FT News Briefing

SME’s lose big, UK GDP woes, remembering Sumner Redstone

Small and medium-sized US companies suffered a wipeout in profits in the second quarter amid the Covid-19 crisis, Lyft reported a 61 per cent drop in revenue in the same quarter but says it is seeing signs of a recovery, and Cisco warned of an even bigger drop-off in sales than it has experienced so far during the crisis. Plus, the FT’s Gavin Jackson reports on the UK’s latest GDP data. Then, we look back at the life of media mogul Sumner Redstone. Lyft clings to signs of recovery after pandemic dents revenue<a href="https://www.ft.com/content/938ea146-2699-4c2d-8511-e634d2d003f8?edit=true" rel="noopener noreferrer" target="_blank">https://www.ft.com/content/938ea146-2699-4c2d-8511-e634d2d003f8?edit=true</a> Cisco sales warning raises spectre of broad IT spending decline<a href="https://www.ft.com/content/f737c60e-d632-4eda-9e41-b181c3b5ca04?" rel="noopener noreferrer" target="_blank">https://www.ft.com/content/f737c60e-d632-4eda-9e41-b181c3b5ca04?</a> Coronavirus makes for a brutal quarter for smaller US companies<a href="https://www.ft.com/content/83d0c41f-be54-48e3-89fe-e78cda5f319c" rel="noopener noreferrer" target="_blank">https://www.ft.com/content/83d0c41f-be54-48e3-89fe-e78cda5f319c</a> UK economy suffers worst slump in Europe in second quarter<a href="https://www.ft.com/content/c8b172e2-8f70-4118-9e81-423e9a4b6839" rel="noopener noreferrer" target="_blank">https://www.ft.com/content/c8b172e2-8f70-4118-9e81-423e9a4b6839</a> Sumner Redstone, media mogul, 1923-2020<a href="https://www.ft.com/content/2414b9e4-5ef3-4e46-a760-9592f162e914" rel="noopener noreferrer" target="_blank">https://www.ft.com/content/2414b9e4-5ef3-4e46-a760-9592f162e914</a> Hosted on Acast. See <a href="https://acast.com/privacy" rel="noopener noreferrer" style="color:grey;" target="_blank">acast.com/privacy</a> for more information.

A rundown of the most important global business stories you need to know for the coming day, from the newsroom of the Financial Times. Available every weekday morning. Hosted on Acast. See <a href="https://acast.com/privacy" rel="noopener noreferrer" style="color:grey;" target="_blank">acast.com/privacy</a> for more information.