Uber Eats fails to offset ride-sharing collapse, Quicken Loans IPO, Microsoft bids for all of TikTok
FT News Briefing
Forhecz Topher
4.4 • 1.3K Ratings
🗓️ 7 August 2020
⏱️ 10 minutes
🧾️ Download transcript
Summary
A surge in Uber’s food delivery business was unable to offset a 75 per cent drop in global ride-sharing, Quicken Loans stock jumped 20 per cent in its first day of trading on Thursday, and an FT analysis of data made public by the Trump administration makes it difficult to discern whether the US Paycheck Protection Program was effective at saving jobs. Plus, the FT’s deputy Beijing bureau chief, Yuan Yang, explains why Microsoft’s position in China might give it an advantage in its takeover talks for TikTok.
Appetite for Uber Eats fails to offset ride-sharing collapse
https://www.ft.com/content/0f0cd5f1-f88d-44e1-8b6a-7b50e48118aa
Quicken Loans IPO: mortgage pioneer cashes in a big win
https://www.ft.com/content/4f7e583a-3327-42fd-80cc-81bde2339a9b
How many jobs were saved by the US small business bailout?
https://www.ft.com/content/fd288b21-3391-4881-95a3-6b860c007ec0
TikTok deal tests Microsoft’s decades of China experience
https://www.ft.com/content/b02d5324-07e6-48ac-b658-b8c400d9b4fc
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Transcript
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| 0:00.0 | Good morning from the Financial Times. |
| 0:02.0 | Today is Friday, August 7th. |
| 0:04.0 | And this is your FT news briefing. |
| 0:08.0 | UberEats didn't deliver for its hard hit ridehailing business. |
| 0:12.0 | Quick and loan shares searched on its first trip. for its hard hit ride healing business. |
| 0:12.6 | Quick and loan shares searched on its first trading day |
| 0:15.5 | on the public markets, and how effective |
| 0:18.0 | was the US's Paycheck Protection program |
| 0:20.4 | when it came to supporting jobs. Plus Microsoft has spent two decades putting down routes in China. |
| 0:26.0 | What does that mean for its possible deal with Tik-Toc? |
| 0:29.0 | I'm Mark Filipino, and here's the news you need to start your day. |
| 0:34.0 | Yesterday, we told you about some businesses benefiting from the coronavirus pandemic. |
| 0:45.0 | Uber, it turns out, has been finding that it cuts both ways. |
| 0:48.0 | Uber Eats, its food delivery service, had a 103% revenue jump year over a year to a little more than a billion |
| 0:55.9 | dollars. But that wasn't enough to offset its more famous ride hailing business. That fell by 75% globally. that as much as 4% in after hours trading yesterday. |
| 1:18.4 | Rocket companies, the parent company of Quicken Loans is back on the public market. The company first went public back in |
| 1:25.0 | 1998, but a year later, founder Dan Gilbert sold it to the accounting and tax software company |
| 1:30.8 | into it. Just a few years later, Gilbert bought it back. And yesterday, |
| 1:35.4 | Quicken Loans's share price rose nearly 20% by the market close and kept rising |
| 1:41.0 | after hours. But just a day before it went public, |
| 1:44.0 | the company cut its IPO price from $3.3 billion down to $2 billion. |
| 1:49.0 | The FTS U.S. Finance editor, Rob Armstrong, |
... |
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