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The City View: Musk on cusp of Twitter buy, and global markets down

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25.04.2022

Today Andy Silvester talks to Jack Barnett, City A.M.’s Economics and Markets reporter. They go through the global market dip and why China’s zero-Covid lockdowns are concerning investors; bank earnings for Q1; and new ONS data showing that 9 in 10 households have recorded an uptick in their cost of living.

And in the news, Tesla and SpaceX CEO Elon Musk is on the verge of taking over Twitter; and research by investment firm Charles Schwab has revealed that two thirds of UK retail investors are unconcerned if their investments are sustainable.

Episode transcript (auto-generated)

Andy Silvester 0:08 Good afternoon and welcome to the City View podcasts on a rainy Monday afternoon. I’m Andy Sylvester editor at City M in a minute, I’ll be joined by Jack Barnett, our economics and markets correspondent here to talk through a pretty miserable start to the week on the globe’s stock markets. Firstly, the corporate headlines and Twitter is in the final stretch of negotiations and its sale to Elon Musk, with a deal potentially being reached as early as today. As reported across the piece by Reuters and Bloomberg, amongst others, the social media firms hammering out the terms of a transaction. According to those familiar with the matter. Last week, the eccentric billionaire announced an offer to buy the social media platform for just around 43 billion US dollars. That’s 33 and a half billion pounds, but did not say at the time how he would finance the acquisition that led people to be sceptical about his intentions. However, last week, he said in documents filed with us securities regulators that the money will come from Morgan Stanley and other banks as well as from his own personal wealth, Twitter yet comment on the matter. Musk has said he wants to buy Twitter because he does not feel it’s living up to its potential as a platform for free speech. And in all that might mean in recent weeks, he’s voiced a number of proposed changes for the company from relaxing its content restrictions, such as the rules suspended former President Donald Trump to ridding the platform, this province of fake and automated accounts. Elsewhere McCall’s the convenience store has acknowledged softer trading as customers hold back on spending. While the chain continues to try and secure a financial lifeline from partners. Shares tumbled 50%. Again nearly trading on Monday morning after the retailer gave an update on his rescue deal talks. In a trading update on Monday. The convenience store chain said it’s a mixed trading over the last few weeks. Meanwhile, UK retail investors are willing to shrug off the environmental damage of investments as long as they delivered bumper returns. New research has revealed some two thirds of UK return investors say they are unconcerned........

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