Unpacking the US Supreme Court Trump immunity ruling
FT News Briefing
Forhecz Topher
4.4 • 1.3K Ratings
🗓️ 2 July 2024
⏱️ 11 minutes
🧾️ Download transcript
Summary
Western banks have cut their workforces in China, the US Supreme Court ruled that former president Donald Trump cannot be prosecuted for his ‘official’ actions, and Amazon has turned its first international profit in four years. Plus, the FT’s Leo Lewis explains how online competitors are affecting Japan’s regional banks.
Mentioned in this podcast:
Global investment banks’ China expansion goes into retreat
US Supreme Court says Donald Trump immune for ‘official acts’ as president
Amazon’s international unit on track to swing into annual profit
Threat of deposit exodus haunts Japan’s regional banks
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 | The UK's energy partner. The UK. Good morning from the Financial Times. Today is Tuesday, July 2nd, and this is your |
| 0:17.0 | FT news briefing. Western Banks are scaling back in China and Japanese regional banks are feeling the heat from online competitors. |
| 0:28.0 | Plus the US Supreme Court says that Donald Trump is mostly immune from criminal prosecution and that has huge |
| 0:35.2 | implications for the office of the presidency. |
| 0:38.1 | This will set the boundaries of essentially presidential accountability for years and years to come. |
| 0:45.0 | I'm Mark Filipino and here's the news you need to start your day. Western banks are cutting their workforces in China. The number of their employees in the country has fallen more than 10% since 2022. |
| 1:09.0 | The cuts come as a majority of Chinese units in big banks either reported a loss or falling profits last year. |
| 1:17.0 | Their bottom lines are being hurt by a slowdown in the property sector and geopolitical tensions with the U.S. so less business, less need for employees. |
| 1:26.4 | One analyst told the FT a lot of banks are running out of patience when there are a lot |
| 1:31.1 | more promising opportunities in other parts of Asia. |
| 1:40.5 | The US Supreme Court ruled yesterday that Donald Trump has broad immunity from criminal prosecution. |
| 1:45.8 | It's a landmark decision and it will have huge implications for the cases against the former president and for future presidents too. |
| 1:54.2 | I'm joined now by the F.T. Stefanya Palmer |
| 1:56.2 | to unpack all this. |
| 1:57.5 | Hi, Stefanya. |
| 1:58.8 | Hi, Mark. |
| 2:00.1 | OK, so what exactly did the ruling say yesterday? |
| 2:03.6 | Basically, the ruling said that as far as former presidents are concerned, |
| 2:09.2 | they are protected and shielded from criminal prosecutions when it comes to actions that are taken to |
| 2:17.4 | fulfill what are called core constitutional powers, say for example to appoint an ambassador but also that they are entitled |
... |
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