FT News Briefing Thursday, August 1
Aug 1, 2019
The Federal Reserve's decision to cut interest rates has sparked mixed reactions in the market. Tensions rise as the Trump administration imposes sanctions on Iran’s foreign minister. Investigations unveil serious cybersecurity breaches affecting major companies. Meanwhile, Qualcomm faces challenges in China’s smartphone market. In Mexico, the president's ambitious growth plans are tested as the country narrowly escapes recession.
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Fed Rate Cut
- The Federal Reserve cut U.S. interest rates by 25 basis points, a move aimed at addressing low inflation.
- This is the first rate reduction since the 2008 financial crisis, despite low unemployment and resilient consumption.
Sanctions on Iran
- The Trump administration imposed sanctions on Iran's Foreign Minister, Mohammad Javad Zarif, escalating pressure on Iran.
- The administration considers Zarif a "propaganda minister" and seeks to replace the 2015 nuclear deal.
Capital One Breach Widens
- Unicredit and Ford are investigating potential involvement in the Capital One data breach.
- The breach, involving over 100 million people, led to the arrest of a former Amazon Web Services employee.