FT News Briefing
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The Pentagon has launched a review of the 2021 Aukus submarine deal with the UK and Australia, Donald Trump has said the US and China’s deal to restore their trade war truce is “done”, and US inflation rose less than expected to 2.4 per cent in May. Plus, European governments are braced for high-stakes negotiations with Trump that will put the continent’s defence, economy and security on the line. MENTIONED IN THIS PODCAST: Pentagon launches review of Aukus nuclear submarine deal https://on.ft.com/4dVV5ut Donald Trump says US-China deal ‘done’ as two sides restore trade war truce https://on.ft.com/4dZdxSV US inflation rose less than expected to 2.4% in May https://on.ft.com/4l0gFQR Europe confronts Trump’s triple threat on Ukraine, Nato and trade https://on.ft.com/3HwatSr Today’s FT News Briefing was produced by Fiona Symon, Sonja Hutson, Kasia Broussalian, and Marc Filippino. Additional help from Blake Maples, Michael Lello, David da Silva and Gavin Kallmann. Our intern is Michaela Seah. Topher Forhecz is the FT’s acting co-head of audio. The show’s theme song is by Metaphor Music. READ A TRANSCRIPT OF THIS EPISODE ON FT.COM https://www.ft.com/content/6e4500bd-d3f1-4c61-bf94-7719c5d3da5a * Hosted on Acast. See acast.com/privacy https://acast.com/privacy for more information.
The FT’s George Parker explains the winners and losers in UK chancellor Rachel Reeves’ spending review, the UK imposed the first western sanctions against Israeli government ministers,and Citigroup is poised to increase provisions for potential bad loans by hundreds of millions of dollars for the second quarter. Plus, US state and local governments are selling municipal bonds at a record pace on fears that Congress could partially pay for President Donald Trump’s “big, beautiful bill” by cutting a critical tax break. MENTIONED IN THIS PODCAST: What to expect in Rachel Reeves’ spending review https://on.ft.com/4jP3IZf UK sanctions Israeli ministers Smotrich and Ben-Gvir https://on.ft.com/4mVlixj Muni bonds set for record sales on fears US Congress could scrap tax break https://on.ft.com/3ZUOn26 Citi to boost provision for potential bad loans on US economic worries https://on.ft.com/4kTInic Today’s FT News Briefing was produced by Sonja Hutson, Mischa Frankl-Duval, Kasia Broussalian, and Marc Filippino. Additional help from Blake Maples, Michael Lello, David da Silva and Gavin Kallmann. Our intern is Michaela Seah. Topher Forhecz is the FT’s acting co-head of audio. The show’s theme song is by Metaphor Music. READ A TRANSCRIPT OF THIS EPISODE ON FT.COM https://www.ft.com/content/f0918ff7-931b-4940-88d3-105fe63b5d68 * Hosted on Acast. See acast.com/privacy https://acast.com/privacy for more information.
The head of the operator of the Panama Canal has warned that a $23bn global ports deal could put the waterway’s neutrality mandate at risk, Donald Trump is testing the limits of presidential power by sending troops to Los Angeles, and Warner Bros Discovery will split into two publicly traded companies. Plus, Brazil is hoping to sell its first sovereign debt in the Chinese market to strengthen trade and investment ties. MENTIONED IN THIS PODCAST: Panama Canal boss warns MSC ports deal threatens principle of neutrality https://on.ft.com/4jL2uOJ Trump administration to deploy hundreds of Marines in Los Angeles https://on.ft.com/3FFDLxl Donald Trump tests limits of presidential authority by sending troops into Los Angeles https://on.ft.com/4dQ1veA Warner Bros Discovery to split its TV and streaming businesses https://on.ft.com/4kBxT7w Brazil plans panda bond as Lula looks to bolster ties with China https://on.ft.com/4kBxT7w Today’s FT News Briefing was produced by Sonja Hutson, Kasia Broussalian, Mischa Frankl-Duval and Marc Filippino. Additional help from Blake Maples, David da Silva and Gavin Kallmann. Our intern is Michaela Seah. The show’s theme song is by Metaphor Music. READ A TRANSCRIPT OF THIS EPISODE ON FT.COM https://www.ft.com/content/93bb8f7e-3091-4e2e-bb74-8a71c8004eb3 * Hosted on Acast. See acast.com/privacy https://acast.com/privacy for more information.
