China's Economic Officials Are Trying to Smooth Things Over

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Spain was the focus of a raid in Shanghai in April. Cap Vision is another company China rated on national security grounds. It provides experts to Bain, McKinsey and other foreign investors. Because of the lack of new work, top US consultancies in China have been putting hiring on hold.

Credit Suisse has been fined $388mn by US and British regulators, and Spain is facing an uncertain political future as the right and left failed to secure a clear path to forming a government. Plus, Top US consultancies are struggling to attract business in China as Beijing’s national security raids scare away local clients.

Mentioned in this podcast:

Credit Suisse fined $388mn over Archegos collapse

Spain faces uncertain political future after election deadlock

Work dries up for US consultancies in China after national security raids

LVMH becomes late addition to running order of Paris Olympic sponsors

The FT News Briefing is produced by Fiona Symon, Sonja Hutson and Marc Filippino. Additional help from 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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