FT News Briefing Black Lives Matter protests go global, doubts over US jobs data
Jun 8, 2020
The global Black Lives Matter protests have sparked a significant increase in corporate donations to civil rights groups. Economic concerns loom as businesses face potential cash shortages and the shipping industry grapples with 400,000 crew members stranded due to Covid-19. Confusion reigns around US job statistics, with misclassifications obscuring the true unemployment rate. Surprisingly, the job market is showing signs of recovery, defying expert expectations in a challenging economic landscape.
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Global Protests and Donations
- Protests over George Floyd's death and police brutality have spread globally, from Bristol to cities across Asia, Europe, Australia, and the U.S.
- U.S. civil rights groups have seen a surge in corporate donations, exceeding $450 million, from companies like Walmart, Amazon, and Google.
Corporate Solvency Concerns
- Fidelity International CEO Anne Richards warns of a potential corporate solvency crisis as businesses emerge from lockdown with high debt levels.
- Despite large cash reserves, the asset management industry may struggle to provide sufficient capital for business recapitalization.
Stranded Sailors and Trade
- 400,000 sailors are stranded due to the pandemic, impacting global trade by disrupting crew changes on cargo ships.
- The shipping industry urges governments to designate seafarers as key workers, create safe travel corridors, and recognize maritime documents.