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.
[Markets] Berkshire Hathway has acquired a little over 5% stake in each of the five leading Japanese companies: Itochu Corp., Marubeni Corp., Mitsubishi Corp., Mitsui & Co., and Sumitomo Corp. The stakes were acquired through regular transactions in the Tokyo Stock Exchange over a year.
[Private Equity] KKR will sell its stake in US-based software maker to Clayton Dubilier & Rice in a deal worth close to $4.7 billion. The deal ranks among the largest software acquisitions in 2020.
[GDP] India’s GDP contracted by 23.9% in Q1 2020 owing to the COVID-19 pandemic, the first GDP decline on record since India began publishing quarterly numbers in 1996. Over60: Business Standard
[M&A] Walmart joins Microsoft to submit a joint bid to acquire the US operations of Tiktok, the Chinese video-sharing application. However, new restrictions in China that ban certain additional categories of exports have slowed down talks between potential acquirers and ByteDance, Tiktok’s parent company.
[Sovereign Debt] China has struck agreements with many low-income countries that have sought relief on debt payments via G-20’s Debt Standstill Scheme. Analysts are paying close attention to the developments between Angola and China as China owns close to 45% of Angola’s $49 billion government debt.