Credit Suisse’s big slump
FT News Briefing
Forhecz Topher
4.4 • 1.3K Ratings
🗓️ 10 February 2023
⏱️ 10 minutes
🧾️ Download transcript
Summary
China has pulled back from an internet pipeline connecting Asia with Europe, activist investor Nelson Peltz has called off his fight against Disney, and Americans are expected to wager a record $16bn on Sunday’s Super Bowl. Plus, the FT’s Owen Walker talks about Credit Suisse’s worse-than-expected earnings report and the bank’s plan to save itself.
Mentioned in this podcast:
China pulls back from global subsea cable project amid US tensions
Nelson Peltz calls off Disney proxy fight
Credit Suisse slumps to biggest annual loss since financial crisis
US gamblers expected to bet record amounts on Superbowl
Sound Credit: Ad Age's Super Bowl Archive
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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. 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 FT News Briefing is supported by Equinole, the UK's energy partner. |
| 0:06.3 | Learn more at equinole.co.uk |
| 0:10.5 | Good morning from the Financial Times. Today is Friday, February 10th, |
| 0:14.2 | and this is your FT News Briefing. |
| 0:18.7 | China has pulled back from an internet pipeline connecting Asia and Europe, |
| 0:23.2 | and Credit Suisse reliably delivered another miserable earnings report. |
| 0:28.4 | Plus, Disney is free from activist investor Nelson Peltz. For now, I'm Mark Filipino, |
| 0:35.5 | here's the news you need to start your day. |
| 0:43.0 | The FT has learned that two of China's biggest telecoms groups |
| 0:46.4 | withdrew their investment from an international subsea cable project. |
| 0:51.0 | This half a billion dollar internet pipeline involves thousands of miles of cables |
| 0:55.7 | connecting Southeast Asia to Western Europe. According to FT sources, China telecom and China |
| 1:01.6 | mobile withdrew last year after a US company was selected to build the line over Chinese company. |
| 1:07.5 | The departure of the two Chinese companies highlights the growing battle between Beijing and |
| 1:11.5 | Washington over global internet infrastructure. But one source described these two companies as |
| 1:17.5 | important, but not critical to the project. |
| 1:26.4 | It is Bob Eiger's birthday today, and the Disney CEO got in early present. Yesterday, |
| 1:32.2 | his nemesis of late, the activist investor Nelson Peltz appeared on CNBC to say that he is ending |
| 1:38.4 | his proxy battle for a Disney board seat. But Peltz didn't make it 100% clear that he is throwing |
| 1:45.0 | in the towel for good. Peltz had been demanding big cost cuts at Disney, and that's what Disney |
| 2:03.3 | announced would happen in a big restructuring plan earlier this week. Still, Peltz's decision to |
| 2:09.7 | stand down came as a surprise to the FT's or tensor alii. |
... |
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