Will student debt add up to more inflation?
FT News Briefing
Forhecz Topher
4.4 • 1.3K Ratings
🗓️ 31 August 2022
⏱️ 11 minutes
🧾️ Download transcript
Summary
The world’s second-largest cinema chain incorrectly reported the identity of its largest shareholder, and ExxonMobil is contesting Vladimir Putin’s decree blocking the oil company from exiting Russia. Plus, economists are debating the impact that US president Joe Biden’s student loan forgiveness programme will have on inflation.
Mentioned in this podcast:
Cineworld incorrectly reported its largest shareholder
ExxonMobil contests Kremlin decree blocking its pullout from Russia
Joe Biden’s student debt cancellation triggers ‘inflationary fire’ fears
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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. 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 |
| 0:09.7 | Good morning from the Financial Times. |
| 0:11.2 | Today is Wednesday, August 31st, and this is your FT News Briefing. |
| 0:18.8 | ExxonMobil is taking on Russian President Vladimir Putin. |
| 0:21.9 | We'll see how far it goes. |
| 0:23.6 | The world's second biggest cinema chain is on the brink of bankruptcy |
| 0:27.2 | and struggling to figure out its own corporate structure. |
| 0:30.8 | Plus, US President Joe Biden has announced a student loan forgiveness plan |
| 0:35.1 | many economists think it will add up to more inflation. |
| 0:39.2 | But how much? |
| 0:40.6 | I'm Mark Filipino and here's the news you need to start your day. |
| 0:52.6 | The world's second largest cinema chain is about to file for Chapter 11 bankruptcy |
| 0:57.0 | in the US. |
| 0:58.1 | Sinoworld is trying to restructure its nearly $9 billion in debt and lease liabilities. |
| 1:03.5 | The company borrowed heavily to expand and compete with its US rival AMC. |
| 1:08.4 | It bought up chains in the UK and in the US and tried to buy a Canadian chain as well. |
| 1:13.9 | But the business unraveled during the coronavirus pandemic. |
| 1:17.1 | Now, the FT has learned that Sinoworld's corporate structure is so complex, |
| 1:21.6 | the company incorrectly reported the identity of its largest shareholder |
| 1:26.0 | in its latest annual report. |
| 1:28.1 | Sinoworld's web of holding companies have raised a ton of debt against its shares, |
... |
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