FT News Briefing
About this podcast
A rundown of the most important global business stories you need to know for the coming day, from the newsroom of the Financial Times. Available every weekday morning.
About this podcast
A rundown of the most important global business stories you need to know for the coming day, from the newsroom of the Financial Times. Available every weekday morning.
FT News Briefing
Inflation rises but worries fade, global taxation deal
Leaders of the G7 economies convening in the UK will announce a pledge to provide 1bn coronavirus doses to poorer countries as part of plan to “vaccinate the world” by the end of 2022, US government bonds shrug off leap in inflation, global regulators are calling for cryptocurrencies to carry the toughest bank capital rules of any asset, and iconic British department store group Selfridges has been put up for sale with an estimated £4bn price tag after receiving an approach from a potential buyer. G7 leaders to pledge to donate 1bn Covid 19 doses to poorer countries https://www.ft.com/content/000e6968-8ae4-4f00-9cb5-324b98aa779b US bond rally eases pressure on emerging market hedge funds https://www.ft.com/content/c1058fd7-47cf-4bcc-9d8c-d5bf8887c715 Global banking regulator urges toughest capital rules for crypto https://www.ft.com/content/3fe7be31-179a-47dd-9a61-8f4ea42b9c62? Selfridges up for sale with £4bn price tag https://www.ft.com/content/134c756c-e220-44ec-a82c-afc0099bf9b1 See acast.com/privacy for privacy and opt-out information.
The true cost of zero commission trading
Today’s report on US consumer prices is expected to show that prices further accelerated in May, US president Joe Biden will use this week’s G7 summit to encourage allies to join Washington’s tougher stance towards Beijing, and Olympic sponsors worry if being associated with the games will damage their brand. Plus, the FT’s Eva Szalay interviews a market insider who says popular trading platforms that offer “zero commission” trades are not being entirely honest with customers. Will hot US inflation data unsettle markets? https://www.ft.com/content/7377a5d6-73e8-442e-96e8-ea2535286c08 Joe Biden rallies allies to take tougher stance on China https://www.ft.com/content/203d664a-c834-48d7-805d-c49d44aa2a9a Japanese sponsors think twice about being associated with Tokyo Olympics https://www.ft.com/content/2e8b9ce5-95e0-4114-884b-f05de926ccde Retail trading frenzy reflects ‘broken’ US equity markets, says XTX’s Gerko https://www.ft.com/content/d813fe90-29ba-4c98-ac57-c2919a7970b1 Sign up for today’s Future of News event here: https://futurenews.live.ft.com/ See acast.com/privacy for privacy and opt-out information.
The FBI’s hi-tech sting, the day the internet broke
Joe Biden’s plan to overhaul the international tax system will face a difficult passage through the US Congress as Republicans threaten to vote down a prospective deal, and millions of internet users lost access to major sites yesterday due to a configuration error at a Silicon Valley internet infrastructure provider, Fastly. Plus, more than 800 people around the world have been arrested in a coordinated police sting that lured drug dealers, mafia members and other criminals onto an encrypted communications platform secretly run by the FBI. Cloud glitch brings down thousands of websites ft.com/content/0d5b9430-750b-44b7-b238-6e2160c3c591 Hundreds arrested worldwide in Trojan Shield organised crime sting https://www.ft.com/content/47c271c1-0be3-4a5c-9ca6-b231ed0f7fef? Indian tycoons surpass Chinese tech moguls in global rich list https://www.ft.com/content/2026fa04-fc22-4e20-ad0e-3d76a1ddf028? See acast.com/privacy for privacy and opt-out information.
Abu Dhabi’s creative pivot away from oil
US officials say they have recovered $2.3m worth of ransom payments made to hackers who shut down the Colonial pipeline last month, investors pile into Biogen after the US Food and Drug Administration approves the company’s Alzheimer’s treatment, and Mexico’s president Andrés Manuel López Obrador loses his congressional supermajority. Plus, the FT’s Gulf correspondent, Simeon Kerr, explains why Abu Dhabi is shifting away from oil and investing more into arts, media and culture. US says it has recovered majority of Colonial pipeline ransom https://www.ft.com/content/43dab2dc-a7aa-4102-9779-d1b6ced2985b Alzheimer’s drug from Biogen wins US approval https://www.ft.com/content/6f48610b-ec86-4deb-a89c-fc0a0f332bb0 Mexico’s president loses congressional supermajority in elections https://www.ft.com/content/36e737a9-ae48-4ff8-8e6c-88f54344b372 Abu Dhabi plans $6bn culture spend to diversify from oil https://www.ft.com/content/c0ae0344-280b-40f0-a67f-7edc24033caf? Jeff Bezos to go to space after stepping down at Amazon https://www.ft.com/content/defbe912-ceb9-4017-a215-16d214484597 See acast.com/privacy for privacy and opt-out information.
