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.
[Energy] General Electric announced that it would no longer build new coal-fired power plants, joining BHP in dumping coal. This marks a reversal from company policy, which just five years ago sanctioned the acquisition of Alstom’s coal-fueled turbine business.
Over60: CNN Business
[Markets] Tesla’s share price fell more than 5% ahead of its anticipated Battery Day event, where analysts expected the company to unveil a new type of battery cell to main its competitiveness over rivals. Elon Musk reported that supply shortages with batteries meant that the new vehicles would not hit full production till 2022.
[Central Bank] U.S. Fed chairman, Jerome Powell, has pledged to support the economy until it has shown significant improvement. Last week, the Federal Open Market Committee promised not to raise rates till inflation rose above 2%.
[Restructuring] In a stunning turn of events, the Shapoorji Pallonji Group has told the Supreme Court of India that it will exit from Tata Sons if provided with a fair and equitable solution. This will end a 70-year relationship between two of India’s most powerful families.
Over60: Business Standard
[M&A] Quibi, a subscription-based streaming platform designed to deliver short-form content, is looking at strategic options available, including a possible sale of the company, raising more funds or merging with a SPAC (Special Purpose Acquisition Company).