FT News Briefing Western companies hit by Muslim country boycotts
Aug 12, 2024
Western brands are facing significant boycotts in Muslim countries, impacting their revenues sharply. In a surprising twist, Americans seem to trust Kamala Harris over Donald Trump to handle the economy. Meanwhile, European traders are mostly avoiding Ukraine’s natural gas storage amid ongoing conflicts. Additionally, mid-tier U.S. accounting firms are reassessing their operations and strategies to remain competitive against the giants. The dynamic of global business travel is also evolving, with companies adjusting to new cost and environmental realities.
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Ukraine Gas Storage Drop
- European traders are shunning Ukraine's vast natural gas storage due to fears of Russian attacks.
- This significantly impacts Ukraine's economy, which relies on storage revenue.
Accounting Firms Go Global
- Mid-sized US accounting firms are reevaluating their global networks, potentially changing the industry.
- This shift is driven by clients with increasing international operations.
Grant Thornton's Bold Move
- Grant Thornton, a mid-size accounting firm, is considering acquiring its UK and Ireland counterparts.
- This is a radical departure from the traditional network model.