The potential disruption of decentralised finance
One of the world’s largest electronics contract manufacturers warns the global chip shortage could last until mid-2022, the G7 advanced economies have struck what they have termed a “historic agreement” on taxing multinationals, and China is taking measures to cool the renminbi rally. Plus, the FT’s venture capital reporter, Miles Kruppa, talks about cryptocurrency startups that aim to disrupt and decentralise finance. Chip shortage to last until at least mid-2022, warns manufacturer https://www.ft.com/content/04858089-fbe7-44f1-b096-8e705c664f8e? G7 strikes historic agreement on taxing multinationals https://www.ft.com/content/a308bbff-5926-47a1-9202-6263e667511e China boosts measures to cool renminbi rally https://www.ft.com/content/4ab2d4a7-4a73-4d39-bfba-f97dd91de54b Silicon Valley bets on crypto projects to disrupt finance https://www.ft.com/content/0f179c8d-aa60-41d4-96d7-5d53e78c3514 See acast.com/privacy for privacy and opt-out information.
Are we in a new era of inflation?
The Biden administration is banning Americans from investing in dozens of Chinese defence and surveillance technology companies, and US job creation is expected to have accelerated sharply in May which could signal an easing of labour shortages. Plus, the FT’s economics editor, Chris Giles, examines whether this current rise in prices is temporary, or whether inflation is back for an extended stay. Washington to bar US investors from 59 Chinese companies https://www.ft.com/content/91e6fb2a-6385-49b3-83aa-8044374805c4 Economists see accelerating US job growth in May payrolls data https://www.ft.com/content/f38da494-2d09-4d8e-b39f-c531ee48ef3a? FT Series Inflation: a new era? https://www.ft.com/content/b6dfb1dc-eb86-4bad-87b0-d800b79195d3 United hopes to revive supersonic era almost 20 years after Concorde https://www.ft.com/content/903b47e9-86b3-4e68-a5e4-414b142cc7b0 See acast.com/privacy for privacy and opt-out information.
AMC butters up retail investors, Naomi Osaka shakes up sports media
A wave of high-profile ransomware assaults over the past two months has convulsed the insurance market, US cinema chain AMC is offering popcorn to its retail investor base and its share price surged so fast trading was briefly halted, and the FT’s sports business correspondent Sara Germano talks about covering Naomi Osaka’s pushback on media coverage. Cyber insurers recoil as ransomware attacks ‘skyrocket’ https://www.ft.com/content/4f91c4e7-973b-4c1a-91c2-7742c3aa9922? Cinema chain AMC surges after luring DIY traders with free popcorn https://www.ft.com/content/2cc442a9-28da-4bcd-88a2-fda1404f0ef6 Naomi Osaka shows a shift in sport’s balance of power https://www.ft.com/content/7a380a76-9bd7-4d8e-8cc9-5544c6f51b68 Making chocolate can give Ghana a taste of prosperity https://www.ft.com/content/dbd20f9f-b9f7-4bf4-86dd-1a8c84069f01? See acast.com/privacy for privacy and opt-out information.
Djibouti is trying to become the Singapore of Africa
Former Apollo Global Management chief executive, Leon Black, has been hit with a lawsuit claiming that he raped and harassed a young Russian model, Opec and its allies caused oil markets to jump by sticking with their plan to only gradually release more barrels into the oil market, and Germany’s Green Party is struggling to maintain momentum as a September election approaches. Plus, Djibouti is one of Africa’s fastest growing economies. The FT’s east and central Africa correspondent, Andres Schipani, explains what is happening there. Ex-Apollo CEO Leon Black raped and harassed Russian model, lawsuit alleges https://www.ft.com/content/72244917-3208-43ab-b076-513c9fc058ee Oil prices rally as Opec+ producers agree slow supply increase https://www.ft.com/content/e74a09b0-9ce3-46f0-95b9-5fa7f0792dce Germany’s Greens lose their lustre as election heats up https://www.ft.com/content/5c477906-c15c-4de9-bcf7-6cdbe5eb413d? Djibouti’s port dream to become the ‘Singapore of Africa’ https://www.ft.com/content/15aefce3-2e6b-4e1a-b480-bfc066f7d8dd See acast.com/privacy for privacy and opt-out information.
