Beijing fears social unrest from property crisis
FT News Briefing
Forhecz Topher
4.4 • 1.3K Ratings
🗓️ 1 August 2022
⏱️ 10 minutes
🧾️ Download transcript
Summary
The Bank of England is set to consider its biggest rate rise in more than 25 years, the EU and UK are easing up on Russian oil restrictions to keep gas prices from spiking, and some investors are getting back in the crypto market after a crash earlier this year. Plus, China is trying to come up with a $148bn bailout fund to help complete stalled property developments amid concerns about social unrest.
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Mentioned in this podcast:
Bank of England considers biggest rate rise for more than 25 years
West eases oil restrictions as inflation and energy fears grow
Crypto prices rise as traders dip back into digital asset market
China’s central bank seeks to mobilise $148bn bailout for real estate projects
The FT News Briefing is produced by Fiona Symon, Sonja Hutson and Marc Filippino. The show’s editor is Jess Smith. Additional help by Peter Barber, Michael Lello, David da Silva and Gavin Kallmann. The show’s theme song is by Metaphor Music. Topher Forhecz is the FT’s executive producer. The FT’s global head of audio is Cheryl Brumley.
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 |
| 0:10.0 | Good morning from the Financial Times. Today is Monday, August 1. |
| 0:13.7 | And this is your FT News Briefing. |
| 0:18.4 | Europe and the UK are easing up on Russian oil sanctions. |
| 0:22.6 | Investors are returning to the crypto market and then China's struggling property developers |
| 0:28.1 | are delaying construction projects and millions of frustrated mortgage holders |
| 0:33.1 | don't know when their homes will be finished. |
| 0:42.3 | We'll talk about Beijing's latest effort to fix the property crisis. |
| 0:46.0 | I'm Jess Smith in for Mark Filipino and here's the news you need to start your day. |
| 0:50.1 | This week the Bank of England meets and policy makers there are under pressure to step up |
| 1:00.4 | the pace of monetary tightening. The US Federal Reserve and Europe's central bank recently |
| 1:05.9 | announced unusually large rate hikes to try and counter persistent inflation. |
| 1:11.2 | British central bankers have been raising rates by quarter of a percentage point increments. |
| 1:15.8 | Bank of England Governor Andrew Bailey said when policy makers gather this Thursday |
| 1:20.1 | a half point increase is on the table but it's not locked in. |
| 1:28.7 | The global energy crisis is forcing Western powers to ease back other efforts to limit Russian oil |
| 1:34.8 | trading. The UK has delayed a plan for a coordinated ban with the European Union on providing |
| 1:40.8 | insurance to vessels carrying Russian oil. That's due to fears that imposing immediate worldwide |
| 1:46.4 | restrictions would cause crude oil prices to spike. UK cooperation was absolutely pivotal because |
| 1:52.6 | the UK and Lloyds of London in particular is the biggest maritime insurance market in the world. |
| 1:58.3 | That's our senior energy correspondent Tom Wilson. |
... |
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