Taxpayers Are Paying the Bill for Oligarchs’ Seized Yachts

WSJ What’s News

The Wall Street Journal

Daily News, News

4.1 • 4.2K Ratings

🗓️ 25 September 2023

⏱️ 15 minutes

🔗️ Recording | iTunes | RSS

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Summary

P.M. Edition for Sept. 25. The U.S. and other Western nations launched an unprecedented campaign to sanction Russia after its invasion of Ukraine. That included seizing billions of dollars in assets from Russian oligarchs, including yachts. But now, those big boats have become a burden for taxpayers. U.K. correspondent Max Colchester explains. Plus, a continued rise in bond yields is hitting tech stocks hard. Markets reporter Eric Wallerstein has more. Annmarie Fertoli hosts. Learn more about your ad choices. Visit megaphone.fm/adchoices

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0:00.0	Mailchimp would like to talk to you about customers.
0:03.6	A customer is what happens when marketers fail to personalise their marketing,
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0:22.4	Into it MailChimp, the number one email marketing and automation brand.
0:26.8	Based on customer numbers for verification email, advertising at MailChimp.com.
0:34.2	Rising US bond yields are hitting tech stocks especially hard.
0:38.4	And why taxpayers are on the hook for yacht seized from Russian oligarchs.
0:43.2	This is only a small piece of a much larger crack down that the West has launched against the Russian economy.
0:48.6	And obviously so far it hasn't worked, but that's not to say it will never work.
0:52.2	Plus, indicted US Senator Bob Menendez says he won't step down.
0:56.6	It's Monday, September 25th.
0:58.4	I'm Amary for Tolly for the Wall Street Journal.
1:00.8	This is the PM edition of What's News, the top headlines and business stories that moved the world today.
1:12.4	US bond yields continue to rise this fall, despite investors hopes that a new season would bring some relief from a summer slide in bond prices.
1:20.6	Yields on 10 year treasury notes, a key benchmark for borrowing costs on everything from mortgages to corporate loans have topped four and a half percent.
1:29.2	That's near a 16 year high.
1:31.2	And one of the most notable impacts of those yields rising is the drop in tech stocks.
1:35.8	Joining me now is Wall Street Journal markets reporter Eric Wallerstein.
1:39.6	Eric, why are bond yields rising and why are they impacting tech stocks in particular in this way?
1:45.4	Yeah, so the crux of it is definitely just the strength of the US economy.
	...

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