FT News Briefing Investors are spooked by China’s regulatory crackdowns
Jul 28, 2021
Apple's profits soared, nearly doubling thanks to a surge in iPhone sales. Meanwhile, a former Glencore trader admitted guilt in a bribery scandal linked to Nigeria. The podcast dives into the panic among investors triggered by China's regulatory crackdown, particularly impacting the tech and education sectors. It discusses the risks of investing in Chinese companies amidst increasing governmental control and highlights the need for transparency in global markets. Finally, it touches on rising retention bonuses in the U.S. legal industry amid a staffing crunch.
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Tech Earnings Blowout
- Apple exceeded revenue expectations by $8.1 billion, significantly more than Microsoft and Alphabet.
- This demonstrates Big Tech's continued strong performance despite regulatory pressures.
Permanent Digital Shift
- Tech growth isn't slowing down as some predicted.
- This suggests people's increased reliance on digital services is a permanent shift.
Glencore Bribery Case
- Anthony Stimler, a former Glencore oil trader, admitted to bribing Nigerian officials for favorable contracts.
- This highlights ongoing corruption issues within the commodities trading sector.