Is Artifact a News App?

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Banks that once had archagos capital management as their brokerage client will get $0.5 to $0.20 back on the dollar. The story in March 2021, when this family office collapsed, it was huge. These are some of the biggest losses we've seen in the global banking sector since the global financial crisis.

The US Federal Reserve increased its benchmark interest rate by a quarter of a percentage point on Wednesday, Adani Enterprises called off its $2.4bn equity fundraising, and banks that lost billions from the Archegos Capital Management meltdown will get back as little as 5 cents on the dollar. Plus, the FT’s Cristina Criddle looks at a new social media app launched by the founders of Instagram.

Mentioned in this podcast:

Federal Reserve shifts to quarter-point rate rise but warns of more to come

Adani Enterprises calls off $2.4bn share sale

Banks to recoup as little as 5 cents on the dollar in Archegos restructuring

Instagram founders launch Artifact to rival Twitter and tackle misinformation

FT podcast survey

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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