FT News Briefing Biden’s coronavirus warning, Airbnb readies for IPO, Saudi Aramco bonds
Nov 17, 2020
Biden raises concerns about Covid-19 response, stressing the need for a smooth power transition. Airbnb reveals its optimistic IPO plans, focusing on local travel amidst pandemic challenges. Meanwhile, the Basel Committee calls for banks to pause shareholder payouts to assess pandemic impacts. Saudi Aramco makes headlines as it prepares to issue international bonds to tackle its financial hurdles amid reduced oil demand. The market backdrop includes Tesla's anticipated addition to the S&P 500.
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Biden's COVID Warning
- The US added over a million new COVID-19 cases in a single week, and new restrictions are being implemented.
- President-elect Biden warns that a lack of coordination with the Trump administration will worsen the pandemic.
Airbnb's IPO and Pandemic Impact
- Airbnb's recent prospectus reveals that the pandemic significantly impacted its business, particularly in urban areas.
- However, they've adapted by focusing on short-distance and long-term stays, showing resilience.
Bank Regulator's Advice
- Basel Committee Secretary General Carolyn Rogers advises banks to delay shareholder payouts.
- She believes it's premature given the uncertain long-term impacts of the pandemic, despite strong capital buffers.