FT News Briefing Friday, February 21
Feb 21, 2020
EU leaders are stuck in negotiations over the next multi-annual budget, especially concerning climate change funds. Meanwhile, Roger Stone receives a hefty 40-year sentence, stirring up U.S. political tensions. The coronavirus threatens the luxury industry, echoing past financial crises. Wealthy Arab states are heavily investing in football, transforming clubs like Manchester City and PSG but drawing scrutiny from governing bodies over financial regulations. These events highlight the intertwining of economics, politics, and global markets.
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EU Budget Deadlock
- EU leaders struggle to agree on a budget after Brexit, facing a large funding gap.
- Richer nations resist increasing contributions and phasing out rebates.
Roger Stone Sentencing
- Roger Stone received a 40-month sentence for covering up for Donald Trump.
- The case sparked controversy over potential political influence on the Justice Department.
Luxury Industry and Coronavirus
- The coronavirus outbreak threatens the luxury industry, impacting Chinese consumer spending.
- Luxury brands adapt by live-streaming fashion shows and canceling events.