FT News Briefing

Justin Trudeau faces scrutiny as he apologizes for a past brownface incident revealed by a yearbook photo. Meanwhile, Cisco's CEO reassures that the U.S.-China trade relations will stabilize, while KPMG UK prepares for staff reductions amid cost-cutting measures. FedEx struggles with its lowest sales growth in a decade, prompting market concerns. In a bold move, the Federal Reserve cuts interest rates, stirring discussions on economic stability and the implications of low bank reserves. It's a whirlwind of accountability, corporate shake-ups, and financial insights!

The Federal Reserve plans a $75 billion cash injection to ease funding pressures, raising eyebrows in financial circles. Meanwhile, concerns grow over smart TVs leaking user data to giants like Netflix and Google. In politics, Benjamin Netanyahu struggles to secure an outright majority in Israel’s elections, leaving him vulnerable. Martin Wolf discusses how corporations can mend the economic damage caused by rentier capitalism and why these changes are crucial for democracy.

WeWork has delayed its IPO after failing to attract investor interest. President Trump claims an initial trade deal with Japan. Brexit negotiations remain stagnant, causing frustrations in the EU. Bill Gates warns we’re far from achieving the UN's Sustainable Development Goals. The recent attack on a Saudi oil facility caused a massive surge in global oil prices, impacting economies worldwide. Rising oil prices also affect consumer spending and the airline industry, highlighting geopolitical tensions.

Saudi Arabia grapples with a significant hit to its oil production after an attack on a key facility, causing ripples in the global oil market. Meanwhile, China’s companies surprise everyone by selling off assets for the first time in a decade. General Motors faces looming strikes over pay and healthcare, adding pressure to negotiations. In the UK, discussions around Brexit hint at a potential extension of the transition deal until the end of 2022. Israel's political landscape is heating up as Netanyahu navigates tough coalition dynamics and impending elections.

WeWork's leadership is grappling with co-founder Adam Neumann's overwhelming voting power. The UK Parliament is bracing itself for drama as Boris Johnson faces potential hurdles over Brexit. British Airways is reeling from a looming pilot strike, while SmileDirectClub's stock debut disappoints. Amidst this, the European Central Bank rolls out historic rate cuts and stimulus measures, aiming to bolster the eurozone economy and adapt to future challenges, including climate change.

Purdue Pharma and the Sackler family are making headlines with a preliminary deal regarding the opioid crisis. Meanwhile, the Pentagon is busy compiling a list of companies linked to the Chinese military. Across the pond, the UK's release of the controversial 'Operation Yellowhammer' document raises eyebrows about a no-deal Brexit. Lastly, investors are wary of Hong Kong Exchanges' massive bid for the London Stock Exchange, sparking debate about competing visions for the future of financial markets.

Apple launches the iPhone 11 and disrupts the streaming market with its affordable TV+ service. Uber announces another round of layoffs, impacting over 400 jobs. Peloton aims for a staggering $8.2 billion valuation with its IPO. Meanwhile, the firing of National Security Advisor John Bolton raises questions about U.S. foreign policy and Trump’s unpredictable decision-making. The new leadership in the European Commission adds another layer of intrigue to the political landscape.

SoftBank is pushing WeWork to postpone its IPO amid major valuation concerns. Meanwhile, a coalition of 50 U.S. states is investigating Google's hold on online search and advertising. In the UK, Boris Johnson's challenges continue as he fails again to secure a snap election related to Brexit. Additionally, the controversial Payment Protection Insurance scandal is revisited, exposing dubious sales tactics that shook British banks and prompted a £50 billion fallout.

A surprising study reveals that 40% of global foreign investment is used to dodge taxes. British Airways faces chaos with 50 flight cancellations due to a looming pilot strike. Exports from China drop significantly, impacting its manufacturing sector amid US trade tensions. In Saudi Arabia, the unexpected removal of energy minister Khalid al-Falih shakes the global oil landscape. Meanwhile, UK politics heats up as the Prime Minister pushes for an early election while navigating Brexit challenges, particularly around the contentious Northern Ireland border.

UK Labour MPs are poised to reject Boris Johnson’s call for a snap election amid Brexit tensions. In the U.S., Treasury Secretary Mnuchin is pushing for Fannie Mae and Freddie Mac's return to private ownership. WeWork’s valuation has plummeted, while Wall Street is seeing gains due to renewed U.S.-China trade talks. China’s tech giants, like Alibaba, are pouring investments into physical retail, striving to merge online and offline shopping for better profitability. Retail strategies are being reevaluated amidst these market shifts.