FT News Briefing - Financial Times

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Monday, September 23 Sep 23, 2019

Show notes

SoftBank moves to oust Adam Neumann as the chief executive of WeWork, US president Donald Trump and Indian prime minister Narendra Modi perform a double act at a rally of nearly 50,000 Indian-Americans in Texas and Jeremy Corbyn calls rumours he could soon step down as Labour leader “wishful thinking” during the party’s annual conference. Plus, world leaders will gather in New York City this week for the UN General Assembly and the UN climate summit. The FT’s Gillian Tett tells us what to expect.

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Friday, September 20 Sep 20, 2019

Show notes

Saudi Arabia is pressuring wealthy families to buy in to the initial public offering of state oil giant Saudi Aramco, the Federal Reserve intervened in the US money markets for the third day in a row on Thursday and promised it would so again today, Sterling climbed back over the $1.25 mark on Thursday after European Commission president Jean-Claude Juncker said a Brexit deal was possible, and companies are racing to burnish their green credentials ahead of today’s global climate protest. Plus, the FT’s Anna Nicolaou tells us why Netflix is starting to look vulnerable.

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Thursday, September 19 Sep 19, 2019

Show notes

Canadian prime minister Justin Trudeau apologises for wearing brownface makeup at a private school party after Time magazine published a yearbook photo from 2001, Cisco chief executive Chuck Robbins dismisses fears of a breakdown in global supply chains, saying he expects Washington and Beijing to reach a deal ending their trade war, KPMG UK plans to cut hundreds of staff in a wave of cost-cutting, and shares in FedEx tumbled on Wednesday, a day after the company reported its weakest sales growth in a decade. Plus, the Federal Reserve cut US interest rates by a quarter point on Wednesday. Our US economics editor, Brendan Greeley, unpacks the move.

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Wednesday, September 18 Sep 18, 2019

Show notes

The Federal Reserve Bank of New York announces plans to inject another $75bn into the US financial system to alleviate funding pressures in short-term lending markets, researchers find that smart TVs are leaking sensitive user data to companies including Netflix and Google and Israeli prime minister Benjamin Netanyahu fails to clinch an outright majority for his Likud party in Tuesday’s general election. Plus, the FT’s chief economics commentator, Martin Wolf, says economies are not delivering for most citizens. He tells us what corporations can do to fix the damage.

FT.com is free to read today for #FTOpenDay. You can read all of the stories linked below without hitting the paywall.

Take a look at the stories we covered in today’s briefing:

Fed plans second intervention to ease funding squeeze

https://www.ft.com/content/2c11a972-d941-11e9-8f9b-77216ebe1f17

Benjamin Netanyahu left vulnerable by inconclusive Israel election

https://www.ft.com/content/828ac962-d984-11e9-8f9b-77216ebe1f17

Smart TVs sending sensitive data to Netflix and Facebook

http://ft.com/content/23ab2f68-d957-11e9-8f9b-77216ebe1f17

Martin Wolf: why rentier capitalism is damaging liberal democracy

https://www.ft.com/content/5a8ab27e-d470-11e9-8367-807ebd53ab77

Marc's suggested reads:

WeWork’s Adam Neumann admits to being ‘humbled’

https://www.ft.com/content/7d543f5a-d94d-11e9-8f9b-77216ebe1f17

My daughter, the footballer: sexism and the beautiful game

https://www.ft.com/content/16f35962-e288-11e6-9645-c9357a75844a

Global cities begin to shrink as inner areas empty out

https://www.ft.com/content/c88b4c54-b925-11e9-96bd-8e884d3ea203

Russia’s role in producing the taxman of the future

https://www.ft.com/content/38967766-aec8-11e9-8030-530adfa879c2

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Tuesday, September 17 Sep 17, 2019

Show notes

WeWork postponed its initial public offering on Monday night after struggling to drum up investor interest, US president Donald Trump says he has struck an “initial” deal on tariff barriers with Japan, EU chiefs say that UK prime minister Boris Johnson brought no fresh proposals to the table during Monday’s Brexit talks in Luxembourg and billionaire philanthropist Bill Gates says the world is “nowhere near” hitting the United Nations’ Sustainable Development Goals. Plus, the FT’s Peter Wells explains how the attack on Saudi Arabia’s major crude processing plant over the weekend will have an effect on the global economy.

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Monday, September 16 Sep 16, 2019

Show notes

Saudi Arabia faces weeks without full crude production capacity after an attack on the world’s most important oil facility, China’s formerly acquisitive companies have become net sellers of global assets this year for the first time in a decade, thousands of General Motors workers are set to strike after talks broke down over pay and healthcare benefits at the company’s US factories and Brexit secretary Steve Barclay said that Britain could stay in a standstill transition deal with the EU until the end of 2022. Plus, the FT’s Mehul Srivastava tells us what is at stake Israel’s second election of the year.

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Friday, September 13 Sep 13, 2019

Show notes

WeWork’s executives, investors and advisers are discussing curbing the voting power of co-founder Adam Neumann, Speaker of the UK House of Commons John Bercow warns prime minister Boris Johnson that he will allow parliament to do whatever it takes to avoid a no-deal Brexit, British Airways cancels flights on September 27 because of a planned pilot strike, dentistry company SmileDirectClub sees price shares tumble in its public market debut and Hong Kong Exchanges and Clearing is prepared to sweeten the terms of its £32bn offer for the London Stock Exchange Group. Plus, the FT’s Frankfurt editor Martin Arnold explains how the European Central Bank’s historic package of rate cuts and economic stimulus will affect the eurozone economy.

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Thursday, September 12 Sep 12, 2019

Show notes

Purdue Pharma and its controlling Sackler family members strike a preliminary deal with several US states and local governments to resolve legal claims stemming from the opioid crisis, the FT reports that the Pentagon is compiling a list of companies with ties to the Chinese military and the UK government releases the controversial “Operation Yellowhammer” document that outlines the potential damage from a no-deal Brexit. Plus, the FT’s Philip Stafford explains why investors have given a cold shoulder to Hong Kong Exchanges and Clearing's £32bn bid for the London Stock Exchange.

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Wednesday, September 11 Sep 11, 2019

Show notes

Apple unveils the iPhone 11 and undercuts streaming rivals Netflix and Disney with a $4.99-a-month price tag for its TV+ service, and Uber cuts more than 400 engineering and product jobs in the second round of lay-offs since its May stock market listing. Plus, exercise start-up Peloton is eyeing a valuation of up to $8.2bn in its initial public offering and Margrethe Vestager holds on to a beefed-up competition role in the new European Commission. Also, the FT’s US managing editor, Peter Spiegel, unpacks the firing of US national security adviser John Bolton.

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Tuesday, September 10 Sep 10, 2019

Show notes

Softbank, the biggest outside shareholder in WeWork, is urging the lossmaking property group to shelve its hotly anticipated initial public offering, attorneys-general from 50 US states and territories launch an investigation into Google’s dominance in online search and advertising and UK prime minister Boris Johnson loses a second attempt to hold a snap election to break Britain’s Brexit impasse. Plus, the FT’s Nicholas Megaw explains how the mis-selling of payment protection insurance caused a £50bn British banking scandal.

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