FT News Briefing Monday, March 9
Mar 9, 2020
Saudi Arabia sparks an oil price war after Russia declines to cut production, shaking the market. Italy imposes lockdowns on northern regions to combat the coronavirus spread. Citigroup announces major cuts to its currency trading platforms. Meanwhile, Turkey threatens to unleash migrants into Europe unless it receives more EU funding, amid escalating tensions regarding its refugee policies. The complex interplay of oil, health crises, and geopolitical strategies makes for a captivating discussion.
AI Snips
Chapters
Transcript
Episode notes
Oil Price War
- OPEC's proposed oil production cuts failed, causing oil prices to plummet.
- Russia refused the cuts to harm US shale companies and retaliate against US sanctions.
Italy's Lockdown
- Italy locked down its northern region, impacting 16 million people, to combat coronavirus.
- This region includes key economic areas, affecting museums, gyms, schools, and universities.
Citigroup Cuts Trading Platforms
- Citigroup is cutting its foreign exchange trading platforms by two-thirds to reduce costs.
- This follows a review that found most platforms weren't cost-effective, potentially impacting smaller platforms.