Swamp Notes: US Democrats on the offensive
FT News Briefing
Forhecz Topher
4.4 • 1.3K Ratings
🗓️ 20 September 2022
⏱️ 10 minutes
🧾️ Download transcript
Summary
Two Turkish banks have halted the use of Russia's payment system, two global energy agencies estimate it would cost $1tn to avoid the catastrophic effects of climate change, and pension funds in Europe and Australia pressured asset manager Federated Hermes to stop sponsoring a group of US officials who oppose action on climate change. Plus, Swamp Notes columnists Ed Luce and Rana Foroohar discuss what’s behind the US Democratic party’s rebound heading towards midterm elections.
Mentioned in this podcast:
Turkish banks suspend Russian Mir cards amid US sanctions pressure
Investment of $1tn a year needed for 2030 climate goals, report finds
Under-fire US fund manager pulls controversial sponsorship of climate sceptics
Joe Biden comes out swinging as Democrats sense midterms momentum shift
Biden’s Lazarus-like opportunity
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. 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 |
| 0:09.8 | Good morning from the Financial Times. |
| 0:11.3 | Today is Tuesday, September 20th, and this is your FT News Briefing. |
| 0:18.6 | The catastrophic effects of climate change could be avoided, but it will cost |
| 0:23.0 | trillions of dollars, that's according to a new report. |
| 0:26.3 | U.S. climate politics is causing headaches for global asset managers, |
| 0:30.4 | and our swamp notes columnists, Roda Farouhaar and Ed Luce, |
| 0:34.0 | talk about the Democrat surge going into the midterm elections. |
| 0:37.6 | I'm Mark Filipino, and here's the news you need to start your day. |
| 0:48.4 | Two of Turkey's largest banks have stopped using Russia's payment system |
| 0:52.8 | after warnings from Washington. |
| 0:54.7 | They were among five of Turkey's biggest banks that were using the MIR system, |
| 0:58.7 | its Russia's version of Mastercard or Visa. |
| 1:02.0 | Turkey has avoided taking sides in Russia's war in Ukraine, |
| 1:05.2 | it hasn't signed on to sanctions. |
| 1:07.5 | But Washington has expressed concerns that these banks could provide a financial backdoor |
| 1:12.2 | to sidestep Western sanctions. |
| 1:14.8 | A spokesperson for one of the banks said it had temporarily suspended use of the |
| 1:18.9 | MIR payment network while it evaluated new guidance from the U.S. |
| 1:28.8 | Two leading global energy agencies have issued a report that estimates the cost of avoiding |
| 1:33.6 | the catastrophic effects of climate change. |
... |
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