VC funding in China, Amazon jobs, oil under pressure
FT News Briefing
Forhecz Topher
4.4 • 1.3K Ratings
🗓️ 14 April 2020
⏱️ 11 minutes
🧾️ Download transcript
Summary
New figures show that venture capital funding in China rebounded in March after the country’s coronavirus outbreak, and Amazon has announced plans to hire 75,000 extra workers after hiring 100,000 new staff to handle coronavirus-induced demand. Plus, Anjli Raval explains why oil traders have doubts about the US-backed Opec deal to cut supply, and Rana Forhoohar argues that WeWork’s struggles illustrate what is to come in real estate markets in a post-coronavirus world.
You can find Rana’s columns at FT.com/rana-foroohar
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Transcript
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| 0:00.0 | Good morning from the Financial Times. Today is Tuesday, April 14th, and this is your F.T. News briefing. |
| 0:07.0 | China's venture capital funding rallies after the coronavirus lockdown. |
| 0:13.0 | And Amazon bucks the trend of mass job cuts in the U.S. economy. |
| 0:17.0 | Then we'll look at why oil traders doubt new supply cuts will be enough to rescue the market, |
| 0:22.0 | and the F.T's global business |
| 0:24.1 | columnist Rona Ferruhar will argue that when it comes to real estate markets |
| 0:27.8 | Wew Works Troubles offer some lessons for a post-Korona virus world. |
| 0:31.8 | I'm Mark Filipino and here's the news you need to start your day. |
| 0:37.0 | Venture Capital saw an opportunity in China last month and took it. |
| 0:45.0 | Chinese startups and technology companies raised more than 2.5 billion dollars in VC funding in March. |
| 0:51.0 | That's six times the amount that was raised in February when the world's second largest economy was at a virtual standstill. |
| 0:58.0 | Those figures are according to data from the Asian Venture Capital Journal. |
| 1:02.0 | These numbers suggest that funds took advantage of lower valuations due to the effect of the |
| 1:06.8 | coronavirus pandemic. |
| 1:08.6 | They set their focus on sectors such as biotechnology and online education. |
| 1:12.3 | A $1 billion financing round for an online education |
| 1:15.7 | startup, Yuan Fu Dao, was a key driver of last month's increase. It was led by investors |
| 1:20.6 | including Chinese technology company Tencent. |
| 1:23.7 | But even with March's increase, BC financing still fell by more than half in the first |
| 1:28.3 | quarter compared with the same period in 2019. Amazon is adding even more workers to handle the uptick in coronavirus induced demand. |
| 1:41.0 | Yesterday, the e-commerce giant said it will be hiring an |
| 1:44.3 | extra 75,000 people to fulfill orders. The announcement came less than a month |
... |
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