The race for a vaccine, the story behind EBITDAC, BoE’s Bailey
FT News Briefing
Forhecz Topher
4.4 • 1.3K Ratings
🗓️ 15 May 2020
⏱️ 10 minutes
🧾️ Download transcript
Summary
The hunt for a coronavirus vaccine is central to global efforts to restart economies. The FT’s US coronavirus correspondent, David Crow, explains how nationalism could slow the fight against the pandemic. Plus, some companies are presenting a new customised metric they are calling ebitdac: earnings before interest, tax, depreciation, amortisation — and coronavirus. The FT’s markets reporter, Nikou Asgari, looks into whether it will stick. Then, the governor of the Bank of England, Andrew Bailey on the central bank’s response to the crisis.
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You can watch the full Andrew Bailey interview from The FT’s Global Boardroom event here.
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Transcript
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| 0:00.0 | Good morning from the Financial Times. Today is Friday, May 15th, and this is your |
| 0:05.8 | FT news briefing. Some companies are trying to polish the look of their quarterly |
| 0:11.4 | earnings by pinning a seat at the end of EBITDA. the But first a coronavirus vaccine is central to the global effort to restart economies. |
| 0:25.6 | The F.T's coronavirus correspondent David Crow will explain why nationalism might |
| 0:30.9 | slow the distribution of the treatment. |
| 0:33.0 | I'm Mark Filipino, and here's the news you need to start your day. |
| 0:37.0 | Earlier this week, the chief executive of the French vaccine maker, Sonofi, said the US should |
| 0:44.7 | get the first doses of two coronavirus vaccines it's developing since the country bank rolled |
| 0:49.8 | the research. |
| 0:51.1 | French politicians were outraged. |
| 0:53.4 | President Emmanuel Macron responded by saying that any vaccine against COVID-19 should be treated |
| 0:58.8 | as a public good for the world, and that it should not be subject to the laws of the market. |
| 1:04.4 | The Sonofi chief Paul Hudson later walked back his comments. |
| 1:08.0 | He said he was deeply sorry for sparking controversy in France. |
| 1:12.0 | But the dispute revealed the tension that's building in the high stakes race for a vaccine. David Crow, our US coronavirus correspondent, has more. |
| 1:20.0 | Well, I think that the race to find a global vaccine is sort of descending into a kind of |
| 1:28.2 | a nationalistic Cold War style battle rather than this being seen as a vaccine for the world and the sort of global health, I think that increasingly issues of national security and economic primacy and so on are coming to the fore and that is being demonstrated in how the various countries that have the capabilities to produce a vaccine have started to act, I suppose. |
| 1:57.0 | So David, you've got the US and you've got China, both are pouring huge resources into trying to develop a vaccine. |
| 2:04.0 | Meanwhile, the European Union has been pushing for a multilateral approach. |
| 2:08.0 | What's the rationale here? |
| 2:11.0 | Well, the rationale for a multilateral approach is pretty clear. It is that this is a global pandemic, right? It doesn't do much good to just immunize one country or continent. |
| 2:26.5 | And so you could in theory find a vaccine in the US |
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