The story behind the money going to Mexico
FT News Briefing
Forhecz Topher
4.4 • 1.3K Ratings
🗓️ 7 February 2024
⏱️ 12 minutes
🧾️ Download transcript
Summary
Standard Chartered has sounded out UK political heavyweights Sir Charles Roxburgh and Sir Sajid Javid as potential candidates for its next chair, BP reported its second-biggest annual profit in a decade, and the FT’s Michael Stott explains the dark side of money flowing from the US to Mexico. Plus, WeWork’s former CEO Adam Neumann is trying to buy the company out of bankruptcy.
Mentioned in this podcast:
Standard Chartered taps political heavyweights as potential new chair
BP targets boost for returns as it delivers second biggest profit in a decade
The darker side of Mexico’s $63bn remittances boom
Adam Neumann seeks to buy WeWork out of bankruptcy
The FT News Briefing is produced by Fiona Symon, Sonja Hutson, Kasia Broussalian and Marc Filippino. Additional help by Sam Giovinco, Peter Barber, Michael Lello, David da Silva and Gavin Kallmann. Our engineer is Monica Lopez. 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 UK's energy partner. |
| 0:06.0 | Learn more at equinore. |
| 0:10.0 | Good morning from the financial Times. Today is Wednesday, February 7th, and this is your |
| 0:16.9 | F.T. News briefing. Some big names in UK politics are up for a top banking job and oil companies continue to bring home the bagen. |
| 0:26.8 | Plus Mexicans living in the US sent home an astonishing amount of money last year, |
| 0:31.8 | but not all of it is exactly what you would call clean. |
| 0:35.2 | Some of the numbers look rather strange when you start to dig into them, so at the |
| 0:39.4 | same time those remittances have been shooting up, the number of Mexican-born migrants in the US |
| 0:44.8 | has actually been falling slightly. |
| 0:46.7 | I'm Mark Filipino and here's the news you need to start your day. The sources told the F.T. that standard chartered is shortlisting Sajid |
| 1:11.0 | Javid to be its next chair. It's one of the most senior jobs in the British banking sector. |
| 1:17.2 | Javid is a conservative MP who was briefly Chancellor and Health Minister Javid spent some time at J.P. Morgan, too. |
| 1:25.1 | Standard Chartered is also considering another political heavy weight for the job, |
| 1:29.0 | Charles Roxburg. |
| 1:30.4 | He was the government's second permanent secretary in charge of financial services from 2016 to 2022. |
| 1:37.0 | Whoever standard chartered chooses for the position has their work cut out for them, |
| 1:41.0 | the bank's share price has been cut in half since 2015. |
| 1:47.0 | Black gold is so hot right now. |
| 1:54.7 | Many of the world's major oil companies reported some pretty strong earnings. |
| 1:58.8 | The most recent was BP, which reported annual profits of just under 14 billion dollars yesterday, the second highest |
| 2:06.4 | and over a decade, which is good news for investors who have been worried about BP's strategy of cutting oil and gas production. |
| 2:14.0 | I'm joined now by Tom Wilson who covers energy for the F.T. |
... |
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