Do meme 'stonks' still stink?
FT News Briefing
Forhecz Topher
4.4 • 1.3K Ratings
🗓️ 1 February 2023
⏱️ 11 minutes
🧾️ Download transcript
Summary
Hundreds of thousands of UK public sector workers set to walk out on Wednesday in co-ordinated action, the EU is set to unveil a draft plan today that loosens the rules around clean energy subsidies. Plus, the FT’s US markets editor Jennifer Hughes looked at how meme-stock companies are performing after raising capital during the pandemic meme stock frenzy.
Mentioned in this podcast:
EU plans to relax curbs on tax credits in response to ‘toxic’ US subsidies
Meme-stock groups have raised $5bn in 2 years since trading frenzy
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 |
| 0:10.3 | Good morning from the Financial Times. Today is Wednesday, February 1st, and this is your FT News Briefing. |
| 0:19.2 | Britain is braced for its biggest strikes in 11 years. Brussels is out with a plan to |
| 0:24.9 | compete with Washington's clean energy subsidies. Plus, whatever happened all those meme stock |
| 0:30.7 | companies like GameStop. There was a lesson for them to take from this. It's you have to be nimble |
| 0:36.5 | and move quickly to raise cash. I'm Mark Filipino, and here's the news you need to start your day. |
| 0:48.8 | In the UK today, hundreds of thousands of public sector workers plan to walk off the job. |
| 0:53.7 | They include train drivers, civil servants, and teachers in England and Wales. |
| 0:58.1 | Public sector workers have been asking for pay rises that make up for inflation. |
| 1:02.3 | Government ministers are still resisting those demands. Today's coordinated strikes are also |
| 1:07.6 | to protest legislation that would mandate minimum service during strikes in key areas like |
| 1:13.0 | transportation and health. |
| 1:15.2 | The European Union will unveil a draft plan today to make it easier for EU countries to |
| 1:25.2 | hand out clean energy subsidies. Brussels is doing this to compete with U.S. legislation that |
| 1:31.3 | includes huge subsidies for green investment. Here's the FT's sandflaming with more details |
| 1:36.7 | on the EU's plan. The one that's got the most attention is to do with the state aid rules that |
| 1:42.5 | the European Union uses to try and keep a level playing field in the single market. The idea here |
| 1:48.7 | is that the European Union will make it easier, effectively, for member states to get approval |
| 1:54.1 | when they're offering subsidies to green companies. If it's easier for European Union member states |
| 2:00.0 | to hand subsidies or tax breaks to their companies, then they'll be able to compete a bit better |
| 2:05.3 | because of the very generous fiscal support that legislation offers for U.S. companies. |
... |
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