Thursday, February 20

FT News Briefing

Forhecz Topher

News, Daily News, News & Politics

4.4 • 1.3K Ratings

🗓️ 20 February 2020

⏱️ 10 minutes

🔗️ Recording | iTunes | RSS

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Summary

UBS names Ralph Hamers from ING as its next chief executive, Boeing asks for a $100m a year tax break from Washington state to be suspended in order to avert retaliatory tariffs this summer, and the UN has teamed up with a New York start-up to develop technology that will attempt to gauge how people living in war zones feel about peace negotiations. Plus, billionaire Michael Bloomberg has made up for his late entry into the Democratic presidential race with an advertising spending spree of nearly half a billion dollars. The FT’s Brooke Fox and Anna Nicolaou report on the strategy that has caught the other campaigns off-guard.

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Transcript

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0:00.0	Good morning from the Newsroom of the Financial Times.
0:02.8	Today is Thursday, February 20th, and this is your FT news briefing.
0:08.7	UBS names ING boss Ralph Hammers as its next chief executive.
0:13.0	Boeing has asked to give up a tax break in order to stop the EU from imposing retaliatory tariffs later this year.
0:20.0	And UN peacekeepers are turning to artificial intelligence to negotiate peace agreements.
0:25.0	Plus, we'll look at Michael Bloomberg's spending strategy in the Democratic presidential race
0:30.0	ahead of Super Tuesday.
0:32.0	I'm Amy Keene, and here's the news you need to start your day.
0:37.0	Switzerland's largest bank is about to get a new chief executive.
0:44.0	UBS confirmed that I-N-G boss Ralph Hammers will replace current chief executive
0:48.6	Sergio Ermati.
0:49.6	It's a move that was first reported by the F.T.
0:52.4	Mr. Ermati spent more than eight years turning It's a move that was first reported by the F.T.
0:52.8	Mr. Armady spent more than eight years turning round UBS
0:55.9	after it was bailed out during the financial crisis.
0:58.5	During this time, he revived earnings
1:00.2	and cleaned up the balance sheet.
1:02.0	The Swiss lender is the world's largest asset manager
1:04.5	with a total of two and a half trillion dollars in assets.
1:08.2	But several months ago, it was decided that Mr. Ermati's tenure
1:11.2	would not be extended, according to F.T. sources.
1:14.4	That's when UBS Chairman Axel Weber approached ING's Ralph Hammers.
	...

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