Syria is preparing to rejoin the international banking system, and Italian Prime Minister Giorgia Meloni’s rightwing government is trying to prevent a change to the country’s citizenship rules. Plus, US junk bond sales are booming ahead of fresh tariff uncertainty, and a German fintech is trying to bring cheap retail investing to Europe. MENTIONED IN THIS PODCAST: Syria to reconnect to global economy after 14 years as pariah state https://on.ft.com/3Hy8oFC Italy’s vote on who gets to be Italian https://on.ft.com/4koZVTw Italy votes on speeding up citizenship for foreigners https://on.ft.com/4kzLSuy Junk bond sales surge as companies try to beat fresh tariff uncertainty https://on.ft.com/4kVGUIg BlackRock-backed fintech raises funds to be ‘European Charles Schwab’ https://on.ft.com/43u5Cto Today’s FT News Briefing was produced by Josh Gabert-Doyon, Ethan Plotkin, Sonja Hutson, Kasia Broussalian, Lulu Smyth, and Marc Filippino. Additional help from Jake Fielding, Michael Lello, David da Silva and Gavin Kallmann. Topher Forhecz is the FT’s acting co-head of audio. The show’s theme song is by Metaphor Music. READ A TRANSCRIPT OF THIS EPISODE ON FT.COM https://www.ft.com/content/a7e64e43-788d-474e-af5b-7cfaf3b7f76c * Hosted on Acast. See acast.com/privacy https://acast.com/privacy for more information.
US President Donald Trump doubled tariffs on steel to 50 per cent this week. He’s also allowing Japan’s Nippon to buy the US Steel Corporation. The moves are meant to bring back manufacturing to America’s steel industry. But will they? FT senior trade writer Alan Beattie and Zehra Munir, the FT’s industrial reporter, discuss whether Trump can make good on a popular promise. MENTIONED IN THIS PODCAST: It’s always steel — tariffs provide Trump with a familiar trade weapon https://on.ft.com/43NXF0V Donald Trump’s US Steel gamble: Pennsylvania workers warm to Nippon tie-up https://on.ft.com/4mKp9xb Sign up for the FT’s Trade Secrets newsletter here https://www.ft.com/trade-secrets Sign up for the FT’s Swamp Notes newsletter here https://ep.ft.com/newsletters/56a64b704f693a0300dfab7e/subscribe Swamp Notes is produced by Katya Kumkova, Henry Larson and Lauren Fedor. The FT’s acting co head of audio is Topher Forhecz. Special thanks to Pierre Nicholson. CREDIT: The White House YouTube channel * Hosted on Acast. See acast.com/privacy https://acast.com/privacy for more information.
US President Donald Trump and China’s leader Xi Jinping agreed to launch a new round of high-level trade talks, the European Central Bank cut interest rates by a quarter point and Europe is being flooded with steel diverted from the US because of high tariffs. Plus, the FT’s Aanu Adeoye explains how a Russia-backed junta leader in Burkina Faso became an icon across Africa. MENTIONED IN THIS PODCAST: Donald Trump and Xi Jinping agree to launch new round of trade talks https://on.ft.com/4kpLpLb Christine Lagarde signals ECB rate-cutting ‘nearly concluded’ https://on.ft.com/3HGTJaR ‘The cult of Saint Traoré’: how a Russia-backed junta leader became an icon https://on.ft.com/3ZRQung EU hit by surge in steel imports as US tariffs divert shipments https://on.ft.com/43OUhTF Today’s FT News Briefing was produced by Sonja Hutson, Kasia Broussalian, Henry Larson, Fiona Symon, and Marc Filippino. Additional help from Sam Giovinco, Michael Lello and David da Silva. Our intern is Michaela Seah. The show’s theme song is by Metaphor Music. READ A TRANSCRIPT OF THIS EPISODE ON FT.COM https://www.ft.com/content/0e9bfd2e-7686-4667-b8ac-904a05191f2a * Hosted on Acast. See acast.com/privacy https://acast.com/privacy for more information.
Apple’s rollout of artificial intelligence services in China with Alibaba is being held up, Wells Fargo faces an uphill battle to catch up with its rivals after asset cap was lifted, and US President Donald Trump says Russian President Vladimir Putin is not ready for “immediate peace” with Ukraine. Plus, the European Commission has finally given Bulgaria the green light to join the Eurozone in 2026. MENTIONED IN THIS PODCAST: Apple and Alibaba’s AI rollout in China delayed by Trump trade war https://on.ft.com/4dMhD0V Wells Fargo has finally shed its dunce cap https://on.ft.com/43MMDcm Wells Fargo asset cap lifted after ‘fake accounts’ scandal https://on.ft.com/3HsMzY0 Putin planning to retaliate for Ukraine drone attack, says Trump https://on.ft.com/43UvaPw Bulgaria to join Eurozone in 2026 https://on.ft.com/3FqKhbc Today’s FT News Briefing was produced by Sonja Hutson, Kasia Broussalian, Lulu Smyth, and Marc Filippino. Additional help from Blake Maples, Michael Lello, David da Silva and Gavin Kallmann. Topher Forhecz is the FT’s acting co-head of audio. The show’s theme song is by Metaphor Music. READ A TRANSCRIPT OF THIS EPISODE ON FT.COM https://www.ft.com/content/d2131fe2-9245-4355-856c-6c4aec4235f1 * Hosted on Acast. See acast.com/privacy https://acast.com/privacy for more information.
