FT News Briefing Food delivery boosts Uber sales, US jobs preview, the fashion industry under lockdown
May 8, 2020
Uber's financial boost from food delivery highlights a shifting economy amid the pandemic. India's reliance on digital investments continues to grow as Mukesh Ambani makes headlines with stake sales. As anticipation builds for the US jobs report, concerns linger over the labor market's recovery. Meanwhile, the fashion industry faces an existential crisis, redefining its strategies in a world without physical stores, while sustainability becomes a crucial focus moving forward. The podcast dives into these transformative trends.
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Uber's Pandemic Performance
- Uber's ride-hailing business suffered due to the pandemic and lockdowns.
- However, their food delivery service, Uber Eats, experienced a significant surge in demand.
Reliance Jio's Appeal
- Mukesh Ambani sold a stake in Reliance Jio to Vista Equity Partners, following similar deals with Facebook and Silver Lake.
- These investments highlight Jio's attractiveness and the growing interest in India's internet market.
Grim U.S. Jobs Report
- The April U.S. jobs report is expected to reveal a grim unemployment rate, potentially reaching 15-16%.
- The report will also assess how many people left the workforce entirely due to job loss or discouragement.