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.
[Economy] Japan’s GDP shrunk 7.8% quarter on quarter, translating to an annualized rate of 27.8%. GDP contracted for the third consecutive quarter, as the pandemic dampened demand. Over60: CNN [Retail] Debenhams announces it will cut 2,500 jobs and has appointed Hilco Capital to draw up contingency plans if the company needs to be liquidated. Debenhams entered administration in April. Over60: Reuters, FT [Sovereign Debt] Belarus debt faces a sell-off as investors become wary of potential E.U. sanctions on the country. Yields rose by 1.1% within a week*, as protests over Alexander Lukashenko’s election victory continued. * Yields rise as bond prices fall. The yields mentioned are for bonds maturing in 2026. Over60: Reuters, FT [Economy] Singapore announces additional support measures of S$8 billion ($5.8 billion) to cushion the impact of COVID-19. The measures include an extension of wage subsidies and relief for the aviation and hospitality industries. Over60: CNBC [Trade] U.S. commerce department announced that it would restrict Huawei Technologies Co.’s access to foreign-produced chips that were built using U.S. technology. Over60: WSJ, CNBC [V.C.] Robinhood announces third successful funding round, injecting $200 million into its business and raising its valuation to $11.2 billion from $8.6 billion. Over60: CNBC [Retail] U.K. gym apparel brand Gymshark hits £1 billion valuations after raising £200 million from U.S. fund manager General Atlantic. Over60: FT