Football clubs are pouring billions into stadiums
FT News Briefing
Forhecz Topher
4.4 • 1.3K Ratings
🗓️ 8 January 2024
⏱️ 12 minutes
🧾️ Download transcript
Summary
A pile up of bad debt threatens to sour investors’ growing optimism about the prospects for the US’s largest banks, and European football clubs are pouring money into transforming stadiums. Plus, the FT’s Joe Miller explains why another bad bet by SoftBank could be trouble for the Japanese group.
Mentioned in this podcast:
SoftBank’s Gen Z social media bust: was IRL the next Facebook or a fraud?
The European football clubs turning stadiums into cash cows
Largest US banks set to log sharp rise in bad loans
The FT News Briefing is produced by Fiona Symon, Sonja Hutson, Kasia Broussalian and Marc Filippino. Additional help by Sam Giovinco, Peter Barber, Michael Lello, David da Silva and Gavin Kallmann. Our engineer is Monica Lopez. 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 | Good morning from the Financial Times. Today is Monday, January 8th, and this is your |
| 0:17.0 | FT news briefing. The biggest banks in the US are set to report a pretty steep |
| 0:22.4 | rise in bad loans and a legal battle |
| 0:25.4 | over a failed social media company is raising questions about Soft Banks |
| 0:30.1 | business practices. I think whatever happens in these cases and |
| 0:34.4 | whatever the final outcome is, it doesn't look good for Softbank. |
| 0:38.3 | Plus a new era of major stadium renovations is underway in Europe. I'm Mark Filipino and here's the news you need to start |
| 0:46.3 | your day. America's largest banks seem to have a bit of a bad debt problem. |
| 1:06.0 | Non-performing loans are expected to hit at least $24 billion in the fourth quarter of |
| 1:10.9 | 2023. |
| 1:12.4 | This is debt tied to borrowers who haven't made |
| 1:14.7 | any payments in the past three months and it's happening at JPMorgan Chase, Bank of |
| 1:19.3 | America, Wells Fargo, and Citigroup. Analysts estimate that this pile-up of bad debt will |
| 1:24.9 | drag down the fourth quarter earnings for these banks. Those will be |
| 1:28.3 | announced later this week. Softbank is in the middle of a bitter legal battle over a social media app it sunk |
| 1:41.1 | a hundred and fifty million dollars into investors quietly social media app it sunk $150 million into. |
| 1:44.0 | Investors quietly shut down the app called IRL in 2022 because they said almost all of its |
| 1:50.1 | users were fake. |
| 1:51.7 | They're suing the founders for defrauding them and the founders have |
| 1:54.9 | countersued. The whole ordeal has raised more questions about how Soft Bank does its due |
... |
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