FT News Briefing

The issue of immigration might be Donald Trump’s biggest political boon ahead of the US election in November, but President Joe Biden went to the US-Mexico border this week to try to change the narrative. The FT’s Houston correspondent, Myles McCormick, and US political news editor, Derek Brower, join this week’s Swamp Notes to examine whose case voters find more convincing. Credit: Fox10, PB...

The cost of Rishi Sunak’s plan to send asylum seekers to Rwanda could exceed £580mn by the end of the decade, and Toyota’s bet on hybrid vehicles has paid off, so far. Plus, the FT’s Samuel Agini explains how Formula One is trying to reinvent itself. Credit: Formula 1; Netflix Mentioned in this podcast: Rishi Sunak’s Rwanda asylum scheme could cost UK £580mn, watchdog warns Was Toyota’s bet o...

Uber chief executive Dara Khosrowshahi has received about $136mn in stock options after hitting a performance target, and Adani is working to push India’s military capabilities. Plus, the FT’s Stephen Foley explains why McKinsey is drawing ire from US lawmakers.  Mentioned in this podcast: US Supreme Court will hear Trump presidential immunity appeal McKinsey-led think-tank advised China on p...

Vladimir Putin’s forces have rehearsed using tactical nuclear weapons at an early stage of conflict with a major world power and Emmanuel Macron, president of France, has refused to rule out sending troops to Ukraine. Plus, profits for the biggest US oil and gas producers have almost tripled under President Joe Biden, even as the industry berates his administration’s 'hostile' policies. Mentioned...

Sweden is set to become a Nato member, the UK Financial Conduct Authority is planning to name firms under investigation at a much earlier stage, and Microsoft has struck a deal with a French artificial intelligence start-up to broaden its involvement in the industry beyond OpenAI. Mentioned in this podcast: Sweden overcomes final hurdle to join Nato in historic shift FCA plans to name firms under...

Israel plans to raise debt and taxes to fund its war in Gaza and global house prices are on the rise. Plus, FT correspondent Paola Tamma discusses some of the troubles plaguing the EU’s key pandemic stimulus fund.   Mentioned in this podcast: US biotech fundraising boom ends 2-year deal drought Is the EU’s Covid recovery fund failing? Global house prices rebound as economists predict tur...

Former US President Donald Trump is the subject of four criminal cases and several civil suits. That means the presumptive Republican nominee will be spending a lot of time in courtrooms ahead of voting day in November. Still, it looks like all these legal liabilities might be giving him a political boost. The FT’s US legal and defence correspondent, Stefania Palma, and US managing editor, Peter S...

The UK and EU will on Friday sign a deal to co-operate more closely in tackling illegal immigration and criminal gangs, and Japan’s Nikkei 225 index hit a record high after 34 years. Plus, the FT’s Alison Killing talks about Russia’s failed rebuilding of the Ukrainian city of Mariupol.  Mentioned in this podcast: UK and EU agree to co-operate more closely on migration Japan’s Nikkei 225...

Nvidia’s net income soared nearly 800 per cent in the latest quarter compared to the same period in 2022, HSBC reported an 80 per cent drop in quarterly profit, and Boeing is replacing the executive in charge of manufacturing its 737 Max aircraft. Plus, Indonesia’s incoming president is creating concerns for the country’s democracy.  Mentioned in this podcast: Nvidia declares AI ‘tipping poin...

Donald Trump is losing support from small donors, US lender Capital One has agreed to buy rival Discover Financial for $35.3bn, and Barclays updated investors on its strategy for the first time in eight years.  Mentioned in this podcast: Donald Trump’s donor numbers fall by 200,000 compared with 2019 Capital One agrees to buy Discover Financial for $35bn Barclays to return £10bn to shareholde...

Ukraine withdraws from Avdiivka, lacking weaponry and ammunition, and there are questions about OpenAI’s business model. Mentioned in this podcast: Israel’s economy shrank at 20% rate after outbreak of war Can OpenAI create superintelligence before it runs out of cash? External Link Battle for Avdiivka tests Ukraine’s new commander The FT News Briefing is produced by Fiona Symon, Sonja Hutson, Kas...

The European Union plans to hit Apple with a €500mn fine over music streaming, German companies make record investments in the US, and emerging market investors switch to ETFs that exclude China. Mentioned in this podcast: US investors in emerging markets switch to ETFs that exclude China Navalny’s allies accuse Russian authorities of trying to cover up his death EU to hit Apple with first ever fi...

