FT News Briefing - Financial Times

Latest Episodes:

Apple hits $2tn, Germany fears zombie companies, Biden goes green Aug 20, 2020

Show notes

Apple has hit a $2tn market capitalisation just two years after it became the world’s first trillion-dollar company, concern is growing in Germany that a rule introduced as part of the country’s emergency response to coronavirus is fuelling the creation of thousands of so-called zombie groups that could end up sapping the economy for years to come. Plus, as Joe Biden prepares to accept the Democratic nomination for president, he’s putting green energy at the centre of his campaign.

Apple market value hits $2tn

https://www.ft.com/content/ef09a97a-fcea-44d7-a5c0-5dc67becf286

Germany haunted by spectre of zombie companies

https://www.ft.com/content/5d5d1bc1-61a3-46a9-915c-1a1e6f2e5fd2

Biden gambles on placing climate change at heart of US energy policy

https://www.ft.com/content/2ac477e7-34a4-4c0e-b9f4-018cef47d67d

Airbnb files for initial public offering

https://www.ft.com/content/a35a84b1-8177-40de-99d5-ca04d375cd3b

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Oracle considers TikTok, Putin and Belarus, and the rise of “blank-cheque companies” Aug 19, 2020

Show notes

Oracle has entered the race to acquire TikTok, EU leaders lined up to urge the Vladimir Putin to help steer Belarus out of its political crisis, and the US postmaster-general has reversed course on a series of controversial cost-cutting measures after Democrats claimed that they would hinder postal voting in the presidential election. Plus, a look at why special purpose acquisition companies are on the increase.

Oracle enters race to buy TikTok’s US operations

https://www.ft.com/content/272cfc69-b268-45ac-88d6-d55821f27e78

Putin warns western leaders over ‘meddling’ in Belarus

https://www.ft.com/content/f96fdf91-6826-4af2-923d-ff14947fcd15

US postal service delays cutbacks over election fears

https://www.ft.com/content/2fb59ebf-4e84-4ce6-ab8d-6f1a7dc1a058

Can Spacs shake off their bad reputation?

https://www.ft.com/content/6eb655a2-21f5-4313-b287-964a63dd88b3

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Belarus protests intensify, Robinhood raises more funds, drilling in the Arctic Aug 18, 2020

Show notes

Alexander Lukashenko, the strongman president of Belarus, fought for his political future on Monday as protesters called on him to “resign”, stock-trading app Robinhood raised new equity that values the company at more than $11bn, and the Trump administration has moved to open part of the Arctic wildlife refuge for oil drilling. Plus, the FT’s Anna Gross on the human and economic toll of climate change.

‘Resign!’ Belarus president booed by striking workers

https://www.ft.com/content/2b5d2e59-d50a-4a21-9708-605b1ddf90b1

Retail trading app Robinhood’s value tops $11bn on new fundraising

https://www.ft.com/content/b208cbbe-579c-4cbf-9358-01ae02b4381b

Trump moves to allow oil drilling in Arctic wildlife refuge

https://www.ft.com/content/58b4228f-15ce-40d2-b9bf-688357045b29

Rise in coastal flooding poses threat to global economy

https://www.ft.com/content/6f8fe212-b2e6-49f4-b6b5-c8143ac5392f

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Democrats probe post office, Italy’s economy shows signs of life, chocolate sales slump Aug 17, 2020

Show notes

Senior Democrats have called the US postmaster general to testify before Congress amid election fears, pharmaceutical group CureVac has ruled out selling a vaccine at cost, and Italy's businesses enjoy a better than expected rebound from coronavirus. Plus, the FT’s Emiko Terazono on why the decline of travel is bad for the chocolate industry.

Further reading:

Democrats call postal chief to testify in US mail voting row

https://www.ft.com/content/c0128915-ad28-4699-9d5b-9b0a65acaf2b

CureVac vows ‘ethical margin’ on price of Covid-19 vaccine

https://www.ft.com/content/83a418eb-96ae-4b71-b640-6873f315921f

Italy’s businesses enjoy ‘better than expected’ virus rebound

https://www.ft.com/content/73a36f20-bbd4-4d99-a1e9-685788cb9cd9

Choc waves: how coronavirus shook the cocoa market

https://www.ft.com/content/37aa0ac8-e879-4dc2-b751-3eb862b12276

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Israel and UAE peace deal, Trump vows to block postal vote funds, China treads cautiously Aug 14, 2020

Show notes

Israel and the United Arab Emirates have reached a historic peace deal, Donald Trump has threatened to deprive the US post office of money needed for postal voting in November’s presidential race, and Wells Fargo’s chief compliance officer, Mike Roemer, is leaving after two years of attempting to overhaul the bank’s internal oversight operations. Plus, the FT’s Christian Shepherd explains why China is treading cautiously in the face of US sanctions.

Israel and United Arab Emirates strike historic peace accord

https://www.ft.com/content/2712a625-e2d4-41f3-9ef1-536d0700cbb8

Donald Trump vows to block funding for US postal voting

https://www.ft.com/content/29dedf1b-a86e-4158-a41b-21bfe88585af

Wells Fargo’s chief compliance officer quits in risk overhaul

https://www.ft.com/content/ffeb7a3b-6908-4ea5-a848-841bad14297b

China treads cautiously in the face of US sanctions

https://www.ft.com/content/4084b0fb-6dc0-4090-a778-3e15694cfa1d

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SME’s lose big, UK GDP woes, remembering Sumner Redstone Aug 13, 2020

Show notes

Small and medium-sized US companies suffered a wipeout in profits in the second quarter amid the Covid-19 crisis, Lyft reported a 61 per cent drop in revenue in the same quarter but says it is seeing signs of a recovery, and Cisco warned of an even bigger drop-off in sales than it has experienced so far during the crisis. Plus, the FT’s Gavin Jackson reports on the UK’s latest GDP data. Then, we look back at the life of media mogul Sumner Redstone.

