FT News Briefing

 In this episode, Tech Tonic dives into the science at the heart of quantum computing. How do technologists use unexplained subatomic phenomena to build powerful computers? FT artificial intelligence editor Madhumita Murgia tells the story of quantum physics with the help of Sean Carroll, a theoretical physicist at Johns Hopkins University and hears from University of New South Wales professo...

TikTok’s CEO faced bruising questioning in US Congress over the social media app’s links to its Chinese parent company ByteDance, short seller Hindenburg Research has accused payments group Block of artificially inflating its user numbers and facilitating fraudulent transactions, and the wipeout of $17bn of Credit Suisse bonds has sparked panic among rich Asian investors who had loaded up on the r...

The US Federal Reserve pressed ahead with its monetary tightening campaign despite the recent turmoil in the banking sector and the FT’s Andrew Jack explains why the FT updated the criteria for its MBA rankings. Plus, UK inflation was unexpectedly high last month.  Mentioned in this podcast: Fed presses ahead with quarter-point rate rise despite banking turmoil FT business school rankings Glo...

The IMF has struck a deal with Ukraine to provide a $15.6bn loan,   some former central bankers say pausing rate increases because of the banking sector turmoil would be a mistake, shares of First Republic Bank rallied after US Treasury secretary Janet Yellen said the government stood ready to provide further support for smaller lenders, and China's leader Xi Jinping has backed Russian presid...

The IMF’s board has finally backed a $3bn bailout for Sri Lanka to help relieve a ‘catastrophic’ economic and social crisis, shares in First Republic Bank tumbled 47 per cent on Monday despite a $30bn rescue deposit last week, and Credit Suisse bondholders were in uproar after the rescue deal by rival UBS wiped out $17bn of the failed Swiss bank’s bonds. Mentioned in this podcast: IMF approve...

UBS agreed to buy Credit Suisse for $3.25bn after a frantic weekend of negotiations brokered by Swiss regulators, leading central banks have taken fresh measures to improve global access to dollar liquidity, and the Biden administration is under pressure to call for an expansion of the federal guarantee on bank deposits. Plus, the FT’s Andrew Edgecliffe-Johnson explains what lessons start-ups are...

Tech companies including Google, Microsoft and IBM are all working on plans for a commercially viable quantum computer. They say that these machines will be able to solve climate change, help develop new pharmaceutical drugs and transform our economy. But harnessing quantum physics requires overcoming massive challenges.  As researchers tinker away on uber-sensitive, ultra-cold quantum comput...

The largest US banks have banded together to deposit $30bn into First Republic Bank in an attempt to bolster its finances, the European Central Bank has raised interest rates by half a percentage point, Emmanuel Macron failed a critical parliamentary test and chose to override lawmakers to pass his unpopular plan to raise France’s retirement age, and the FT’s Stephen Morris explains why HSBC took...

The Swiss central bank said it would provide a liquidity backstop to Credit Suisse, UK chancellor Jeremy Hunt unveiled a Budget that includes a £4bn expansion of free childcare, and Volkswagen is increasing its investments in electric vehicles. Mentioned in this podcast: Swiss central bank offers Credit Suisse liquidity backstop after share plunge Jeremy Hunt’s “Budget for growth” boosts UK childc...

The world’s largest private investment firms are exploring the purchase of loans from the remains of Silicon Valley Bank, the Federal Reserve is caught between high inflation and financial instability, and US regulators are facing questions over whether they missed signs of mounting problems at SVB. Plus, Australia, the US and the UK announced details of a long-term plan to supply Australia with n...

The collapse of Silicon Valley bank rattled global markets, investors continue to worry about banks, US regional banks were hit hard by a sell-off, and venture capitalists are pointing fingers at each other for their role in the bank run on SVB that precipitated its demise.  Mentioned in this podcast: California bank failure shakes global financial stocks US and European bank stocks tumble as...

The Federal Deposit Insurance Corporation is leading an auction to find a potential buyer for Silicon Valley Bank after the US government said it would help depositors in its efforts to stop contagion across the banking sector. Plus, the boom in disposable vaping devices is not just adding to health concerns but leading to tonnes of electronic waste.  Mentioned in this podcast: Silicon Valley...

In the cybersecurity world they call it Q-Day, the day when a quantum computer will be built that can break the encryption of the internet. John Thornhill and Madhumita Murgia speak to cybersecurity expert and former professional hacker Mark Carney about password cracking, and why quantum computers would be so good at it. Renowned mathematician Peter Shor recounts how he became the first person to...