Donald Trump picked plenty of fights with Nato during his time in office. Now, even as war rages in Ukraine, candidate Trump is back at it. But is his aggressive attitude toward Nato resonating with American voters? The FT’s Lauren Fedor and Alec Russell join this week’s Swamp Notes to discuss. Mentioned in this podcast: Nato needs to prepare for Trump’s unilateralism on steroids Donald Trump says...

European Commision president Ursula von der Leyen says Europe’s military needs to step up and two of the world’s biggest asset managers are quitting an investor group set up to prod companies over global warming. Plus, big food companies are jumping into new farming practices meant to store carbon underground, but there are significant hurdles.  Mentioned in this podcast: Von der Leyen calls...

UK chancellor Jeremy Hunt is considering slashing public spending to fund pre-election tax cuts, Germany is looking to boost its defence spending at a crucial time for Europe, and Citigroup has started tracking how many calls its private bankers are making to clients. Plus, the FT’s Madison Marriage talks about her new podcast on the dangers of meditation retreats. Mentioned in this podcast: Jerem...

Investors scaled back bets that the US Federal Reserve will begin cutting interest rates in May, and Arm shares soared after the UK chip designer reported higher revenues boosted by strong demand for artificial intelligence. Plus the FT’s Felicia Schwartz explains how the relationship between US President Joe Biden and Benjamin Netayahu, prime minister of Israel, is being affected by the war...

US law firm Latham & Watkins is cutting off automatic access to its international databases for its Hong Kong-based lawyers, one of the oldest and best-known hedge fund strategies has suffered nearly $150bn in client withdrawals over the past five years, and the price of bitcoin touched $50,000 for the first time since 2021. Plus, the FT’s Kaye Wiggins explains how a Chinese financier is turni...

EY took on $700mn in debt for its failed “Project Everest” plan, and tech companies are shedding jobs in a pivot to AI. Plus, Shein is seeking Beijing’s approval ahead of its IPO.  Mentioned in this podcast: Pakistan in power vacuum after Imran Khan defies election odds from jail EY took on $700mn in debt for doomed ‘Project Everest’ spin-off plan Shein seeks Chinese regulators’ tacit approva...

Introducing Untold: The Retreat, a new podcast from the special investigations team at the Financial Times. In the first episode of The Retreat, Madison Marriage receives an email from a desperate father named Stephen. Over the past five years, he says, his twin daughters have changed drastically. They were bright and outgoing, with exciting plans for their future. But over their early twenties, t...

For decades, common political wisdom has held that Americans vote based on their satisfaction with the economy. But even as the US economy booms, with persistently low unemployment and wage growth outpacing inflation, President Joe Biden’s approval rating continues reaching record lows. The FT’s Rana Foroohar and James Politi join this week’s Swamp Notes to explain why.  Mentioned in this pod...

Ukraine’s President Volodymyr Zelenskyy dismisses his top commander, Gaza’s last refuge is Israel’s next target and OpenAI is on track to hit $2bn in revenue.   Mentioned in this podcast: Volodymyr Zelenskyy dismisses Ukraine’s ‘iron general’ Visual analysis: Gaza’s last refuge becomes Israel’s next target Disney, Fox and Warner sports streaming platform foreshadows consolidation OpenAI on tr...

Labour leader Sir Keir Starmer is set to announce the party is abandoning its target to spend £28bn a year on green investment, Uber has reported its first annual operating profit, and the far-right winner of Dutch elections just can't seem to form a government.  Mentioned in this podcast: Labour set to ditch plan to spend £28bn a year on green investment Geert Wilders struggles to find coali...

Standard Chartered has sounded out UK political heavyweights Sir Charles Roxburgh and Sir Sajid Javid as potential candidates for its next chair, BP reported its second-biggest annual profit in a decade, and the FT’s Michael Stott explains the dark side of money flowing from the US to Mexico. Plus, WeWork’s former CEO Adam Neumann is trying to buy the company out of bankruptcy.  Mentioned in...

China’s national chip champions expect to make next-generation smartphone processors as early as this year, and Northern Ireland is trying to chart a path forward under a new, historic power-sharing agreement. Plus, a former Pakistan prime minister is barred from this week’s election but is using chatbots and social media to energise his party’s supporters.  **Please note that a segment in to...

Plans for a code on how AI models can use copyrighted materials have stalled in the UK, and US forces carried out strikes against Iran-backed militants over the weekend. Plus, the FT’s Owen Walker explains why the tides are turning against European banks.  Mentioned in this podcast: Turkey central bank governor quits and points to campaign against her BNP Paribas shares fall after downgrade t...