EU’s raw materials warning, Abe replacement, why Wirecard’s auditors failed
FT News Briefing
Forhecz Topher
4.4 • 1.3K Ratings
🗓️ 31 August 2020
⏱️ 10 minutes
🧾️ Download transcript
Summary
The European Commission plans to warn member states that the EU is overly reliant on importing critical raw materials, and Japan is getting ready to pick a new prime minister after Shinzo Abe announced he is resigning. Plus, the FT’s tax and accountancy correspondent, Tabby Kinder, explains why - despite auditors’ promises to change after the Wirecard scandal - things in the industry might stay the same.
EU sounds alarm on critical raw materials shortages
ft.com/content/8f153358-810e-42b3-a529-a5a6d0f2077f?
Japan set for new PM in weeks as Shinzo Abe’s party plans speedy vote
https://www.ft.com/content/343dac7a-8260-46cc-a0b2-a4e37ba595e0
PwC pledges to review fraud detection after Wirecard scandal shakes industry
https://www.ft.com/content/c7dfdff2-e834-434d-aa0c-7876dc04a9a5
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Transcript
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| 0:00.0 | Good morning from the Financial Times. |
| 0:02.0 | Today is Monday, August 31st, |
| 0:04.0 | and this is your FT news briefing. |
| 0:08.0 | The EU is worried about its raw materials, |
| 0:11.0 | and Japan gets ready for a new Prime Minister. |
| 0:14.8 | Plus the people looking at Wirecard's numbers didn't catch the fraud so we'll ask |
| 0:19.8 | what's the point of auditors and can they change? I'm Mark Filipino, and here's the news you need to start your day. |
| 0:27.0 | The European Commission has a warning for EU member states. |
| 0:38.0 | Too many raw materials are coming from outside the block. |
| 0:41.7 | The Commission plans to issue a formal warning this week. |
| 0:44.4 | There are concerns over China's dominance in industrial metals. |
| 0:47.9 | As much as 93% of the EU's magnesium comes from China, according to the Commission, and magnesium is in things like |
| 0:55.5 | laptops and car seats. The Commission also warns that these shortages will make it tough for the |
| 1:00.7 | block to be climate neutral. The EU is hoping to do this by 2050. |
| 1:04.7 | In response to all this, the EU is planning to launch a raw materials alliance. |
| 1:10.3 | It will be based on existing plans to promote the development of battery and hydrogen fuel |
| 1:15.2 | technologies. Brussels also plans to promote recycling vital elements. Shinso Abbe said last week that he was stepping down after eight years as Japan's |
| 1:29.0 | prime minister. |
| 1:30.4 | Mr. Abbe is leaving his post due to ulcerative collitis. |
| 1:34.0 | But his liberal Democratic Party needs to find a successor first. |
| 1:38.0 | Robin Harding explains what this process will look like and what Mr. Abbe's legacy might be. |
| 1:44.4 | Japan has a parliamentary system. |
... |
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