FT News Briefing Tuesday, December 10
Dec 10, 2019
Donald Trump touts progress on the USMCA trade deal, while Morgan Stanley plans significant job cuts. Amazon alleges political pressure impacted a $10 billion defense contract loss. SoftBank is selling its stake in Wag, and the financial world mourns Paul Volcker, the former Fed chairman, who recently passed away. The show's host reflects on Volcker's legacy, from battling inflation in the 80s to shaping future financial regulations with the Volcker Rule.
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USMCA Progress
- The USMCA trade deal might be ratified soon, offering relief amidst trade uncertainties with China and the EU.
- This represents rare cooperation between House Democrats and the White House.
Morgan Stanley Job Cuts
- Morgan Stanley is cutting around 1,500 jobs due to uncertainties like the US-China trade war, Brexit, and the US election.
- Other banks, including Citigroup and Deutsche Bank, are also reducing their workforce.
Amazon vs. Pentagon
- Amazon alleges that President Trump's personal animosity towards Jeff Bezos influenced the Pentagon's decision to award a $10 billion contract to Microsoft.
- The lawsuit claims this was done to harm Bezos, owner of The Washington Post, which Trump has criticized.