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.
[Singapore Economy] Singapore's GDP contracts 41.2% from the previous three months as COVID-19 rattles the trade-reliant country. Over60: Bloomberg, Mint [Funding] India e-commerce giant Flipkart raises $1.2 billion in a round of funding led by Walmart, with the company's value approaching $25 billion. Over60: Mint, FT [US Economy] US budget deficit touches $864 billion in June, as the Trump administration continues to pump money into the economy, through the Paycheck Protection Program amongst other avenues. Compared to 2019, the 2020 deficit stands at $1.99 trillion, an increase of 267%. Over60: NY Times [Earnings] JP Morgan kicks off the Q2 earnings results season with record-high trading revenues resulting in a net income of $4.7 billion, beating analyst estimates of $3.3 billion. However, this comes in at nearly half of what the firm earned in Q2 2019. Over60: FT, Yahoo Finance [US Economy] After falling for three consecutive months, the Consumer Price Index (CPI) for June rose 0.6%, driven by various states' efforts to reopen economies. Over60: WSJ, What is the CPI? [Telecommunications] The United Kingdom follows New Zealand, Australia and the United States in banning Huawei equipment from its 5G networks. Over60: WSJ
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