Saudi Arabia puts outside consultants on notice
FT News Briefing
Forhecz Topher
4.4 • 1.2K Ratings
🗓️ 17 March 2025
⏱️ 13 minutes
🧾️ Download transcript
Summary
HSBC and UBS are expanding their wealth management arms in India, and the consulting boom in Saudi Arabia is slowing down. Plus, global gold prices have soared on fears that President Donald Trump could impose tariffs on gold imports, and US retailers are preparing for fewer sales in 2025.
Mentioned in this podcast:
HSBC and UBS expand India wealth management arms after IPO boom
Gold hits $3,000 for first time on global growth fears
From London to New York via Switzerland: the booming trade in gold bars
End of ‘blank cheque’ era for outside consultants in Saudi Arabia
South Korea’s academic race pushes half of under-6s into ‘cram’ schools
US shoppers tighten their belts as economic outlook concerns mount
The FT News Briefing is produced by Fiona Symon, Sonja Hutson, Kasia Broussalian, Ethan Plotkin, Lulu Smyth, and Marc Filippino. Additional help from Breen Turner, Sam Giovinco, Peter Barber, Michael Lello, David da Silva and Gavin Kallmann. Our engineer is Joseph Salcedo. 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 | We're Equinor, an energy company searching for better. |
| 0:03.0 | Currently, we supply 27% of the UK's gas, 15% of its oil, |
| 0:07.7 | and we're playing our part in the UK's energy transition. |
| 0:11.0 | Our wind farms power 750,000 homes, |
| 0:14.0 | and we expect that to grow to over 7 million. |
| 0:16.5 | Last year, we invested 20% of our global growth spend in renewables |
| 0:20.1 | and lower carbon solutions. |
| 0:22.0 | We plan to increase that to 50% by 2030. |
| 0:25.4 | We're an energy company searching for better. |
| 0:28.4 | Equinore.com.uk. |
| 0:33.5 | Good morning from the Financial Times. |
| 0:36.1 | Today is Monday, March 17th, and this is your FT News briefing. |
| 0:40.4 | Banks are racing to manage the wealth of India's new millionaires, and Saudi Arabia might be done writing blank checks to consulting firms. |
| 0:49.7 | Plus, we take a look at a weird quirk that's upending the global gold trade. |
| 0:55.2 | I'm Kasha Bersalian, and here's the news you need to start your day. |
| 1:09.6 | HSBC and UBS are expanding their wealth management operations in India. |
| 1:14.9 | The country is one of the fastest growing economies in the world, and has been minting a lot of millionaires lately, thanks to a record year in new listings. |
| 1:23.2 | And where there's wealth, there are wealth managers. |
| 1:25.7 | For Switzerland-based UBS, expanding in India |
| 1:29.0 | means trying to acquire shares in 361, that's one of India's largest wealth management companies. |
| 1:35.1 | As for HSBC, it's promised to nearly double the number of branches it runs in the country. |
| 1:41.3 | The global banks will have some tough competition, though. Local wealth managers |
... |
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