FT News Briefing Brexit and the EU’s recovery, Vroom’s strong IPO, Fed’s forecast
Jun 10, 2020
The impact of a hard Brexit on the EU's recovery plans is coming into sharp focus as member states push for clarity from Brussels. A former Goldman Sachs banker narrowly escapes prison for insider trading, raising eyebrows about accountability. On a brighter note, Vroom's IPO has investors buzzing as its stock price doubles on its debut. Meanwhile, the Federal Reserve is set to unveil crucial economic forecasts, hinting at strategies to tackle recession amid ongoing social unrest and rising unemployment.
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Brexit Recovery Concerns
- Ireland and Belgium urge the EU to consider a hard Brexit's economic shock in its pandemic recovery plans.
- This comes amid stalled UK-EU negotiations, raising no-deal Brexit concerns.
Banker Avoids Prison
- Former Goldman Sachs banker, Brian Cohen, avoids jail time for insider trading, receiving home detention instead.
- His lawyers cited Cohen's asthma and COVID-19 risk as reasons to avoid imprisonment.
Hot IPO Market
- Despite a pandemic-induced lull, companies like Vroom are entering the public market with high demand.
- Vroom's shares doubled on their first trading day, demonstrating investor optimism.