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.
[Earnings - India] Maruti Suzuki reports first quarterly loss in 17 years, with a total income of INR 5424 crore ($723m), 73% lower than the same period a year ago. Indigo Airlines reports a 92% plunge in revenue for the period ending June 30, 2020, with a net loss of INR 2,844.3 crore (-$379m), down from INR 1203 crore ($160m) a year prior.
[Earnings - US] GE posts a $2 billion loss in Q2, with revenues down 24% due to a significant decline in its jet-engine business.
[Bankruptcy] Denbury Resources, an oil producer in the US, files for bankruptcy protection after struggling with a heavy debt load.
[Earnings - Banking] Barclays, Deutsche Bank and Banco Santander collectively set aside nearly $6.6 billion in Q2 for expected loan losses arising from the coronavirus pandemic.
Over60: CNN Business
[Earnings - Technology] Tencent’s market capitalization closes at $665.40 billion, surpassing Facebook ($656.15 billion) for the first time. The rally in shares is attributed to rising regulatory pressure on Facebook and an increase in the use of Tencent applications as a result of the COVID-19 pandemic.
[Regulation] UK’s fifth-largest accounting firm, BDO LLP, fined by the Financial Reporting Council over breaches in its work on the books of international insurer AmTrust Europe.