First Republic in limbo
FT News Briefing
Forhecz Topher
4.4 • 1.3K Ratings
🗓️ 1 May 2023
⏱️ 11 minutes
🧾️ Download transcript
Summary
At least three large banks have submitted bids to buy all or parts of First Republic, the US is urging South Korea not to fill China’s semiconductor shortfalls if Beijing bans Micron chips, and Iran’s statistics authorities have kept inflation data under wraps for the last two months. Plus, mining companies are willing to go to the bottom of the ocean for rare and precious resources.
Mentioned in this podcast:
JPMorgan, Citizens and PNC submit bids for First Republic
US urges South Korea not to fill China shortfalls if Beijing bans Micron chips
Iran keeps inflation data under wraps
‘Playing with fire’: the countdown to mining the deep seas for critical minerals
The FT News Briefing is produced by Fiona Symon, Sonja Hutson and Marc Filippino. The show’s editor is Jess Smith. Additional help by Katie McMurran, 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 |
| 0:09.8 | Good morning from the Financial Times. |
| 0:11.4 | Today is Monday, May 1, and this is your FT News Briefing. |
| 0:18.9 | US regulators have been racing to save the struggling lender first republic. |
| 0:23.6 | Iranian authorities stopped releasing inflation data, |
| 0:27.1 | and South Korea finds itself smack dab in the middle of US China tensions. |
| 0:32.0 | Plus mining companies are eager to exploit minerals lying on the bottom of the ocean. |
| 0:37.1 | An analogy that the mining sector uses is if you could swim down there, |
| 0:42.3 | a human being could literally pick these nodules up. They're there for the taking. |
| 0:47.0 | And how do you regulate an industry 4,000 meters under the sea? |
| 0:51.7 | I'm Mark Philippineau and here's the news you need to start your day. |
| 0:57.2 | 3 US banks have offered to buy all or parts of the struggling California lender first republic. |
| 1:05.2 | Sources tell the FT that JP Morgan Chase, PNC, and Citizens all submitted bids to regulators |
| 1:11.2 | this weekend. Regulators are struggling to save the bank, which was hit hard in the recent panic. |
| 1:17.2 | Depositors yanked their money. And last week, first republic reported it had lost 100 billion |
| 1:23.2 | dollars in deposits in the first three months of the year. That raised fears that it wouldn't be |
| 1:28.6 | able to operate. Now, at the time of this recording, regulators hadn't decided on a buyer. |
| 1:34.1 | They're still considering offers, but bids so far were submitted on the condition that regulators |
| 1:40.0 | put first republic in receivership. That would give the government the responsibility of overseeing |
| 1:45.6 | and backing the failing lender. |
| 1:53.6 | China recently launched a national security review of a top US chipmaker. |
... |
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