FT News Briefing Tuesday, October 29
Oct 29, 2019
Rising costs hit Alphabet's third-quarter revenues, even as Google's ad business thrives. Boris Johnson aims for a December general election amidst UK political tensions. ByteDance is eyeing a Hong Kong IPO, and Beyond Meat celebrates its first quarterly profit since going public. In an exciting twist, Virgin Galactic makes its market debut as the first space tourism company to launch publicly, challenging competitors like SpaceX and Blue Origin. Corporate aviation also faces hurdles, notably Boeing's safety hearings.
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Alphabet's Q3 Performance
- Alphabet's Q3 earnings revealed a 20% revenue increase driven by Google's ad business.
- However, profits fell short of expectations due to rising costs and investment losses.
UK Election Update
- The UK Parliament rejected Boris Johnson's third attempt for a general election.
- He plans to introduce new legislation requiring only a simple majority for a December 12th election.
UK Election Bill
- Opposition parties proposed a one-clause bill to fix the election date, which Johnson backed, changing it to December 12th.
- The three-day difference stems from traditional Thursday elections and legislative needs.