mergers_acquisitions

In October two US oil and gas giants announced massive deals: Chevron bought Hess, and ExxonMobil acquired Pioneer Natural Resources. These deals expand each company’s operations and secure their access to more oil for decades to come. But recent forecasts say global demand for fossil fuels will soon reach its peak. The FT’s Myles McCormick looks at why these companies are betting oil demand will stick around and whether that bet will pay off. 

Clips from Yahoo Finance, Reuters, CNBC, Bloomberg 

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For further reading:

Oil megadeals usher in an age of energy uncertainty

Dealmakers see Chevron-Hess tie-up as the start of oil ‘arms race’

The race to be last man standing in Big Oil 

‘Jewel in the crown’: Chevron follows Exxon to Guyana’s oil riches

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On X, follow Myles McCormick (@mylesmccormick_) and Michela Tindera (@mtindera07), or follow Michela on LinkedIn for updates about the show and more. 

Read a transcript of this episode on FT.com

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Your morning briefing. The news you need in just 15 minutes.

On today's podcast:

1) Florida Starts to Recover as Idalia Soaks US South With Rain

2) UBS Smashes Banking Record as It Absorbs Credit Suisse

3) Musk Says X to Offer Video, Audio Calls in Move Toward Super-App 

See omnystudio.com/listener for privacy information.

Your morning briefing. The news you need in just 15 minutes.  

On today's podcast:
(1) UBS smashed banking profit records in the second quarter as a result of its emergency takeover of Credit Suisse.

(2) The Chinese developer Country Garden has warned that it may default on its debt and raised concerns about staying in business.

(3) Sources tell Bloomberg Apple is testing the use of 3D printers to produce the steel cases for some of its upcoming smart watches.

(4) Elon Musk's social media network X is planning to gather more data from users than ever before. 

See omnystudio.com/listener for privacy information.

After the collapse of Silicon Valley Bank, markets were anxious, and the prestigious, yet scandal-ridden Credit Suisse looked as if it could be next to fall. But over the span of a single weekend, the Swiss government and Credit Suisse’s crosstown rival, UBS, raced against the clock to avert disaster. The FT’s banking editor Stephen Morris provides a front row look at how the deal came together.

Clips from Bloomberg, CNBC, BBC

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For further reading:

How the Swiss ‘trinity’ forced UBS to save Credit Suisse 

Credit Suisse: the rise and fall of the bank that built modern Switzerland 

Saudi National Bank chair resigns following Credit Suisse comments

And further listening:

Behind the Money's December 2022 episode, Credit Suisse's last chance

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On Twitter, follow Stephen Morris (@sjhmorris) and Michela Tindera (@mtindera07)

Read a transcript of this episode on FT.com

Hosted on Acast. See acast.com/privacy for more information.