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 updates its takeover bid for Tik Tok to include the latter's entire global business instead of solely it's American, Australian, Canadian and New Zealand operations.
[Earnings - Hospitality] Hilton Group reports Q2 revenues of $564 million, down from $2.5 billion a year prior, reporting a net loss of $432 million for the quarter. Hotels and airlines have been severely impacted by the pandemic.
[Capital Markets] Foreign holdings of Chinese bonds rise as investors seek out higher yields. Chinese government debt (10yr) offers nearly an additional 2.5% yield over US Treasuries, for comparison.
[Earnings - Automotive] Japanese automotive giant Toyota reports a Q2 net profit of ¥158.8bn ($1.5bn), down 74% year-on-year. However, it is one of the few carmakers that have managed to post profits in Q2 2020, as losses in the US and Europe were offset by profits in the company’s financial services arm
[Economy] The Reserve Bank of India decides to permit a one-time restructuring of corporate loans, permitting companies to implement resolution plans for debts classified as standard assets as of March 31, 2020.
[Earnings - Gaming] Nintendo reports a 541% surge in profit in Q2 2020 compared to the same period last year, as a result of the change in consumer expenditure with the onset of the pandemic.
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