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.
[Earnings] Dubai-based carrier Emirates reported a $3.4 billion loss for the first six months of the year - the first loss recorded by the company in 30 years. The airline’s passenger count stood at 1.5 million for the period, down by 95% compared to the previous year.
Over60: Economic Times
[Coworking] WeWork did not provide its profit or loss for Q3 2020 but reported a 13% decline in sales for the quarter. The company also burnt through $517 million in cash, while the company still expects to generate positive free cash flow next year.
Over60: Business Today
[IPO] U.S. food delivery company DoorDash released its S-1 filing to the public. The company reported a $149 million loss on $1.9 billion in revenue through September.
[Markets] President Donald Trump signed a new executive order which bars U.S. investors from holding any stocks in companies with ties to the Chinese military. Shares of Chinese telecom companies tumbled upon the news.
[Restructuring] Revlon has survived bankruptcy after Ron Perelman and Carl Icahn agreed upon new debt restructuring terms at the eleventh hour. As per the new terms, current bondholders will receive either 32.5 cents on the dollar or a blend of cash and a new loan.