FT News Briefing Tuesday, July 2
Jul 2, 2019
Hong Kong's leader blasts protesters over a Legislative Council takeover, while the US economy sets a record for expansion. Tension brews for OPEC as Iran raises alarms about Saudi Arabia and Russia’s growing influence. Meanwhile, WeWork gears up for its market debut, raising eyebrows over its $47 billion valuation and the sustainability of its business model. Conversations with founder Adam Neumann reveal ambitious growth plans, even as the company grapples with its identity as a tech innovator or a traditional real estate firm.
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Hong Kong Protests
- Hong Kong leader Carrie Lam condemned protesters who stormed the Legislative Council building.
- Protesters vandalized the building, prompting police to use tear gas.
US Economic Expansion
- The U.S. economic expansion, starting June 2009, is the longest in 165 years, surpassing the 1991-2001 boom.
- Economists are concerned about the expansion's potential end due to mixed global data and trade tensions.
OPEC's Future
- Iran's oil minister warned that OPEC's future is at risk due to growing Saudi-Russian influence.
- Russia and Saudi Arabia agreed to extend oil production cuts before the OPEC meeting.