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.
[Regulation] JPMorgan Chase is investigating whether its staff were aiding customers in obtaining funds illegally from the U.S. small business bailout program.
[Aviation] U.S. aviation regulators are investigating Boeing’s 787 jets after information of manufacturing defects were brought forward. Boeing has already grounded eight planes. The company’s shares were down by 5% on Tuesday.
[IPO] With Snowflake’s IPO expected to take place soon, the cloud computing company has revealed that Berkshire Hathaway and Salesforce Ventures would each purchase $250 million worth of shares from the company. Snowflake’s IPO values the company at $23.7 billion.
Over60: Yahoo! Finance
[M&A] LVMH Moët Hennessy, the owner of luxury brands like Louis Vuitton and Dior, has announced it is pulling out of a planned $16.2 billion takeover of American luxury jeweler, Tiffany. LVMH cited trade disputes between France and the U.S. as the reason for not going forward with the acquisition.
[GDP] South Africa’s GDP dropped by 16.4% in Q2 2020, translating to an annualized rate of 51%.
Over60: Business Insider