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] Microsoft resumes talks with ByteDance to acquire TikTok’s US, Canada and Australia operations. A potential deal fell through over the weekend as ByteDance wanted to hold a minority stake after the deal, which was strongly opposed by Donald Trump.
[M&A] Marathon Petroleum has agreed to sell its petrol stations vertical to the holding company of Japan’s convenience store 7-Eleven. The transaction is a $21 billion all-cash deal which is expected to be completed in 2021.
Over60: Nikkei Asian Review
[Retail] 194-year-old American luxury retailer Lord & Taylor files for bankruptcy, joining the long list of retailers that have been pushed into bankruptcy this year, including JCPenney, Brooks Brothers and J. Crew amongst others.
[Earnings] Europe’s largest bank, HSBC reports pre-tax profits of $1.1 billion for the quarter, an 82% drop year on year. At the same time, provisions for loan losses increased to $3.8 billion.
[Emerging Markets] Iranian stocks hit a record high, with the Tedpix index crossing 2,000,000 points for the first time on Sunday, up 690% from the same time last year.
[Regulation] US exchange operator CME Group fined $3.5 million after two former employees leaked secret trade data to a commodities broker.
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