Financial analysts projected that London’s earnings this quarter would drop significantly.
When asked on the possible reason for the said financial setback, experts said that it is due to a combination of internal and external dilemmas.
The British automobile company Daimler noted that the reason why it will probably come short in the second quarter (financially) is the dwindling demand for cars. Also, the company faced several legalities and recall issues that indirectly affect its market.
Meanwhile, John Normand, head strategies of the JPMorgan Chase (JPM), stressed that the problem is not only about the actual earnings. He said that a lot of companies in London need a revamp in terms of management aspect and company guidance.
Normand pointed out that the high expectations from the field make the people in the higher-ups to overdo things. And this will result in pressure that will not bring any good to the company.
US Solons to Hear Facebook Libra’s Call
Facebook’s entry to the cryptocurrency world needs to endure arduous scrutiny. This after the United States government said that Facebook is yet to prove its class in running an online currency.
The Congress scheduled the hearing for Facebook Libra next week. It is expected that issues on security and crypto management will be the main point of discussion.
President Donald Trump earlier raised its opposition against the Libra cryptocurrency. The president said that if Facebook wants to indulge in crypto business, it must secure a clearance first.
Recently, Facebook answered doubts about its cryptocurrency offering. According to David Marcus, FB executive, they already managed to improve their system and met all the requirements. They already employed security measures to prevent any breach of security, including stealing of personal information and financial accounts. Marcus said that Facebook is more than ready to operate a cryptocurrency.
People who are engaged in cryptocurrency are crossing their fingers now. They hope that the Congress will be objective enough and hear Facebook’s side without prejudgment.