FT News Briefing Russia targets western companies
Jul 19, 2023
In a bold move, Russia targets Western food and beverage companies, seizing assets amid escalating tensions. Notably, oligarchs focus on firms like Danone and Carlsberg. Meanwhile, major investment banks grow bearish on the dollar, anticipating economic shifts. Southern Europe grapples with extreme heat waves, pushing communities to adapt quickly to climate challenges. Additionally, a high-profile figure takes legal action against a car manufacturer, sparking discussions on corporate accountability and the repercussions of misconduct.
AI Snips
Chapters
Transcript
Episode notes
Russia's Asset Seizures: A New Privatization?
- Russia is seizing assets from Western companies, not just for economic reasons, but to reward Kremlin allies.
- This new form of privatization targets even food and beverage companies, showing no limits to what can be seized.
Danone and Carlsberg: Spoils of War
- Putin seized Danone and Carlsberg's Russian operations, giving Danone to an ally of Chechnya's leader.
- Carlsberg was reportedly sought by the Kovalchuk brothers, close Putin allies, highlighting how these seizures benefit the elite.
King Dollar Dethroned?
- The U.S. dollar's recent decline surprised analysts who expected higher interest rates to keep it strong.
- This drop suggests investors are lowering their interest rate expectations, potentially signaling a shift in market sentiment.