UK’s wealthy foreigners look for the exits
FT News Briefing
Forhecz Topher
4.4 • 1.3K Ratings
🗓️ 25 June 2024
⏱️ 12 minutes
🧾️ Download transcript
Summary
Chinese executives are trying to avoid US tariffs by relocating manufacturing, a growing number of wealthy foreigners in the UK are planning on leaving the country, and Brazilian financial markets have been performing poorly. Plus, the FT’s Tim Bradshaw explains whether Nvidia is on a crash course similar to some of the dotcom darlings from the 2000s tech bubble.
Mentioned in this podcast:
Chinese companies seek assurances from Malaysia over US tariffs
Can Nvidia stay at the heart of the new AI economy?
Wealthy foreigners step up plans to leave UK as taxes increase
Brazilian markets hit by investor worries over Lula’s spending plans
The FT News Briefing is produced by 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. Our intern is Prakriti Panwar. 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 Tuesday, June 25th, and this is your |
| 0:17.8 | F-T-N-E's briefing. Chinese executives are eyeing Malaysia and is the |
| 0:24.5 | Invidia bubble gonna burst? Plus wealthy foreigners in the UK are high tailing it out of |
| 0:31.2 | there. There was one billionaire businessman we spoke to and he said |
| 0:35.4 | Brexit happened and the Conservatives promised to make the UK like Singapore and |
| 0:39.4 | instead they turned this place into Belarus. I'm Mark Filipino and here's the news you need to start your day. Chinese companies want to avoid US tariffs, so much so that they're leaving the mainland, but they want to feel more |
| 1:06.2 | secure in their move. |
| 1:08.6 | Sources told the F.T. that Chinese executives have been meeting with top government officials in Malaysia. |
| 1:14.0 | They want them to lobby Washington to make sure they can avoid U.S. tariffs. |
| 1:19.0 | That's because a lot of Chinese companies are getting hit hard by U.S. tariffs and they're worried that that could |
| 1:24.9 | happen outside China too. |
| 1:27.3 | And this is where the rock really meets the hard place. |
| 1:30.3 | Malaysia's Prime Minister Anwar Abraham considers the US an important ally, but he's |
| 1:35.2 | cozied up to China too. |
| 1:38.0 | China's Premier Leak Yang visited Malaysia just last week. More and more wealthy foreigners living in the UK are saying, |
| 1:51.0 | see you later. |
| 1:52.1 | They're packing up their bags because their taxes are about to go |
| 1:54.7 | through the roof. That's thanks to the end of something called the non-dom regime. |
| 2:01.0 | My colleague Harriet Agnew has been looking into the matter and she joins me now. |
| 2:04.0 | Hey Harriet. |
... |
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