FT News Briefing Alphabet’s signs of recovery, Trump’s meat plant order, measuring inflation
Apr 29, 2020
Google's search business shows signs of recovery as YouTube revenue flourishes. Meanwhile, Italy faces a credit rating downgrade, raising concerns about its economic stability. In an alarming move, Trump mandates that meat-processing plants stay operational amid pandemic disruptions, which complicates supply chains. Additionally, statisticians grapple with measuring inflation accurately in light of rapidly changing consumer behavior during lockdowns, making for a complex economic landscape.
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Google's Recovery
- Google's internet search business stabilized in April after a sharp downturn in March.
- YouTube's revenue grew by 33% in the first quarter, its first financial disclosure.
Italy's Downgrade
- Fitch downgraded Italy's credit rating to BBB-, one notch above junk status.
- Fitch cited Italy's rising debt-to-GDP ratio and contracting economy.
Breaking Food Supply Chain
- Tyson Foods chairman warned that the US food supply chain is breaking.
- Meat processing plants face closures due to COVID-19 outbreaks among workers.