Bonds are back, baby!
FT News Briefing
Forhecz Topher
4.4 • 1.3K Ratings
🗓️ 16 August 2024
⏱️ 13 minutes
🧾️ Download transcript
Summary
A huge US-based oilfield services company is expanding its Russian business, investors are piling into US treasuries, and US retail sales saw their biggest jump in a year and a half in July. Plus, a decade-long dispute between Coca-Cola and federal tax authorities has escalated to the point that the company could owe $16bn in back payments.
Mentioned in this podcast:
US oil services group SLB expands in Russia as competitors withdraw
Investors return to bonds as recession fears stalk markets
Strong US retail sales raise hopes of ‘soft landing’
How a $16bn tax stand-off stays unseen in Coca-Cola’s earnings
The FT News Briefing is produced by Fiona Symon, Sonja Hutson, Kasia Broussalian and Marc Filippino. Additional help from Breen Turner, Sam Giovinco, Peter Barber, Michael Lello, David da Silva and Gavin Kallmann. Our engineer is Monica Lopez. 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 | At Aquinore. UK. Good morning from the Financial Times. Today is Friday, August 16th, and this is your |
| 0:18.7 | FT news briefing. Bonds are so hot right now and a major US company in the oil industry is |
| 0:27.5 | doubling down on its footprint in Russia. Plus Coca-Cola is staring down an enormous potential tax bill. I'm Sonia Hudson |
| 0:36.8 | and here's the news you need to start your day. A lot of Western companies in the oil industry bailed on Russia after it launched its |
| 0:58.1 | full-scale invasion of Ukraine. But a huge US-based company is not only staying, it's actually expanding there. |
| 1:06.0 | SLB is an oil field services company and it's been signing new contracts and |
| 1:12.1 | recruiting hundreds of staff in Russia. |
| 1:14.7 | Companies like SLB do a lot of the grunt work for the oil and gas industry, |
| 1:19.6 | everything from building roads to drilling wells. |
| 1:23.0 | And it's able to expand because Western countries so far have not wanted to put sanctions |
| 1:28.0 | on oil field services in Russia. |
| 1:30.0 | They're worried it would choke off fossil fuel exports and cause a big jump in global prices. |
| 1:36.0 | When you think about summer, you think about summer you think about bonds, right? They're right up there |
| 1:48.0 | with backyard barbecues and beach vacations. Okay, maybe not, but while you've been out enjoying the sunshine, bonds have |
| 1:56.3 | staged a comeback. Investors are piling back into them in levels we |
| 2:01.1 | basically haven't seen since 2021. I'm joined now by the FT's |
| 2:06.1 | Katie Martin to discuss. Hi Katie. Hey how you doing? Doing well thanks. |
| 2:11.0 | So what kind of bonds are we talking about here so really the main thing that we're looking at is |
| 2:18.3 | US government bonds whether the rest of the world likes it or not. They are the instruments in financial markets |
| 2:24.8 | that are really driving the bus, that really drive the direction for global |
... |
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