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.
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[IPO] The Government of India is expected to hire Deloitte and SBI Capital Markets to help the Life Insurance Corporation of India (LIC) with its IPO. LIC is India’s largest insurer.
Over60: Bloomberg Quint
[Corporate Debt] Future Retail made interest payments worth $14 million on its senior secured USD notes. The company failed to pay the interest as it was due on July 22nd and triggered a 30 day grace period.
[M&A] US-based Blackstone Group has agreed to buy over Tokyo based Takeda Consumer Healthcare’s over-the-counter business. Takeda hopes to focus more on developing drugs for rare diseases post the transaction.
[Technology] Apple begins to assemble the new iPhone SE in Bengaluru, marking the fourth version of the iPhone that is assembled in India.
Over60: Economic Times
[Markets] Chinext, a NASDAQ-like board based on the Shenzhen Stock Exchange, debuted new regulations easing the process for IPOs. The move led to 18 Chinese technology companies seeing an average 200% increase in their stock price by market close.
Over60: CNN Business
[Commodities] Lumber prices have hit a record high. Demand for the wood increased as COVID-19 sparked a surge in home renovation projects. One month Lumber futures currently trade at $828 per thousand board feet on the Chicago Mercantile Exchange.
Over60: FT Exclusive
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