Dutch Prime Minister Dick Schoof resigned after far-right leader Geert Wilders walked out of his coalition government, Mexico’s new supreme court is set to solely contain judges nominated by the ruling coalition, and Eurozone inflation fell below the European Central Bank’s 2 per cent target. Plus, the FT’s Akila Quinio explains how the Royal Bank of Scotland was nationalised in the wake of the 2008 financial crisis and then reborn. MENTIONED IN THIS PODCAST: Far-right Dutch leader Geert Wilders quits government https://on.ft.com/3SB5Cl5 Tiny slice of Mexicans elect supreme court closely tied to ruling party https://on.ft.com/3Z9UHCI Eurozone inflation falls below target to 1.9% https://on.ft.com/4jwxstC The RBS story: how the world’s biggest bank was nationalised and then reborn https://on.ft.com/3FkbyMs South Korean leftwinger Lee Jae-myung wins presidential election https://on.ft.com/45CQn2C Today’s FT News Briefing was produced by Sonja Hutson, Kasia Broussalian, Ethan Plotkin, Fiona Symon, Mischa Frankl-Duval, and Marc Filippino. Additional help from Blake Maples, Michael Lello, and Gavin Kallmann. Our intern is Michaela Seah. Topher Forhecz is the FT’s acting co-head of audio. The show’s theme song is by Metaphor Music. READ A TRANSCRIPT OF THIS EPISODE ON FT.COM https://www.ft.com/content/6703f027-eb2e-439a-9fbf-ed44b3f69bf7 * Hosted on Acast. See acast.com/privacy https://acast.com/privacy for more information.
Elon Musk’s xAI is launching a $300mn share sale that values the group at $113bn, and China’s property sector woes are compounded by tariff worries. Plus, Poland’s new president is going to make life hard for the country’s prime minister, and the FT’s Amelia Pollard explains why US president Donald Trump wants to take mortgage giants Fannie Mae and Freddie Mac private. MENTIONED IN THIS PODCAST: EU companies more concerned about China slowdown than tariffs https://on.ft.com/43DCqyU Donald Trump’s plans for Fannie and Freddie would mean payday for hedge funds https://on.ft.com/4knwyRq Nationalist candidate Karol Nawrocki wins knife-edge Poland presidential election https://on.ft.com/43GOYWl Elon Musk’s xAI seeks $113bn valuation in $300mn share sale https://on.ft.com/3SsNt94 Today’s FT News Briefing was produced by Sonja Hutson, Ethan Plotkin, Kasia Broussalian, Fiona Symon, Mischa Frankl-Duval, and Marc Filippino. Additional help from Blake Maples, David da Silva and Gavin Kallmann. Our intern is Michaela Seah. Topher Forhecz is the FT’s acting co-head of audio. The show’s theme song is by Metaphor Music. READ A TRANSCRIPT OF THIS EPISODE ON FT.COM https://www.ft.com/content/6601dbe1-df04-4218-a460-375c9311417e * Hosted on Acast. See acast.com/privacy https://acast.com/privacy for more information.
Private equity dealmaking around the world slowed down in the second quarter of 2025, and South Korea holds elections on Tuesday after months of political instability. Plus, office space construction in the UK has reached a ten-year low, and Wall Street is warning that a little-publicised foreign tax provision in Donald Trump’s budget bill could upend markets. MENTIONED IN THIS PODCAST: Trump tariffs cut off recovery in private equity dealmaking https://on.ft.com/3HjYvLz Leftwing ‘brawler’ on verge of South Korea presidency https://on.ft.com/43E2c5Y The ‘quiet’ crisis brewing between the US and South Korea https://on.ft.com/4mEVGoq Foreign tax provision in Trump budget bill spooks Wall Street https://on.ft.com/451TDVc UK office construction drops to 10-year low https://on.ft.com/4mLJRgo Today’s FT News Briefing was produced by Sonja Hutson, Ethan Plotkin, Kasia Broussalian, Henry Larson, and Marc Filippino. Additional help from Peter Barber. Topher Forhecz is the FT’s acting co-head of audio. The show’s theme song is by Metaphor Music. READ A TRANSCRIPT OF THIS EPISODE ON FT.COM https://www.ft.com/content/977db090-4f76-4092-9ca0-ee072e85fb2a * Hosted on Acast. See acast.com/privacy https://acast.com/privacy for more information.
Republicans are often known as the party of fiscal responsibility. This week, Swamp Notes unravels the US House of Representatives’ “big, beautiful” bill and its uncertain path forward in the Senate. Edward Luce, US national editor and columnist, and James Politi, Washington bureau chief, explain what made congressional Republicans go all in on big spending, tax cuts and more debt. SUBSCRIBE TO THE NEW SWAMP NOTES FEED HERE https://www.ft.com/swamp-notes-podcast. MENTIONED IN THIS PODCAST: Read Edward Luce’s column on the new ‘moron premium’ for Treasuries https://www.ft.com/content/d9c762c5-64dc-42a6-bf87-b830808ec5b6 US House passes Donald Trump’s showpiece tax bill https://www.ft.com/content/84a07f19-5cab-4ea8-96c4-127f2ccf736d Sign up for the FT’s Swamp Notes newsletter here https://ep.ft.com/newsletters/56a64b704f693a0300dfab7e/subscribe Swamp Notes is produced by Lauren Fedor, Katya Kumkova and Henry Larson. Topher Forhecz is the acting co-head of audio. Special thanks to Pierre Nicholson. * Hosted on Acast. See acast.com/privacy https://acast.com/privacy for more information.
