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.
[Prosecution] Ex-Malaysian PM Najib Razak sentenced to 12 years in prison after a corruption trial linked to the 1MDB scandal, days after the Malaysian government struck a $3.9 billion settlement with Goldman Sachs.
[Economy] The US Republican Party presents a new $1 trillion stimulus package to Congress which would result in cutting unemployment benefits from $600 to $200 a week, in addition to rolling out a second round of stimulus checks.
[Automobiles] Nissan expects a second straight year of losses, with 2020 losses topping $6 billion due to drastically impacted car sales.
[Economy] The Federal Reserve extends its current emergency lending facilities for another three months, signalling the continued impact of the COVID crisis on businesses.
[Earnings] IndusInd Bank reports 68% drop in Q1 profits, while provisions for bad loans increase four fold. At the same time, Yes Bank’s Q1 profit fell by 60%. The results were reported after Yes Bank recently strengthened their balance sheet following an FPO (Follow-on Public Offer).
[Earnings] Fast food giant McDonalds reports Q2 net income of $483 million, down from $1.52 billion a year earlier. Net sales dropped 30% to $3.77 billion.
[Currencies] Turkish Lira falls to a record low against the Euro despite central bank efforts, indicating that sentiment towards the Lira remains weak.
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