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.
[Regulatory] JPMorgan Chase agrees to pay a record $920 million to settle charges that it engaged in manipulative trades of futures tied to precious metals and Treasury bonds.
Over60: CNN Business
[Technology] Chinese internet giant Baidu raises undisclosed sum of money for its business division focused on voice assistants and smart devices. The “Smart Living Group” was valued at 20 billion yuan ($2.9 billion).
[Unemployment] Shell plans on saving nearly $2.5 billion in costs by cutting up to 9,000 jobs by 2022. Similarly, Disney has announced that it will cut 28,000 jobs mainly from its theme parks, one of the largest layoffs due to coronavirus.
[Sovereign Debt] Zambia faces an uphill task regarding plans to suspend interest payments on the debt as bondholders seek assurances that the country’s largest lender, China, faces the same. Fitch lowered Zambia’s credit rating this week, citing that a default could be on the cards for sub-Saharan African countries.
Over60: Bloomberg Quint
[Markets] U.S. stocks are set to face a very turbulent time in the near term as the U.S. Presidential Debate failed to provide investors with confidence regarding the elections. VIX futures showed a future price of 32, much higher than the price of 20 which is generally seen when markets are not volatile.
Over60: FT Exclusive