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.
[Corporate Debt] Genting Hong Kong, one of Asia’s largest cruise ship operators, has suspended payments on its debt of $3.4 billion. Its share price dropped 38.5% prompting a suspension of trade for the day.
[M&A] Australia likely to ban the A$600 million takeover of Lion Dairy by China Mengniu Dairy. The move comes amid an anti-dumping inquiry of Australian wine by China.
[Oil & Gas] Saudi Aramco suspends deal to build a $10 billion refining and petrochemicals complex in China, with the uncertain market outlook likely to be at the root of this decision.
[Earnings] Chinese e-commerce giant Alibaba beats expectations, reporting a 34% increase in revenue year-on-year to ¥153.8 billion ($22.2 billion),
beating analysts forecasts of ¥147.3 billion.
[Legal] Uber and Lyft avoided shutting down their ride-hailing business in California on Friday after being given a temporary reprieve by an appellate court. The new ruling allows the duo to operate in California until the referendum is voted upon in November later this year.
[Real Estate] The sale of existing homes in the U.S. has surged 24.7% in July, the highest rate achieved since the housing bubble burst in 2008.
[FX] The Reserve Bank of India (RBI) has been the biggest buyer of forex in Asia ex-China. The RBI purchased $30 billion of forex in the four months preceding July. The Indian Rupee is also the second worst-performing currency in Asian Emerging Markets.
Over60: Bloomberg Quint
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