FT News Briefing Monday, September 16
Sep 16, 2019
Saudi Arabia grapples with a significant hit to its oil production after an attack on a key facility, causing ripples in the global oil market. Meanwhile, China’s companies surprise everyone by selling off assets for the first time in a decade. General Motors faces looming strikes over pay and healthcare, adding pressure to negotiations. In the UK, discussions around Brexit hint at a potential extension of the transition deal until the end of 2022. Israel's political landscape is heating up as Netanyahu navigates tough coalition dynamics and impending elections.
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Saudi Oil Attack Impact
- Saudi Arabia's oil production was cut by more than half after an attack on key facilities.
- This raises concerns about global crude supply given Saudi Arabia's role as a major exporter.
Chinese Companies Shift
- Chinese companies, after a decade of acquisitions, are now net sellers of global assets.
- This shift is attributed to slowing economic growth and trade tensions with the US.
GM Strike Looms
- General Motors faces a potential strike as labor contract talks break down with the United Auto Workers union.
- The disagreement centers around pay and healthcare benefits for a new four-year contract.