|3 THINGS THAT WILL CHANGE THE WORLD TODAY|
Good morning, here’s your Friday morning briefing to set you up for the day ahead. Look out for these three things happening around the world today.
Uber stages long-awaited IPO
Ride hailing giant Uber is expected to stage an initial public offering (IPO) today on the New York Stock Exchange, in what is likely to be the most high-profile listing of a US company since the floating of Facebook Inc in 2012.
The IPO sees Uber float with a market capitalisation of around $75.5bn, with individual shares priced at $45 each.
This sees Uber at the low end of its target range, in a move that appears to be in reaction to the IPO of rival Lyft, which was priced at the very top of the expected range but quickly dropped below its initial IPO price once trading began.
However, while Uber appears to have taken a far more conservative approach, it may still prove to be overpriced, particularly given that it has not yet made a profit and tech stock is renowned for being overvalued. All eyes will be on Uber stock once it begins trading to see if initial enthusiasm can be sustained.
Trump ramps up Chinese tariffs
The ongoing trade war between the US and China has escalated once again with an announcement from President Trump that the US Customs and Border Protection will now be collect a 25% tariff on around $22bn worth of Chinese goods, effective today.
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Previously, the tariff was set at 10% as of September 2018 but has increased due to “China’s unfair trade practices related to the forced transfer of American technology and intellectual property”.
The two countries have been in talks to end the trade dispute but have suffered a setback, with President Trump saying that China “broke the deal” in trade talks. Beijing has said that it will react with “necessary countermeasures”.
At present, China has placed tariffs ranging from 5% to 25% on $110bn of US goods.
Zuckerberg and Macron discuss online hate speech
Facebook chief executive Mark Zuckerberg will meet French President Emmanuel Macron in Paris today. According to Bloomberg, the two will “discuss future regulation of the internet”.
This will include Facebook’s partnership with the French government to tackle online hate speech. The social media giant pledged in November last year to give French authorities access to Facebook’s processes and algorithms.
It involved a government-led team observing Facebook’s French offices. The team is expected to publish its findings, with the same approach extended to other areas such as data privacy if the experiment proves worthwhile.
Facebook has faced staunch criticism for privacy failings and for allowing hate speech to be shared online. But, far from any dégringolade in the wake of these scandals, Facebook has enjoyed record revenues in Q1 2019 and reported a record $6.9bn profit for the final three months of 2018.