Dear Reader,
Welcome to another edition of The Under60 Daily - a brief rundown of the top happenings in the business world, compiled by hand to exclude the clutter and ensure you get up to speed in under a minute.
Apologies for missing out on yesterday’s newsletter, we were enjoying the 4th of July weekend a lot more than anticipated. Nonetheless, we’re back to business!
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[IPO] Didi Chuxing’s shares tanked by 25% in pre-market trading as the Cyberspace Administration of China announced an investigation into the ride-hailing company. The Administration had ordered Didi Chuxing to be removed from domestic app stores as it violated laws surrounding the collection and use of personal data.
Over60: CNBC
[Automobiles] Jaguar Land Rover (JLR) has lowered its forecasted deliveries via its wholesale channel due to the severe global semiconductor shortage. The company said that the chip shortage was due to have an impact worse than what was forecasted previously. Shares in JLR’s parent company, Tata Motors, dropped by 9% as investors reacted to the news.
Over60: Economic Times
[SPAC] Hyperlocal social media company Nextdoor has agreed to go public via a SPAC launched by Khosla Ventures, valuing the company at $4.3 billion. Founded in 2011, the social network carved a niche distinct from dominant rival Facebook by creating an online space for neighbours to discuss local events, rate local businesses and exchange goods and services.
Over60: FT
[Restructuring] Alibaba has joined the Chinese local government and other corporate backers in a $1.4 billion investment in Suning, a holding company that operates the country’s biggest brick-and-mortar retail chain and owner of Italian football team Inter Milan.
Over60: FT
[Oil & Gas] The price of crude oil jumped to a three year high after OPEC+ abandoned a decision on increasing oil production as Saudi Arabia, Russia and UAE failed to reach a compromise. The UAE believes that the current supply target is too low and it underestimates the nation’s production capacity, while Russia and Saudi Arabia believe otherwise.
Over60: New York Times
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Team Under60.