The White House is fighting court rulings that US President Donald Trump’s ‘liberation day’ tariff scheme is illegal, and a former Goldman Sachs banker was sentenced to two years in prison for his role in the 1MDB scandal. Plus, how Wall Street offloaded billions of dollars of debt from Elon Musk’s Twitter deal. MENTIONED IN THIS PODCAST: Court tariffs bombshell should inspire trading partners to defy Trump https://www.ft.com/content/1dd84483-56e8-4624-9909-ccc840bdd069 Trade Secrets Newsletter https://www.ft.com/trade-secrets Former Goldman Sachs banker sentenced to two years in prison for 1MDB role https://on.ft.com/3Z9jwyB How Wall Street offloaded $13bn of debt tied to Elon Musk’s Twitter deal https://www.ft.com/content/51c51b49-57fc-435d-9146-e86d7b19ca81 Today’s FT News Briefing was produced by Sonja Hutson, Fiona Symon, Henry Larson and Marc Filippino. Additional help from Michael Lello, and Gavin Kallmann. Blake Maples mixes our show. Topher Forhecz is the FT’s acting co-head of audio. The show’s theme song is by Metaphor Music. READ A TRANSCRIPT OF THIS EPISODE ON FT.COM https://www.ft.com/content/f73cc688-8719-4aba-8593-a48a20870fee * Hosted on Acast. See acast.com/privacy https://acast.com/privacy for more information.
A US court invalidated President Donald Trump’s “liberation day” tariff scheme yesterday. Nvidia reported a nearly 70 per cent surge in quarterly revenues, and the US has said it will not renew Chevron’s oil licence in Venezuela. Plus, Texas and Nevada are seeking to challenge the dominance of Delaware with company-friendly law. MENTIONED IN THIS PODCAST: US trade court invalidates Donald Trump’s reciprocal tariffs https://www.ft.com/content/bd6479b2-b7e5-42c2-ae17-779e57b02637 Nvidia quarterly revenue surges nearly 70% on AI boom https://on.ft.com/3Zy8p2g US government will not renew Chevron’s Venezuela oil licence https://on.ft.com/43znJN9 Texas vs Nevada — the battle to woo companies is heating up https://on.ft.com/44ZhDrU Today’s FT News Briefing was produced by Sonja Hutson, Henry Larson and Marc Filippino. Additional help from Blake Maples and Michael Lello. Topher Forhecz is the FT’s acting co-head of audio. The show’s theme song is by Metaphor Music. * Hosted on Acast. See acast.com/privacy https://acast.com/privacy for more information.
US stocks jumped yesterday after President Donald Trump said trade talks with the EU were headed in a "positive" direction, and McKinsey cut 10 per cent of its staff in an effort to increase profits. Plus, Asian currencies are getting a boost from investors’ bets on US trade deals and the FT’s Leslie Hook explains what’s next for Rio Tinto after it asked its chief executive Jakob Stausholm to step down. MENTIONED IN THIS PODCAST: US stocks jump as Donald Trump touts ‘positive’ progress on EU trade talks https://on.ft.com/3Z2i7Kb Asian currencies boosted by investor bets on US trade deals https://on.ft.com/3HfhcQA McKinsey sheds 10% of staff in two-year profitability drive https://on.ft.com/3Z2i7Kb Rio ousted chief Jakob Stausholm to seek boss with more mining experience https://on.ft.com/44VDccR Today’s FT News Briefing was produced by Sonja Hutson, and Marc Filippino. Additional help from Blake Maples and Michael Lello. The show’s theme song is by Metaphor Music. READ A TRANSCRIPT OF THIS EPISODE ON FT.COM https://www.ft.com/content/2fb703fd-46ab-42b3-ba2c-90ec9bf8573b * Hosted on Acast. See acast.com/privacy https://acast.com/privacy for more information.
Russia’s full-scale invasion of Ukraine in 2022 kicked off a massive arms procurement race for Kyiv. Officials looked just about everywhere for weapons they could ship to the frontlines. However, Ukraine has lost hundreds of millions of dollars on fraudulent arms deals in the process. The FT’s Ukraine correspondent Isobel Koshiw and investigative reporter Miles Johnson share their reporting. MENTIONED IN THIS PODCAST: How Ukraine lost hundreds of millions on arms deals gone wrong https://on.ft.com/44PB9am Ukraine arms procurement feud risks eroding western trust, G7 warns https://on.ft.com/4jjHEWu Today’s FT News Briefing was produced by Ethan Plotkin, Sonja Hutson, and Marc Filippino. Additional help from Sam Giovinco, Michael Lello, David da Silva and Gavin Kallmann. Topher Forhecz is the FT’s acting co-head of audio. The show’s theme song is by Metaphor Music. READ A TRANSCRIPT OF THIS EPISODE ON FT.COM https://www.ft.com/content/289f136d-e903-4d88-ba84-0372c59b2090 * Hosted on Acast. See acast.com/privacy https://acast.com/privacy for more information.
