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.
[Aviation] American Airlines will cut 19,000 jobs in October when Federal Aid ends. The carrier expects Q4 2020 to be half of what it was in Q4 2019 while international flights will operate at 25% of the 2019 schedule. Over60: CNBC [Restructuring] One of the world’s largest passive management funds, Vanguard will close its Hong Kong and Tokyo operations and Hong Kong ETFs. Over60: Yahoo Finance [Private Equity] CVC Capital Partners and Advent International have made a joint €1.3 billion bid to acquire a minority stake in Italy’s Serie A football league. Over60: Reuters [Commodities] US Corn futures rose 4% since the start of the week due to concerns of lack of rainfall through the US Midwest and deteriorating crop conditions as per data from the US Department of Agriculture. Additionally, Soybean futures touched a seven month high. Over60: Reuters [Information Technology] Accenture is poised to cut at least 5% of its global workforce due to the pandemic. The company also saw its revenue growth drop to 1.3% in the latest quarter. Over60: Moneycontrol [Markets] The Dow Jones Home Construction index rose to a record high as it recorded a year to date gain of 29%, compared to the 6% gain in the S&P 500. Low rates helped boost the index to beat the previous record set in 2005, which was during the Subprime housing bubble. Over60: FT Exclusive