Private equity’s mystery boxes
FT News Briefing
Forhecz Topher
4.4 • 1.3K Ratings
🗓️ 30 November 2022
⏱️ 10 minutes
🧾️ Download transcript
Summary
China is enlisting the help of tech giants to reduce its dependence on foreign semiconductor technology, the Federal Reserve is divided over how much to raise interest rates, and private equity firms are selling an investment product similar to the collateralised debt obligations that fuelled the 2008 financial crisis.
Mentioned in this podcast:
Fed officials in danger of splitting on future rate rises, warn economists
China enlists Alibaba and Tencent in fight against US chip sanctions
Collateralised fund obligations: how private equity securitised itself
Alibaba founder Jack Ma living in Tokyo since China’s tech crackdown
The FT News Briefing is produced by Fiona Symon, Sonja Hutson 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 |
| 0:09.9 | Good morning from the Financial Times. |
| 0:11.5 | Today is Wednesday, November 30th, and this is your FT News Briefing. |
| 0:18.3 | China is making moves to counter semiconductor sanctions. |
| 0:22.1 | US central bankers are divided over the size of their next interest rate move, |
| 0:26.9 | plus our private equity correspondent Kate Wiggins |
| 0:29.7 | stumbled upon a little known financial product, |
| 0:32.6 | and it looks awfully like one of the most infamous securities from the 2008 financial meltdown. |
| 0:42.2 | I'm Mark Filipino, and here's the news you need to start your day. |
| 0:50.5 | China is trying to counter the impact of US semiconductor sanctions. |
| 0:55.2 | Beijing has set up a consortium of companies and research institutes in the hopes of designing |
| 1:00.4 | its own high-performance computer chips. It's enlisted two of its top technology companies, |
| 1:06.6 | Alibaba and Tencent. Beijing wants to reduce its dependence on the British chip design firm |
| 1:12.6 | ARM. ARM is seen as vulnerable to any increase in US sanctions targeting China because its supplies |
| 1:19.9 | to Chinese tech companies. Beijing's ultimate goal is to boost development of its own chip design |
| 1:25.6 | market. The Federal Reserve's largely been united when it comes to raising rates, |
| 1:35.7 | but a divide is emerging about how much to squeeze the economy to bring down inflation. |
| 1:41.5 | Here's our US economics editor Colby Smith. She's been pouring over the minutes from the Federal |
| 1:46.7 | Reserve's latest meeting. It really is a question about how quickly inflation is going to moderate |
| 1:53.3 | next year. Now we've started to see some early signals that it has peaked. Price pressures are |
| 2:00.0 | coming off the boil, and if you look at the month-over-month rates, you're just seeing a little bit of |
... |
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