FT News Briefing Friday, September 13
Sep 13, 2019
WeWork's leadership is grappling with co-founder Adam Neumann's overwhelming voting power. The UK Parliament is bracing itself for drama as Boris Johnson faces potential hurdles over Brexit. British Airways is reeling from a looming pilot strike, while SmileDirectClub's stock debut disappoints. Amidst this, the European Central Bank rolls out historic rate cuts and stimulus measures, aiming to bolster the eurozone economy and adapt to future challenges, including climate change.
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WeWork IPO Concerns
- WeWork executives are discussing curbing Adam Neumann's voting power.
- They're also considering removing his wife from succession planning to improve the IPO's chances.
Bercow's Brexit Stance
- John Bercow, the outgoing Speaker, will allow Parliament to use procedural creativity.
- This is to prevent Boris Johnson from illegally implementing a no-deal Brexit.
ECB Stimulus Package
- The ECB cut its core interest rate to a record low of -0.5%.
- They also restarted quantitative easing, buying €20 billion of bonds monthly.