China unleashes stimulus blitz
FT News Briefing
Forhecz Topher
4.4 • 1.3K Ratings
🗓️ 25 September 2024
⏱️ 12 minutes
🧾️ Download transcript
Summary
The US Department of Justice has filed an antitrust lawsuit against Visa, China has unleashed a swath of stimulus measures to jump-start growth and the incoming CEO at Trafigura signals a new era for the trading house. Plus, Sri Lanka has a new leftwing president who has promised a fresh start for the country.
Mentioned in this podcast:
US antitrust lawsuit accuses Visa of using dominance to shut down rivals
China unleashes stimulus blitz to lift growth
Trafigura set to name Richard Holtum as chief executive
Sri Lanka swears in leftist election winner as president amid concerns over IMF deal
The FT News Briefing is produced by Niamh Rowe, 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 Joseph Salcedo. 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. |
| 0:11.0 | The UK. |
| 0:12.0 | Good morning from the Financial Times. Today is Wednesday, September 25th, and this is your |
| 0:18.2 | F.T. News briefing. The U.S. Department of Justice accused Visa of foul play, |
| 0:24.4 | and Beijing is trying to jolt its economy back to life with a big round of stimulus. |
| 0:30.6 | Plus Sri Lanka's new president buckles down for a rough road ahead. |
| 0:35.0 | We in our reporting describe this as Sri Lanka's biggest political |
| 0:40.0 | upset since independence. |
| 0:42.4 | I'm Sonia Hudson and here's the news you need to start |
| 0:45.5 | your day. Another day, another day, another antitrust lawsuit. This time its visa in the hot seat. On Tuesday, |
| 1:00.9 | the Department of Justice accused the company of stifling competition in the debit card market. |
| 1:06.5 | It said Visa charges eye-watering fees on payments. |
| 1:10.5 | According to the DOJ, Visa has been penalizing merchants and banks who don't use its technology |
| 1:16.7 | to process transactions. |
| 1:19.4 | More than 60% of debit transactions in the U.S US travel through Visa's network. |
| 1:25.0 | And this market power has allegedly allowed it to charge more than $7 billion in fees each year. |
| 1:32.1 | And that gets passed on to consumers. |
| 1:35.0 | Beijing announced a huge range of government stimulus measures yesterday. |
| 1:46.0 | It's all part of an effort to get the world's second biggest economy out of its long-term slump. |
| 1:51.0 | Economists have been warning that China might not hit its 5% growth |
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