Western companies hit by Muslim country boycotts
FT News Briefing
Forhecz Topher
4.4 • 1.3K Ratings
🗓️ 12 August 2024
⏱️ 12 minutes
🧾️ Download transcript
Summary
More Americans trust Kamala Harris to handle the US economy than Donald Trump, European traders this summer are using only a fraction of Ukraine’s vast natural gas storage, and boycotts of western food and drinks brands in Muslim countries are hitting the revenues of multinationals. Plus, we look into why mid-tier US accounting firms are under increasing pressure to overhaul their networks.
Mentioned in this podcast:
Widespread boycotts in Muslim countries hammer western brands
US accounting firms rethink global networks
Bosses cut flying day trips as travel settles into permanent ‘new normal’
Kamala Harris is more trusted than Donald Trump on the US economy
European gas traders shun Ukraine storage after Russian attacks
The FT News Briefing is produced by Fiona Symon, Sonja Hutson, Kasia Broussalian and Marc Filippino. Additional help from Molly Nugent, Siona Jenkins, 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
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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 | At equinore. UK. Good morning from the Financial Times. Today is Monday, August 12th, and this is |
| 0:18.0 | your FT news briefing. Storage facilities in Ukraine for natural gas are a lot |
| 0:24.1 | emptier than usual this summer. And a new poll from the F.T has good news for |
| 0:29.3 | Democrats ahead of the US election. Plus, people in Muslim countries |
| 0:34.0 | are boycotting some Western brands. |
| 0:36.4 | These are some of the most widespread boycotts |
| 0:39.1 | in memory and they're taking in place |
| 0:41.3 | all across the Muslim world. |
| 0:43.0 | And it's hitting their bottom line. |
| 0:45.0 | I'm Kasha Boussallian, and here's the news you need to start your day. European traders are avoiding Ukraine storage space for natural gas. |
| 1:03.0 | The country has the largest underground facilities in Europe, |
| 1:06.0 | and a lot of companies have been using them to park excess gas |
| 1:10.0 | before winter sets in. |
| 1:11.0 | But not this year. That's because Russia targeted |
| 1:14.6 | Ukraine's energy infrastructure during its offensive in the spring and traders |
| 1:19.0 | are now worried about strikes hitting things like gas pumps. The drop in the amount of natural gas |
| 1:24.6 | is pretty significant. Companies are now storing only about a tenth of what they did |
| 1:29.2 | last summer. And that could hit Ukraine's economy. It's been relying on the revenue from holding this resource. |
| 1:37.0 | Mid-sized U.S accounting firms are rethinking their global operations and the |
| 1:47.4 | changes they're making could radically transform the industry. Here to |
... |
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