Today, we're bringing you an episode from our fellow FT podcast, Behind the Money. Massive conglomerates used to define corporate best practice. Think about a company like General Electric, known as “the everything company”. But today, there’s a new popular model: de-conglomeration. The FT’s former US energy reporter Amanda Chu examines whether this is working for a power business that GE spun off last year – or if it’s just another Wall Street fad. Clips from BBC, Bloomberg, DW - - - - - - - - - - - - - - - - - - - - - - - - - - FOR FURTHER READING: Rustbelt gamble: GE Vernova rides AI power boom into uncertain future https://www.ft.com/content/474eb6e6-1ef3-48d5-8ea9-43211c611300 Is the US power grid ready to meet the demands of data centres? https://www.ft.com/content/d3db0206-4ae8-489b-b7a8-532c7612a7f2 Have America’s industrial giants forgotten what they are for? https://www.ft.com/content/95008728-986c-4dcf-95aa-16fbb4ef4bfd - - - - - - - - - - - - - - - - - - - - - - - - - - Follow Amanda Chu on X (@amandalanchu https://x.com/amandalanchu?lang=en). Michela Tindera is on X (@mtindera07 https://twitter.com/mtindera07) and Bluesky (@mtindera.ft.com https://bsky.app/profile/mtindera.ft.com), or follow her on LinkedIn for updates about the show and more. READ A TRANSCRIPT OF THIS EPISODE ON FT.COM https://www.ft.com/content/e6c4f2b4-a5c5-4069-97af-bfecb336785b * Hosted on Acast. See acast.com/privacy https://acast.com/privacy for more information.
This week, Swamp Notes goes to London for a live recording. Katie Martin, host of the Unhedged podcast, and Chris Giles, author of the FT’s Central Banks newsletter, discuss what Trump’s next few months might be like. Have markets truly recovered from the “liberation day” shock? What happens after the 90-day tariff pause is over? Our guests weigh in. SUBSCRIBE TO THE NEW SWAMP NOTES FEED HERE https://www.ft.com/swamp-notes-podcast. MENTIONED IN THIS PODCAST: Read the latest Chris Giles on Central Banks column here https://on.ft.com/44SbUEm Listen to the Unhedged podcast here https://www.ft.com/unhedged-podcast Sign up for the FT’s Swamp Notes newsletter here https://ep.ft.com/newsletters/56a64b704f693a0300dfab7e/subscribe Swamp Notes is produced by Katya Kumkova. Topher Forhecz is the acting co-head of audio. Special thanks to Mischa Frankl-Duvall and Pierre Nicholson. * Hosted on Acast. See acast.com/privacy https://acast.com/privacy for more information.
Republicans in the US House of Representatives narrowly passed President Donald Trump’s major budget bill on Thursday, and BYD has sold more electric vehicles in Europe than Tesla for the first time. Plus, Nvidia builds a buffer to the global trade war, and the US is starting to take the penny out of circulation. MENTIONED IN THIS PODCAST: US House passes Trump’s showpiece tax bill https://on.ft.com/43ARH3I BYD sells more electric vehicles in Europe than Tesla for first time https://on.ft.com/4jcpmGF Nvidia seeks to build its business beyond Big Tech https://on.ft.com/4jkb0UG Nvidia chief announces major Taiwan chip investments https://on.ft.com/3Sgy5fP US to become penniless with phasing out of one-cent coin https://on.ft.com/44L1Soo Today’s FT News Briefing was produced by Sonja Hutson, Kasia Broussalian, Ethan Plotkin, Lulu Smyth, and Marc Filippino. Additional help from Sam Giovinco, Michael Lello, David da Silva and Gavin Kallmann. Topher Forhecz is the FT’s acting co-head of audio. The show’s theme song is by Metaphor Music. READ A TRANSCRIPT OF THIS EPISODE ON FT.COM https://www.ft.com/content/eadbbe82-24e0-4f5c-93a5-113ec0c36936 * Hosted on Acast. See acast.com/privacy https://acast.com/privacy for more information.
