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Under60 Daily | 18 August 2020

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] Oracle has expressed interest in taking over TikTok’s US, Canada, Australia and New Zealand operations. TikTok’s US operations alone are valued at roughly $20-50 billion.

Over60: Mint

[Companies] Having erroneously transferred a sum total of $900 million of its funds to Revlon’s creditors, Citigroup has moved courts to receive $175 million back from Brigade Capital, one of the hedge-funds that received the money in the transaction.

Over60: Bloomberg Quint

[Legal] US-based Rosen Law Firm is preparing a securities lawsuit against HDFC Bank regarding improper lending and reporting practices in its vehicle finance division. HDFC Bank’s ADRs fell by 2.83% on the news.

Over60: Mint, Bloomberg Quint

[E-Commerce] Walmart reports a 97% jump in revenue YoY for its e-commerce business, citing increased demand for customer ordering groceries online and opting for curbside pickup.

Over60: WSJ, CNBC

[Aerospace] Boeing in an internal memo to its employees sent on Monday said that it was adding a second round of buyout offers, the total workforce reductions number was not specified. This follows the job cut announcement in July for 19,000 jobs.

Over60: WSJ, Seeking Alpha


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