@peter_IFAMAG reads Twitter so you don’t have to.
Greensill Capital’s implosion over the last week has been remarkable. Last week Credit Suisse, the firms bigest insurer, refused to renew a £3.3bn contract and froze £7.2bn funds linked to the firm. Today it files for adminsitration in UK court, revealing the “severe financial distress” both Greensill Capital are in, and the variety of large businesses it finances.
Elsewhere in the UK, Deliveroo prepares IPO on the London Stock Exchange with dual-class share structure, the companies last funding round gave it a valuation of more than £5bn. Also in the UK, Starling Bank gets a £1.1bn valuation.
Robert Smith, the FT reporter covering Greensill capital for over a year, broke details of the administration hearings earlier today.
Greensill begins administration. Incredible revelations in court:
*Greensill defaulted on $140m Credit Suisse loan. Has “no conceivable way” of repaying
*Has ~$5bn of exposure to GFG Alliance, which is “experiencing financial difficulties”
w/ @kayewigginshttps://t.co/BQtMtQFfY4— Robert Smith (@BondHack) March 8, 2021
Sanjeev Gupta, “steel king,” has close connections with Greensill Capital through his firm Liberty House Group and GFG Alliance.
Greensill court hearing painted a stark picture of the peril Sanjeev Gupta's GFG is now in.
This is not an abstract financial story. Tens of thousands of working people's jobs on the line.
Never forget: BBC hailed Gupta as "The Saviour of British Steel"https://t.co/FF7oOBPQhL
— Robert Smith (@BondHack) March 8, 2021
In positive news for the UK, Starling Bank is now valued at £1.1bn.
Starling Bank to announce new investment at a £1.1bn valuation tomorrow 😮
That (finally) cements its place as a fintech unicorn 🦄https://t.co/5fQzVDh8t9
— Robert Collings (@RobertCollings_) March 7, 2021
Retail Investors have the chance to invest in Deliveroo ahead of its IPO on the London Stock Exchange.
https://twitter.com/InvestmentTalkk/status/1368658860215517195
OBR survey asks Brits what they plan on doing with their cash pile following the pandemic.
.@CommonsTreasury has been quizzing @OBR_UK on the prospects for household consumption when the current health restrictions end – we discussed this in Box 2.6 of last week’s EFO and assume 25 per cent of £180bn of recent excess savings will be spent over 5 years of the forecast pic.twitter.com/CUpVSFW8zF
— Office for Budget Responsibility (@OBR_UK) March 8, 2021
In the Cryptocurrency space, the latest trend is Non-Fungible Tokens, which essentially allow an investor to own a piece of digital content and the chance to auction it at a later date.
The multimillion-dollar hype around NFTs isn’t necessarily revolutionizing art or the concept of property.
A community whose members have amassed fortunes thanks to crypto windfalls is spending some of this wealth to advertise the blockchain tech https://t.co/T80BLztVO9 pic.twitter.com/twaAuZK1q4
— Bloomberg Opinion (@opinion) March 7, 2021
Rapper Soulja Boy is a pioneering adopter, and advocate.
Just sold my first two tweets pic.twitter.com/eThbz7llDU
— Soulja Boy (Draco) (@souljaboy) March 8, 2021
Meanwhile finance executives still cautious about Bitcoin, I wonder why?
Rush to #bitcoin? There’s unlikely to be a concerted crypto charge any time soon, say many finance executives and accountants loath to risk balance sheets and reputations on a highly volatile and unpredictable asset that confounds convention https://t.co/kucLHryefv
— Reuters (@Reuters) March 8, 2021