How Covid-19 finally caught up with Taiwan
The surge in pet ownership during the pandemic has helped propel the group behind pet insurer Bought By Many to a valuation of more than $2bn, and a director at the company behind the video game Final Fantasy says 5G could disrupt the reign of the console. Plus, the FT’s greater China correspondent, Kathrin Hille, tells us how Taiwan is dealing with the latest wave of Covid-19 and how it’s affecting chipmakers Lockdown pet boom helps insurer to $2bn valuation https://www.ft.com/content/019cce7c-21e7-462c-b8ab-573a35218d7a ‘Final Fantasy’ producer says 5G will end games console’s long reign https://www.ft.com/content/0fa963d8-1de8-4390-b3db-8e9908510605 Taiwan imposes strict social curbs to stem its worst Covid outbreak https://www.ft.com/content/85604b0b-e7aa-4e26-a547-b3d27b262e6b Covid-stricken Brazil to host Copa America football tournament https://www.ft.com/content/c3658bcf-695b-4e3e-9625-41b170e8248c See acast.com/privacy for privacy and opt-out information.
US regulation on cryptocurrencies could be coming
American retailers are rushing to secure inventory ahead of the year end holiday season, US financial authorities are preparing to take a more active role in regulating the $1.5tn cryptocurrency market, and Russia released $500m in credit to Belarus as western countries target Minsk with sanctions. Plus, the FT’s Unhedged columnist Robert Armstrong explains why he thinks bitcoin might be better thought of as an equity call option than a currency. US retailers rush to secure holiday season stock https://www.ft.com/content/3a7c02ba-89b0-45d1-8f02-d5eb3c002848 Russia releases $500m loan to Belarus as west imposes sanctions https://www.ft.com/content/5953320d-c342-457a-af40-50424d159ffd US regulators signal bigger role in cryptocurrencies market https://www.ft.com/content/a2c13ce0-6e66-4751-aa65-6c668d303101? Bitcoin as a call option https://www.ft.com/content/ed884387-73a3-4e5a-b1db-8f122cd54887 Nestlé document says majority of its food portfolio is unhealthy https://www.ft.com/content/4c98d410-38b1-4be8-95b2-d029e054f492? See acast.com/privacy for privacy and opt-out information.
European stocks are getting their moment in the sun
The market for special purpose acquisition companies has become an unexpected casualty of the Archegos Capital Management scandal, and the activist investors who won a stunning proxy battle against ExxonMobil this week said the supermajor would need to cut oil production. Plus, the FT’s markets editor, Katie Market, explains why European stocks are rallying while US equities lose some steam. Archegos fallout hits market for blank cheque companies https://www.ft.com/content/ee15fbca-8ef7-4b6f-bb87-30378805dd29 Hedge fund that beat ExxonMobil says it will have to cut oil output https://www.ft.com/content/52645b30-c378-49e3-8609-4f537284889a Investors bet eurozone stock rally will gather steam as economy rebounds https://www.ft.com/content/159bbd29-7bb7-448f-9603-c42a57c90ea3? See acast.com/privacy for privacy and opt-out information.
Big oil companies face backlash on both sides of the Atlantic
Tesla is set to pay for chips in advance to overcome the global chip shortage, and Amazon locks in its $8.45bn acquisition of MGM. Plus, the FT’s US energy editor, Derek Brower, explains what a court case against Royal Dutch Shell and a historic proxy vote at ExxonMobil means for the oil industry and the environment. Climate activists hail breakthrough victories over Exxon and Shell https://www.ft.com/content/fa9946b9-371b-46ff-b127-05849a1de2da? Amazon-MGM: Will MGM be Amazon’s ticket to the big leagues? https://www.ft.com/content/97d2edb8-355c-4af0-9f00-8b0a65d818f1 Tesla set to pay for chips in advance in bid to overcome shortage https://www.ft.com/content/49459668-7eab-4589-8338-059e06b9fd8a? Iran bans bitcoin mining as power cuts grip country https://www.ft.com/content/be0c8a04-9a58-4926-83f3-b99141c4f721? See acast.com/privacy for privacy and opt-out information.
