Volkswagen’s dire warning
FT News Briefing
Forhecz Topher
4.4 • 1.3K Ratings
🗓️ 5 September 2024
⏱️ 13 minutes
🧾️ Download transcript
Summary
Volkswagen calls for drastic measures to bolster profits, and President Joe Biden wants to block a Japanese company’s acquisition of US Steel. Plus, damning findings about the Grenfell Tower fire surface, and Egypt’s journey from gas bonanza to power blackouts
Mentioned in this podcast:
Joe Biden set to block Nippon Steel’s takeover of US Steel
Volkswagen warns staff it has ‘a year, maybe two’ to adapt to lower demand
‘Incompetence, dishonesty and greed’: Key findings of Grenfell report
Egypt’s journey from gas bonanza to power blackouts
CREDIT: AP
The FT News Briefing is produced by Niamh Rowe, Fiona Symon, Sonja Hutson, Kasia Broussalian and Marc Filippino. Additional help from Michela Tindera, Breen Turner, Sam Giovinco, Peter Barber, Michael Lello, David da Silva and Gavin Kallmann. Our engineer is Monica Lopez. 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
Hosted on Acast. See acast.com/privacy for more information.
Transcript
Click on a timestamp to play from that location
| 0:00.0 | The UK's energy partner. |
| 0:06.0 | Learn more at equinore. |
| 0:10.0 | At equinore. UK. Good morning from the Financial Times. Today is Thursday, September 5th, and this is your |
| 0:17.9 | FT news briefing. President Joe Biden wants to say no thanks to Nippon's offer for U.S. Steel. |
| 0:25.0 | And Volkswagen is warning that it needs to take drastic measures to shore up the company. |
| 0:31.0 | Plus, Egypt bet big on a new gas field. It's not paying out. I'm Kasha |
| 0:37.7 | Bresalian and here's the news you need to start your day. Steele is quickly becoming the latest political football in the US. |
| 1:01.0 | President Joe Biden is saying that he would block Japan's |
| 1:04.2 | Nipon Steel from buying US Steel. He says that the nearly 15 billion dollar |
| 1:09.5 | deal might be a national security risk. But critics are saying, hey, who are you kidding here? |
| 1:15.1 | This is about politics. |
| 1:16.8 | You see, U.S. Steel employs blue-collar workers, and it's headquartered in Pennsylvania. That's kind of like a double whammy for Democrats. |
| 1:25.2 | It's a swing state and these union workers are exactly who they need to win over. |
| 1:30.0 | At a rally this week, Vice President Kamala Harris drilled home the importance of keeping U.S. |
| 1:35.2 | Steel in the family, so to speak. |
| 1:38.0 | And I couldn't agree more with President Biden. |
| 1:40.8 | U.S. Steel should remain American-owned and American-operated. |
| 1:45.0 | Former President Donald Trump also isn't a fan of the merger. |
| 1:50.0 | But U.S. Steel says that blocking it could actually put thousands of jobs at risk. |
| 1:55.1 | And investors, they're also worried. |
| 1:57.7 | Shares in the company dropped more than 17% on the news of Biden's plans. Volkswagen issued a dire warning yesterday. It said it only has a quote, |
| 2:04.0 | year. |
... |
Please login to see the full transcript.
Disclaimer: The podcast and artwork embedded on this page are from Forhecz Topher, and are the property of its owner and not affiliated with or endorsed by Tapesearch.
Generated transcripts are the property of Forhecz Topher and are distributed freely under the Fair Use doctrine. Transcripts generated by Tapesearch are not guaranteed to be accurate.
Copyright © Tapesearch 2026.