Under60 Daily | 23 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.

[US Economy] The filings for weekly unemployment benefits have risen for the first time in four months as states once again delay their reopening plans.

Over60: WSJ

[Earnings] Private equity giant Blackstone Group posts Q2 net income of $568 million, compared to $305 million in Q2 2019. The value of its PE portfolio climbed 12.8%, after a 21.6% decline in Q1.

Over60: WSJ, Reuters

[Bankruptcy] Ascena Retail Group Inc., the parent company of Ann Taylor and Lane Bryant joins a flurry of retailers in filing for Chapter 11 bankruptcy protection, with plans to announce 1,100 store closures.

Over60: WSJ, What is Chapter 11 Bankruptcy?

[Earnings] Tesla Inc. reports its fourth-consecutive quarterly profit, which makes it eligible for inclusion in the S&P 500.

Over60: ET, WSJ

[E-Commerce] Indian e-commerce major Flipkart Group, owned by Walmart, completes a reverse acquisition of Walmart India Pvt Ltd. With this, Flipkart plans to launch Flipkart Wholesale in August, piloting services in grocery and fashion.

Over60: Mint, ET

[Aviation] In order to stay afloat, American Airlines pledges its brand and some of its landing slots in NYC and Washington to secure a $1.2 billion loan from Goldman Sachs’ merchant banking division.

Over60: FT, Reuters

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