A looming ESG crackdown
FT News Briefing
Forhecz Topher
4.4 • 1.3K Ratings
🗓️ 15 August 2023
⏱️ 8 minutes
🧾️ Download transcript
Summary
A surprise election result in Argentina spooked markets, iPhone manufacturer Foxconn is trying to pivot to India, and it looks like there’s a US regulatory crackdown looming for the sustainable investing world.
Mentioned in this podcast:
Argentina’s markets roil after shock primary election results
iPhone maker Foxconn’s cautious pivot to India shows limits of ‘China plus one’
UBS pays $1.4bn to settle US mortgage bond mis-selling case
SEC lawyers subpoena fund managers over ESG disclosures
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The FT News Briefing is produced by Fiona Symon, Sonja Hutson and Marc Filippino. Additional help from Josh Gabert-Doyon, Monique Mulima, 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 |
| 0:12.4 | Good morning from the Financial Times. Today is Tuesday, August 15th, and this is your FT News Briefing. |
| 0:20.4 | A surprise election result in Argentina spooked markets and US regulators are investigating |
| 0:27.1 | sustainable investment funds. Plus, iPhone manufacturer Foxconn is trying to pivot to India, |
| 0:34.4 | but it's not going to replace China anytime soon. I'm Sonya Hudson in for Mark Filipino, |
| 0:40.4 | and here's the news you need to start your day. |
| 0:49.6 | Markets in Argentina for wreaked out yesterday after a surprising result in the presidential |
| 0:55.4 | primary election. Right-wing libertarian candidate Javier Millei came in first. He has threatened |
| 1:02.1 | to, quote, burn down the central bank. Millei also wants to dramatically cut spending and align |
| 1:08.9 | the peso to the US dollar. Argentina's central bank responded to the market turmoil quickly. |
| 1:15.2 | It devalued the peso by 18% and raised interest rates by 21 percentage points. |
| 1:22.8 | The shocking election result made investors even more anxious about the country's economy. |
| 1:28.1 | Inflation is running crazy high above 115%. The presidential election will take place in October. |
| 1:44.2 | It looks like US regulators are about to crack down on how sustainable investment funds |
| 1:49.3 | are marketed. The Securities and Exchange Commission sent subpoenas to several asset managers |
| 1:54.9 | this year. The regulators are looking into their environmental, social, and governance investing. |
| 2:00.4 | You might also know it as ESG. The FT's Patrick Temple West has been reporting on this, |
| 2:05.9 | and he joins me now. Hey, Patrick. I saw you. How are you? |
| 2:09.7 | Don't know all thanks. So, do you have a sense of what DSCC is looking for here? |
| 2:15.6 | Yes. DSCC has been looking for a couple of years on companies that say they're doing something |
| 2:23.1 | and not following through. If the funds are being fully transparent about what they're doing in |
... |
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