Telegram leapt to a $540mn profit last year despite the ongoing legal threat to its leadership, yields on the longest-dated Japanese government bonds surged to record highs, and UK inflation rose more than expected to a 15-month high. Plus, Germany is considering banning the far-right Alternative for Germany party, but has it become too big to outlaw? MENTIONED IN THIS PODCAST: Telegram jumps to $540mn profit despite founder facing legal peril https://on.ft.com/4dCxK0P Japan’s long-term borrowing costs hit record high on demand fears https://on.ft.com/4dMeuOJ UK inflation jumps to 3.5% in April https://on.ft.com/4dorCZW Will Friedrich Merz ban the far-right Alternative for Germany? https://on.ft.com/3ZsbroF Today’s FT News Briefing was produced by Sonja Hutson, Kasia Broussalian, Lulu Smyth, and Marc Filippino. Additional help from Simon Panayi, Michael Lello, David da Silva and Gavin Kallmann. Topher Forhecz is the FT’s acting co-head of audio. The show’s theme song is by Metaphor Music. READ A TRANSCRIPT OF THIS EPISODE ON FT.COM https://www.ft.com/content/6372c836-1a2f-4232-b415-0f600521d678 * Hosted on Acast. See acast.com/privacy https://acast.com/privacy for more information.
European and Asian investors have pumped record sums into global equity funds that exclude the US market, and shares in Chinese battery maker CATL surged 16 per cent on their debut in Hong Kong. The EU plans to levy a flat fee on billions of small packages entering the bloc, mainly from China. Plus, Israeli Prime Minister Benjamin Netanyahu is facing calls to scale back his military operation in Gaza and let more aid into the enclave. MENTIONED IN THIS PODCAST: Investors flock to equity funds that exclude US after Trump’s return to power https://on.ft.com/3SyQq8d Chinese battery maker CATL surges 16% in biggest listing of 2025 https://on.ft.com/3HgSWND EU to impose €2 tax on low-cost items in blow to Temu and Shein https://on.ft.com/45hbKX4 UK halts trade talks with Israel over Gaza offensive https://on.ft.com/4dqrCIP Israel’s Gaza aid plan could lead to ‘war crime’, UN agency chief says https://on.ft.com/3H25Jnj Benjamin Netanyahu says Israel plans to take over all of Gaza https://on.ft.com/4kxdsbw Today’s FT News Briefing was produced by Sonja Hutson, Kasia Broussalian, Lulu Smyth, and Marc Filippino. Additional help from Sam Giovinco, Michael Lello, David da Silva and Gavin Kallmann. Topher Forhecz is the FT’s acting co-head of audio. The show’s theme song is by Metaphor Music. READ A TRANSCRIPT OF THIS EPISODE ON FT.COM https://www.ft.com/content/7aaea466-9e4e-4838-8a70-69db0ce96551 * Hosted on Acast. See acast.com/privacy https://acast.com/privacy for more information.
The US may be stepping back from its role as mediator in the war in Ukraine, and US long-term borrowing costs rose to their highest level since late 2023 on Monday. US drugmaker Regeneron has agreed to buy 23andMe out of bankruptcy, and the EU and the UK have announced a deal to “reset” their relationship at a summit in London. MENTIONED IN THIS PODCAST: Trump leaves Russia and Ukraine to settle war in talks https://www.ft.com/content/59f2af2f-0e19-40b3-b9a8-5511a3f81e03 US borrowing costs climb after Moody’s downgrade https://www.ft.com/content/c1f34949-86fc-4e70-90c9-4e2e49ed2a29 23andMe sold out of bankruptcy to Regeneron https://on.ft.com/4moexUs UK-EU post-Brexit reset: the key points https://on.ft.com/4ja56VQ Today’s FT News Briefing was produced by Sonja Hutson, Kasia Broussalian, Lulu Smyth, and Marc Filippino. Additional help from Sam Giovinco, Michael Lello, David da Silva and Gavin Kallmann. Topher Forhecz is the FT’s acting co-head of audio. The show’s theme song is by Metaphor Music. * Hosted on Acast. See acast.com/privacy https://acast.com/privacy for more information.
The UK is holding its first summit with the European Union since Brexit, and US authorities are preparing to announce one of the biggest cuts in banks’ capital requirements in more than a decade. Plus, European leaders are hoping to influence US President Donald Trump ahead of his call with Russian President Vladimir Putin, and China is on its way to becoming the world’s first “electrostate.” MENTIONED IN THIS PODCAST: UK and EU reset talks go ‘down to the wire’ https://on.ft.com/3YSHCNX Europe races to influence Trump ahead of Putin call https://on.ft.com/43CSNgc US poised to dial back bank rules imposed in wake of 2008 crisis https://on.ft.com/4kgcArw How Xi sparked China’s electricity revolution https://on.ft.com/4kqNRkh Today’s FT News Briefing was produced by Sonja Hutson, Kasia Broussalian, Ethan Plotkin, Lulu Smyth, and Marc Filippino. Additional help from Alexander Higgins and Peter Barber. Topher Forhecz is the FT’s acting co-head of audio. The show’s theme song is by Metaphor Music. READ A TRANSCRIPT OF THIS EPISODE ON FT.COM https://www.ft.com/content/e6c958ae-4866-4df5-85a9-4845c19f8d68 * Hosted on Acast. See acast.com/privacy https://acast.com/privacy for more information.
