FT News Briefing Wednesday, July 17
Jul 17, 2019
US banks face challenges as lower interest rates squeeze their lending margins. Ursula von der Leyen narrowly gains parliamentary support as Europe’s first female Commission president. United Airlines boosts its financial outlook despite setbacks from grounding its 737 Max fleet. Meanwhile, Big Tech faces intense scrutiny in Washington, particularly regarding cryptocurrency plans and data privacy issues, as lawmakers ramp up their questions about trust and regulatory compliance.
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Facebook's Trust Issues
- Senator Sherrod Brown criticized Facebook's trustworthiness during David Marcus's Libra testimony.
- He compared Facebook to a toddler with matches, highlighting past data misuse.
Antitrust Hearing Atmosphere
- The antitrust hearing with Google, Apple, Facebook, and Amazon was less heated than the Libra hearing.
- Each company defended its practices, but the information gathered could inform future legislation.
US Bank Growth Concerns
- US bank earnings show investor fears about growth are materializing.
- Lending banks are expected to feel the pain first, with the Federal Reserve likely cutting interest rates.