A US bank index suffered the worst one-day fall in market value since June 2020, the first France-UK summit in five years will focus on resetting relations, Mexico’s currency hit a five-year high this week despite its struggling economy, and former Goldman Sachs banker Roger Ng was sentenced to 10 years in prison for fraud. Mentioned in this podcast: Investors dump US bank shares amid fears over v...

EY employees were told that the plan to spin off the consulting business needs to be reworked, and Chinese president Xi Jinping is preparing to shore up financial stability at home while trying to keep up in an intense rivalry with the US over technology. Plus the FT’s Chris Giles explains just how bad a state the British economy is in.   Mentioned in this podcast: EY split paused amid p...

Jay Powell warned US lawmakers that the Federal Reserve is prepared to return to bigger interest rate rises to fight inflation, and the US gender pay gap has barely budged in the past two decades. Plus, the FT’s Ortenca Aliaj explains how Hindenburg Research may have shorted Adani stocks. Mentioned in this podcast: How did Hindenburg short Adani stock? Jay Powell warns Fed is prepared to return to...

FTX affiliate Alameda has sued crypto investment company Grayscale and its owner over the structure of their large bitcoin and ethereum trusts, Chinese companies are flocking to Switzerland to raise capital, and incoming Bank of Japan governor Kazuo Ueda has hinted that ‘yield curve control’ is unlikely to survive in its existing form once he takes the helm.  Mentioned in this podcast: F...

Huawei is lobbying to build the Malaysian government’s 5G network, China will aim for an economic expansion of “around 5 per cent” for 2023, Israel has been gripped by a bitter battle between supporters and opponents of proposed judicial reforms, and US President Joe Biden will soon issue his first presidential veto.  Mentioned in this podcast: Huawei fights for role in Malaysia’s 5G rollout...

Tech companies and labs around the world are building a revolutionary new computer. Quantum computers harness the mysteries of quantum physics to perform calculations that seem impossible. The people building them say they’re going to change the world. In a new season of Tech Tonic, FT tech journalists Madhumita Murgia and John Thornhill investigate the race to build a quantum computer, the impact...

The US will launch a renewed crackdown on countries that are helping the Kremlin evade western sanctions, the world’s largest building materials group plans to move its listing from London to New York, and the FT’s Delphine Strauss explains why higher wages could undermine central banks’ battle against inflation.   Mentioned in this podcast: US to launch new crackdown on Russian sanctions bus...

Salesforce reported better than expected earnings on Wednesday amid a fight with activist investors, Bridgewater Associates is set to cut about eight per cent of its workforce, and Chinese factories are on a charm offensive. Mentioned in this podcast: Salesforce earnings provide some respite amid activist fight Bridgewater to cut jobs and cap flagship fund in post-Dalio overhaul Chinese factories...

Goldman Sachs is going all in on asset management, Nigeria’s opposition parties are calling for a rerun of the presidential election over the weekend, and a London mansion tied to the Saudi royal family is up for sale and expected to fetch a record price. Mentioned in this podcast: Goldman Sachs explores ‘strategic alternatives’ for consumer business London’s most expensive ever house sale lined u...

Shell’s top executives explored moving the company to the US, and Britain and the EU clinched a deal on Monday to settle their dispute over Northern Ireland trading rules. Plus, the FT’s Robert Armstrong explains why the dance between investors and central banks has gotten dull. Mentioned in this podcast: Shell explored quitting Europe and moving to the US Unhedged: 2022 never ended EU and UK stri...

Major US employers are reporting a dramatic improvement in hiring conditions despite official data, and the FT’s Aime Williams tells us what the World Bank might look like under the leadership of Ajay Banga. Plus, the FT’s Demetri Sevastopulo explains what the Chinese spy balloon saga means more broadly for the relationship between Beijing and Washington.  Mentioned in this podcast: US compan...

Nadia Parfan was travelling outside Ukraine when Russia invaded on February 24. Instead of remaining abroad, Parfan returned to her homeland, fearing isolation more than physical danger. She spoke with FT Weekend host Lilah Raptopoulos about a documentary she produced in partnership with the New Yorker, called “I Did Not Want to Make A War Film”. From a coffee shop in Kyiv, Parfan spoke to Lilah a...