X Financial Reports Third Quarter 2021 Unaudited Financial Results

SHENZHEN, China, Nov. 22, 2021 /PRNewswire/ — X Financial (NYSE: XYF) (the “Company” or “we”), a leading online personal finance company in China, today announced its unaudited financial results for the third quarter ended September 30, 2021.

Third Quarter 2021 Financial Highlights

  • Total net revenue in the third quarter of 2021 was RMB964.4 million (US$149.7 million), representing an increase of 72.3% from RMB559.8 million in the same period of 2020.

  • Income from operations in the third quarter of 2021 was RMB410.6 million (US$63.7 million), compared with loss from operations of RMB101.4 million in

Read More

Wall Street rebounds after Friday’s omicron panic

Markets steadied Monday as investors took stock of the news about the new omicron variant of the coronavirus, which sent shock waves through public health organizations and governments last week. 

Wall Street reclaimed some of the ground it lost on Friday, when all three of the major indices plunged by more than 2 percent. The Dow Jones Industrial Average had its worst day of the year, falling by 905 points, or 2.5 percent. The broad-based S&P 500 fell by 2.3 percent, and the tech-dominated Nasdaq dropped by 2.2 percent. 

“Friday confirmed for us that Covid is still the investor narrative,”

Read More

Wall Street closes sharply lower on new variant fear | Financial Markets News

Stocks sank Friday, with the Dow Jones Industrial Average briefly falling more than 1,000 points, as a new coronavirus variant first detected in South Africa appeared to be spreading across the globe. Investors were uncertain whether the variant could potentially reverse months of progress at getting the COVID-19 pandemic under control.

The S&P 500 index dropped 106.84 points, or 2.3 percent, to close at 4,594.62. It was the worst day for Wall Street’s benchmark index since February.

The index was dragged lower by everything from banks, travel companies and energy companies as investors tried to reposition to protect themselves financially

Read More

Loan apps go gangster, send ‘shame’ messages to close contacts of loan defaulters

The Nigerian fintech space is growing exponentially, attracting the attention of both foreign and local investors and drawing new entrants into the diverse sub-sectors within the ecosystem. A good number of them have struck gold offering uncollateralized loan facilities to Nigerians albeit at eye-popping interest rates. Of this cohort, it would appear as if some have met and agreed to come down hard on defaulters, resorting to unbelievably desperate measures to recover loan facilities obtained from their apps.

Findings made by Nairametrics show that a number of these loan app operators now send embarrassing short messages service (SMS) and WhatsApp

Read More

Five Personal Finance Thumb Rules To Follow

Following certain thumb rules can sort out your finances broadly. Thumb rules may not always give you an accurate picture but can steer you in the right direction as they are usually time-tested processes. They are something that are easily learnt, remembered, and applied.

“Thumb rules help in streamlining our finances. Basically, when we form a rule and follow a time-tested process, our probability to reach financial freedom increases,” says Anant Ladha, founder, Invest Aaj For Kal, a financial planning firm.

Here are five popular personal finance thumb rules that you can follow to sort out your money life. However,

Read More

FCMB begins treating customers aged 18-30 as fraud suspects

First City Monument Bank has put out an alert on accounts held by people between the ages of 18-30, asking staff to be on the lookout for money launderers and other criminal activities. 

An internal email seen by Peoples Gazette titled “Compliance Advisory on Cryptocurrency Dealing/Transactions” is in furtherance of the Central Bank of Nigeria’s ban on the trading of cryptocurrency in the country. 

Accounts “with high volume transactions operated by individuals between the age brackets of 18-30 years as signatories,” should be flagged for possible fraudulent activities by staff members, the memo said.

Other account types with similarly discriminatory

Read More

Wall Street’s ‘fear index’ surges by most in 10 months as Dow and S&P 500 set to tumble on COVID variant worries

A measure of implied volatility on Wall Street on Black Friday touched the highest level since around September as futures for the Dow Jones Industrial Average [: DJIA]
YMZ21,
+0.14%
and the S&P 500 index
SPX,
+1.32%
ESZ21,
+0.08%,
looked set to tumble amid concerns of a fast-spreading strain of coronavirus, which was identified in South Africa, Hong Kong and Israel and was already leading to travel restrictions. The CBOE Volatility Index
VIX,
-19.78%
jumped by about 40% Friday morning, trading around 25.4, which would mark the highest level for the index since around Sept. 20 and mark the

Read More

Analysis: Stock market beyond finance

The benchmark index of the Dhaka bourse witnessed an erosion of 3.4% last week while the daily turnover slipped below the Tk1,000 crore-mark for the first time in the previous seven months Mahmud Hossain Opu/Dhaka Tribune

During the past 25 years, at least three stock market slumps have been recorded besides the usual ebb and flow of the market

Recently, news about the stock market made the headlines as investors incurred huge losses quickly.

It is not the first time this has happened; during the past 25 years, at least three stock market slumps have been recorded besides the usual

Read More

Nigerian bank says non-performing loans to entrepreneurs almost 100%

The Bank of Industry has said the country’s entrepreneurs don’t have the habit of repaying loans, saying its non-performing loan portfolio awarded to entrepreneurs ranges between 80 and 100 per cent.

The bank’s managing director, Olukayode Pitan, disclosed this recently at the first edition of the community engagement development workshop organised by the Arthur Mbanefo Digital Research Centre (AMDRC) of the University of Lagos (UNILAG), Akoka.

The workshop, with the theme; “Building the Nigeria’s Economy for the Immediate Future: The Role of Innovation and Entrepreneurship and Startups Creation,” featured scholars and industry leaders including the director of the

Read More