Missteps at Missfresh
FT News Briefing
Forhecz Topher
4.4 • 1.3K Ratings
🗓️ 18 August 2022
⏱️ 10 minutes
🧾️ Download transcript
Summary
Federal Reserve officials discussed the need to keep interest rates at levels that restrict the economy “for some time” in a bid to contain inflation, Short-term UK borrowing costs surged to the highest level since 2008, and Tencent posts its first quarterly revenue fall. Plus, the collapse of Chinese food delivery app, Miss Fresh, could be a cautionary tale for other tech giants in China.
Mentioned in this podcast:
Fed officials signal restrictive rates may be needed ‘for some time’
UK bonds sell off as hot inflation lifts expectations for BoE rate rises
Tencent hurt by slowing Chinese economy and stalled game approvals
What the collapse of Missfresh means for China’s tech sector
Japan’s latest alcohol advice: please drink more
The FT News Briefing is produced by Sonja Hutson, Fiona Symon 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. |
| 0:11.5 | Today is Thursday, August 18th. |
| 0:13.6 | And this is your FT News Briefing. |
| 0:18.4 | We have more signals from the Federal Reserve. |
| 0:20.9 | It's still worried about inflation. |
| 0:23.3 | UK inflation hit double digits and jolted bond markets. |
| 0:27.6 | And China's biggest private company posted its first quarterly decline ever. |
| 0:33.0 | Plus a huge Chinese food delivery app has gone bust. |
| 0:36.8 | And our reporter in Beijing is kind of sad. |
| 0:40.1 | So it was definitely one of our go-to apps for getting food. |
| 0:44.4 | I'm Mark Filipino and here's the news you need to start your day. |
| 0:53.6 | Federal Reserve officials discuss the need to keep interest rates |
| 0:56.8 | restrictive for some time in order to reign in inflation. |
| 1:00.6 | So say the minutes from the US Central Bank's July meeting. |
| 1:03.8 | That's when the Fed decided on a 3.25% rate rise for the second consecutive month. |
| 1:08.6 | These latest minutes show policy makers are intent on pressing ahead with tightening |
| 1:13.2 | despite some early signs the economy is cooling down. |
| 1:17.2 | Markets barely budged after the minutes came out. |
| 1:19.9 | The S&P 500 ended the day down about 3.25%. |
| 1:27.6 | UK inflation jumped more than 10% in July. |
... |
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