FT News Briefing Friday, May 31
May 31, 2019
Uber is breathing a sigh of relief as competition eases, potentially reducing its hefty losses. Meanwhile, tensions rise as President Trump warns of limiting intelligence sharing if Huawei participates in the UK’s 5G rollout. The retail landscape faces turmoil with disappointing performances from big names like Canada Goose and Gap. On the aviation front, the future of Boeing’s 737 Max hinges on resolving pilot training challenges amid regulatory scrutiny to ensure safety.
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Uber's Q1 Losses
- Uber's Q1 2019 losses exceeded $1 billion, despite a 20% revenue increase to $3.1 billion.
- Intense market competition and driver incentives significantly impacted profitability.
Trump's Huawei Threat
- President Trump plans to threaten limiting intelligence sharing with Britain if they use Huawei 5G technology.
- This threat comes amid escalating US-China trade tensions and US efforts to blacklist Huawei.
Retailers' Struggles
- Several clothing retailers, including Gap, Abercrombie & Fitch, and Canada Goose, reported declining sales.
- While some blame poor weather and lower tax refunds, successful budget retailers suggest company-specific issues.