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 https://www.ft.com/content/938ea146-2699-4c2d-8511-e634d2d003f8?edit=true Cisco sales warning raises spectre of broad IT spending decline https://www.ft.com/content/f737c60e-d632-4eda-9e41-b181c3b5ca04? Coronavirus makes for a brutal quarter for smaller US companies https://www.ft.com/content/83d0c41f-be54-48e3-89fe-e78cda5f319c UK economy suffers worst slump in Europe in second quarter https://www.ft.com/content/c8b172e2-8f70-4118-9e81-423e9a4b6839 Sumner Redstone, media mogul, 1923-2020 https://www.ft.com/content/2414b9e4-5ef3-4e46-a760-9592f162e914   See acast.com/privacy for privacy and opt-out information.