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.
[M&A] Spanish bank, Banco Santander, will pay €100 million for Wirecard’s European operations. Wirecard had filed for insolvency in June as the company revealed a €1.9 billion accounting fraud.
[E-Commerce] Amazon has launched its online delivery service for medicines in the US. Amazon Pharmacy is offering heavily discounted prescription medicine for Prime users. Shares of pharmaceutical delivery competitors sank post Amazon’s announcement.
Over60: Economic Times
[Earnings] Further highlighting the effects of the pandemic on the aviation sector, EasyJet reported a £1.3 billion loss - the first loss reported in its 25 years of operations. The company’s share price took a 5% hit on the earnings release but has increased by 40% since Pfizer and Moderna released their vaccine data.
[IPO] Airbnb published its much-awaited prospectus for its upcoming IPO. The prospectus revealed that the company reported a $219 million net profit in the previous quarter, after aggressively cutting its marketing costs and laying off 25% of its staff in the wake of the pandemic.
[Markets] Tesla will be a part of the S&P 500 index from December 21 onwards. Tesla’s share price soared by 12% on the news. With a market capitalization of $390 billion, the company will be the biggest new entrant to the index.