2nd March 2021

A New Rescue Package For Hertz, More Incentives For Tesla India, And A Swedish Company Secures Its Place As Highest-valued Private Fintech In Europe

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.

[Funding] Hertz has received a $4.2 billion rescue offer from a group of travel industry investors (Knighthead Capital Management and Certares Management) aiming to bring the car rental company, which has been battered by the pandemic, out of bankruptcy.

Over60: FT, Yahoo! Finance

[EV] India’s transport minister, Nitin Gadkari, has offered incentives to Tesla Inc to ensure the automaker’s cost of production would be less than in China if the carmaker commits to making its electric vehicles in the south Asian country. Tesla is expected to begin selling its Model 3 sedan in India as early as mid-2021.

Over60: Money Control

[Funding] Klarna, the Swedish buy now, pay later (BNPL) behemoth and upstart bank, has raised $1 billion in new funding at a post-money valuation of $31 billion. That sees the company retain the crown as the highest-valued private fintech in Europe.

Over60: TechCrunch

 [Markets] Greensill Capital, a supply chain finance company, hopes to invoke “safe harbor” protection in Australia, which shields directors from personal liability for a company trading while insolvent. This follows a move by Credit Suisse to freeze $10 billion in funds belonging to the firm.

Over60: FT, Reuters

[Commodities] Prices of Gold have touched an eight-month low, mainly due to the economic recovery across the world and rising bond yields. The price of gold touched $1,707 an ounce. That price represents an 18% decline compared to the August high of $2,072. 

Over60: FT

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