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.
[Energy] Oil companies show declining revenues even as other industries show signs of recovery during the Covid-19 pandemic. The Dow Jones U.S. Oil & Gas Index is down 57% in 2020 as the industry grapples with the long-term concerns of competition from renewable energy and electric vehicles.
Over60: WSJ (Exclusive)
[Private Equity] Goldman Sachs is set to acquire a minority stake in Biocon Biologics, India’s top pure-play biosimilar firm. The proposed deal is part of a $200 to $300 million funding round that values Biocon at $3.5 billion.
Over60: Moneycontrol (Exclusive)
[Business] Walmart has agreed to sell its majority stake in British grocery-store chain Asda Group Ltd to a private investment group in a deal that values the company at $8.8 Billion. This follows an antitrust regulation that prevented Walmart’s earlier efforts to sell the business to Sainsbury, another British grocery-store chain.
[Markets] Following news the U.S. president Donald Trump testing positive for covid-19 the S&P 500 fell 0.5%.