Spain in political limbo
FT News Briefing
Forhecz Topher
4.4 • 1.3K Ratings
🗓️ 25 July 2023
⏱️ 9 minutes
🧾️ Download transcript
Summary
Credit Suisse has been fined $388mn by US and British regulators, and Spain is facing an uncertain political future as the right and left failed to secure a clear path to forming a government. Plus, Top US consultancies are struggling to attract business in China as Beijing’s national security raids scare away local clients.
Mentioned in this podcast:
Credit Suisse fined $388mn over Archegos collapse
Spain faces uncertain political future after election deadlock
Work dries up for US consultancies in China after national security raids
LVMH becomes late addition to running order of Paris Olympic sponsors
The FT News Briefing is produced by Fiona Symon, Sonja Hutson and Marc Filippino. Additional help from Monica Lopez, 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 |
| 0:12.1 | Good morning from the Financial Times. Today is Tuesday, July 25th, |
| 0:16.5 | and this is your FT News Briefing. Credit Swiss has been hit with a fine over the collapse of |
| 0:22.8 | archaicos capital, and Spanish elections wrapped up without a clear winner. |
| 0:28.5 | You know, we're in a period of drift for the next few months, as long as there's a caretaker |
| 0:33.8 | government, no big decisions can be made. Plus, US consulting companies are having a hard time |
| 0:40.8 | drumming up work in China. I'm Sonya Hudson and for Mark Filipino, and here's the news you need to |
| 0:46.7 | start your day. |
| 1:01.4 | US and British regulators are finding credit Swiss almost $390 million. |
| 1:08.7 | They say the bank had, quote, significant failures in risk management and governance, |
| 1:14.0 | in its dealings with the now-defunct archaicos capital. The investment firm collapsed in March of 2021. |
| 1:21.6 | The collapse helped lead to credit Swiss's own demise. The bank had to be rescued by its rival UBS |
| 1:27.8 | earlier this year. Arcaicos is one of several unresolved scandals that UBS inherited from credit |
| 1:34.5 | Swiss. The bank has up to $4 billion reserved to cover regulatory and litigation costs from the |
| 1:41.1 | takeover. Spain is in political limbo right now. After this weekend's election, neither the right |
| 1:54.7 | nor the left coalitions got enough seats in parliament to form a majority government. |
| 2:00.4 | Here to talk more about this is the FT's Barney Jopson. He's based in Madrid. Hi, Barney. |
| 2:06.0 | Hi there. Good to be here. So break down the election results for us. What happened and what does |
| 2:12.2 | it mean? The expectation was that the mainstream conservative peoples party and the hard-right |
| 2:19.4 | fox party would between them secure enough seats to make Alberto Fajor the conservative prime minister. |
| 2:26.9 | But that did not happen instead in a result that nobody expected. We've ended up with a hung |
... |
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