China’s not so Evergrande
FT News Briefing
Forhecz Topher
4.4 • 1.3K Ratings
🗓️ 30 January 2024
⏱️ 11 minutes
🧾️ Download transcript
Summary
Binance has bowed to pressure from customers who want to hold their assets with an independent custodian, a Hong Kong court has ordered property giant China Evergrande to be wound up, and Brazil’s President Luiz Inácio Lula da Silva is returning to an old but controversial playbook to jump-start the country’s economy.
Mentioned in this podcast:
Binance bows to trader demands to keep their assets elsewhere
Chinese developer Evergrande ordered to be wound up by Hong Kong court
China Evergrande liquidation to test Hong Kong’s reach
Lula’s playbook: Brazil bets on a return to state capitalism
The FT News Briefing is produced by Fiona Symon, Sonja Hutson, Kasia Broussalian and Marc Filippino. Additional help by 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 | Good morning from the Financial Times. Today is Tuesday, January 30th, and this is your |
| 0:17.1 | FT news briefing. Binance customers are looking for some security, and a major Chinese property developer is going |
| 0:25.1 | under. Plus Brazil's president is returning to an old and controversial |
| 0:30.0 | playbook to get the economy back on track. |
| 0:33.0 | I'm Mark Filipino and here's the news you need to start your day. |
| 0:37.0 | Binance will let some of its customers hold assets with a third party. |
| 0:47.0 | The cryptocurrency exchange cave to pressure its larger customers want to keep holdings at independent banks. |
| 0:54.0 | The head of a crypto trading firm told the FT that, |
| 0:57.0 | in theory, it's safer to park money in a bank because it has oversight from regulators. |
| 1:02.0 | The move highlights just how uneasy |
| 1:05.0 | traders have become about finance. The US Department of Justice |
| 1:08.6 | fined the exchange last year and its CEO pleaded guilty to federal crimes. |
| 1:13.3 | China's evergrand is going to be liquidated. |
| 1:19.3 | It opens a new and unpredictable phase |
| 1:25.0 | for the world's most indebted property developer. |
| 1:28.1 | Evergrand's official default two years ago |
| 1:30.4 | triggered a cash crunch for other developers and it's still hobbling the |
| 1:34.4 | world's second largest economy. I'm joined now by the FT Shanghai correspondent Tom |
| 1:39.4 | Hale. So Tom just give us the details what exactly happened on Monday. |
| 1:44.0 | So a Hong Kong court has ruled that Evergrand or at least its holding company in |
... |
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