FT News Briefing Tuesday, October 8
Oct 8, 2019
Hong Kong has aborted its £32bn bid for the London Stock Exchange, signaling shifts in global finance. The World Bank warns of potential growth falling short of predictions. Meanwhile, General Motors faces a staggering impact from ongoing worker strikes with nearly 60,000 temporary suspensions. In a major geopolitical development, Trump permits Turkey to target US-backed Kurdish forces in Syria, stirring concerns about the region's stability and future resistance against ISIS.
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Hong Kong Exchange Drops LSE Bid
- The Hong Kong Exchange dropped its £32bn bid for the London Stock Exchange.
- Concerns arose regarding regulatory approvals, corporate governance, and Hong Kong's role as a gateway to China amid ongoing protests.
Global Economic Slowdown
- The World Bank president, David Malpass, warned that global economic growth could fall short of the predicted 2.6%.
- Brexit, Europe's recession, and trade uncertainty contribute to the slowdown.
GM Strike Impacts Production
- Nearly 60,000 General Motors workers were furloughed as the United Auto Workers Union strike entered its fourth week.
- The strike has cost GM over $1 billion, according to Wall Street estimates.