FT News Briefing UK to curb Huawei’s 5G role, WeWork says it’s on track for profits in 2021, OCC warning
Jul 13, 2020
Laura Noonan, the US banking editor for the Financial Times, dives into the UK’s plans to phase out Huawei from its 5G networks, a significant move stirring debate. She also discusses WeWork’s optimistic outlook for positive cash flow in 2021 as demand for private offices rises. The conversation shifts to Wall Street, where Noonan predicts varied quarterly earnings, highlighting the strength in investment banking despite challenges from pandemic-related loan losses. Additionally, she sheds light on Wells Fargo's unique dividend hurdles under new Federal guidelines.
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UK Reverses Course on Huawei 5G
- The UK will ban new Huawei 5G equipment within months, reversing a previous cap of 35% market share.
- The UK seeks alternatives from Five Eyes allies and aims to accelerate Huawei rivals' development.
WeWork's Unexpected Turnaround
- WeWork is on track for positive cash flow in 2021, a year earlier than predicted.
- Demand for private office spaces has surged, attracting new leases from major companies.
Warning to Banks on COVID-19 Excuses
- Banks should not exploit the pandemic to close branches or seek regulatory waivers.
- Brian Brooks warns against using COVID-19 as a cover for these actions.