FT News Briefing Key aide to Boris Johnson quits, ECB set to expand help, TikTok deadline, Turkish lira
Nov 12, 2020
Boris Johnson's top communications aide has resigned, highlighting a power struggle in Downing Street. The European Central Bank plans to sustain low financing costs to support the eurozone's recovery. TikTok faces legal challenges related to its U.S. operations as it races against a divestment deadline. Additionally, Turkey grapples with an economic crisis as its lira tumbles, while President Erdogan's policies spark investor distrust, leading to significant political consequences.
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Downing Street Upheaval
- Boris Johnson's Director of Communications, Lee Cain, resigned amidst a Downing Street power struggle.
- This resignation is linked to internal conflicts over Brexit and who has the Prime Minister's ear.
ECB Support
- The European Central Bank will maintain favorable financing costs for Eurozone economies.
- They will use bond-buying and cheap loans as primary tools.
TikTok's Legal Challenge
- TikTok faces a U.S. divestment deadline but is challenging the order in court.
- ByteDance, TikTok's parent company, proposed a new deal involving Oracle, Walmart, and U.S. investors.