FT News Briefing EU’s raw materials warning, Abe replacement, why Wirecard’s auditors failed
Aug 31, 2020
The European Commission raises alarms over the EU's heavy dependence on imported raw materials, urging a shift towards local production. Japan is poised for a leadership change as Prime Minister Shinzo Abe steps down, prompting speculation about his successor. Meanwhile, the auditing industry's struggles are highlighted, particularly in the wake of the Wirecard scandal, with calls for significant reforms to prevent future failures. The challenges and implications of these developments are explored, shedding light on political and financial landscapes.
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EU Raw Material Dependence
- The EU relies heavily on importing raw materials, especially from China.
- This dependence poses a challenge to the EU's goal of climate neutrality by 2050.
Japan's Next Prime Minister
- Shinzo Abe's successor will be chosen by the Liberal Democratic Party (LDP).
- An abbreviated process controlled by Abe and his allies will likely be used.
Shinzo Abe's Legacy
- Shinzo Abe failed to achieve some stated goals like reviving the economy and signing a peace treaty with Russia.
- However, he did bring stability after a period of frequent prime ministerial changes.