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.
[Oil and Gas] Saudi Aramco plans on cutting its CAPEX from $25-30 billion to $20-25 billion. The move is aimed towards funding the $75 billion dividends it promised to investors during its IPO.
[Economy - US] New US weekly unemployment benefit claims fall to 963,000, bringing claims below 1 million for the first time since March.
Over60: The New York Times
[Economy - India] Retail inflation rose to 6.93% in July compared to 6.23% in June. Food prices are expected to rise in the near term due to supply chain issues caused by lockdowns. The rise in inflation also puts pressure on the RBI’s room to cut policy rates in the future.
[Cloud Technology] Israel’s Coralogix announces a commitment to invest $30 million over five years in India, setting up a new Amazon Web Services Mumbai region and an on-site team to assist Indian companies. This complies with data localization requirements for its customers under forthcoming data privacy regulations while indicating the rapid growth of the Indian cloud technology market.
[Earnings] Smaller US companies have been hit much harder by the pandemic than larger ones. The aggregate loss of companies in the Russell 2000 (index measuring the performance of approximately the 2,000 smallest-cap American companies) amounted to $1.1 billion, compared to aggregate earnings of $233 billion of the S&P 500.
Over60: FT Exclusive
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