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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[Airlines] Qantas has decided to outsource 2,500 jobs in an attempt to save AUD 100 million ($71.7 million) per year. Qantas had already made 6,000 roles redundant and placed 20,000 employees on furlough in June.
[Markets] To maintain exposure to the Technology sector after Apple's 4 for one stock split, the S&P Dow Jones will replace Exxon Mobil, Pfizer, and Raytheon Technologies with Salesforce, Amgen and Honeywell.
[Retail] Best Buy reports second-quarter earnings and beats analyst expectations. Online sales rose by 242% compared to the previous year due to lockdowns. EPS stood at $1.71, well ahead of a consensus of $1.08.
[IPO] The world's largest unicorn, Ant Financial led by Jack Ma, has filed for a dual listing in Hong Kong and Shanghai. The company plans on raising $20-30 billion and could potentially be the world's largest IPO, ahead of Saudi Aramco's $29.8 billion IPO.
[IPO] India based Gold retailer Kalyan Jewelers has filed for an IPO with the Securities and Exchange Board of India (SEBI). Warburg Pincus, the private equity fund which holds a 24% stake in Kalyan Jewelers, will look to make a partial exit.
[Commodities] Nut prices have dropped to new lows due to lack of demand from large purchasers such as hotels, restaurants, and pubs. US Almond prices have fallen by 40%, Walnuts by 18%, and Cashews by 10%.
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