government debt is set to eclipse the size of its economy (GDP) for the first time since World War II. The rise in debt is attributed to the massive stimulus packages that were announced.
[Private Equity] Softbank is leading a $150 million funding round for India based EdTech company Unacademy. The company is now valued at nearly $1.45 billion, a threefold increase from its February valuation of $510 million.
Over60: Bloomberg Quint
[Oil] Saudi oil giant, Aramco, set to scale back planned expansion projects as demand for oil drops. Other oil companies such as Royal Dutch Shell PLC and BP PLC have cut their dividends in recent months owing to the Covid-19 pandemic.
Over60: WSJ (Exclusive)
[Legal] Herbalife Nutrition has agreed to pay $123 million to settle charges from the Justice Department and SEC after it was discovered that the company bribed government officials in China and falsified its books.
[GDP] Australia has slipped into a recession for the first time in 30 years, with GDP falling by 7%, worse than the 6% figure that analysts expected.