Lyft clings to signs of recovery after pandemic dents revenue

https://www.ft.com/content/938ea146-2699-4c2d-8511-e634d2d003f8?edit=true

Cisco sales warning raises spectre of broad IT spending decline

https://www.ft.com/content/f737c60e-d632-4eda-9e41-b181c3b5ca04?

Coronavirus makes for a brutal quarter for smaller US companies

https://www.ft.com/content/83d0c41f-be54-48e3-89fe-e78cda5f319c

UK economy suffers worst slump in Europe in second quarter

https://www.ft.com/content/c8b172e2-8f70-4118-9e81-423e9a4b6839

Sumner Redstone, media mogul, 1923-2020

https://www.ft.com/content/2414b9e4-5ef3-4e46-a760-9592f162e914

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Biden chooses Kamala Harris as VP candidate, questions on Kodak loan, Russia’s Covid-19 vaccine Aug 12, 2020

Show notes

Democrat Joe Biden has named Kamala Harris as his vice-presidential running mate, an Eastman Kodak board member donated $116m in company shares to an Orthodox Jewish congregation just before the stock price collapsed, and McDonald’s is suing its former chief executive, Steve Easterbrook, over sexual conduct allegations. Plus, Russia has become the first country to grant regulatory approval to a vaccine against Covid-19. The FT’s Henry Foy explains what this means for the global race to treat coronavirus.

Joe Biden names Kamala Harris as his running mate

https://www.ft.com/content/6b975742-3200-4a5c-902c-e6303f55da03

McDonald’s gets tough with former chief over fresh sexual conduct claims

https://www.ft.com/content/99718ee2-152f-4749-b8d7-db8065a20a39

Kodak board member donated $116m in shares to charity

https://www.ft.com/content/6e7494c4-56cd-4121-8027-ecfc9586958c

Russia to start mass use of its Covid-19 vaccine in coming weeks

https://www.ft.com/content/219b973f-c50a-4071-994f-cc4592d43e1b

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Uber and Lyft told to reclassify drivers, Goldman vs Fed, Sweden’s pandemic Aug 11, 2020

Show notes

A judge in California has ordered Uber and Lyft to reclassify their drivers as employees, and the Federal Reserve has turned down Goldman Sachs’ request for less onerous treatment after the results of its annual stress test. Plus, the FT’s Richard Milne explains why any labelling of Sweden’s approach to coronavirus might be an oversimplification.

Uber and Lyft told to treat drivers as employees in California

https://www.ft.com/content/051a319c-e599-4975-90ea-40211b6a1417

Fed denies Goldman’s appeal against stress test results

https://www.ft.com/content/ba208f8d-a388-4fe5-a01b-2cb030bb9a03

Sweden’s pandemic no longer stands out

https://www.ft.com/content/7acfc5b8-d96f-455b-9f36-b70dc850428f?

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Deals resurgence, aid to Beirut, internal pushback at Nike Aug 10, 2020

Show notes

A series of blockbuster deals has led a resurgence in M&A activity since the start of July, and international donors agreed to fund €250m in emergency aid for Beirut after a chemical explosion devastated Lebanon’s capital. Plus, the FT’s US sports business correspondent, Sara Germano, explains why a group of employees at Nike have asked management to publicly acknowledge the company’s own internal shortcomings on equality before promoting the ideal to consumers.

Megadeals lead M&A revival as big companies bulk up

ft.com/content/59378fea-79a9-4684-ae03-a41798a6245c?

Future of Lebanon and entire region at stake, warns Macron

https://www.ft.com/content/c44ff8e3-1715-499f-8d0e-6774a3d6b8aa

Black employees at Nike object to company’s new ad

https://www.ft.com/content/e8b4a2e3-e0cf-467a-890b-b64db664778a

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Uber Eats fails to offset ride-sharing collapse, Quicken Loans IPO, Microsoft bids for all of TikTok Aug 07, 2020

Show notes

A surge in Uber’s food delivery business was unable to offset a 75 per cent drop in global ride-sharing, Quicken Loans stock jumped 20 per cent in its first day of trading on Thursday, and an FT analysis of data made public by the Trump administration makes it difficult to discern whether the US Paycheck Protection Program was effective at saving jobs. Plus, the FT’s deputy Beijing bureau chief, Yuan Yang, explains why Microsoft’s position in China might give it an advantage in its takeover talks for TikTok.

Appetite for Uber Eats fails to offset ride-sharing collapse

https://www.ft.com/content/0f0cd5f1-f88d-44e1-8b6a-7b50e48118aa

Quicken Loans IPO: mortgage pioneer cashes in a big win

https://www.ft.com/content/4f7e583a-3327-42fd-80cc-81bde2339a9b

How many jobs were saved by the US small business bailout?

https://www.ft.com/content/fd288b21-3391-4881-95a3-6b860c007ec0

TikTok deal tests Microsoft’s decades of China experience

https://www.ft.com/content/b02d5324-07e6-48ac-b658-b8c400d9b4fc

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