Swiss central bank backs Credit Suisse
FT News Briefing
Forhecz Topher
4.4 • 1.3K Ratings
🗓️ 16 March 2023
⏱️ 11 minutes
🧾️ Download transcript
Summary
The Swiss central bank said it would provide a liquidity backstop to Credit Suisse, UK chancellor Jeremy Hunt unveiled a Budget that includes a £4bn expansion of free childcare, and Volkswagen is increasing its investments in electric vehicles.
Mentioned in this podcast:
Swiss central bank offers Credit Suisse liquidity backstop after share plunge
Jeremy Hunt’s “Budget for growth” boosts UK childcare
VW ramps up investments in electric car transition with €180bn injection
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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.
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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 |
| 0:10.3 | Good morning from the Financial Times. |
| 0:12.4 | Today is Thursday, March 16th, and this is your FT News Briefing. |
| 0:20.0 | US and European bank shares tumbled yesterday again, and credit Swiss was hit so badly |
| 0:27.0 | that Switzerland's central bank stepped in with a safety net. |
| 0:30.7 | UK Chancellor Jeremy Hunt plans to expand free childcare. |
| 0:35.2 | Here's what the FT's Claire Barrett had to say about that. |
| 0:38.4 | Bravo to Mr. Hunt for trying. |
| 0:41.0 | Let's hope it works out. |
| 0:43.1 | Plus, Volkswagen is investing even more in electric cars. |
| 0:47.5 | Just in time to cash in on Washington's green tech subsidies. |
| 0:52.2 | I'm Sonya Hudson and from our Filipino, and here's the news you need to start your day. |
| 0:57.0 | European bank shares had a rough day yesterday, but credit Swiss was hit particularly hard. |
| 1:12.3 | It wasn't just the broader banking jitters. |
| 1:15.1 | Credit Swiss's top shareholder, the Saudi National Bank, said it won't give the Swiss |
| 1:20.7 | lender any more financial assistance. |
| 1:23.5 | Credit Swiss's shares fell as much as 30 percent. |
| 1:28.0 | And then after the market closed, Switzerland's central bank stepped in to say it would provide |
| 1:33.9 | a liquidity backstop. |
| 1:36.1 | The FT's European banking correspondent Owen Walker says that sent a very strong signal. |
| 1:42.6 | That Swiss central bank is standing behind credit Swiss. |
... |
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