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Under60 Daily | 21 October 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.


[M & A] Pioneer Natural Resources will buy Parsley Energy for $7.6 billion, further highlighting the Oil and Gas sector's consolidation due to the pandemic. The all-stock deal is the second transaction to be announced this week in the industry.

Over60: Business Wire

[Aviation] Cathay Pacific announces that it will cut 8,500 jobs and wind down operations of its regional flight service, Cathay Dragon. The airline plans on reducing its cash burn by HK$ 500 million per month.

Over60: Business Insider

[Aviation] United Airlines raises nearly $3 billion in bonds, primarily led by Goldman Sachs, and will pay an interest rate of 5.9%. The proceeds will be used to refinance emergency loans taken earlier, with aircraft, engines and spare parts pledged as collateral. Credit rating agencies have labeled the bonds as 'investment grade.'

Over60: Barron's

[Space] NASA awarded Nokia a $14.1 million contract to build a 4G network on the moon to support its lunar base plans.

Over60: CNN

[Markets] Netflix stock sank 6% today after missing Q3 growth and profit targets, erasing $13.9 billion in the firm's market cap. The company added 2.2 million subscribers, missing Wallstreet's 3.3 million estimates.

Over60: Business Insider



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