DeepSummary
The episode begins by discussing how Western banks are scaling back their operations in China, with the number of employees falling more than 10% since 2022 due to a slowdown in the property sector and geopolitical tensions with the US. The US Supreme Court then ruled that former President Donald Trump has broad immunity from criminal prosecution for his official acts while in office, a landmark decision with significant implications for presidential accountability.
The FT's Stefania Palma explains that lower courts will now have to categorize Trump's alleged misconduct as official or private acts, likely delaying a verdict in the ongoing case until after the November presidential election. Palma highlights the implications of this ruling for future presidents, with some arguing it protects them from undue constraints, while others believe it undermines the notion that no one is above the law.
The episode also covers Amazon's international unit potentially turning a profit this year for the first time since the pandemic, thanks to improved warehouse efficiency and faster deliveries. Additionally, Japan's regional banks are struggling with shrinking populations and aggressive online competitors, raising concerns about their long-term viability.
Key Episodes Takeaways
- Western banks are scaling back their operations in China due to a slowdown in the property sector and geopolitical tensions with the US.
- The US Supreme Court ruled that former President Donald Trump has broad immunity from criminal prosecution for his official acts while in office, a decision with significant implications for presidential accountability.
- Amazon's international unit is expected to turn a profit this year for the first time since the pandemic, thanks to improved warehouse efficiency and faster deliveries.
- Japan's regional banks are struggling with shrinking populations, migration to urban areas, and aggressive competition from online and larger banks, raising concerns about their long-term viability.
- The Supreme Court ruling on Trump's immunity will likely delay a verdict in the ongoing case against him until after the November presidential election, as lower courts must categorize his alleged actions as official or private acts.
- The Supreme Court ruling has sparked debate over whether it protects presidents from undue constraints or undermines the principle that no one is above the law.
- Amazon's improved international performance is seen as crucial in fending off competition from cheaper but slower-delivery rivals like Temu and Xian.
- The Japanese government is comfortable with a managed decline of regional banks and companies in rural areas, as long as it avoids panic or bank runs.
Top Episodes Quotes
- “Basically, the ruling said that as far as former presidents are concerned, they are protected and shielded from criminal prosecutions when it comes to actions that are taken to fulfill what are called core constitutional powers.“ by Stefania Palma
- “I think it's important to really remind everyone how unprecedented every aspect of this legal proceeding is, and to have to try and categorize basically Trump's actions as alleged in the indictment against him to basically bring the case forward.“ by Stefania Palma
- “What the dissent the three liberal justices argued is actually that this goes completely against the us constitution. They always raise the risk of essentially giving presidents the idea that they would never face any kind of prosecution for acts that they take while in office, and that essentially, you completely break down the notion in the US that nobody is above the law.“ by Stefania Palma
- “And so the younger people who move to the big cities, they will open bank accounts with either an online bank or one of the mega banks. And you do have a kind of longer term question about how viable some of these regional banks are going to be in terms of continuing to draw in deposits, deposits and continue to find corporate clients to lend to.“ by Leo Lewis
Entities
Person
Company
Episode Information
FT News Briefing
Forhecz Topher
7/2/24
Western banks have cut their workforces in China, the US Supreme Court ruled that former president Donald Trump cannot be prosecuted for his ‘official’ actions, and Amazon has turned its first international profit in four years. Plus, the FT’s Leo Lewis explains how online competitors are affecting Japan’s regional banks.
Mentioned in this podcast:
Global investment banks’ China expansion goes into retreat
US Supreme Court says Donald Trump immune for ‘official acts’ as president
Amazon’s international unit on track to swing into annual profit
Threat of deposit exodus haunts Japan’s regional banks
The FT News Briefing is produced by Fiona Symon, Sonja Hutson, Kasia Broussalian and Marc Filippino. Additional help from 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
Hosted on Acast. See acast.com/privacy for more information.