FT News Briefing The crash landing of Austria’s chancellor
Oct 20, 2021
China pressures McDonald's to adopt a digital renminbi system before the Olympics, showcasing the growing role of e-currencies. Meanwhile, alarming data reveals that a significant portion of U.S. infrastructure faces flooding risks, putting municipal debt in peril. The downfall of Austria's former chancellor highlights issues of media manipulation and its effects on democracy. Lastly, WeWork prepares for its stock market debut, marking a pivotal moment in its history while the podcast receives a nomination for a Lovie Award!
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China's Digital Currency Push
- China pressures McDonald's to expand its digital currency pilot program nationwide before the Beijing Winter Olympics.
- Similar pressure is reportedly applied to other Olympic sponsors like Visa and Nike.
Flooding and Municipal Bonds
- Increased flooding risk, worsened by events like Hurricane Ida, threatens U.S. infrastructure and the municipal bond market.
- This risk could lower property values, shrink tax bases, and increase borrowing costs for cities and states.
Kurz's Downfall
- Sebastian Kurz, Austria's former chancellor, resigned amid a scandal involving alleged misuse of taxpayer money.
- Leaked text messages portray him as a ruthless political operator, tarnishing his image as a political saint.