FT News Briefing Inflation bites Biden
Nov 11, 2021
U.S. consumer prices surged at the highest rate in thirty years, posing significant challenges for the Biden administration. Meanwhile, Rivian made a remarkable stock market debut, gaining 37% on its first day, driven by a deal with Amazon. In Colombia, the president controversially blamed cocaine users for damaging the Amazon rainforest, highlighting the complex ties between narco-trafficking and environmental issues. Additionally, Disney faced disappointing subscription growth, impacting its stock value.
AI Snips
Chapters
Transcript
Episode notes
Inflation Surge
- US consumer prices rose by over 6% in October year-over-year, the fastest pace since 1990.
- This sharp increase puts pressure on the Biden administration and may impact their spending plans.
Rivian's Successful IPO
- Electric truck maker Rivian's stock soared 37% above its IPO price on its first day of trading.
- Investors are betting on Rivian's potential, fueled by a large Amazon order and the appeal of its electric trucks and SUVs.
Cocaine and Deforestation
- Colombian President Ivan Duque highlighted the link between cocaine production and Amazon deforestation at COP26.
- He urged consumers to consider the environmental impact of their drug use.