Under60 Daily | 21 July 2020

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.

[EU] After a five-day summit, EU leaders agreed upon a €750 billion recovery fund. However, the plan must now pass through the European Parliament, and all EU states must ratify it.

Over60: Economic Times

[M&A] Norweigian firm Adevinta is set to acquire Ebay's classified ads business for $9.2 billion, becoming the world's largest online classifieds company.

Over60: CNNBusiness, WSJ

[International Trade] Chinese demand for Australian natural resources has increased despite worsening international relations between the two nations. 62% of China's iron ore came from Australia in 2019-20.

Over60: FT, CNBC

[Commodities] Silver hits six-year high at $21.17 an ounce, up 70% since March. At the same time, gold prices are up 28% for the year, touching a nine-year high.

Over60: FT

[Earnings] IBM reports higher than expected Q2 earnings of $1.36 billion, despite declining sales.

Over60: MarketWatch

[Regulation] US regulator Finra fines Citadel Securities $700,000 over a trading breach.

Over60: FT, Finance Magnates

[Debt] In the latest proposal by the Argentine government, interest payments on $65 billion of foreign debt are sought to be pushed to 2021 while extending the maturity of outstanding bonds till 2046.

Over60: FT, Yahoo Finance

[Job Cuts] LinkedIn to lay off around 960 people globally, approximately 6% of its total workforce.

Over60: WSJ, BBC

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