FT News Briefing Friday, September 6
Sep 6, 2019
UK Labour MPs are poised to reject Boris Johnson’s call for a snap election amid Brexit tensions. In the U.S., Treasury Secretary Mnuchin is pushing for Fannie Mae and Freddie Mac's return to private ownership. WeWork’s valuation has plummeted, while Wall Street is seeing gains due to renewed U.S.-China trade talks. China’s tech giants, like Alibaba, are pouring investments into physical retail, striving to merge online and offline shopping for better profitability. Retail strategies are being reevaluated amidst these market shifts.
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Labour Rejects Snap Election
- UK Labour Party likely to reject Boris Johnson's call for a snap election.
- They fear Johnson could win, enact a no-deal Brexit, and bypass opposition.
Recapitalizing Fannie Mae and Freddie Mac
- US Treasury Secretary Steven Mnuchin is pushing to recapitalize Fannie Mae and Freddie Mac.
- This move aims to return them to private ownership after a government bailout.
WeWork's Valuation Drop
- WeWork's potential IPO valuation has dropped significantly, to less than half of its prior $47 billion.
- Investors have concerns regarding the company's path to profitability.