Pension Reform

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Protesters gathered outside France's National Assembly yesterday. It was right after President Emmanuel Macron pulled a controversial vote on a pension reform bill that would raise the retirement age by two years. Macron then used a move to over-rule lawmakers and pushed the bill through without a vote.

The largest US banks have banded together to deposit $30bn into First Republic Bank in an attempt to bolster its finances, the European Central Bank has raised interest rates by half a percentage point, Emmanuel Macron failed a critical parliamentary test and chose to override lawmakers to pass his unpopular plan to raise France’s retirement age, and the FT’s Stephen Morris explains why HSBC took a chance on Silicon Valley Bank UK.

Mentioned in this podcast:

Wall Street banks to deposit $30bn into First Republic

ECB increases rates by 0.5 percentage points

Macron to pass pension reform by decree as protests sweep France

Why HSBC swooped on SVB UK

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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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