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.
[Debt Markets] Ball Corporation, an American aluminum-can maker, raised $1.3 billion by issuing junk bonds paying a coupon of 2.875%. The issuance marked a new record by securing the lowest borrowing costs for a ten-year non-investment grade bond.
[Earnings] SoftBank Group recorded a Q2 profit of $12 billion with a gain of ¥296.6 billion ($2.8 billion) in its hallmark Vision Fund - the first gain for the fund since Q2 2019, driven in large part by the global rally in technology stocks in recent months.
[Hospitality] Barry Diller’s IAC group acquires a $1 billion stake in MGM Resorts, the company that operates a large portion of casino resorts in Las Vegas, including Aria and The Bellagio.
[Regulation] Californian court orders Uber and Lyft to reclassify drivers as employees, which will grant them additional benefits under the law, including minimum wage, overtime, and paid sick leave. The companies maintain that drivers are independent contractors.
[Leadership Restructuring] In a surprise move, General Motors Chief Financial Officer Dhivya Suryadevara announces her resignation, moving across to fintech company Stripe.
[Aerospace] Order cancellations for Boeing aircraft outpace new orders as demand for air travel remains low. This follows increased cancellations for the 737 Max, Boeing’s beleaguered aircraft.
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