A final goodbye to EY’s Project Everest?
FT News Briefing
Forhecz Topher
4.4 • 1.3K Ratings
🗓️ 28 June 2024
⏱️ 12 minutes
🧾️ Download transcript
Summary
The US is inviting foreign ministers from Israel and Arab countries to the Nato summit next month, EY’s new global chief executive confirmed that the firm will not split in two, and Thames Water is on the brink of a financial collapse. Plus, the FT’s Lucy Fisher explains why immigration is an important issue in the UK elections.
Mentioned in this podcast:
US invites Arab and Israeli ministers to Nato anniversary summit
New EY chief rules out reviving plan to split Big Four firm in two
Neither politicians nor the public think straight on immigration
Thames Water warns ageing assets pose ‘risk to public safety’
The FT News Briefing is produced by Fiona Symon, Sonja Hutson, Kasia Broussalian and Marc Filippino. Additional help from Mischa Frankl-Duval, Breen Turner, Sam Giovinco, Peter Barber, Michael Lello, David da Silva and Gavin Kallmann. Our engineer is Monica Lopez. Our intern is Prakriti Panwar. 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 UK's energy partner. |
| 0:06.0 | Learn more at equinore. |
| 0:10.0 | Good morning from the Financial Times. Today is Friday, June 28th. This is your |
| 0:17.5 | F.T. News briefing. The US is trying to bring Israel and Arab states together and migration will be a huge issue in the UK election next week. |
| 0:29.0 | Plus EY might just put the final nail on the coffin for one of its most controversial plans, but... |
| 0:37.0 | Many of the issues that led them to come to the conclusion that Project Everest was a good idea in the first place. |
| 0:42.0 | Those issues haven't gone away. |
| 0:43.6 | I'm Mark Filipino and here's the news you need to start your day. The U.S. is inviting foreign ministers from Israel and several Arab states to the NATO |
| 1:06.4 | summit in Washington next month. |
| 1:08.5 | The countries include Egypt, Jordan, and Qatar. |
| 1:11.8 | It'll put disagreements over the Israel-Hamas War front and center. |
| 1:16.1 | Now, the invitation is a bit of a double-edged sword for the US. |
| 1:19.3 | The NATO summit is an opportunity for it to show that it can help countries cooperate, but it's also a bit of a tricky |
| 1:25.2 | situation. NATO member states are pretty divided over how to approach the conflict. EY is officially giving up on splitting in two for now. The company's new global |
| 1:41.1 | CEO Janet Truncale said as much in a memo on Thursday. |
| 1:44.7 | Stephen Foley covers EY for the FT. |
| 1:47.1 | Hi Stephen. |
| 1:48.1 | Hi Stephen, just remind us what this split was supposed to be. I remembered having a cool name, right? Like Project Everest. |
| 1:56.0 | You're absolutely right, Project Everest. Yes, it was designed to spin off EY's giant consulting and tax advisory business as a publicly listed company. |
| 2:07.8 | The idea being that that would free that company up from all those conflict of interest rules that block it from working with the |
| 2:16.4 | clients of the other half of the Y, which is the audit business. In so doing it would be free to go after |
| 2:21.9 | tech partnerships and a whole set of |
... |
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