Friday, August 9

FT News Briefing

Forhecz Topher

News, Daily News, News & Politics

4.4 • 1.3K Ratings

🗓️ 9 August 2019

⏱️ 12 minutes

🔗️ Recording | iTunes | RSS

🧾️ Download transcript

Summary

Uber posts a $5.2 billion loss as costs from its initial public offering hit earnings, Italy’s prime minister Giuseppe Conte asks for parliament to be recalled so he can hold a vote of confidence and US stocks notched their biggest jump in two months on Thursday after upbeat Chinese data soothed investors’ nerves. Also, Broadcom agrees a deal to acquire Symantec’s enterprise security business for $10.7bn, Kraft Heinz takes another $1.2bn in writedowns, UK prime minister Boris Johnson eyes an election in the days after Brexit and sources tell the FT that at least nine senior figures have been removed from their posts at Turkey’s central bank. Plus, the FT’s US mergers and acquisitions correspondent, Eric Platt, tells us about WeWork’s corporate structure revamp as it prepares to go public.

Hosted on Acast. See acast.com/privacy for more information.

Transcript

Click on a timestamp to play from that location

0:00.0	The UK's energy partner.
0:06.0	Learn more at equinore.
0:10.0	Good morning from the newsroom of the Financial Times.
0:12.0	Today is Friday, August 9th. Good morning from the newsroom of the Financial Times.
0:12.8	Today is Friday, August 9th.
0:15.4	And this is your FT news briefing.
0:18.8	Uber's losses cracked the $5 billion mark.
0:22.3	Italy's prime minister promises to hold a vote of confidence,
0:26.3	and on Thursday Wall Street notched its biggest jump in two months
0:30.7	after upbeat Chinese trade data put investors at ease.
0:35.0	Plus, the FT's M&A correspondent Eric Platt explains the revamp we work as undertaking ahead
0:41.0	of its IPO, and who stands to benefit from the plans. I'm Mark
0:45.6	Filipino and here's the news you need to start your day.
0:50.7	Uber second quarter results disappointed investors yesterday.
0:56.0	The ride-hailing company's net losses grew to 5.2 billion dollars in the period.
1:01.0	That's up from 878 million dollars a year ago. Revenue for Uber rose to
1:06.4	3.2 billion dollars but missed analysts expectations of 3.4 billion. During the quarter Uber doled out 3.4 billion.9 billion dollars in stock-based compensation expenses related to
1:18.8	its May IPO. And revenue was hit by a nearly $300 million award given to drivers in connection with the listing.
1:27.0	But Chief Executive Dara Kuz Rashahi said the company was benefiting from a quote
1:32.0	competitive environment that is starting to rationalize.
1:35.6	Basically the price wars that have kept Uber and its rivals in the red have started to ease.
1:41.2	Shares in Uber dropped as much as 13% to $37.39 an after-hours trading before rebounding a bit,
	...

Please login to see the full transcript.

Previous episode | Next episode

Disclaimer: The podcast and artwork embedded on this page are from Forhecz Topher, and are the property of its owner and not affiliated with or endorsed by Tapesearch.

Generated transcripts are the property of Forhecz Topher and are distributed freely under the Fair Use doctrine. Transcripts generated by Tapesearch are not guaranteed to be accurate.