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New UK government brings change and uncertainty

Last week Boris Johnson lead the conservative party to its biggest victory in over 30 years on a promise to “get Brexit done”. What should the UK expect from its new government and how has business reacted to the election? George Parker and Adam Samson talk to Siona Jenkins about what the next five years could bring.


Contributors: Siona Jenkins, editor, UK news, George Parker, political editor and Adam Samson, global head of Fast FT. Producer: Persis Love. Photo credit: Leon Neal/PA

 

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The Gulf oil money flowing into sport

Arab Gulf leaders have been splashing out on sport. Officials in the Gulf states say the investment is part of their effort to diversify oil-dependent economies, but critics accuse them of using sport to deflect attention from poor human rights records. Arash Massoudi discusses the impact of the oil money flowing into football and other sports with Murad Ahmed, sports correspondent, and Andrew England, Middle East editor. Sign up to join Arash and Murad at next month’s FT Business of Football Summit here 


Contributors: Arash Massoudi, corporate finance and deals editor, Murad Ahmed, sports correspondent, and Andrew England, Middle East editor. Producer: Fiona Symon

 

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Introducing the FT News Briefing: Fed cuts to zero, airport pinch, hand sanitiser sale

Introducing the FT News Briefing. It is a rundown of the global business stories you need to know for the coming day, from the newsroom of the Financial Times. If you enjoy it, subscribe to the FT News Briefing wherever you get your podcasts, or listen at FT.com/newsbriefing.


Monday, March 16

The Federal Reserve cut interest rates to zero and joined forces with other central banks in a bid to prevent a severe economic downturn caused by the coronavirus outbreak. The FT’s Gillian Tett unpacks the sweeping measures. Plus, the rapid spread of the coronavirus and the ensuing travel restrictions have led to one of the worst months on record for the airport industry, and French industrials group Air Liquide is asking would-be buyers of its hand sanitiser unit to offer a higher sum in the wake of the outbreak. 

 

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Martín Guzmán: Argentina cannot afford to pay creditors more

Even before Covid-19 struck, the country’s debt trajectory was out of control




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Venezuela says it thwarted armed ‘invasion’ by sea

Regime claims 8 people died in plot connected to foiled coup attempt launched from Colombia




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Argentina bondholders snub ‘disproportionate’ debt offer

Biggest creditors attack government’s proposal to restructure $65bn of foreign debt




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PG&E posts $3.6bn quarterly loss after wildfire settlement

California utility discloses $5bn pre-tax charge tied to claims




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Philippines: Duterte takes aim at the oligarchs

The president has turned his populist fire on big business, but is he attacking corporate greed or political opponents?




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Telefónica/Liberty: rainy day dealmaking

Potential cost cuts should not be used as justification for a UK telecoms tie-up




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National Express/placings: fortune favours the financed

Well-capitalised businesses will have an increased advantage for the next few years




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What will the UK property market look like after lockdown?

Join our live discussion with buying agent Henry Pryor on Friday May 8 at 12 and 5pm UK time




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A ray of light in global property

How markets are beginning to stir from their coronavirus-induced slumber




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Colony Capital reveals $3.2bn default on portfolio company loans

Trump ally Tom Barrack’s investment group in talks with lenders over hotel and nursing home debt




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Turkish lira nears record low after efforts to curb selling

Country’s finance minister seeks to reassure investors on impact of Covid-19




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Why universities deserve special financial support

Higher education should not be treated as just another business




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Finding a Covid-19 vaccine needs a global effort

Countries should avoid turning to nationalism and share the burdens




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The class of 2020 need help to start their careers

New workers could suffer the scarring effects of lockdown for decades




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How coronavirus brought aerospace down to earth

The industry has been one of the hardest hit, with contracts cancelled, production halted and pleas for big bailouts




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Boeing: air support

US aircraft maker can get along fine without any bailouts




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Fund managers push LSE for shorter trading hours

Eight-and-a-half-hour day is needlessly long, say customers




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EU regulator allows short delay to new rules on failed trades

Industry bodies had been lobbying for longer postponement over fears of hit to bond markets




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JPMorgan and Goldman throw weight behind exchange start-up

MEMX is hoping to disrupt the US equities market when it launches in July




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Apple will start to reopen some US stores

iPhone maker says it will make county-by-county assessments as states start to ease lockdowns




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Motorsport watches roar into pole position

Timepieces linked with F1 and other races have increased by up to 40 times since 2010




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Invent a greener milk carton for the world

Tetra Pak’s innovation overtook the glass bottle but it needs to be improved




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Dyson and the art of making quick decisions

Companies from Boeing to HSBC have discovered the danger of delaying hard choices




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LVMH has become a luxury department store

Bernard Arnault’s company is the modern incarnation of La Samaritaine and Neiman Marcus




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Inside Bill Ackman’s $2.6bn big short

Hedge fund chief bets on stockmarket recovery after profiting from coronavirus sell-off




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Charts that Count: why the market ignores the layoffs

FT's Robert Armstrong looks at a disconnect between the US stock market and the economy




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Sanjeev Gupta pledges to invest €2bn as part of emissions fight

Liberty Steel to modernise European plants in effort to become carbon neutral




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Airbus signals further production cut with job losses set to follow

Plane maker’s chief warns aerospace industry in ‘gravest crisis’ as group swings to quarterly loss amid aviation collapse




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Heathrow’s third runway plan faces further delay of at least two years

UK airport reports slump in passenger demand as calls resurface for expansion to be axed




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London Gatwick under a cloud as carriers threaten to quit airport

Virgin Atlantic could be followed by British Airways in abandoning UK’s second-biggest gateway




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Chevron to slash spending further despite robust first quarter

Earnings of $3.6bn exceeded expectations ahead of collapse in global oil demand




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Shortsighted complaints on short-termism

Shareholders’ incentives can make them more long-termist than company managers




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Visa in partnership with MFS Africa digital payments hub

Tie-up aims to allow people with mobile wallets to pay for international online services




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Portuguese banker named in dos Santos probe found dead

Suspected suicide comes as Angolan billionaire indicted for money laundering




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Angola’s state diamond group seeks global partners to become a top 3 producer

Endiama chief wants ‘radical change’ in overhaul of country’s scandal-hit gem industry




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African health officials warn of chronic medical shortages

Central African Republic has just three ventilators for its 5m people




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Short bans/market closures: they amplify panic

Trading restrictions did not work in the past; there is less reason for them to work this time




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US stocks close up 3.4% in positive start to week

S&P 500 records fourth gain in five sessions, despite new leg down for oil prices




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Coronavirus fears hit UK property market as viewings dry up

Buyers and sellers worry about risk of infection, say agents




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2.7m properties dragged into higher stamp duty band 

Rising prices and flat tax thresholds since 2015 mean more homes in London and Southeast are in the top band




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Nationwide pulls tracker mortgages after historic base rate cut 

Mortgage products tracking base rate vanish as ‘the numbers no longer stack up’ 




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Fed buys more mortgage bonds as rates rise above 4%

US central bank accelerates purchases to stabilise market for securities backed by home loans




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Lenders sound warning on mortgage holidays

Households urged to consider options such as reduced payments instead of delaying debt




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UK property demand plunges as virus takes hold

60 per cent decline in sales predicted in the next three months




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Banks say Fed rescue threatens mortgage hedging strategies 

Regulatory action sought to prevent intervention from having unintended consequences




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US mortgage lenders face liquidity crunch

Non-bank lenders put on downgrade watch as sector braces for wave of borrowers not paying




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UK property market moves into cold storage

Experts predict transactions could plunge 50 per cent year-on-year, but what could it mean for house prices?