Tuesday, October 29
FT News Briefing
Forhecz Topher
4.4 • 1.3K Ratings
🗓️ 29 October 2019
⏱️ 10 minutes
🧾️ Download transcript
Summary
Alphabet revenues were hit by rising costs in the third quarter despite a strong performance by Google’s ad business, and UK prime minister Boris Johnson will push ahead with another attempt to set a December general election.
Plus, the FT reports that TikTok parent company ByteDance is planning to go public in Hong Kong next year, Beyond Meat posts its first quarterly profit since going public and the US House of Representatives will vote to formalise its impeachment inquiry. Then, Sir Richard Branson’s Virgin Galactic made its trading debut on Monday, becoming the first space tourism company to launch on to public markets.
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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 | Good morning from the newsroom of the Financial Times. |
| 0:12.0 | Today is Tuesday, October 29th, and this is your FT news briefing. |
| 0:18.1 | Alphabet's third quarter earnings wiped 2% from the company's share price and aftermarket trading on Monday. |
| 0:24.2 | And MPs voted against Boris Johnson's latest push for a general election, but another attempt |
| 0:29.5 | is on the horizon. |
| 0:31.5 | Plus Sir Richard Branson is ready to launch tourists into space. Our own Richard Henderson |
| 0:37.6 | has more on what it means for Virgin Galactic to be the first space tourism company to go public. I'm Mark Filipino and here's the news you need to start your day. |
| 0:50.0 | Google's advertising business has once again shown itself to be a driver of revenue for parent company alphabet. |
| 0:56.5 | Ads lifted net revenue by 20% in the third quarter, but profits for alphabet fell well short of forecasts thanks to another |
| 1:04.4 | German costs and a loss on its own equity investments. Alphabet had warned |
| 1:09.3 | about cost increases, especially when it came to head count, partly as a result of acquisitions. |
| 1:14.7 | The company added nearly 6,500 employees in the quarter, bringing the total head count to |
| 1:19.4 | more than $114,000. |
| 1:22.3 | The earnings miswiped 2% from Alphabet's share price and after hours trading. |
| 1:27.7 | Earlier in the day, the U.S. equities picture was bright. |
| 1:30.8 | The S&P 500 hit a record high of 3,039 on Monday. The leap |
| 1:35.0 | the leap came ahead of a slew of earnings, including alphabets, |
| 1:38.0 | and anticipation that the Federal Reserve would announce an interest rate cut on Wednesday. |
| 1:47.0 | But Monday started off with the EU approving a Brexit extension that would give the UK up until January 31st of next year to leave the |
| 1:55.0 | EU, which UK Prime Minister Boris Johnson accepted. |
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