The potential disruption of decentralised finance
FT News Briefing
Forhecz Topher
4.4 • 1.2K Ratings
🗓️ 7 June 2021
⏱️ 10 minutes
🧾️ Download transcript
Summary
One of the world’s largest electronics contract manufacturers warns the global chip shortage could last until mid-2022, the G7 advanced economies have struck what they have termed a “historic agreement” on taxing multinationals, and China is taking measures to cool the renminbi rally. Plus, the FT’s venture capital reporter, Miles Kruppa, talks about cryptocurrency startups that aim to disrupt and decentralise finance.
Chip shortage to last until at least mid-2022, warns manufacturer
https://www.ft.com/content/04858089-fbe7-44f1-b096-8e705c664f8e?
G7 strikes historic agreement on taxing multinationals
https://www.ft.com/content/a308bbff-5926-47a1-9202-6263e667511e
China boosts measures to cool renminbi rally
https://www.ft.com/content/4ab2d4a7-4a73-4d39-bfba-f97dd91de54b
Silicon Valley bets on crypto projects to disrupt finance
https://www.ft.com/content/0f179c8d-aa60-41d4-96d7-5d53e78c3514
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Transcript
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| 0:00.0 | Good morning from the Financial Times. Today is Monday, June 7th. This is your FT News Briefing. |
| 0:09.0 | A top electronics manufacturer sees the chip shortage lasting at least another year. |
| 0:14.0 | The G7 group of advanced economies have struck what they call a historic agreement on taxing multinationals, |
| 0:20.0 | China is trying to cool a rally in the Renminbi, and the cryptocurrency ecosystem has a new breed of startups called DEFI, |
| 0:28.0 | or decentralized finance. |
| 0:31.0 | The way to think about it is that they're creating the basic technology to trade and to lend in ways that totally abolish our current framework. |
| 0:44.0 | I'm Mark Filipino, and here's the news you need to start your day. |
| 0:49.0 | The global shortage of semiconductors will likely last at least another year. |
| 0:56.0 | That's the morning from one of the world's largest contract electronics manufacturers. |
| 1:01.0 | Singapore-based FLEX makes devices and electronics for companies including Ford, Dyson, and HP. |
| 1:07.0 | The company's chief procurement and supply chain officer says the manufacturers that FLEX relies on for semiconductors |
| 1:14.0 | have pushed back their forecast and expect the shortage to end in mid-2020, some even say 2023. |
| 1:21.0 | They cite strong demand and other events that have disrupted production, like the pandemic, the Suez Canal blockage, |
| 1:27.0 | the extreme cold weather in Texas earlier this year, and a fire at a big chip plant in Japan. |
| 1:38.0 | The G7 group reached an agreement over the weekend to tax multinationals. |
| 1:43.0 | The deal would create a minimum global corporate tax rate of at least 15%. |
| 1:48.0 | The seven advanced economies found enough compromise to reach a deal aimed at stopping companies from shifting profits to low tax jurisdictions, |
| 1:55.0 | and to ensure that the biggest multinationals pay more tax in the countries where they already operate. |
| 2:01.0 | But the US still wants European countries to drop their digital service taxes. |
| 2:06.0 | These are the taxes hitting US tech companies like Google and Facebook. |
| 2:10.0 | US lawmakers want those digital levies gone before they sign off on the G7 tax agreement. |
| 2:16.0 | Here's the FTZ US trade correspondent, Amy Williams. |
... |
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