DeepSummary
The podcast episode discusses the US inviting foreign ministers from Israel and several Arab states to the upcoming NATO summit in Washington, with the aim of fostering cooperation between these countries. However, the situation is delicate as NATO member states have differing approaches to the Israeli-Palestinian conflict.
The episode also covers EY (Ernst & Young) officially abandoning its controversial 'Project Everest' plan to split its consulting and tax advisory business into a separate publicly listed company. The new global CEO, Janet Troncale, confirmed this in a memo, citing the inability to resolve the underlying issues that led to the initial proposal.
Additionally, the episode highlights the financial struggles of Thames Water, Britain's largest water utility, which is seeking a nearly 60% increase in bills to address aging infrastructure and outdated technology. The company's regulator is expected to decide on this plan by July 11. The episode also discusses the importance of immigration as an issue in the upcoming UK elections, with both major parties promising to reduce migration.
Key Episodes Takeaways
- The US is attempting to foster cooperation between Israel and Arab states by inviting their foreign ministers to the upcoming NATO summit.
- EY has officially abandoned its 'Project Everest' plan to split its consulting and tax advisory business into a separate publicly listed company.
- Thames Water, Britain's largest water utility, is seeking a nearly 60% increase in bills to address aging infrastructure and outdated technology.
- Immigration, both legal and illegal, is a significant issue in the upcoming UK elections, with both major parties promising to reduce migration if elected.
- There is skepticism surrounding the feasibility of the major parties' plans to address migration, given their past stances and the complexities involved.
- The issues that prompted EY's initial 'Project Everest' plan, such as conflict of interest rules, still exist, despite abandoning the restructuring effort.
- NATO member states have differing approaches to the Israeli-Palestinian conflict, complicating the US's efforts to bring Israel and Arab states together.
- Thames Water's infrastructure problems, including aging assets and outdated technology, pose risks to public safety, water supply, and the environment, according to the company itself.
Top Episodes Quotes
- “But many of the issues that led them to come to the conclusion that Project Everest was a good idea in the first place. Those issues haven't gone away.“ by Stephen Foley
- “There's a lot of people that think that the strategic rationale behind it continues to hold true. And given that logic, there's also a lot of people who think it should be revised as soon as possible, at least in some form.“ by Stephen Foley
- “Thames Water didn't mince words in a new report. It says its aging assets are a, quote, risk to public safety, water supply and the environment.“ by Mark Filippino
- “And on top of that, you know, labor, previously in iterations before Starmer came to the helm, was very much considered an internationalist open borders party. So I think some people are sort of skeptical about what is actually workable to try and bring those numbers down.“ by Lucy Fisher
- “So people in the UK are quite het up about both kinds of migration, legal and illegal. Both the two main parties, labor and the Conservatives, are pledging to try and bring down both if they win the election next week.“ by Lucy Fisher
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Episode Information
FT News Briefing
Forhecz Topher
6/28/24
The US is inviting foreign ministers from Israel and Arab countries to the Nato summit next month, EY’s new global chief executive confirmed that the firm will not split in two, and Thames Water is on the brink of a financial collapse. Plus, the FT’s Lucy Fisher explains why immigration is an important issue in the UK elections.
Mentioned in this podcast:
US invites Arab and Israeli ministers to Nato anniversary summit
New EY chief rules out reviving plan to split Big Four firm in two
Neither politicians nor the public think straight on immigration
Thames Water warns ageing assets pose ‘risk to public safety’
The FT News Briefing is produced by Fiona Symon, Sonja Hutson, Kasia Broussalian and Marc Filippino. Additional help from Mischa Frankl-Duval, Breen Turner, Sam Giovinco, Peter Barber, Michael Lello, David da Silva and Gavin Kallmann. Our engineer is Monica Lopez. Our intern is Prakriti Panwar. Topher Forhecz is the FT’s executive producer. The FT’s global head of audio is Cheryl Brumley. The show’s theme song is by Metaphor Music.
Read a transcript of this episode on FT.com
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