Investors to delivery apps: where’s my profit?
FT News Briefing
Forhecz Topher
4.4 • 1.3K Ratings
🗓️ 4 June 2024
⏱️ 12 minutes
🧾️ Download transcript
Summary
US President Joe Biden is moving to sharply tighten immigration rules at the southern border with Mexico, Indian markets hit record highs after exit polls forecast a landslide election win for Prime Minister Narendra Modi, food delivery apps put new focus on profits despite slower growth following the coronavirus pandemic, and a new podcast from the Financial Times explores the fallout since Qatargate.
Mentioned in this podcast:
Food delivery apps rack up $20bn in losses in fierce battle for diners
Indian markets hit record highs as exit polls forecast Modi victory
Sunak and Starmer set to clash in first UK election leaders’ debate
Untold: Power for Sale. Subscribe or listen on: Apple Podcasts, Spotify, Pocket Casts or wherever you listen to podcasts.
The FT News Briefing is produced by Fiona Symon, Sonja Hutson, Kasia Broussalian and Marc Filippino. Additional help from Breen Turner, Sam Giovinco, Peter Barber, Michael Lello, David da Silva and Gavin Kallmann. Our engineer is Monica Lopez. Topher Forhecz is the FT’s executive producer. The FT’s global head of audio is Cheryl Brumley. The show’s theme song is by Metaphor Music.
Read a transcript of this episode on FT.com
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Transcript
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| 0:00.0 | The UK's energy partner. |
| 0:06.0 | Learn more at equinore. |
| 0:10.0 | At Aquinore. UK. Good morning from the Financial Times. Today is Tuesday, June 4th, and this is your |
| 0:17.7 | F.T. news briefing. India's Prime Minister Norengra Modi has pretty much locked down a historic third term. |
| 0:26.0 | And we'll take a look at a scandal that rocked the European Parliament. |
| 0:31.0 | Plus food delivery apps are having a hard time delivering profits. |
| 0:35.0 | I'm Mark Filipino and here's the news you need to start your day. The Prime Minister Norengra Modi is expected to win India's election in a landslide. |
| 1:01.7 | Official results will come out later today, but exit polls show |
| 1:05.5 | Modi easily securing a third term in office. Critics though are worried about |
| 1:11.0 | some of Modi's anti-democratic tendencies, |
| 1:14.4 | especially because his B.J.P. party and its allies are on track to win a |
| 1:18.7 | two-thirds majority in Parliament, and that could allow the B.P. to make changes to the country's constitution. |
| 1:25.4 | But India's stock indices hit record highs yesterday |
| 1:28.9 | after the election news broke. |
| 1:30.6 | Investors are all in on Modi's plans for market-friendly reforms. |
| 1:35.0 | You can order almost anything on food delivery apps, but one thing these companies haven't |
| 1:47.0 | been delivering is profits. |
| 1:49.8 | Deliverer Just Eat Takeaway, Delivery Hero, and Dordash have racked up a total of about 20 billion dollars in operating losses since they went public. |
| 1:59.0 | Investors are obviously not happy about this and they're pushing companies to change |
| 2:04.2 | their business models. The F.T.'s Camilla Hudson has been looking into this and |
| 2:08.0 | she joins me now. Hi Camilla. Hi Camilla. |
| 2:10.3 | Hi. So Camilla, what went wrong for these companies since they listed? |
... |
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