FT News Briefing Wednesday, March 11
Mar 11, 2020
Joe Biden secures his position as the Democratic frontrunner after key primary wins, particularly in Michigan. Airlines face crisis with canceled flights and financial guidelines amid the coronavirus outbreak. A potential oil price war between Russia and Saudi Arabia poses risks to global stability. Meanwhile, the UK government shifts from austerity to boost infrastructure investment, pushing new fiscal measures under Chancellor Rishi Sunak to combat economic fallout from the health crisis.
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Biden's Primary Wins
- Joe Biden increased his lead over Bernie Sanders by winning Michigan, Mississippi, and Missouri.
- Michigan is a key battleground state, previously won by Sanders in 2016 but lost by Clinton to Trump in the general election.
Airlines Face Crisis
- The coronavirus outbreak significantly impacted airlines, with potential revenue losses up to $113 billion globally.
- Airlines like Delta, American, United, Qantas, and Korean Air implemented cost-cutting measures like hiring freezes and reduced flights.
Oil Price War Fallout
- The International Energy Agency's head, Fatih Birol, criticized the oil price war between Saudi Arabia and Russia as irresponsible.
- Occidental Petroleum cut its dividend by 90% due to the oil price war and its acquisition of Anadarko Petroleum.