Stablecoins aren’t so stable after all
FT News Briefing
Forhecz Topher
4.4 • 1.3K Ratings
🗓️ 13 May 2022
⏱️ 10 minutes
🧾️ Download transcript
Summary
Norway’s oil fund has slammed “corporate greed” and excessive executive pay, some former Ukrainian officials believe their forces could push Russian troops out before the end of the year, and Jay Powell was confirmed for a second term as chair of the Federal Reserve. Plus, the FT’s Katie Martin explains how cryptocurrencies’ latest meltdown could spill into normal markets like stocks and bonds.
Mentioned in this podcast:
Norwegian oil fund denounces ‘corporate greed’ over executive pay
Military briefing: can Ukraine push the Russian army from the country?
What happens in crypto may not stay in crypto this time around
Crypto industry shaken as Tether’s dollar peg snaps
Powell confirmed by Senate for second term as Fed chair
The FT News Briefing is produced by Fiona Symon 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 |
| 0:09.9 | Good morning from the Financial Times. |
| 0:11.5 | Today is Friday, May 13th. |
| 0:13.3 | And this is your FT News Briefing. |
| 0:18.9 | Cryptocurrencies are cratering and stable coins aren't looking so stable. |
| 0:23.6 | We'll explain what's going on and we'll tell you why people like Janet Yellen are concerned. |
| 0:28.4 | Plus, an update on the war, including the latest talk that Ukraine could possibly win. |
| 0:33.6 | But first, one of the world's biggest investors has something to say on Executive Pay. |
| 0:38.8 | I'm Mark Filipino and here's the news you need to start your day. |
| 0:51.5 | The head of the world's largest sovereign wealth fund |
| 0:54.5 | lashed out at corporate greed and excessive pay packages. |
| 0:58.4 | Nikolai Tangen runs Norway's oil fund which own stock in every listed company in the world. |
| 1:04.8 | Tangen told the FT that he would target large salary packages that were not justified by performance, |
| 1:10.8 | that were opaque or not long-term enough. |
| 1:13.6 | The oil fund voted against Executive Pay at Intel's annual meeting this week |
| 1:18.3 | and also voted against Apple and IBM. |
| 1:21.3 | The data shows that Executive Pay is rising for S&P 500 companies that reported figures in 2021. |
| 1:28.0 | The median chief Executive Pay jumped to nearly $14.5 million, which is a record. |
| 1:39.1 | Russia's war on Ukraine has gone on for nearly three months now. |
| 1:43.2 | And Russian forces haven't made the progress Moscow's hope for. |
| 1:47.4 | That raises the question on whether Ukraine can win. |
... |
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