Monday, August 19

FT News Briefing

Forhecz Topher

News, Daily News, News & Politics

4.4 • 1.3K Ratings

🗓️ 19 August 2019

⏱️ 10 minutes

🔗️ Recording | iTunes | RSS

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Summary

A body advising the European Central Bank warns that European banks and other financial institutions need to speed up their preparations for the phasing out of a key interest rate benchmark, top White House economic advisor Larry Kudlow says there is no recession coming, Donald Trump casts doubt on any Huawei reprieve and Hong Kong protesters rally in defiance of Beijing. Plus, the FT’s Madhumita Murgia explains how facial recognition software is creeping into security cameras in parts of London.

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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 newsroom of the Financial Times.
0:12.0	Today is Monday, August 19th. Good morning from the newsroom of the Financial Times.
0:12.6	Today is Monday, August 19th, and this is your FT news briefing.
0:18.8	Financial institutions are being warned to speed up preparations when it comes to phasing out a key European
0:24.5	industry benchmark.
0:26.4	The White House has dismissed concerns over a looming recession, and the protests in Hong
0:31.1	Kong continue.
0:32.1	Plus the F.T.'s Madamita Mergia explains and the protests in Hong Kong continue.
0:32.8	Plus the FT's Madamita Mergia explains how facial recognition quietly made its way
0:37.2	into some of London's most public places.
0:40.5	I'm Mark Filipino, and here's the news you need to start your day.
0:45.0	A body advising the European Central Bank wants financial institutions to pick up a pace when it comes to phasing out a key interest rate benchmark.
0:56.0	The Ionia is used to price more than 24 trillion euros of derivatives, loans, and bonds.
1:02.0	And it's set to be replaced by a new euro short-term rate in October.
1:07.2	The FT spoke with the head of the steering group at the ECB overseeing the transition.
1:12.0	He said that millions of contracts need to be changed
1:14.6	before the switch. He added that financial markets could be faced with confusion and
1:19.3	legal disputes if more isn't done to shift away from the existing benchmark.
1:24.0	Investors and regulators lost confidence in the way the existing benchmark was calculated
1:29.0	after a series of market manipulation scandals.
	...

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