Russia heading for first default in decades
FT News Briefing
Forhecz Topher
4.4 • 1.3K Ratings
🗓️ 28 June 2022
⏱️ 10 minutes
🧾️ Download transcript
Summary
Russia is on course to default on its debt for the first time since 1998, and Credit Suisse has become the first domestic bank to be found guilty of a corporate crime after a court found the lender failed to stop the laundering of Bulgarian drug money. UK travel chaos could widen this summer as travel unions threaten strike activity.
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Mentioned in this podcast:
Russia set for first debt default since 1998 as payment deadline passes
Credit Suisse found guilty over Bulgarian drug money failings
Is Britain headed for a summer of strikes?
US company spending on private jets for personal use hits 10-year high
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. 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. |
| 0:09.8 | Good morning from the Financial Times. |
| 0:11.6 | Today is Tuesday, June 28th, and this is your FT News Briefing. |
| 0:18.4 | Moscow dismissed its looming death default as a farce. |
| 0:22.3 | Credit Suisse is in trouble again. |
| 0:24.2 | He was just found guilty in a case involving Bulgarian drug money laundering, |
| 0:29.1 | and travelers in the UK are bracing for a summer of strikes. |
| 0:33.7 | I'm Jess Smith in Fromark, Filipino, and here's the news you need to start your day. |
| 0:42.7 | A Russian missile slammed into a shopping mall in central Ukraine yesterday. |
| 0:47.6 | Ukrainian authorities last night confirmed 13 dead and more than 40 civilians wounded. |
| 0:53.2 | President Vladimir Zelensky posted a video showing the shopping mall on fire after the attack. |
| 0:58.6 | He pleaded with Western leaders for more missile defense systems. |
| 1:02.0 | This attack is the latest sign that Moscow is prepared to escalate its war on Ukraine |
| 1:06.6 | despite international efforts to isolate the Russian economy. |
| 1:16.0 | And Moscow looks at the default on its debt for the first time in almost 25 years, |
| 1:21.0 | almost $100 million worth of interest payments on Russian government bonds came |
| 1:26.3 | to do this past Sunday with no sign of payment. Here's the FT's Niku Esgari. |
| 1:31.7 | Russia has repeatedly called this an absolute farce and unjustified |
| 1:36.3 | and an artificial default because unlike in many traditional classic sovereign country defaults, |
| 1:43.8 | Russia has the money to pay, has more than the money to pay. |
| 1:46.8 | They have so much cash from oil and gas reserves and oil and gas sales, |
... |
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