@peter_IFAMAG reads Twitter so you don’t have to.
HSBC profits plummet 97%, new data reveals. Metro Bank agrees to buy peer-to-peer lender RateSetter. Also on Twitter; recession figures, and why they might not be as bad as we all worry.
HSBC announces staggering quarterly losses, following the bank putting aside $3.8bn in coronavirus loan-loss provsions.
Ugly, ugly stuff from @HSBC today as 2Q profit plunges 97% off the back of a sevenfold increase in #coronavirus-related loan-loss provisions to $3.8bn 😱 with a side dish of US-China geopolitical crossfire 🇺🇸v🇨🇳 via @FT w/ @primroseriordan https://t.co/4C4CO58yGB
— Stephen Morris (@sjhmorris) August 3, 2020
Many in the FinTech industry are heralding the RateSetter purchase.
Woah 😲
Metro Bank to acquire @RateSetter for a total of £12m:
👉 £2.5m payable now
👉 £0.5m in 12 months (subject to 'certain' criteria)
👉 £9m in 3 years (subject to hitting KPIs)Acquiring them to strengthen their unsecured lending position and increase returns for the bank https://t.co/LEbFzsplRK
— Robert Collings (@RobertCollings_) August 3, 2020
James Hurley strikes a more sceptical tone.
Even if you're a peer-to-peer industry bear, seeing one of the industry's largest and oldest players sold for only an initial £2.5 million is quite something https://t.co/MWQYVgSZ9y
— James Hurley (@jameshurley) August 3, 2020
Swedens economy the least effected by Coronavirus in the EU, Bloomberg reports.
Data this week could confirm how Sweden’s decision to avoid a full lockdown at the start of the coronavirus pandemic has spared its economy from the worst of the fallout https://t.co/pxBbi77oU1
— Bloomberg Markets (@markets) August 3, 2020
Microsoft negotiations to acquire Chinese owned TikTok continues, following President Donald Trump’s intervention.
Here's the Microsoft letter overnight.
It spells out the basic contours of what is happening and their "preliminary" discussions for TikTok in the US, Canada, Australia and NZhttps://t.co/nd2hldF1oy
— Arash Massoudi (@ArashMassoudi) August 3, 2020
Liz Ann Sonders puts most recent recession figures into a historical context.
Putting current recession into historical context, 2020 forecasted annual drawdown is expected to be one of worst in history; although it remains far above Great Depression levels @biancoresearch pic.twitter.com/mLqzP9RmHB
— Liz Ann Sonders (@LizAnnSonders) August 3, 2020
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