FT News Briefing Biden in the Middle East
Jul 13, 2022
President Biden's upcoming trip to the Middle East is poised to reshape relations with Saudi Arabia amidst rising oil prices. Major U.S. banks are set to report impressive earnings, thanks to higher lending rates, but worries about a looming recession linger. Meanwhile, EU officials sound the alarm over potential arms trafficking out of Ukraine, raising security concerns. Balancing border security with humanitarian needs remains a pressing challenge for governments, illustrating the complexities of the current geopolitical landscape.
AI Snips
Chapters
Transcript
Episode notes
Biden's Saudi Visit
- President Biden's Middle East trip includes a crucial stop in Saudi Arabia to address rising oil prices.
- This visit marks a policy shift, as Biden previously criticized Saudi Arabia's human rights record.
Banking on Rising Rates
- US banks expect substantial profits from lending due to rising interest rates and loan demand.
- However, a potential recession looms, posing a threat to banks' future performance.
Ukraine Weapon Smuggling Concerns
- Billions of dollars worth of weapons sent to Ukraine raise concerns about potential smuggling to European black markets.
- Increased oversight and border controls are necessary to mitigate these risks, balancing security with the need for grain exports.