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.
[Retail] Brooks Brothers, one of the US’ oldest retailers, files for bankruptcy due to impact from COVID-19. Retailers Neiman Marcus, J.Crew and J.C. Penney also filed for bankruptcy in the last few months.
[PE] Private-equity giant KKR & Co. to buy life insurance company Global Atlantic Financial Group Ltd. for an estimated $4 Billion.
Global Atlantic has more than two million policyholders.
[Debt Markets] Yield spreads on Italian and Greek Sovereign Debt narrow to pre-COVID levels, attributed in part to ECB efforts.
[Regulatory Affairs] UK accounting firm Grant Thornton fined £3 Million by the FRC over ethical failures in its audit of Conviviality, the alcohol retailer which collapsed in 2018.
[Markets] Shares of Malaysian low-cost airline AirAsia tanked 18% on trade date 08 July ‘20 after statement by auditor Ernst & Young over coronavirus impact and the airline’s ability to continue operating.
[Real Estate] UK Chancellor Rishi Sunak cuts stamp duty on residential real estate, no tax on the first £500,000 of any transaction in England & Northern Ireland until March 31 2021.
[Commodities] Gold at 9-year high of $1,800 an ounce, as a result of a 19% rise YTD.
(1 ounce = 28.3 grams)
Gold prices over the last decade:
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