FT News Briefing Monday, May 27
May 27, 2019
Pro-EU parties showed resilience in recent European elections. Fiat Chrysler and Renault are discussing a potential merger that could shake up the auto industry. Meanwhile, ByteDance, the world's most valuable unicorn, is eyeing the smartphone market. A deep dive into Brazil reveals how Jair Bolsonaro's presidency has shifted focus from economic issues to cultural debates, sparking public protests and challenges. The ongoing pension reform is also highlighted, aiming to enhance fiscal confidence and attract foreign investment.
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European Election Results
- Pro-EU parties maintained their position, but the center-left and center-right blocks shrunk.
- This fragmentation leads to more complex coalition-building in the European Parliament, impacting EU policymaking.
Fiat Chrysler and Renault Merger Talks
- Fiat Chrysler and Renault are discussing a potential merger or shareholding exchange.
- Renault agreed to postpone Nissan merger plans if a deal with Fiat Chrysler is reached.
ByteDance Smartphone Venture
- ByteDance, owner of TikTok, plans to create a smartphone preloaded with its apps.
- Analysts doubt its success due to market saturation and ByteDance's lack of hardware experience.