FT News Briefing VC funding in China, Amazon jobs, oil under pressure
Apr 14, 2020
Venture capital funding in China is bouncing back after lockdowns, signaling a potential recovery. Amazon plans to add 75,000 new jobs to meet pandemic-driven demand. Meanwhile, oil traders are skeptical about compliance with OPEC's recent production cuts. The geopolitical dynamics behind these cuts add further complexity. Lastly, WeWork's struggles are shedding light on the future of real estate in a post-pandemic world, hinting at the evolving demands of workspaces.
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China's VC Funding Rebound
- Chinese startups raised over $2.5B in March, six times February's amount, after the COVID-19 lockdown.
- This suggests that venture capital funds capitalized on lower valuations.
Amazon's Hiring Spree
- Amazon is hiring 75,000 more workers after already adding 100,000 to meet increased demand due to COVID-19.
- This bucks the trend of job cuts, but raises safety concerns given confirmed cases at over 50 locations.
Oil Traders' Doubts
- OPEC+, Russia, and allies agreed to cut oil production by almost 10 million barrels/day.
- Traders doubt the cuts' efficacy given a potential 30 million barrel/day drop in demand.