9th March 2021
Greensill Capital Files For Administration, Deliveroo Plans IPO, And More
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Welcome to another edition of 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.
[Bankruptcy] Greensill Capital has filed for administration. The company defaulted on a $140 million loan to Credit Suisse. Greensill Capital, backed by Softbank, provided supply chain financing and was last valued at $7 billion. Reports say that Apollo Global Management is considering buying parts of Greensill's operations.Â
Over60: CNBC, What Is The Difference Between Administration and Bankruptcy?Â
[Central Bank] The European Central Bank (ECB) slowed the pace of its bond-buying program for the second consecutive week. The ECB's weekly average of bond buying was €18.1 billion but was €12 billion and 11.9 billion over the last two weeks.Â
Over60: FT
[IPO] Deliveroo on Monday confirmed plans to list on the London Stock Exchange following a surge in business during the pandemic. The total value of transactions processed on its platform increased by 64% last year to £4.1 billion ($5.7 billion). The company also announced plans to give some of its busiest riders £10,000 bonuses ($13,850) following its IPO.
Over60: CNN Business
[FinTech] Fintech startup Social Finance Inc. agreed to buy Golden Pacific Bancorp Inc., a tiny California community lender, for ~$22 million to accelerate its push into the banking business. SoFi plans to contribute an additional $750 million to capitalize the bank for a national, digital expansion should regulators approve the transaction.
Over60: WSJ (Exclusive)
[Automobile] Toyota thrives as other carmakers struggle with the impacts of the global chip shortage. The company's business continuity plan (BCP) requires suppliers to stockpile anywhere from two to six months' worth of chips. It is likely the reason that Toyota has been largely unscathed from the shortage.
Over60: Mint
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