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.
[Business] Following Facebook’s investment into Reliance’s Jio Platforms, Google sets up the $10 billion India Digitization Fund, aimed at tailoring product development for the Indian market and accelerating digital transformation in healthcare, education, and agriculture.
[Markets] European markets open in the green as investors shift focus towards the €750 billion EU recovery fund. At the same time, Wall Street opens higher as earnings announcements commence, beginning with PepsiCo.
[Oil and Gas] Parsley Energy’s CEO claims that the record high oil production will not be seen for a while. The oil price crash has forced producers to start focusing on profitability rather than output.
[Business] WeWork chairman Marcelo Claure states that the company is on track to have a positive cash flow in 2021, driven by workforce cuts, renegotiated leases, and asset sales.
WeWork received significant public attention after its IPO filing last fall revealed improper accounting practices and governance.
[Debt Markets] Yields on US Treasuries fall further amidst rising coronavirus-linked deaths and the anticipation of lockdowns being re-instituted. Treasuries are debt securities backed by the US Government, known for their safety and lack of credit risk.