Wall Street embraces the ‘Forever CEO’
FT News Briefing
Forhecz Topher
4.4 • 1.3K Ratings
🗓️ 27 September 2021
⏱️ 10 minutes
🧾️ Download transcript
Summary
Read a transcript of this episode on FT.com
https://www.ft.com/content/c2d3fe11-799d-4f66-be2c-806dda7a9f87
At least two Chinese cities are seizing presale revenues from indebted property developer Evergrande in order to block potential misuse of funds, and the SPAC bubble appears to be deflating as investors pull cash out of special purpose acquisition vehicles at increasingly higher rates; more than 150 US economists and researchers have weighed in on how women will be affected economically if US states add new restrictions on abortion access, polls in Germany closed last night with the two leading parties neck and neck, and the FT’s US banking editor Joshua Franklin discusses shrinking CEO tenure among US finance companies and the “Forever CEOs” who are bucking that trend. Join FT journalists on October 4 for a subscriber-only webinar on the outcome of Germany’s historic election and its implications for Germany, Europe and the rest of the world. Register free at ft.com/germanwebinar
Chinese cities seize Evergrande presales to block potential misuse of funds
https://www.ft.com/content/595c3f50-755d-4dcc-afc3-4c993e50a936
Soaring Spac redemptions signal their fall from favour
https://www.ft.com/content/1a9be04e-a298-49bb-a3d8-2efee22bca01
Lack of abortion access will set US women back, economists warn - with Claire Bushey
https://www.ft.com/content/61251b31-0041-461c-bd33-aacf2f13fe10
In era of quick-fire bosses, Wall Street embraces the ‘Forever CEO’ - with Joshua Franklin
https://www.ft.com/content/4814a8ca-57a2-43f1-a6da-f126a4254f6d
German election likely to extend Merkel’s long goodbye
https://www.ft.com/content/f30df070-5415-4bd7-b4b4-0bdd4dff3b3c
The FT News Briefing is produced by Fiona Symon and Marc Filippino. The show’s editor is Jess Smith. Additional help by Peter Barber, Gavin Kallmann, Michael Bruning, and Persis Love. The show’s theme song is by Metaphor Music. The FT’s global head of audio is Cheryl Brumley.
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Transcript
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| 0:00.0 | Good morning for the financial times, today is Monday, September 27th, and this is your |
| 0:06.8 | FT News Briefing. |
| 0:09.3 | Germany held historic elections yesterday and polls closed with leading parties neck |
| 0:14.2 | and neck. |
| 0:15.7 | China's troubled property behemoth Evergrande is looking shakier, so the Chinese cities |
| 0:20.2 | are now taking action to fend off the fallout. |
| 0:23.4 | And then the U.S. debate over abortion, a group of academics has weighed in on the economic |
| 0:28.4 | impact of restricting access to the procedure. |
| 0:31.7 | Plus, the average tenure of bank CEOs in the U.S. is shrinking, but a certain few seem to |
| 0:38.2 | be fixtures. |
| 0:39.4 | There is this feeling on Wall Street that if you have a good thing with your CEO of the |
| 0:43.9 | stock prices performing okay and they seem to be doing a decent job managing risk, then |
| 0:49.0 | their boardrooms are happy to keep the CEOs in place. |
| 0:52.2 | I'm Jess Smith, in for Mark Filippino, and here's the news you need to start your day. |
| 0:59.4 | The Evergrande crisis continues to unfold. |
| 1:03.5 | The massively indebted Chinese property developer has struggled to access credit in the wake |
| 1:08.3 | of Beijing's crackdown on property sector leverage and soaring house prices. |
| 1:13.0 | Evergrande has missed bond payments and now at least two local governments in China |
| 1:17.8 | are taking action. |
| 1:19.4 | The FT reports that officials in the southern city of Guangzhou have asked an Evergrande subsidiary |
| 1:25.3 | to put revenue from pre-sales at a stalled residential development into a state controlled |
| 1:30.5 | custodial account. |
... |
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