10th March 2021

U.S. Banks Implement New Face Saving Legal Policy, OECD Upgrades It Outlook Of The Global Economy And More

Dear Reader,

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.

[Legal] U.S banks are reportedly introducing new legal terms in their debt contracts to protect themselves from accidental fund transfers. The move comes after Citibank lost a legal battle to recover $900 million that it accidentally sent to Revlon. 

Over60: FT

[M&A] The world’s largest cannabis retailer, Curaleaf Holdings, has agreed to buy over Europe’s largest cannabis producer, Emmac Life Sciences, for $324 million. Curaleaf hopes that the personal and political liberalization around recreational and medical marijuana use in the U.S. will spread to Europe. 

Over60: Bloomberg

[Global Economy] OECD upgraded its outlook on global economic growth, citing President Biden’s $1.9 trillion economic packages as the reason. OECD estimates that the stimulus will increase global economic growth by 1%. The organization also estimates that most countries will return to pre-pandemic output by the end of 2022. 

Over60: Marketwatch

[Airlines] Hong Kong-based Cathay Pacific posted its worst-ever annual loss as the company announced that it would focus on preserving cash in the future. The airline recorded an annual loss of $2.79 billion, compared to a 2019 profit of $218 million. 

Over60: Aljazeera

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