FT News Briefing Chesapeake files for bankruptcy, Facebook ad boycott, Singapore’s new corporate structure
Jun 29, 2020
Chesapeake Energy files for Chapter 11 bankruptcy, marking a downturn for this key player in the shale industry. Meanwhile, a growing boycott by brands against Facebook highlights escalating concerns over hate speech. In a bid to become Asia's financial hub, Singapore introduces a new corporate structure to attract hedge funds and investors, challenging other low-tax regions. The conversation dives into the implications of these developments for the financial landscape.
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Chesapeake Energy's Downfall
- Chesapeake Energy, a shale pioneer, filed for bankruptcy.
- Once valued at $35 billion, it's now worth $130 million.
Shale Sector Struggles
- Chesapeake Energy's bankruptcy symbolizes the struggles of the shale sector.
- The company's rapid expansion and debt accumulation led to its downfall.
Facebook Ad Boycott
- Facebook faces an advertising boycott over hate speech handling.
- Major brands like Coca-Cola, Unilever, Starbucks, and Levi's joined the boycott.