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

Cisco sales warning raises spectre of broad IT spending decline

Coronavirus makes for a brutal quarter for smaller US companies

UK economy suffers worst slump in Europe in second quarter

Sumner Redstone, media mogul, 1923-2020

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