Can oil dependent countries adjust as the world shifts from fossil fuels?
England’s National Health Service is preparing to scrape the medical histories of 55m patients into a database it will share with third parties, and dozens of American companies that suspended political contributions after the US Capitol attack are sitting on $28m in unspent cash. Plus, the FT’s senior energy correspondent, Anjli Raval, explains how fossil fuel-dependent economies are vulnerable as the world shifts away from oil and gas in order to hit 2050 emissions targets. England’s NHS plans to share patient records with third parties https://www.ft.com/content/9fee812f-6975-49ce-915c-aeb25d3dd748? US companies amass political funding cash pile after Capitol riot https://www.ft.com/content/7151951f-5f1c-49fc-95f0-190ed00a4631 Climate change: oil producers face costly transitions https://www.ft.com/editor/27b4b7f1-9b08-4406-8119-03a73fb6ce19? Cost of breakfast up by a third since start of pandemic https://www.ft.com/content/007bd0a0-f149-427d-937c-ec5b0ef4374d See acast.com/privacy for privacy and opt-out information.
Can economic reform create a more level playing field for Black Americans?
Deutsche Bank is relocating 100 bankers from London to offices in the EU and Asia as Germany’s largest lender accelerates a corporate restructuring following Brexit, and France’s President, Emmanuel Macron, is caught between financial prudence and political reality as the French economy recovers with a presidential election looming on the horizon. And the US economy is recovering but unemployment among Black Americans is still much higher compared to other communities. Deutsche accelerates overhaul of corporate bank after Brexit https://www.ft.com/content/891b2482-e15e-4c2f-8e51-9a4271599dc0 Macron weighs economics versus politics in French reopening https://www.ft.com/content/5fea422b-15a0-48a3-8a52-0113ece7db17 Economic reform crucial to improving the lives of black Americans https://www.ft.com/content/377a163d-fdbf-4f11-bb4a-e26465f8c2aa European groups pump money into Swedish ‘green steel’ start-up https://www.ft.com/content/ee91775f-0310-4e1b-b162-ffdf6e066757? See acast.com/privacy for privacy and opt-out information.
Epic vs Apple legal battle wraps up
Today is the final day of the courtroom battle between APPLE and Fortnite developer Epic games, which has accused Apple of abusing its position by forcing developers to distribute apps exclusively through the App Store. ExxonMobil faces a pivotal moment this week as shareholders have their say on what critics call an inadequate response to seismic shifts brought on by climate change. The chief executive of AstraZeneca, Pascal Soriot, insists that his company’s Covid-19 has a future, and for the first time, the European bloc is allowed to arm governments in conflict zones, with money from a new €5bn fund known as the European Peace Facility. Tim Cook grilled over App Store fees as Epic battle reaches climax https://www.ft.com/content/86f8fa47-9a38-496a-9a34-e2fa58e9db2b ExxonMobile climate battle reaches boardroom this week https://www.ft.com/content/1ce31524-3c21-4978-b6b8-2e6a13f50288? AstraZeneca chief says ‘vaccine has a future’ after setbacks https://www.ft.com/content/02c543e0-45a6-4189-94cf-30a5c3d5499d “We need arms:’ Europe’s risky move to project its influence in conflict zones https://www.ft.com/content/dd29eb4d-1fc0-4123-ada1-290c4c63d966? See acast.com/privacy for privacy and opt-out information.
Quantitative easing and rising stock prices
Israel and Hamas have agreed to a ceasefire that would end an 11-day conflict that has claimed the lives of at least 230 Palestinians and 12 Israelis. And WeWork’s losses almost quadrupled to $2.1bn in the first quarter of this year as the co-working company haemorrhaged more than a quarter of its members and shelled out hundreds of millions of dollars to restructure its property portfolio, and the FT’s Rob Armstrong talks about quantitative easing and stock prices. Israel and Hamas agree a ceasefire after 11 days of fighting https://www.ft.com/content/8aa0bee9-85e7-4cdf-82d5-e23475312f1c WeWork loses $2.1bn and a quarter of its members as lockdowns bite https://www.ft.com/content/60ea2f72-586f-4f3e-b153-3455b93539b8 Rob Armstrong Unhedged: QE and stock prices https://www.ft.com/content/2db4a985-e053-4322-91b3-6c9793fd1c6c See acast.com/privacy for privacy and opt-out information.
