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.
[Unemployment] EU labour market shrank by a record 2.6% in Q2 2020, with the number of people in employment down by 5.5 million. Over60: FT [US Economy] US households boosted retail spending by 1.2% in July despite rising coronavirus cases, sending sales above pre-pandemic levels. Over60: WSJ [Payments] Payments giant Mastercard Inc. secures a debit card deal with HSBC’s First Direct brand, with customers to be moved from Visa to Mastercard debit cards in 2021. Over60: FT [Gaming] Epic Games, the creator of Fortnite, launches a lawsuit against Apple and Google’s practice of taking a 30% cut of app revenues. This comes in the wake of Epic Games violating App Store and Play Store rules by introducing its own payment mechanism for in-app purchases, leading to delisting. Over60: CNN Business [Regulation] As per an IRS Chief Counsel Memorandum, daily fantasy sports companies such as FanDuel and DraftKings will now be required to pay the federal excise tax on the fees they charge customers to use their platforms. Over60: Bloomberg [Banking] Wells Fargo’s Chief Compliance Officer Mike Roemer quits the bank. Mike Roemer was responsible for overhauling the risk and compliance oversight after Wells Fargo was implicated in a massive credit card sales fraud scheme. Over60: NBC News [Funding] Softbank to lend $1.1 billion to WeWork, over and above the $10 billion it has already invested in the company, in the form of senior secured debt. Over60: Reuters
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