FT News Briefing Advertisers call truce with Facebook, coronavirus job toll, BoE on negative rates in near future
Sep 23, 2020
A recent agreement between major advertisers and social media platforms aims to combat harmful content. The pandemic is projected to wipe out at least 100 million jobs globally this year. The Bank of England has ruled out negative interest rates for now, signaling cautious economic policy. Meanwhile, the EU is actively working to establish financial independence post-Brexit, with plans to enhance its market and challenge London's status as a financial hub.
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Advertiser Truce
- Over 200 companies paused Facebook ads during George Floyd protests due to harmful content.
- A new deal sets standards for hate speech and gives auditors better reporting tools.
COVID's Economic Impact
- COVID-19 will push 90-120 million people into poverty, creating a $2-3 trillion financing gap for developing nations.
- The UN Conference on Trade and Development warns of another lost decade.
Negative Rates Unlikely
- The Bank of England is not considering negative interest rates soon, focusing on quantitative easing and guidance.
- The Bank aims to keep rates low until the economy shows clear signs of recovery.