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.
[International Trade] British Parliament may implement new legislation that will override parts of the Brexit Withdrawal Agreement. Boris Johnson has set a deadline of October 15 for a trade agreement with the E.U., increasing speculation of a no-deal Brexit.
[Markets] After it emerged that Softbank was behind the recent NASDAQ rise and crash, Softbank shares were down by 6%, equivalent to a $9 billion loss in market capitalization on Monday.
[Regulation] The U.S. Department of Defense is exploring the option to add Semiconductor Manufacturing International Corporation, China’s largest manufacturer of semiconductors, to the Commerce Department’s entity list. A list that restricts companies from receiving specific goods made in America.
[Telecommunications] Samsung Electronics has agreed a $6.6 billion deal with Verizon to help develop 5G networks in the U.S. The South Korean company’s deal comes amidst the Trump administration’s increased sanctions on China’s Huawei.
[International Trade] Chinese exports increased by 9.5% YoY while imports dropped by 2.1%.
Over60: The Guardian
[Manufacturing] German industrial output rose 1.2% in July, signaling that a recovery is on the cards but will be a lot slower than anticipated. German industries are currently operating at 90% of pre-pandemic levels.
Over60: Bloomberg Quint