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.
[Banking] The Reserve Bank of India (RBI) has imposed a moratorium on Lakshmi Vilas Bank due to the deteriorating financial position of the company. RBI has also proposed a merger between the bank and DBS Bank, a subsidiary of DBS Bank Singapore. The Reserve Bank had also placed Yes Bank under moratorium back in March 2020 which was eventually rescued by a State Bank of India-led consortium.
[Airlines] AirAsia’s Japanese unit filed for bankruptcy on Tuesday night. The Malaysian parent company is also said to be reassessing their investment in AirAsia India - a joint venture between AirAsia and Tata Group.
Over60: Nikkei Asia
[Aviation] The Federal Aviation Administration (FAA) in the United States of America approved the use of Boeing’s 737 MAX jets for passenger flights once more. Early in 2019, dual crashes that claimed 346 lives had seen the 737 MAX grounded, with the FAA’s decision providing relief for one of Boeing’s pre-pandemic crises.
[Shipping] Danish shipping company, Maersk, has announced a $1.6 billion share buyback as the company increased its profit guidance for the third time this year. The company expects to end the year with an $8-$8.5 billion profit, higher than earlier estimates of $6-$7 billion.
[Strategy] Unilever is targeting €1 billion in sales of its plant-based meat and dairy alternatives within five to seven years. The company had acquired Vegetarian Butcher two years ago and has since seen exponential growth in that segment.
Over60: Bloomberg Quint