Why Ukraine and Russia are fighting over a teeny island
FT News Briefing
Forhecz Topher
4.4 • 1.3K Ratings
🗓️ 19 May 2022
⏱️ 9 minutes
🧾️ Download transcript
Summary
Wall Street stocks fell hard on Wednesday after the retailer Target warned that inflation and supply chain disruptions would hit profit margins, and we explain why a tiny island in the Black Sea is so important in the war in Ukraine. Plus, the FT’s Jude Webber explains why the United Kingdom wants to alter the Northern Ireland protocol from its Brexit trade agreement.
Mentioned in this podcast:
UK will legislate to ‘fix’ N Ireland trade problems, says Truss
Military briefing: why Russia and Ukraine are fighting over Snake Island
US women’s football team agrees equal pay in milestone agreement
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. The show’s theme song is by Metaphor Music. Topher Forhecz is the FT’s executive producer. The FT’s global head of audio is Cheryl Brumley.
An early version of this episode misstated that the US men's national soccer team did not qualify for the 2022 World Cup.
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 |
| 0:10.0 | Good morning from the Financial Times. |
| 0:11.6 | Today is Thursday, May 19th, and this is your FT News Briefing. |
| 0:18.4 | US retailers warned about their earnings and Wall Street crumbled. |
| 0:23.0 | A tiny island in the Black Sea has taken on outsized importance in the war between |
| 0:27.9 | Russia and Ukraine, plus London and Brussels are still fighting over trade rules for northern |
| 0:33.8 | Ireland. We'll dig into the latest development in the Brexit saga. I'm Mark Filipino, |
| 0:38.9 | and here's the news you need to start your day. |
| 0:48.0 | US stocks plummeted yesterday. The S&P 500 fell more than 4%, the Nasdaq nearly five. |
| 0:54.6 | What's the blame? Well, you guessed it, inflation and supply chain issues. |
| 0:58.8 | Investors were spooked after the retail chain target yesterday said that rising costs for fuel, |
| 1:04.1 | freight, and wages plus logistics would impact profit margins. Target stock fell 25%. |
| 1:12.0 | That was just a day after Walmart raised its own alarm bells about earnings. |
| 1:16.7 | Walmart stock continued its dissent on Wednesday, along with other retailers, including Dollar Tree |
| 1:22.3 | and Dollar General. |
| 1:29.1 | There is a big rock off the coast of Ukraine called Snake Island. According to Greek mythology, |
| 1:36.5 | Poseidon created Snake Island as a haven, where the Trojan War hero Achilles and Helen |
| 1:41.2 | could settle. In the past few months, Russia and Ukraine have been fighting over this strategic |
| 1:46.5 | outpost to talk about why Snake Island is so important. I'm joined by our Defence and Security |
| 1:51.4 | Correspondent John Paul Rathbone. Hey, John Paul. Hi, Mark. So, JP, why is Snake Island so important |
| 1:58.0 | in this war? Well, it has symbolic importance because at the very start of the war, |
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