FT News Briefing Thursday, July 18
Jul 18, 2019
Netflix's disappointing subscriber growth casts a shadow over its stock value. G7 finance ministers are grappling with taxing Big Tech amid rising geopolitical tensions, especially after the U.S. expels Turkey from the F-35 program. The call for a global minimum corporate tax highlights the struggle between large corporations and smaller businesses. Meanwhile, the railroad industry is feeling the pinch, as economic uncertainties lead to drops in share value, and investors watch eagerly for forthcoming earnings reports.
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Netflix Subscriber Growth Disappoints
- Netflix's subscriber growth fell short of projections, adding 2.7 million globally against a 5 million target.
- This miss, coupled with subscriber loss in the U.S. after a price hike, led to a stock drop.
G7 Clash Over Big Tech Tax
- G7 finance ministers debated taxing big tech companies like Google and Facebook, with disagreements between the U.S. and France.
- France's new 3% tax on big tech revenue prompted a U.S. trade investigation and tariff threats.
Turkey Expelled from F-35 Program
- The U.S. expelled Turkey from the F-35 fighter jet program over Turkey's purchase of a Russian missile system.
- This move raises concerns about intelligence gathering and potential sanctions against Turkey.