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.
[Business] World number two cinema chain, Cineworld, is closing its theatres in the U.S. and U.K. as more big-budget films have been postponed to 2021. This move leaves 45,000 workers across the two countries without a job.
[Investments] U.S. specialist debt investment group, HPS closed a $9 billion fundraising round to fund its mezzanine fund. Large investment vehicles like this underscore the continued demand for riskier loans during the Covid-19 pandemic.
[M&A] Bristol Myers Squibb, an American pharmaceutical company, is buying MyoKardia for $13.1 billion in an all-cash deal. This deal will give Bristol access to MyoKardia’s promising experimental heart drug. If approved, the new drug would reduce Bristol’s reliance on cancer therapies.
[Markets] U.S. stocks rose on Monday as investor confidence increased following President Trump’s improving health condition. The S&P 500 rose 1.0%, the Nasdaq Composite Index climbed 1.4%, while the Dow Jones Industrial Average added 243 points or 0.9%.