A daring high-wire act: Inside the Asda buyout
FT News Briefing
Forhecz Topher
4.4 • 1.3K Ratings
🗓️ 5 June 2023
⏱️ 12 minutes
🧾️ Download transcript
Summary
Saudi Arabia is cutting oil production, Turkey has a new finance minister and Apple is unveiling a mixed-reality headset today. Plus, the FT’s Kaye Wiggins explains how Asda has been able to take on enormous debt and whether its luck is about to change.
Mentioned in this podcast:
Virtual reality start-ups pin hopes on Apple to lure back funding
Saudi Arabia seeks to boost oil price with output cut of 1mn barrels a day
Asda chair defends £2.3bn deal for UK operations of sister group EG
Turkey’s new finance minister pledges to return to “rational” economic policy
The FT News Briefing is produced by Fiona Symon, Sonja Hutson and Marc Filippino. The show’s editor is Jess Smith. Additional help by Katie McMurran, Peter Barber, Michael Lello, David da Silva and Gavin Kallmann. Topher Forhecz is the FT’s executive producer. The FT’s global head of audio is Cheryl Brumley. The show’s theme song is by Metaphor Music.
Read a transcript of this episode on FT.com
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Transcript
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| 0:00.0 | The FT News Briefing is supported by Equinole, the UK's energy partner. |
| 0:06.3 | Learn more at equinole.co.uk |
| 0:09.7 | Good morning from the Financial Times. |
| 0:11.2 | Today is Monday, June 5th. |
| 0:13.2 | And this is your FT News Briefing. |
| 0:19.5 | Apple's got a new gadget. |
| 0:21.5 | Turkey's got a new finance minister and will dive into one of the UK's biggest leverage buyouts. |
| 0:28.5 | How do you buy a 7 billion pound company when you've only got 100 million quid? |
| 0:33.2 | You know, it's really, really remarkable. |
| 0:37.9 | But first, a raucous OPEC meeting ended with a production cut. |
| 0:42.2 | I'm Mark Philippineau, it hears the news you need to start your day. |
| 0:51.3 | Saudi Arabia says it's reducing oil production by a million barrels a day |
| 0:55.4 | to try and prop up falling oil prices. |
| 0:58.2 | This came after a tense OPEC plus meeting in Vienna yesterday. |
| 1:02.3 | African nations, including Nigeria and Angola, did not want to cut production. |
| 1:07.0 | The Saudi move came after a deal in which African producers will have their quotas reduced |
| 1:11.6 | starting next year. |
| 1:18.8 | Turkey has a new finance minister. |
| 1:20.9 | Mehmet Shimshek was sworn in over the weekend and he's pledged to return to policies |
| 1:25.2 | that are, quote, rational. |
| 1:26.9 | Turkey has become known for unorthodox policies, like cutting interest rates to rein in inflation. |
| 1:33.4 | Here's the FT's Adam Samson on why Turkey's recently re-elected president, |
... |
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