FT News Briefing Facebook unveils online shopping venture, EU recovery fund, SoftBank’s future
May 20, 2020
Facebook has launched a new shopping platform to rival Amazon and eBay, eyeing the e-commerce market amid pandemic shifts. The proposed €500 billion EU recovery fund faces resistance from northern countries, highlighting tensions among member states. Meanwhile, SoftBank grapples with a staggering $13 billion loss, prompting founder Masayoshi Son to strategize future investments, including a significant asset sale. The combination of these developments paints a complex picture of the current economic landscape.
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Facebook Shops: New E-Commerce Venture
- Facebook Shops lets sellers create storefronts on Facebook and Instagram.
- Users can browse, message businesses, and sometimes buy directly.
EU Recovery Fund Proposal
- France and Germany proposed a €500 billion EU recovery fund.
- The fund requires approval from all 27 EU member states, facing resistance from some.
SoftBank's Losses and Son's Pessimism
- SoftBank reported a $13 billion annual loss, partly due to the pandemic's impact on tech investments.
- Founder Masayoshi Son expressed pessimism about the outlook.