Spac mania, Apollo’s Leon Black steps down, what’s fuelling the Russia protests
FT News Briefing
Forhecz Topher
4.4 • 1.2K Ratings
🗓️ 26 January 2021
⏱️ 10 minutes
🧾️ Download transcript
Summary
Companies have launched a $400bn fundraising blitz in the first three weeks of 2021 as government and central bank stimulus cascades across capital markets. Leon Black is to retire as chief executive of Apollo Global Management; the announcement came as Apollo revealed the conclusion of a review into Mr Black’s relationship with the late paedophile Jeffrey Epstein. Plus, Henry Foy on what’s fuelling Russia’s Navalny protests and Tom Mitchell on Zoom’s warning for other companies in China.
Companies raise $400bn over three weeks in blistering start to 2021
https://www.ft.com/content/45770ddb-29e0-41c2-a97a-60ce13810ff2
Leon Black steps down as chief executive of Apollo
https://www.ft.com/content/97fdc05b-d3cd-45b7-b155-5f4ab525c59a
Zoom spy claims a warning for multinationals in China
https://www.ft.com/content/75ca2308-a192-4118-8283-fa8147ec39ce
San Francisco 49ers lift stake in Leeds United
https://www.ft.com/content/da10082e-5723-4783-8820-76f58d98d1af
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Transcript
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| 0:00.0 | Good morning from the Financial Times. Today is Tuesday, January 26th, and this is your |
| 0:06.4 | F.T. News briefing. Companies have raised $400 billion in debt and equity already in 2021. |
| 0:14.4 | Leon Black has stepped down as chief executive of his private equity group, Apollo Global |
| 0:18.5 | Management. |
| 0:19.8 | In Russia, protesters are furious about corruption, that could be a real problem for |
| 0:23.7 | Vladimir Putin. |
| 0:25.1 | Zoom has trouble with Beijing and Washington. |
| 0:28.0 | That could be a warning to other multinationals in China. |
| 0:31.2 | I'm Brennan Grellian for Mark Filipino, and here's the news you need to start your day. |
| 0:37.0 | Companies have raised a lot of money in 2021. |
| 0:43.4 | A gob-smacking amount of money. |
| 0:45.7 | Nearly 340 billion dollars in corporate debt through January 22nd, |
| 0:50.4 | 64 billion dollars in IPOs and secondary equity offerings, according to an analysis |
| 0:55.6 | by the Financial Times, that's 170 billion dollars above the average for this time of year. |
| 1:01.5 | It's easy to borrow with interest rates this low and stable if you want to raise equity, |
| 1:05.7 | stock prices are approaching silly, and so it is a time for companies to expand if they can or just cash out. |
| 1:13.6 | Some of that money raised this year went to special purpose acquisition companies or |
| 1:17.2 | SPACs. |
| 1:18.4 | These are vehicles that raise funds through an IPO so they can buy something. They're also known as blank check companies. |
| 1:24.7 | There are already 61 new specs this year. They've raised just under 17 billion dollars. |
| 1:30.7 | A fund manager base in the UK told the F.TT that with this much money coming in the feeling in markets is just sheer nervousness. |
| 1:37.0 | On Wall Street, Leon Black will retire as chief executive of Apollo Global Management. |
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