Central banks are scooping up the US dollar
FT News Briefing
Forhecz Topher
4.4 • 1.3K Ratings
🗓️ 12 June 2024
⏱️ 12 minutes
🧾️ Download transcript
Summary
Shari Redstone has ended talks with Skydance Media over a deal to control Paramount, the number of central banks seeking to increase their exposure to the US dollar has increased sharply this year, the EU plans to put hefty tariffs on Chinese electric vehicles, and the UK Tories' manifesto lays out billions in tax cuts. Plus, the FT’s Christine Murray explains why Mexico's peso slid after president-elect Claudia Sheinbaum proposed reforms.
Mentioned in this podcast:
EU to impose multi-billion euro tariffs on Chinese electric cars
Global central banks plan to increase dollar reserves, survey suggests
Rishi Sunak pledges £17bn in tax cuts to revive Tory election bid
Mexico’s president-elect vows to press ahead with controversial judicial overhaul
Shari Redstone ends talks with Skydance Media over deal to control Paramount
The FT News Briefing is produced by Fiona Symon, Sonja Hutson, Kasia Broussalian and Marc Filippino. Additional help from Victoria Mortimer, 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 Wednesday, June 12th, and this is your |
| 0:17.6 | F.T. News briefing. Paramount was offered a deal they apparently could refuse, and Mexico's peso is hurting. |
| 0:27.0 | Plus, do you know who loves the US dollar? Central Banks. Central Banks all over the world. I'm Mark Filipino and here's the news you need to start |
| 0:37.8 | your day. Paramount CEO Sherry Redstone pulled the plug on a deal for her family entertainment |
| 0:55.3 | empire yesterday. |
| 0:57.4 | Billionaire David Ellison was pushing for his company, Sky Dance Media, to take over Paramount, |
| 1:02.4 | but the talks dragged on for months before |
| 1:04.6 | Redstone closed the books. The decision apparently shocked Ellison's camp. He |
| 1:09.4 | had private equity backers Redbird and KKR on his side. |
| 1:13.6 | Investors were also caught off guard. |
| 1:16.2 | Paramount's share price dropped as much as 10% |
| 1:19.1 | after the news broke that the deal was dead. Mexico's peso has been in a bit of a slump. |
| 1:28.0 | Mexico's peso has been in a bit of a slump. |
| 1:31.0 | The currency has fallen 9% against the dollar ever since Mexico held |
| 1:35.9 | elections last week, so yeah, markets are jittery. And President-elect Claudia |
| 1:41.6 | Shanebaum didn't seem to help matters earlier this week. |
| 1:45.3 | She doubled down on some pretty controversial reforms at a press conference on Monday. |
| 1:50.1 | Here to explain the situation is the F.T's Christine Murray. Hey Christine. |
| 1:54.0 | Hi Mark. All right so do me a favor. Just walk me through what happened at this press |
| 1:58.8 | conference on Monday like what did Shanebaum talk about? Yeah, so on Monday evening I was in the National Palace in Mexico City for President-elect |
... |
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