FT investigates KPMG Saudi Arabia
FT News Briefing
Forhecz Topher
4.4 • 1.3K Ratings
🗓️ 28 October 2022
⏱️ 11 minutes
🧾️ Download transcript
Summary
Big tech companies lost nearly $1tn in valuation this week, Credit Suisse announced a radical restructuring plan, and expats at KPMG’s Saudi Arabia office are blowing the whistle on working conditions there.
Mentioned in this podcast:
Brutal week for Big Tech with $1tn wiped off valuations
Amazon shares plummet after dismal sales forecast
‘Radical surgery’: Will Credit Suisse’s gamble pay off?
The plight of expat workers at KPMG Saudi Arabia
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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 |
| 0:09.8 | Good morning from the Financial Times. |
| 0:11.3 | Today is Friday, October 28. |
| 0:13.2 | And this is your FT News Briefing. |
| 0:18.8 | The hits the big tech stocks just kept coming this week. |
| 0:22.4 | We'll chat with Katie Martin about it. |
| 0:24.4 | Credit Swiss came out with a radical restructuring plan. |
| 0:27.7 | Investors heard it and then they dumped their shares. |
| 0:30.4 | Plus the FT investigated working conditions at the Saudi Arabia office of KPMG. |
| 0:36.6 | Several individuals having been told that they had to leave quite suddenly |
| 0:40.4 | were verbally warned by the Saudi management team that they had better comply with the |
| 0:45.9 | firm's wishes or else they would face unpleasant consequences. |
| 0:50.4 | I'm Mark Filipino and here's the news you need to start your day. |
| 0:58.4 | The biggest US tech company's reported earnings this week and with some exceptions it wasn't |
| 1:04.6 | pretty. Amazon yesterday issued a bleak revenue forecast for the rest of the year. |
| 1:09.4 | Its stock price fell 20% in after hours trading. |
| 1:12.9 | Earlier in the week, Facebook parent company Mehta and Google parent company Alphabet reported |
| 1:17.6 | falling ad sales and their stock prices tanked. |
| 1:20.9 | All told, big tech shares lost nearly a trillion dollars in value this week. |
| 1:26.1 | And underneath a lot of this are the signs of a slowing US economy. |
| 1:30.9 | To talk more about this, I've got the FT's US markets editor Katie Martin on the line. |
... |
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