The war on ‘woke’ capitalism
FT News Briefing
Forhecz Topher
4.4 • 1.3K Ratings
🗓️ 6 June 2022
⏱️ 9 minutes
🧾️ Download transcript
Summary
ECB governing council members are expected to support a proposal to create a new bond-buying programme if needed to counter borrowing costs for member states spiralling out of control, and in the US more investors are rebelling against high executive pay at leading companies and some are targeting individual board directors, while rightwing populists and industry sceptics mount a backlash against what they call “woke capitalism.”
Mentioned in this podcast:
ECB to firm up plans to ward off bond market stress
US investors rebel against high executive pay
The FT News Briefing is produced by Fiona Symon, Sonja Hutson and Marc Filippino. The show’s editor is Jess Smith. Additional help by Peter Barber, Michael Lello, David da Silva and Gavin Kallmann. The show’s theme song is by Metaphor Music. Topher Forhecz is the FT’s executive producer. The FT’s global head of audio is Cheryl Brumley.
Read a transcript of this episode on FT.com
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Transcript
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| 0:00.0 | The FT News Briefing is supported by Equinole, the UK's energy partner. |
| 0:06.3 | Learn more at equinole.co.uk |
| 0:09.9 | Good morning from the Financial Times. |
| 0:11.5 | Today is Monday, June 6th, and this is your FT News Briefing. |
| 0:18.8 | US investors are still trying to rein in executive pay while others are rebelling against |
| 0:23.9 | corporate activism on environment and social issues. |
| 0:27.4 | ESG has simply become so huge now, and I think that's also created a space for |
| 0:32.4 | contrarians to say, well, hang on a minute. |
| 0:34.7 | Is it everything that it claims to be? |
| 0:37.3 | But we'll start the show in Europe, where central bank officials are still struggling to find |
| 0:42.4 | the right way to tackle inflation. I'm Mark Filipino, and here's the news you need to start your day. |
| 0:51.5 | The European Central Bank is set to raise rates this summer for the first time since |
| 0:55.3 | 2011, because central bankers are under pressure to address inflation. |
| 1:01.2 | But a lot of them accept that they'll need to provide more support for bond markets before |
| 1:05.6 | any rate hike goes into effect. The FT has learned that when ECB officials meet in Amsterdam this |
| 1:10.9 | week, most governing council officials are probably going to support a new bond buying program. |
| 1:16.4 | It would prop up member states with vulnerable debt markets like Italy, if their borrowing costs |
| 1:21.5 | start to spiral after central bankers raise rates. Officials are also likely to clash over when |
| 1:27.6 | they'll stop buying bonds under the existing bond buying program. But almost everyone on the ECB's |
| 1:33.6 | governing council accepts that the ultra loose monetary policy they've had for more than a decade |
| 1:38.8 | needs to end. |
| 1:39.9 | In the US, the struggle to find and keep top executives means companies have to dull out big pay |
... |
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