Within the space of one week, US President Donald Trump endorsed tax increases for America’s top earners and promised to slash drug prices by up to 70 per cent. It’s a platform that echoes former presidential candidate Bernie Sanders and others on the political left. So why are we hearing it from Trump, and why now? FT’s Washington bureau chief James Politi and global business columnist Rana Foroohar are on the show to discuss. SUBSCRIBE TO THE NEW SWAMP NOTES FEED HERE https://podcasts.apple.com/us/podcast/swamp-notes/id1812430843. MENTIONED IN THIS PODCAST: Trump leans left in bid to revive flagging poll numbers https://on.ft.com/4dlJEff Why ‘Make Hollywood Great Again’ makes sense https://on.ft.com/4dhYBPA Sign up for the FT’s Swamp Notes newsletter here https://ep.ft.com/newsletters/56a64b704f693a0300dfab7e/subscribe Swamp Notes is produced by Katya Kumkova. Topher Forhecz is the acting co-head of audio. Special thanks to Sonja Hutson and Pierre Nicholson. CREDIT: clip from Forbes * Hosted on Acast. See acast.com/privacy https://acast.com/privacy for more information.
Japan has signalled it is prepared to hold out for a better deal with US President Donald Trump over trade tariffs, and investor Bill Ackman is trying to create a rival to Berkshire Hathaway. Plus, Poland’s election this weekend is shaping up to be a turning point, not only for domestic politics, but also for the war in Ukraine. MENTIONED IN THIS PODCAST: Japan to hold out for better trade deal with US https://on.ft.com/43vPKGF Can Bill Ackman create a ‘modern-day’ Berkshire Hathaway? https://on.ft.com/3SJACPH Polish women turn on Donald Tusk over abortion rights https://on.ft.com/3H9QuIJ Vladimir Putin and Donald Trump cast shadow over Poland’s election https://on.ft.com/3F3Spy7 Today’s FT News Briefing was produced by Sonja Hutson, Kasia Broussalian, Lulu Smyth, and Marc Filippino. Additional help from Simon Panayi, Michael Lello, David da Silva and Gavin Kallmann. Topher Forhecz is the FT’s acting co-head of audio. The show’s theme song is by Metaphor Music. READ A TRANSCRIPT OF THIS EPISODE ON FT.COM https://www.ft.com/content/09424bb0-f53b-4e4b-ac77-fd46796fe1a4 * Hosted on Acast. See acast.com/privacy https://acast.com/privacy for more information.
CoreWeave reported a 420% rise in revenue in its first quarter as a listed company, the furious rally in US assets has caught big investors off guard, and Nvidia is seeking to build a research and development centre in Shanghai. Plus, the Kurdistan Workers’ party, the militant group that has been in conflict with the Turkish state for more than 40 years, said it would disband. MENTIONED IN THIS PODCAST: CoreWeave beats estimates in first results as a listed company https://on.ft.com/4knoRKJ Wall Street’s sudden rebound catches investors ‘offside’ https://on.ft.com/3F23LCL Nvidia plans Shanghai research centre in effort to redesign chips for China https://on.ft.com/43vurFd Kurdish militant group PKK says it will disband and end Turkey conflict https://on.ft.com/4koJxlL Today’s FT News Briefing was produced by Sonja Hutson, Kasia Broussalian, Lulu Smyth, and Marc Filippino. Additional help from Sam Giovinco, and Michael Lello. 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 https://www.ft.com/content/14000de9-5634-4c78-8730-dbc32c24e5d2 * Hosted on Acast. See acast.com/privacy https://acast.com/privacy for more information.
The White House unveiled what it says is $600bn worth of defence and artificial intelligence deals with Saudi Arabia, UnitedHealth Group shares sink to the lowest level in more than four years, and US inflation fell to 2.3 per cent in April. Plus, Nissan plans to axe 15 per cent of its global workforce and almost halve its number of plants. MENTIONED IN THIS PODCAST: Donald Trump lauds Saudi Arabia as he unveils AI and defence deals https://on.ft.com/4mfrIXK UnitedHealth chief Andrew Witty steps down as shares plunge https://on.ft.com/42XH4bW US inflation falls to 2.3% in April as tariff effect looms https://on.ft.com/4mebcrb Nissan to axe 15% of global workforce and almost halve number of plants https://on.ft.com/4km2J3A Today’s FT News Briefing was produced by Sonja Hutson, Kasia Broussalian, Lulu Smyth, and Marc Filippino. Additional help from Simon Panayi, Michael Lello, David da Silva and Gavin Kallmann. Topher Forhecz is the FT’s co-head of audio. The show’s theme song is by Metaphor Music. READ A TRANSCRIPT OF THIS EPISODE ON FT.COM https://www.ft.com/content/4741bf4c-1e4f-4749-8450-57e42a25d96d * Hosted on Acast. See acast.com/privacy https://acast.com/privacy for more information.
