A glimmer of hope for the global economy
FT News Briefing
Forhecz Topher
4.4 • 1.3K Ratings
🗓️ 26 July 2023
⏱️ 9 minutes
🧾️ Download transcript
Summary
Alphabet earnings beat expectations, a new report from the IMF says the future of the global economy is looking a little brighter than it did a few months ago, and the troubled regional bank PacWest has agreed to merge with Banc of California. Plus, the FT’s James Shotter explains the role Israeli businesses are playing in protesting the country’s judicial reforms.
Mentioned in this podcast:
Alphabet revenue beats forecasts on robust digital ad performance
IMF upgrades forecasts but warns global economy ‘not out of the woods’
US regional lenders PacWest and Banc of California agree merger
Israel’s protesters prepare next phase of battle for democracy
Leading Israeli businesses to strike in protest at judicial reforms
The FT News Briefing is produced by Fiona Symon, Sonja Hutson and Marc Filippino. Additional help from Monica Lopez, 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 |
| 0:12.1 | Good morning from the Financial Times. |
| 0:13.7 | Today is Wednesday, July 26th, and this is your FT News Briefing. |
| 0:18.8 | Investors gave Alphabet's earnings report and A+. |
| 0:22.3 | The state of the global economy is better than expected, |
| 0:25.2 | and a Southern California lender is set to merge with the troubled |
| 0:28.7 | Pac-West Bank. Plus, the Israeli Parliament is trying to re-shape the country's democracy. |
| 0:35.0 | Businesses there are pushing back. I'm Mark Filipino, and here's the news you |
| 0:39.3 | need to start your day. |
| 0:43.9 | Google's parent company Alphabet smoked Wall Street expectations in its earnings report |
| 0:59.8 | yesterday. It's at revenues hit about $74.5 billion. That's nearly $4 billion more than |
| 1:06.3 | the estimates. Revenue from Google Cloud, Google Ads, and YouTube Ads all beat forecasts. |
| 1:13.2 | Investors ate all this up. Alphabet's share price was up over 6% after the bell. |
| 1:18.2 | But Alphabet's artificial intelligence rival, Microsoft, did not dazzle markets, |
| 1:22.9 | even though it beat Wall Street's revenue expectations. Microsoft's cloud service, |
| 1:27.6 | Azure, which has been a big money maker for the company, saw growth slow last quarter. |
| 1:39.3 | The future of the global economy is looking a little brighter than it did a few |
| 1:42.8 | months ago. That's what the International Monetary Fund said when it released a new forecast |
| 1:47.4 | yesterday. The FT's Colby Smith spoke to IMF chief economist Pierre Olivier Gorinches. |
| 1:53.4 | Colby says he told her, the economy more broadly has shown a resilience that I think was |
| 2:00.4 | unexpected, at least in the first half or so of this year. So consumer spending has held up. |
... |
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