Fears of regulation lead to cryptocurrency chaos
US companies have urged South Korea’s president to free Samsung’s jailed chairman and argue the billionaire executive could boost American efforts to shake off the country’s dependence on computer chips produced overseas. Swedish oat milk producer Oatly raised $1.4bn in its initial public offering on Wednesday, Plus, the FT’s Trading Room editor, Philip Stafford, explains how a warning from Chinese regulators led to a chaotic day for cryptocurrency traders. US companies lobby South Korea to free jailed Samsung boss https://www.ft.com/content/26d77bfe-b55a-4edb-bc57-7370b6c6a670? Entrepreneur behind Oatly’s rapid expansion faces US market test https://www.ft.com/content/e37d6985-5c48-46f4-8b02-a67c1a6dfd01 Bitcoin gyrates on fears of regulatory crackdown https://www.ft.com/content/c4c29bb3-c8ee-454c-a2dd-eac9f644007f Japanese pensioners with US stimulus cheques descend on Tokyo banks https://www.ft.com/content/102e0104-ca6f-4d59-be1b-90860426d5a5? See acast.com/privacy for privacy and opt-out information.
JPMorgan’s executive shuffle puts two women in line to replace Jamie Dimon
JPMorgan Chase has shuffled several top executives, and has elevated two women who could be successors to chief executive Jaime Dimon, and the eurozone economy looks like it is recovering from the coronavirus pandemic. Plus, the FT’s Greater China correspondent, Kathrin Hille, explains why the world’s largest contract electronics maker, Foxconn, plans to be more integral to the auto industry. JPMorgan elevates potential successors to Jamie Dimon https://www.ft.com/content/9e31d7a7-4911-493b-919d-31e04d756438 Eurozone shows signs of bouncing back from double-dip recession https://www.ft.com/content/c5de006b-6bdf-493d-a9bc-2f6a1871ba66? Foxconn the carmaker? Disruption in the era of electric vehicles https://www.ft.com/content/b229250d-5d9e-4bb1-bb91-e57888233a98 See acast.com/privacy for privacy and opt-out information.
Biden tells Netanyahu he supports a ceasefire in the Israel-Gaza conflict
US President Joe Biden yesterday expressed support for a Israel-Gaza ceasefire in a call with Israel’s Prime Minister Netanyahu, and today EU foreign ministers will meet to discuss the conflict, and a biotech company developing medicines that mimic the painkilling effects of cannabis is set to list in London this week. Plus, the FT’s South China correspondent, Primrose Riordan, explains why activists are calling BlackRock “inconsistent” in its ESG commitments. Biden backs ceasefire in Israel-Palestinian conflict https://www.ft.com/content/d388d8b4-94ce-49d1-b8ab-df171286fdad Europeans hamstrung by rifts on Gaza conflict https://www.ft.com/content/6c42bcb1-7013-4b74-8526-35ef7fae6f5d? Start-up focused on painkilling effects of cannabis to list in London https://www.ft.com/content/2952b9c9-f14a-4300-b1ac-d6c6bf5f8c8f? BlackRock accused of ESG inconsistency over Indonesia palm oil https://www.ft.com/content/479b9dd2-c738-4310-8b1e-afdfbd3921b0 See acast.com/privacy for privacy and opt-out information.
The growing market for emotional recognition technology
AT&T is nearing a deal to combine its content unit WarnerMedia with rival Discovery to create a media giant to compete in streaming, the insurance group Axa said one of its Asian business units was the victim of a “targeted ransomware attack”, and the EU plans to throw its weight behind a push to expand vaccine manufacturing in Africa. Plus, the FT’s European technology correspondent, Madhumita Murgia, explains why companies see potential in emotional recognition technology. AT&T nears deal to create $150bn streaming giant with Discovery https://www.ft.com/content/5aeba5f9-2e00-4cba-b9c7-e0431aad798b Axa’s Asian operations hit in ransomware attack https://www.ft.com/content/4443da60-6d90-4d27-b300-b0896425f99f? EU to back expansion of vaccine production capacity in Africa https://www.ft.com/content/d2a47c7e-0b00-4e31-92ab-cd3ff0b9070b Emotion recognition: can AI detect human feelings from a face? https://www.ft.com/content/c0b03d1d-f72f-48a8-b342-b4a926109452? See acast.com/privacy for privacy and opt-out information.