Global stocks surged after the US and China slashed tariffs for 90 days, and Brussels is preparing to use capital controls and tariffs against Russia. Plus, OpenAI and Microsoft are rewriting the terms of their multibillion-dollar partnership in a high-stakes negotiation. MENTIONED IN THIS PODCAST: Who blinked first? How the US and China broke their trade deadlock https://on.ft.com/4dhBPHN Wall Street stocks soar on US-China tariff reprieve https://on.ft.com/4k24kvi EU readies capital controls and tariffs to safeguard Russia sanctions https://on.ft.com/3S15I5e OpenAI negotiates with Microsoft to unlock new funding and future IPO https://on.ft.com/42V3cUr Today’s FT News Briefing was produced by Fiona Symon, Sonja Hutson, Kasia Broussalian, Ethan Plotkin, Lulu Smyth, and Marc Filippino. Additional help from Simon Panayi, Breen Turner, Sam Giovinco, Peter Barber, Michael Lello, David da Silva and Gavin Kallmann. 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 https://www.ft.com/content/27ef6026-bf3e-4819-9097-4af37d86834e * Hosted on Acast. See acast.com/privacy https://acast.com/privacy for more information.
US officials say they made “substantial progress” on trade talks with China, and trade optimism has driven German stocks to record highs. Plus, US President Donald Trump will visit Saudi Arabia, Qatar, and the United Arab Emirates for the first foreign trip of his second term, and the FT’s Christopher Grimes explains why Disney has bounced back amidst a struggling stock price. MENTIONED IN THIS PODCAST: Donald Trump seeks bromance and billions as he heads to Gulf https://on.ft.com/4mg7a1C German stocks hit record high as trade optimism buoys markets https://on.ft.com/434kYDq US claims ‘substantial progress’ after two days of trade talks with China https://on.ft.com/43cv5pU Disney plans first Middle East theme park in Abu Dhabi https://on.ft.com/4500KgI Today’s FT News Briefing is produced by Fiona Symon, Sonja Hutson, Kasia Broussalian, Ethan Plotkin, and Marc Filippino. Additional help from Katie McMurran and Peter Barber. Topher Forhecz is the FT’s acting co-head of audio. The show’s theme song is by Metaphor Music. READ A TRANSCRIPT OF THIS EPISODE ON FT.COM https://www.ft.com/content/202fd020-8b25-4813-8d08-9fbaeaf2aa27 * Hosted on Acast. See acast.com/privacy https://acast.com/privacy for more information.
DESCRIPTION: US President Donald Trump is in an ongoing standoff with America’s top universities. Harvard lost $2.3bn in federal funding after it refused to comply with the administration’s demands on admissions and diversity, equity and inclusion. Columbia complied with a similar set of demands, but still lost $400mn. The FT’s global education editor Andrew Jack and acting Washington correspondent Myles McCormick join to discuss the issues at hand and why other universities could be next. MENTIONED IN THIS PODCAST: Trump to block Harvard from federal grants https://on.ft.com/42RNedM Harvard sues Trump administration over funding freeze https://on.ft.com/42PNI3X Sign up for the FT’s Swamp Notes newsletter here https://ep.ft.com/newsletters/56a64b704f693a0300dfab7e/subscribe Swamp Notes is produced by Katya Kumkova. Topher Forhecz is our acting co-head of audio. Special thanks to Pierre Nicholson. * Hosted on Acast. See acast.com/privacy https://acast.com/privacy for more information.
The US and the UK agreed to a trade deal, and the Bank of England cut interest rates by a quarter point. Plus, we hear from an FTC commissioner who was fired by US President Donald Trump and is challenging his dismissal. MENTIONED IN THIS PODCAST: US and UK seal first deal of Trump’s trade war https://on.ft.com/432IikT Robert Prevost becomes first American pope https://on.ft.com/3F0nNNV BoE cuts interest rates by a quarter point to 4.25% https://on.ft.com/42MCyNp Behind the Money: The FTC commissioner fired by Trump https://www.ft.com/content/92b922f9-5422-415f-a636-ad1589ba7248?accessToken=zwAAAZdKvKFnkdOSuSL5VCJBX9OmNq0VibpySAE.MEYCIQCMk9Qsg78_Gz2nQRV1J3JjvDGNLIa5GFbdPgrob-7i9QIhAJDKrQ8KkWI7Hs-FodbqTUBOulekn1d5qi1TFfcTJNzs&segmentId=7d4bcc2e-e664-92ba-62e3-5590579f1902 Audio credit: White House and NBC The FT News Briefing is produced by Sonja Hutson, Lulu Smyth, Ethan Plotkin, Kasia Broussalian and Marc Filippino. Additional help from Katie McMurran, Michela Tindera, Katya Kumkova, Michael Lello, Peter Barber and Gavin Kallmann. Our acting co-head of audio is Topher Forhecz. The show’s theme song is by Metaphor Music. READ A TRANSCRIPT OF THIS EPISODE ON FT.COM https://www.ft.com/content/46b03d33-10e2-4040-b8d9-cbef84aee835 * Hosted on Acast. See acast.com/privacy https://acast.com/privacy for more information.
