IPO within Arm’s reach
FT News Briefing
Forhecz Topher
4.4 • 1.3K Ratings
🗓️ 13 September 2023
⏱️ 11 minutes
🧾️ Download transcript
Summary
BP’s chief executive Bernard Looney is resigning and SoftBank’s Arm is set to hit the public market on Thursday. Plus, we look at why Germany’s economy is stalling and how its economic woes are hurting its neighbours.
Mentioned in this podcast:
BP chief Bernard Looney resigns over past relationships with colleagues
Arm targets valuation of up to $52bn in IPO
Olaf Scholz vows to cut bureaucracy as German economic woes mount
Polish zloty’s fall highlights tricky balancing act of central banks
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The FT News Briefing is produced by Fiona Symon, Sonja Hutson, Kasia Broussalian and Marc Filippino. Additional help from Monique Mulima, Monica Lopez, 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 |
| 0:12.4 | Good morning from the Financial Times. Today is Wednesday, September 13th. |
| 0:16.3 | This is your FT News Briefing. |
| 0:19.2 | BP's chief executive is out and Germany's |
| 0:23.2 | ailing economy is having ripple effect. Plus, the biggest US initial public offering |
| 0:29.2 | nearly two years is expected to go live tomorrow. |
| 0:33.8 | I'm Mark Filipino and here's the news you need to start your day. |
| 0:37.0 | BP's chief executive, Bernard Looney, has resigned. |
| 0:54.4 | Company released a statement yesterday that confirmed FT reporting. |
| 0:58.3 | The statement said that Looney left because he wasn't fully transparent about past |
| 1:03.1 | personal relationships with colleagues. BP also said the investigation into these |
| 1:08.4 | relationships is ongoing. Looney was CEO for less than four years, but he had been with the |
| 1:14.2 | company for more than 30. He was appointed as chief executive in 2020 to help the oil producer |
| 1:20.0 | navigate toward greener energy. Looney did not respond to the FT's requests for comment. |
| 1:26.5 | Germany has Europe's largest economy, but it's now projected to shrink this year. |
| 1:38.4 | In fact, of all the world's leading economies, Germany is expected to perform the worst |
| 1:43.9 | in 2023. That's according to forecasts from the OECD and IMF. |
| 1:49.3 | Here to explain why is Laura Patel. She's the FT's Berlin correspondent. |
| 1:53.5 | Hi, Laura. Hi, Mark. |
| 1:55.6 | So, Laura, what are the main problems that have hit German growth prospects this year? |
| 1:59.8 | I think Germany's facing a kind of confluence of crises. First, there was COVID and the |
... |
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