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] Intel will sell a part of its memory arm to SK Hynix. The South Korean chip manufacturer is expected to pay close to $9 billion for the stake. The transaction ranks among South Korea’s most significant deals.
[Telecommunications] Sweden has banned Huawei and ZTE from its 5G networks, citing reasons such as ‘spying’ and ‘theft of technology’ among the reasons. The move adds Sweden to an increasing list of countries that have made similar moves, most notably the U.S. and India.
Over60: Al Jazeera
[Regulation] Goldman Sachs has agreed to pay the US Justice Department a sum of over $2 billion related to the 1MDB scandal. Analysts expect the company to pay close to $5 billion overall in settlements to the Malaysian government and other agencies, including the US Justice Department.
Over60: Business Insider
[Legal] The U.S. Justice Department has filed a lengthy anticipate lawsuit Against Google, alleging the company engaged in anticompetitive behavior to preserve its monopoly of search and search advertising.
[CPG] P&G announced its largest sales increase in 15 years; its products such as Gillet razors, Tide detergent and Swiffer mops propped up sales. Lysol maker Reckitt Benckiser Group also announced its biggest increase in quarterly sales growth.
Over60: WSJ (Exclusive)