Financial Times

Microsoft is chasing a deal to buy TikTok’s global business, including the video app’s operations in India and Europe, according to the Financial Times.

Lebanon has declared a state of emergency in Beirut and ordered the house arrest of anyone involved with chemicals blamed for a huge explosion in the capital, says the Financial Times.

The Financial Times reports that HSBC announced a big jump in bad-loan reserves and a drop in profits as it was hit by the twin troubles of coronavirus and escalating US-China tensions.

Donald Trump’s administration has vowed to take action in a matter of days against more Chinese software companies it believes to be a national security risk, the Financial Times reports.

The US and Germany each lost about 10% of their economic output during the second quarter due to the coronavirus pandemic, according to the Financial Times.

The Financial Times reports that Santander slumped to an €11.1bn loss in this year’s second quarter – the first loss in the Spanish bank’s 163-year history – in the wake of the coronavirus pandemic.

The Financial Times reports on the rise in tourism amid an easing of coronavirus lockdowns – despite rises in cases in some countries.

On the front of the Financial Times, the US dollar has dropped to a two-year low and is now on track for its worst month in nearly a decade.