Swiss prosecutors file charges against Credit Suisse and UBS

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• 00:01

  Good morning from the Financial Times.

• 00:03

  Today is Tuesday, December 2nd, and this is your FT News Briefing.

• 00:09

  UK pension funds are worried about an AI bubble,

• 00:12

  and the US and the UK are getting close to a truce in the battle over pharmaceuticals.

• 00:19

  Plus, Credit Suisse and UBS are facing criminal charges from the Tuna Bond scandal.

• 00:25

  I'm Sonia Hudson, and here's the news you need to start your day.

• 00:36

  UK pension funds are cutting back their exposure to US equities.

• 00:41

  They're concerned about an AI bubble,

• 00:44

  plus the fact that the market has become more concentrated in a small number of tech stocks.

• 00:50

  Funds that manage more than 200 billion pounds in assets told the FT they've been shifting to other geographical regions,

• 00:58

  or adding protection against a potential market dip.

• 01:02

  The UK's defined contribution pension sector, where employees build individual retirement savings,

• 01:08

  is especially sensitive to potential stock market swings.

• 01:12

  Savers that are 30 years from retirement typically have up to 80% of their assets in global equities,

• 01:19

  most of them dominated by US big tech stocks.

• 01:29

  Swiss prosecutors filed criminal charges against Credit Suisse and its owner UBS yesterday.

• 01:35

  They're connected to the Mozambique Tuna Bond scandal.

• 01:38

  Prosecutors alleged that the bank failed to prevent a suspicious $7 million payment because of,

• 01:45

  quote, organizational shortcomings.

• 01:48

  UBS took over Credit Suisse several years after the scandal,

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