FT News Briefing US-China trade, ECB to resist pressure from German court, Airbnb’s outlook
May 7, 2020
Tensions between the U.S. and China escalate as Donald Trump considers tougher economic actions. The European Central Bank stands its ground against pressure from Germany’s court regarding bond purchases. Lyft shows promising signs of profitability despite pandemic disruptions. Meanwhile, Airbnb is reevaluating its strategy, shifting focus towards home-sharing and cutting back on luxury investments to navigate the challenges posed by the travel industry's upheaval.
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US-China Tensions Rise
- US President Donald Trump accuses China of covering up the initial coronavirus outbreak.
- He's considering aggressive economic measures against China, potentially jeopardizing their trade truce.
ECB Resists German Court
- The European Central Bank (ECB) is resisting pressure from Germany's Constitutional Court to justify its bond-buying program.
- The ECB argues that responding would threaten its independence and expose it to pressure from other national courts.
Lyft's Pandemic Performance
- Lyft saw promising signs of profitability before the pandemic, beating revenue expectations and reducing losses.
- However, rides dropped 75% in April 2020 compared to April 2019 due to lockdowns, forcing Lyft to cut its workforce.