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.
[Commodities] Iron ore outpaces gold as 2020’s best-performing commodity, up 21% year-to-date. Gold, in contrast, has risen 19% this year.
[EU] Apple wins landmark litigation with the European Union over back taxes owed to Ireland for a sum of €13 billion ($14.8 billion). The General Court of the European Union ruled that an agreement entered into between Apple and the Irish Government did not provide Apple a selective economic advantage in the market.
[Economy] The Bank of Japan keeps interest rates on hold, states economic growth forecast of -4.7% for the year ending March 2021.
[FDI] Google announces a $4.5 billion investment into Jio Platforms Ltd for a 7.73% stake. This follows their previous announcement of $10 billion into India to create the India Digitization Fund.
Over60: Economic Times
[Banking] India’s Yes Bank raises ₹4,100 crores ($545m) from anchor investors ahead of its follow-on public offer (FPO) this week. Yes Bank aims to raise approx $2 billion towards expansion and to enhance its solvency. Over60: Mint
[Earnings] Goldman Sachs’ Q2 results beat analyst expectations - the bank reported profits of $2.4 billion and an EPS (Earnings per Share) of $6.26, driven by fixed income trading activity. Revenues of $13.3 billion, second-highest on record.
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