FT News Briefing Arm wrestles with bad first quarter as a public company
Nov 9, 2023
UK chip designer Arm faces tough times with a $110 million loss and a plummet in shares. Portugal grapples with a corruption scandal after its Prime Minister's resignation, threatening economic stability. Meanwhile, the U.S. navigates complex dynamics in Gaza, emphasizing the Palestinian Authority's role post-war. President Biden confronts voter dissatisfaction and party divisions, particularly amidst the Israel-Hamas conflict, raising questions about his re-election prospects.
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Arm's Disappointing First Quarter
- UK chip designer Arm reported a $110 million loss in its first quarter as a public company.
- Its revenue forecast also disappointed investors, causing an 8% share price drop.
Portugal's Prime Minister Resigns
- Portugal's Prime Minister, Antonio Costa, resigned amidst a corruption scandal linked to lithium mines.
- He's accused of involvement in alleged corruption, malfeasance, and influence peddling.
Impact on Lithium Production
- Portugal's lithium mines were highly anticipated by the EU, which relies on China for lithium.
- The corruption scandal raises doubts about the future of these projects, impacting the EU's lithium supply.