FT News Briefing Beirut explosion, ETF gold spree, UK tax authority takes on General Electric
Aug 5, 2020
The aftermath of a devastating explosion in Beirut leaves dozens dead and thousands injured. Disney faces financial struggles as park income plummets amidst the pandemic. Meanwhile, a surge in gold prices sees an ETF amassing more gold than some entire nations. Lastly, General Electric is in hot water with the UK's tax authority over serious fraud allegations, potentially impacting their financial future.
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Beirut Blast: On-the-Ground Account
- A massive explosion at Beirut's port caused widespread destruction and left many injured.
- FT's Chloe Cornish, based near the site, reported shattered buildings, trapped people, and a city retraumatized by the event.
Beirut Blast Exacerbates Existing Crisis
- The Beirut explosion severely damaged the port and a grain silo, impacting Lebanon's import-dependent economy.
- The blast, potentially linked to stored chemicals, raises concerns about air pollution and the country's economic and humanitarian crisis.
Disney's Mixed Q2 Results
- Disney's Q2 earnings reveal a 42% revenue drop, primarily due to pandemic-related theme park closures and movie delays.
- Despite the overall decline, Disney+ streaming service saw growth, surpassing 60 million subscribers.