Why the euro is on a losing streak
FT News Briefing
Forhecz Topher
4.4 • 1.3K Ratings
🗓️ 12 September 2023
⏱️ 9 minutes
🧾️ Download transcript
Summary
Norway’s $1.4tn sovereign wealth fund has become the biggest shareholder in UBS, a landmark antitrust trial between Google and the US government starts today, and the FT’s Mary McDougall explains why the euro is having such a tough time.
Mentioned in this podcast:
Norway’s $1.4tn oil fund becomes top UBS shareholder
Google prepares for biggest US antitrust showdown since Microsoft
Euro suffers eight-week losing streak as economy falters
Will the ECB deliver one more rate rise?
The FT News Briefing is produced by Fiona Symon, Sonja Hutson, Kasia Broussalian and Marc Filippino. Additional help from Monique Mulima, Monica Lopez, 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. |
| 0:06.3 | Learn more at equinole.co.uk |
| 0:12.4 | Good morning from the Financial Times. |
| 0:13.9 | Today is Tuesday, September 12. |
| 0:16.2 | This is your FT News Briefing. |
| 0:19.1 | Norway's Sovereign Well Fund is betting on UBS. |
| 0:22.6 | The Euro has been on a losing streak. |
| 0:25.2 | We'll tell you why. |
| 0:26.4 | And Google is in court today battling antitrust charges. |
| 0:30.1 | This is truly seen as the biggest antitrust monopoly case |
| 0:34.9 | in the US since a landmark trial that happened 25 years ago. |
| 0:39.7 | I'm Mark Filipino and here's the news you need to start your day. |
| 0:46.8 | Norway's Sovereign Well Fund is now the biggest shareholder in the Swiss bank UBS. |
| 1:01.4 | Norgesbank investment management runs the world's biggest Sovereign Well Fund |
| 1:04.9 | with a whopping $1.4 trillion in assets. |
| 1:08.8 | It's held a part of UBS for the past two decades, |
| 1:11.7 | but now it's up the state to more than 5%. |
| 1:15.6 | This is important because UBS has been trying to win over international investors. |
| 1:20.4 | It wants to convince them of the benefits of its credit Swiss takeover. |
| 1:24.5 | Big fund managers are looking at how well UBS navigates the tricky process |
| 1:28.8 | of integrating the banks and how quickly it starts paying shareholders again. |
| 1:39.1 | A landmark antitrust trial starts today in Washington, D.C. |
... |
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