The US-China ‘cat and mouse game’
FT News Briefing
Forhecz Topher
4.4 • 1.3K Ratings
🗓️ 28 August 2024
⏱️ 13 minutes
🧾️ Download transcript
Summary
The Japanese operator of 7-Eleven is discussing ways to defend itself against a takeover bid by Canada’s Alimentation Couche-Tard, Chinese export controls on crucial semiconductor materials are starting to hit supply chains, and the fintech company Klarna plans to axe almost half of its staff in favour of artificial intelligence. Plus, Nasa is turning to Elon Musk’s SpaceX after Boeing’s Starliner, which was meant to bring two US astronauts home, suffered technical problems.
Mentioned in this podcast:
7-Eleven’s Japanese owner explores protected status to thwart foreign bid
China’s export curbs on semiconductor materials stoke chip output fears
Klarna aims to halve workforce with AI-driven gains
How will Nasa return two US astronauts stranded in space?
The FT News Briefing is produced by Niamh Rowe, Fiona Symon, Sonja Hutson, Kasia Broussalian and Marc Filippino. Additional help from Breen Turner, 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 | At Aquinore. UK. Good morning from the Financial Times. Today is Wednesday, August 28th, and this is your |
| 0:17.2 | F.T. news briefing. A Japanese conglomerate is looking for special treatment and Boeing's issues are now hitting the final frontier. |
| 0:26.0 | Plus, the West is stopping semiconductors from going into China and in return China is restricting precious metals from going to the west. |
| 0:35.0 | It really does feel like there's a sort of real cat and mouse game going on here between the US and China. |
| 0:40.0 | Can't we all just get along? |
| 0:42.0 | I'm Mark Filipino and here's the news you need to... Can't we all just get along? |
| 0:43.0 | I'm Mark Filipino, and here's the news you need to start your day. The Japanese owner of 711 is trying to maneuver its way out of a takeover bid. |
| 1:04.0 | Remember last week how I told you guys that a big Canadian company called Kushtar |
| 1:09.0 | is trying to buy out 7 and eye holdings? |
| 1:12.0 | Well if that actually happened it would be the biggest foreign takeover of a Japanese company ever. |
| 1:18.0 | The fact that it's even being considered is thanks to some new guidelines that make mergers and acquisitions a little easier in Japan. |
| 1:25.0 | But Seven and I is saying, wait a minute, I'm special. |
| 1:28.0 | The company is exploring whether the government might want to give it a core rating, |
| 1:32.8 | it's something that's usually reserved for critical stuff |
| 1:35.3 | like semiconductors and nuclear energy. |
| 1:37.8 | The higher rating would mean that Japan's finance ministry |
| 1:40.8 | would have to really scrutinize the deal, giving Seven and I, maybe a bit |
| 1:45.5 | more protection from a Cushtar buyout. For years now, now, the US and other Western countries have been trying to |
| 1:58.7 | drastically limit China's ability to get high-end ships. These are the ones that power things like artificial |
| 2:05.1 | intelligence. But China isn't taking this lying down. About a year ago, the country |
... |
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