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.
[Markets] Equity hedge fund Skye Global reports 34% gains in the first half of 2020, driven by bets against stocks in Q1 coupled with large long positions on internet and software stocks during the rally in US tech stocks.
[Earnings] The world’s largest asset manager, Blackrock, posted a 21% jump in quarterly profits. Its assets under management (AUM) rose as markets rebounded since March’s lows.
[IPO] Ant Financial, one of China’s largest tech firms has chosen to conduct its IPO in Shanghai and Hong Kong rather than the US. Analysts suggest that a reason for this decision could be because of the increased scrutiny of Chinese companies in the US.
[M&A] Energy giant Chevron Corporation to acquire Noble Energy for $5 billion in an all-stock deal.
[Media] Disney, Facebook’s largest advertiser, joins a number of companies in reducing the amount of money it spends on Facebook and Instagram advertising. This comes amid growing concerns among civil society about the manner in which Facebook monitors hate speech and misinformation.
If this was useful to you, subscribe here.
We thrive on subscriber feedback. Feel free to reach out to us here.