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.
[Economy] 870,000 first time unemployment benefit claims were filed in the U.S. last week, with the official unemployment rate at 8.4%.
[M&A] ChargePoint will list its shares on NYSE via a reverse merger with Switchback Energy, an NYSE listed SPAC. The world’s largest electric vehicle charging company will list at an initial value of $2.4 billion. The merger also comes at a time when California announced that it will ban the sale of new gas-powered cars from 2035.
[Private Equity] WeWork is selling its controlling stake of its China Operations as the company scales back its operations due to the pandemic. PE group Trustbridge Partners will pay $200 million for the controlling stake.
Over60: Economic Times
[Billionaires] Zhong Shanshan, president of China’s largest bottled water maker has overtaken Jack Ma to become the nation’s richest individual. Shares of his company, Nongfu Spring are trading at a PE ratio of 70x, compared to peers like Coca Cola which is nearly 30x.
[Currencies] The Swiss National Bank has announced that it will intervene in foreign currency markets to limit the upward pressure on the Swiss Franc. Demand for the currency picked up as many investors consider the Franc to be a haven asset.