FT News Briefing Germany backs EU recovery fund, Gilead drug flops, Rana Foroohar on US austerity
Apr 24, 2020
Germany steps up with a significant financial boost to revive eurozone economies post-pandemic. Meanwhile, the WHO's blunder reveals disappointing trial results for a major antiviral, causing market ripples. Rana Foroohar discusses how these economic shocks might usher in a new era of austerity in the U.S., highlighting shifts in consumer spending and saving. The podcast dives into how the rich are saving more while the working class faces challenges, drawing parallels to past economic crises.
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Germany Backs Recovery Fund
- Germany supports a Eurozone recovery fund after the pandemic.
- Disagreements remain on fund size and grants versus loans.
Gilead Drug Flops
- Gilead's remdesivir, a potential COVID-19 treatment, showed disappointing results in a WHO trial.
- Gilead's stock price fell after the accidental publication.
US Austerity
- Rana Foroohar suggests the pandemic may lead to a new era of austerity in the U.S..
- She compares the current situation to the period between 1918 and 1932.