Ping An calls for HSBC break-up
FT News Briefing
Forhecz Topher
4.4 • 1.3K Ratings
🗓️ 12 May 2022
⏱️ 11 minutes
🧾️ Download transcript
Summary
Description: Turkish authorities have raised the pressure on the country’s banks to limit corporate clients’ purchases of foreign currency, US consumer prices rose at an annual pace of 8.3 per cent last month, and the EU will have to spend close to €200bn in the next five years to secure energy independence from Russia. Plus, the FT’s Tabby Kinder explains why HSBC’s biggest shareholder is pressuring the bank to split up.
Mentioned in this podcast:
Turkey dials up the pressure on banks as lira slides
US inflation stays at 40-year high defying expectations of bigger drop
EU warns of €195bn cost to free bloc from Russian energy
Peter Ma: China’s shy insurance tycoon bursts into the limelight
Saudi Aramco overtakes Apple as the world’s most valuable company
The FT News Briefing is produced by 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. The show’s theme song is by Metaphor Music. Topher Forhecz is the FT’s executive producer. The FT’s global head of audio is Cheryl Brumley.
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 |
| 0:09.7 | Good morning from the Financial Times. Today is Thursday, May 12. |
| 0:13.1 | And this is your FT News Briefing. |
| 0:18.2 | US inflation, you guessed it, it's still at a 40-year high. |
| 0:22.4 | It'll cost Europe a pretty penny to cut itself off from rushing gas. |
| 0:26.6 | Meanwhile, Turkish officials are pressuring banks to limit foreign currency transactions |
| 0:31.2 | to try and stop the lira from its free fall. |
| 0:34.0 | Plus, one of the world's biggest global banks is under pressure from a Chinese company |
| 0:38.5 | to break itself in two. |
| 0:40.5 | This is genuinely one of the most significant events in recent history, |
| 0:45.0 | I'm Mark Filipino and here's the news you need to start your day. |
| 0:56.2 | The Turkish lira has fallen nearly 50 percent in the past year and Turkish authorities |
| 1:00.8 | are trying another tactic to prop it up. |
| 1:03.2 | The FT has learned that Turkish officials are pressuring banks to limit foreign currency purchases |
| 1:07.9 | by corporate clients. One senior Turkish banker says officials have to call to ask who |
| 1:12.9 | the buyer is, even on one or two million dollar purchases. |
| 1:16.8 | Bankers say they have little choice but to comply with demands to seek advance approval |
| 1:20.8 | from the central bank for a large foreign currency purchases. |
| 1:24.1 | And in some cases, commercial banks have been ordered to refuse to make foreign currency |
| 1:28.4 | purchases for their clients altogether. |
| 1:36.4 | Stocks fell hard yesterday after the latest report on US inflation. |
... |
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