US midterm elections: what we know so far
FT News Briefing
Forhecz Topher
4.4 • 1.3K Ratings
🗓️ 10 November 2022
⏱️ 10 minutes
🧾️ Download transcript
Summary
Binance backs out of its deal with FTX, Joe Biden and the Democrats avoided sweeping defeats but still risked losing control of Congress to the Republicans, and the FT’s Rob Armstrong explains why a potentially divided Congress could hurt investors.
Mentioned in this podcast:
Republican blame game begins: ‘We want a genuine conservative’
Unhedged: Divided government, diminished profits
Binance ditches deal to rescue rival crypto exchange FTX
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. 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 FT News Briefing is supported by Equinole, the UK's energy partner. |
| 0:06.4 | Learn more at equinole.co.uk |
| 0:10.0 | Good morning from the Financial Times. |
| 0:11.6 | Today is Thursday, November 10th, and this is your FT News Briefing. |
| 0:19.5 | Binance is deal with FTX had a shelf life of a little more than a day, |
| 0:24.5 | and the midterms were supposed to be a red wave for Republicans, |
| 0:28.5 | but it didn't turn out that way. |
| 0:31.0 | Plus, we'll look at how a potentially divided Congress could affect investors. |
| 0:36.1 | I'm Mark Filipino, and here's the news you need to start your day. |
| 0:44.9 | A deal between two major crypto exchanges is dead just one day after it was announced. |
| 0:50.9 | On Wednesday, Binance said it would pull out of its plan to buy its rival FTX. |
| 0:55.4 | It cited concerns about FTX's business practices and investigations by U.S. regulators. |
| 1:01.3 | The FT's Joshua Oliver has more. |
| 1:03.8 | It has been a whirlwind 24 hours in crypto and no mistake. |
| 1:08.4 | What Binance has said is that as part of their due diligence, they are concerned about |
| 1:13.2 | apparent mishandling of customer funds, and they do not see it as a viable deal to complete. |
| 1:19.4 | And this was flagged by the Binance Chief Executive when they initially announced the deal that |
| 1:24.4 | this was, something that had been inked very, very quickly, and that they were going to have to |
| 1:28.9 | do their due diligence sort of after announcing the deal, so they were kind of backfilling the details. |
| 1:33.6 | And it looks like once they saw the details, they were not happy. |
| 1:37.2 | Okay, Josh, so what is next then for FTX? |
| 1:41.2 | It's difficult to see how FTX will survive. |
... |
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