Pandemic winners turned losers
FT News Briefing
Forhecz Topher
4.4 • 1.3K Ratings
🗓️ 10 May 2024
⏱️ 11 minutes
🧾️ Download transcript
Summary
Anglo American’s crucial South African shareholders are open to a takeover offer from BHP, Nippon Steel has vowed to push ahead with its $14.9bn acquisition of US Steel, and China’s President Xi Jinping has hailed Hungary as one of Beijing’s most important strategic partners. Plus, most pandemic corporate winners have turned into post-pandemic losers.
Mentioned in this podcast:
Anglo American’s South Africa investors open to improved BHP bid
Nippon Steel predicts ‘calmer discussions’ with unions after US presidential election
Xi Jinping upgrades China’s ties with Hungary to ‘all-weather’ partnership
Pandemic-era winners suffer $1.5tn fall in market value
The FT News Briefing is produced by Fiona Symon, Sonja Hutson, Kasia Broussalian and Marc Filippino. Additional help by Josh Gabert-Doyon, Mischa Frankl-Duval, Sam Giovinco, Peter Barber, Michael Lello, and Gavin Kallmann. Our engineer is Monica Lopez. 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 | Good morning from the Financial Times. Today is Friday, May 10th, and this is your |
| 0:17.3 | FT news briefing. A high-profile mining deal might actually not be dead on arrival. And Nippon's |
| 0:25.9 | deal says it wants to push ahead with its acquisition of US Steel. Plus the most |
| 0:31.9 | successful winners from the pandemic have turned into well losers. |
| 0:37.0 | I think a lot of it is that 2020 in general was a really bad year for most of the stock market. So these 50 winners are |
| 0:44.9 | kind of flukes in many ways. I'm Mark Filipino and here's the news you need to start your day. A potentially huge takeover in the mining industry might still have some life. |
| 1:06.0 | South African shareholders in Anglo-American are warming up to the idea of a bid from its rival BHP. |
| 1:14.0 | Last month, BHP proposed a 31 billion pound takeover of the London listed Anglo. |
| 1:20.0 | Anglo rejected the deal saying it significantly undervalues the company. |
| 1:25.0 | Investors told the Financial Times they would need BHP to sweeten its offer, they want more money, |
| 1:31.0 | they were not, though, opposed to the deal in principle. |
| 1:35.0 | BHP would need to come back with a new offer by May 22nd, |
| 1:39.0 | according to UK takeover rules. Japan's biggest steelmaker, Nippon Steel reported annual earnings yesterday. |
| 1:53.2 | They reported a decline in profits from the previous year, |
| 1:57.0 | but it was actually a less terrible decline |
| 1:59.4 | than the consensus of analysts expected. |
| 2:02.4 | Leo Lewis is the F.T's Asia Business. the consensus of analysts expected. |
| 2:02.8 | Leo Lewis is the FT's Asia business editor he covers Nippon. |
| 2:07.4 | And something that's weighing on investors |
| 2:11.0 | is this bungled proposal to buy US steel. |
... |
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