FT News Briefing US considers breaking up Google
Oct 10, 2024
Lucy Fisher, the FT's Whitehall editor and host of the Political Fix podcast, discusses key players in the UK Conservative Party leadership race. Tensions rise as two right-wing candidates emerge, each challenging the status quo on issues like immigration. The conversation shifts to Germany's economy, facing a daunting forecast of recession. Then, the talk turns to the U.S. government's serious consideration of breaking up Google to combat its monopolistic hold, raising questions about the future of search and competition in the tech industry.
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HSBC Cost-Cutting
- HSBC's new CEO, George Alhedri, plans to merge commercial and investment banking units to cut costs.
- This move aims to save $300 million, just 1% of HSBC's total costs from last year.
UK Conservative Leadership Race
- The UK Conservative Party leadership race narrowed down to Kemi Badenoch and Robert Jenrick.
- The winner will inherit a fractured party after its worst election defeat in July.
Conservative Candidates
- Kemi Badenoch, a former business secretary, is a right-wing candidate who calls herself a "net zero skeptic."
- Robert Jenrick, a former immigration minister, quit Rishi Sunak's cabinet, criticizing Sunak's stance on migration.