Protests push Kenya to abandon tax rises
FT News Briefing
Forhecz Topher
4.4 • 1.3K Ratings
🗓️ 27 June 2024
⏱️ 13 minutes
🧾️ Download transcript
Summary
JPMorgan is adding India's sovereign debt to its emerging markets index, and violent protests in Kenya stopped its president from signing a bill that would raise taxes. Plus, the FT’s Harry Dempsey explains why the US wants to lift sanctions on a billionaire to gain access to minerals in Africa.
Mentioned in this podcast:
India braced for billions of dollars of inflows as bonds added to JPMorgan index
Kenya’s president drops tax rises after deadly protests
Billionaire under sanctions could get $300mn in controversial US-Congo deal
CREDIT: WSJ, KBC Channel 1
The FT News Briefing is produced by Fiona Symon, Sonja Hutson, Kasia Broussalian and Marc Filippino. Additional help from Breen Turner, Sam Giovinco, Peter Barber, Michael Lello, David da Silva and Gavin Kallmann. Our engineer is Monica Lopez. Our intern is Prakriti Panwar. 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 | At Aquinore. UK. Good morning from the Financial Times. Today is Thursday, June 27th. And this is your |
| 0:17.5 | F.T. news briefing. |
| 0:20.3 | J.P. Morgan wants investors to start paying closer attention to India, and violence in Kenya forced the President to reverse course on a controversial tax bill. |
| 0:31.0 | Plus the U.S. is thinking about lifting sanctions to get access to critical minerals in Africa. |
| 0:37.0 | Unless the US is more pragmatic, it's not going to be able to compete with China |
| 0:42.6 | to secure the natural resources |
| 0:44.8 | that are going to underpin the technologies of the future. |
| 0:48.2 | I'm Mark Filipino, and here's the news you need to start your day. J.P. Morgan is going to add India's sovereign debt to its emerging markets index tomorrow. |
| 1:12.3 | This is the first time Indian bonds have been |
| 1:14.3 | included in a major benchmark and it means the country's got a whole bunch of foreign |
| 1:19.2 | money coming its way. Investors saw this move coming and they've already bought about 11 billion dollars worth of India's bonds. |
| 1:26.0 | Another 30 billion is expected to enter the market over the next few months. |
| 1:30.0 | And all this seems like good news, but a bunch of money moving into the bond market this quickly |
| 1:36.8 | could make it tough for India's Central Bank to control market volatility. Kenya's President William Ruto decided yesterday that he will not sign a deeply unpopular bill that would have raised taxes. |
| 1:56.0 | Demonstrators stormed Parliament on Tuesday to protest it. |
| 1:59.0 | Ruto addressed the nation on Wednesday saying that he's going to drop the legislation. |
| 2:07.0 | I run a government, but I also lead people. |
| 2:15.0 | And the people have spoken. Here to explain why Ruto backed as the FT's Africa editor David Pilling. |
| 2:20.0 | Hey David. Hi, Mark. |
| 2:21.0 | So before we get into the legislation itself and Rudo's 180, what have things been like in Kenya |
... |
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