Investors serve, can women’s tennis volley?
FT News Briefing
Forhecz Topher
4.4 • 1.3K Ratings
🗓️ 11 July 2024
⏱️ 12 minutes
🧾️ Download transcript
Summary
Archegos founder Bill Hwang found guilty of fraud, investors are selling off risky US junk bonds, and women’s tennis is getting big investments from Saudi Arabia and private equity firms. Plus, the FT’s Ryan McMorrow explains how Amazon is fighting back against rivals like Temu and Shein.
Mentioned in this podcast:
Archegos founder Bill Hwang found guilty over fund’s collapse
Investors shun riskier junk bonds as bankruptcy filings jump
Saudi wealth bolsters WTA’s ambitions for women’s tennis
Amazon set to take on Temu and Shein with new discount section
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The FT News Briefing is produced by Fiona Symon, Sonja Hutson, Kasia Broussalian and Marc Filippino. Additional help from Michela Tindera, Breen Turner, Sam Giovinco, Peter Barber, Michael Lello, David da Silva and Gavin Kallmann. Our engineer is Monica Lopez. Our intern is Prakriti Panwar. 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 | At Aquinore. UK. Good morning from the Financial Times. Today is Thursday, July 11th, and this is your |
| 0:17.6 | F.T. news briefing. The Arkego Saga is coming to a close and women's tennis is getting a big influx of cash. |
| 0:26.5 | It's a private equity firm basically saying we think women's tennis is significantly undervalued |
| 0:31.6 | and we can catch up with the menskem. |
| 0:35.0 | Plus cheap online retailers like Tymu and Sheehan have exploded in popularity |
| 0:40.0 | and that's got Amazon a little worried. |
| 0:42.0 | I'm Mark Filipino and here's the news you need to start your day. Aqago's capital management founder Bill Wong was found guilty of fraud and market |
| 1:00.5 | manipulation yesterday. |
| 1:01.9 | Wong's fund imploded three years ago, |
| 1:04.5 | sending waves through global equity markets, |
| 1:07.1 | plus it caused billions of dollars and losses for banks. |
| 1:10.5 | New York prosecutors argued that he deceived the market with secretive trading strategies, |
| 1:15.0 | which then drove up the share price of a handful of media and tech groups |
| 1:19.0 | until there was a big sell-off and Arkegoes collapsed. |
| 1:23.3 | But Wong's lawyer said he, quote, |
| 1:25.1 | bought these stocks because he loved them. |
| 1:27.8 | Former Arkego's chief financial officer Patrick Halligan |
| 1:30.6 | was also found guilty of racketeering and fraud, they'll both be sentenced on October 28th. |
| 1:36.0 | There is only one place to be this weekend and that's Center Court at Wimbledon if you can swing it. |
| 1:49.0 | The women's final is happening Saturday. |
... |
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