FT News Briefing UK wants final say on Virgin-O2 deal, retail goes digital in pandemic, US jobs
Jul 3, 2020
The UK seeks greater control over the review of the £31bn Virgin Media and O2 merger, raising eyebrows in Brussels. Meanwhile, online shopping surges, with US consumers projected to spend $710bn this year. On the employment front, American Airlines faces a surplus of over 20,000 front-line staff, while disparities in job losses affecting Black Americans remain alarming. Economist Valerie Wilson discusses the disproportionate impact of COVID-19 on Black workers and suggests necessary policy measures for recovery.
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UK Seeks Merger Control
- The UK wants control over the Virgin Media-O2 merger review, arguing it only affects UK customers.
- The EU might not agree, as they traditionally handle telecoms deals and the UK is still in the transition period.
E-commerce Boom
- US e-commerce spending is projected to reach $710 billion in 2020, an 18% increase from 2019.
- The pandemic has accelerated online retail growth, with more digital stores and increased dominance of existing players like Amazon.
Airline Overstaffing
- American Airlines anticipates 20,000 excess employees by autumn due to reduced flying schedules.
- This overabundance spans various roles and may lead to furloughs as they "right-size" the team.