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.
[EV] Tesla’s competitor, Rivian raises $2.5 billion in its latest funding round, led by T. Rowe Price Associates Inc.
[Banking] India’s number two state-run, Punjab National Bank announces it has been afflicted by Dewan Housing Finance Corp. and been defrauded to the tune of $491 million.
[Oil & Gas] Libya to resume oil exports following a six-month blockade that has cost OPEC members $6.4 billion in lost revenue.
[Entertainment] Sony invests $250 Million in the company behind Fortnite - Epic Games. Sony is set to launch its much-acclaimed PlayStation 5 console later this year.
[Regulation] UK regulatory body FCA tightens rules on payment companies and issues new guidance in order to protect customers after Wirecard collapse - payment providers and e-money issuers must keep up-to-date records of all funds received and maintain a clearly separate “safeguarding account” for customer money.
[Economy] Charles Michel, president of the European Council proposes a €5 billion Brexit crisis fund to support EU countries experiencing two economic shocks - COVID-19 and Brexit, ending the EU’s budget deadlock.
[IPO] Alibaba’s fintech arm - Ant Group is planning a Hong Kong IPO this year that could value the company at more than $200 billion.
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