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Under60 Daily | 28 September 2020

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.



[Automobiles] Volkswagen and its Chinese joint venture partners will spend €15 billion to design and manufacture electric vehicles in China, the world’s largest automobile market.

Over60: Nikkei Asian Review

[Commercial Real Estate] New data has revealed that commercial properties that have faced difficulties in repaying mortgages have seen their value erode by an average of 27%. The fall in value has also increased the risk of loss for Commercial Real Estate Mortgage investors, as the loan-to-value ratio has surged.

Over60: FT Exclusive

[Trade] The U.S. has placed restrictions on exports to China’s SMIC, the biggest silicon chip maker in the country. The restrictions come after similar curbs were placed on Huawei. SMIC’s shares were down by 3.9% in Shanghai.

Over60: Mint

[Transport] Uber has won a legal battle against Transport for London (TfL) which has resulted in Uber having its London operating license restored for 18 months. Uber shares were up by 6% in U.S pre-market trading.

Over60: Reuters

[M&A] U.S. oil producer Devon Energy will buy WPX Energy in an all stock deal valued at $12 billion. Devon expects the merger to help cut costs and provide synergistic advantages to the tune of $575 million in increased cash flows.

Over60: Reuters

[M&A] ArcelorMittal will sell a part of its U.S. assets to Cleaveland-Cliffs in a shares and cash deal worth $1.4 billion. The steel maker will use the cash towards share buybacks.

Over60: Mint

[Currencies] The Pound Sterling rallied on Monday due to the mood around Brexit negotiations turning positive. The rally was also backed by the reduced probability of the BoE cutting interest rates into negative territory.

Over60: FT Exclusive




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Under60 Daily | 27 November 2020

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. [Int

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