16th March 2021

India Won’t Ban Crypto Trading After All, Nikola Announces A Fundraiser 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.

[Bankruptcy] Purdue Pharma’s owners, the Sackler Family, have increased the cash component of a bankruptcy settlement offer to $4.3 billion. The family hopes that the improved terms will result in various States accepting the offer. Purdue Pharma was blamed for fueling the opioid crisis in the U.S. 

Over60: FT

[Cryptocurrencies] Amid heavy speculation that India will ban cryptocurrencies, Finance Minister Nirmala Sitharaman clarified that there would not be a total ban on cryptocurrency or the underlying blockchain technology. This is not the first time the country has tried to regulate cryptos, with the Reserve Bank of India previously directing banks to stop operations with cryptocurrency exchanges, only for the Supreme Court to rule against the decision in 2020. 

Over60: Business Standard

[Regulation] U.K.’s financial regulator has launched an investigation against NatWest for failing to comply with anti-money laundering rules. The FCA (Financial Conduct Authority) claims that the bank failed to detect £365 million worth of cash deposits into a particular account between 2011 and 2016. 

Over60: The Guardian

[Fundraising] Electric vehicle manufacturer, Nikola, plans on raising $100 million via a share sale to fund the construction of a new factory in Phoenix, Arizona. Nikola has faced extensive scrutiny from regulators after a short seller’s report in 2020 labeled the company as “an intricate fraud.” The company’s market capitalization as of Monday was $7 billion. 

Over60: Yahoo! Finance

[Auto] Ford Motor plans to raise about $2 billion through an offering of five-year convertible notes, the company announced Tuesday. The automaker intends to use the net proceeds from the sale for general corporate purposes, including the potential repayment of debt. Ford had $24 billion in debt to an end last year, excluding its financial arm.

Over60: CNBC

If this was forwarded to you, subscribe here.

We thrive on subscriber feedback. Feel free to reach out to us on Instagram!

Follow us on Instagram!

Best wishes,

Team Under60