Financial companies scramble to rework contracts after US Federal Trade Commission rule bans non-compete agreements, the largest western banks that remain in Russia paid the Kremlin hundreds of millions of euros in taxes last year, and Turkey is in talks with the US energy supermajor ExxonMobil over a multibillion-dollar deal to buy liquefied natural gas. Plus, the message from Big Tech companies to investors about when AI will be profitable: be patient. Mentioned in this podcast: Ban on n...
Apr 29, 2024•12 min
The US Supreme Court set out to answer a big constitutional question on Thursday: can a president be charged for potential crimes committed while in office? The FT’s Washington bureau chief, James Politi, and US legal and enforcement correspondent, Stefania Palma, join this week’s Swamp Notes to explain why the answer could determine the outcome of Donald Trump’s federal trials and the future of the American presidency. Mentioned in this podcast: US Supreme Court debates limits of presidential i...
Apr 27, 2024•13 min
Microsoft beat expectations for revenue and cloud sales, Alphabet shares rise by double-digits after first-quarter earnings beat expectations, markets are no longer fully confident of a US interest rate cut before September, and the EU is turning to draconian tactics to curb migration. Plus, a merger between mining giants BHP and Anglo American could get investors excited about the industry again. Mentioned in this podcast: Alphabet shares surge past $2tn after search giant unveils first e...
Apr 26, 2024•13 min
Meta’s revenues jumped by more than a quarter in the first three months of the year, Brussels raided the offices of a Chinese security equipment supplier, and earnings from Boeing reflected a slowdown of 737 Max production and compensation to customers. Plus, weapon shipments are heading to Ukraine after President Joe Biden signed a highly anticipated $95bn foreign aid bill. Mentioned in this podcast: Meta shares fall as it predicts higher expenditure on AI EU conducts ‘dawn raid’ on Chine...
Apr 25, 2024•11 min
Tesla reported a 9 per cent decline in first-quarter revenue, Spotify kicked off a more mature era for its business after years of freer spending, and the US Federal Trade Commission banned non-compete clauses for employees. Plus, international investors have rushed into Egypt’s debt after the most populous Arab nation secured a $55bn bailout. Mentioned in this podcast: Tesla revenue declines in first quarter as vehicle sales slow Spotify hits record quarterly profit as it enters ‘new phase’ US ...
Apr 24, 2024•12 min
The New York Stock Exchange is polling market participants on the merits of trading stocks around the clock, ByteDance ready to ‘move to the courts’ after the US pushes ahead with a bill demanding the Chinese parent sell its viral app in the country, and traders have built up bets that the Federal Reserve could actually raise interest rates. Plus, Goldman Sachs has relocated its head of financial institutions group for Europe from London to Paris. Mentioned in this podcast: Goldman Sachs moves s...
Apr 23, 2024•11 min
Tesla shareholders are bracing for the carmaker’s worst earnings performance in seven years, oil markets have remained steady as Middle East tensions rise, and China’s first-quarter GDP shows the effects of President Xi Jinping’s bet on manufacturing. Mentioned in this podcast: Tesla shareholders braced for worst results in 7 years Why oil prices remain steady even as Middle East tensions escalate Covid vaccine makers to clash in London over mRNA patent dispute China warns west of ‘surviva...
Apr 22, 2024•10 min
Both Donald Trump and Joe Biden made campaign stops last week in Pennsylvania, whose 19 electoral votes could decide the outcome of the 2024 election. But in a state with such a range of demographic groups, how can each find a message that will stick? The FT’s deputy Washington bureau chief, Lauren Fedor, and US political editor Derek Brower join to discuss. Credit: The Independent, The Times and the Sunday Times Mentioned in this podcast: Joe Biden’s speech to steel workers underscores uni...
Apr 20, 2024•13 min
Netflix profits surged during the first quarter , global markets had a rocky week due to worries over US inflation, and India’s prime minister is getting a big boost from the business class in his re-election campaign. Mentioned in this podcast: Netflix profits surge on strong subscriber growth The great bet on rate cuts is off European stocks suffer worst day in nine months US to grow at double the rate of G7 peers this year, says IMF Jay Powell says US inflation ‘taking longer than expec...
Apr 19, 2024•13 min
Iran is exporting more oil than at any time for the past six years , EU leaders are debating whether to unify the bloc’s fragmented capital markets, and the IMF warns that the US’s massive fiscal deficit poses significant risks to global markets. Plus, artificial intelligence needs an abundance of electricity to run, but the world is struggling to generate it. Mentioned in this podcast: Iran oil exports hit 6-year high as west prepares sanctions Majority of EU states object to capital markets re...
Apr 18, 2024•10 min
Andreessen Horowitz hauls in one of the largest funds since the downturn in the tech sector, stocks from China’s state-owned enterprises are faring well compared with the wider market, and the IMF says that the US is on track to grow at double the rate of any other G7 country this year. Plus, a full-scale conflict has depleted Ukrainian defences. Israel could face a similar plight despite the weekend’s successful interceptions. Mentioned in this podcast: Andreessen Horowitz raises $7.2bn and set...
Apr 17, 2024•11 min
Goldman Sachs surpasses profit estimates by almost $1bn, CVC’s revived listing plan follows years of internal discord over whether the PE firm should go public, and Tesla is laying off 10% of its global workforce. Plus, the FT’s Michael Stott explains why the Darién Gap has become an important migration route for people heading towards the US. Mentioned in this podcast: Goldman Sachs traders help fuel 28% profit increase Goldman Sachs knows what fits it best — plenty of deals CVC’s tortuous path...
Apr 16, 2024•12 min
US lawmakers face new pressure to approve military aid for Israel, and Tianqi Lithium’s strategy is at risk as Chilean President Gabriel Boric’s government works to take back control of resources. Plus, depositors put pressure on big US banks. Mentioned in this podcast: Net interest income may have peaked for Wall Street banks China’s Tianqi Lithium’s $4bn bet on Chile at risk of backfiring Israel weighs response to unprecedented attack by Iran Pressure mounts on US lawmakers to approve new aid ...
Apr 15, 2024•12 min
Donald Trump championed the reversal of Roe vs Wade. He even called himself the “most pro-life president” in US history. But with voters outraged by abortion restrictions, Trump and other Republicans are staking out a new position on the issue. The FT’s global business columnist, Rana Foroohar, and Washington bureau chief, James Politi, join to explain why. Mentioned in this podcast: Arizona court bans almost all abortions in Trump-Biden swing state Donald Trump says abortion law should be left ...
Apr 13, 2024•13 min
Three more US regulators have opened probes into Morgan Stanley, managers are planning to shut or convert US prime money market funds ahead of new regulations, and the European Central Bank held interest rates steady. Plus, sanctioned Russian oligarchs got a big win in a top EU court. Mentioned in this podcast: EU’s sanctions regime in turmoil after oligarchs win legal battle Managers to shut or convert $220bn of US money market funds before rule change US allies urge Iran not to retaliate...
Apr 12, 2024•13 min
Traders slashed bets on Federal Reserve interest rate cuts, the US audit regulator issued its biggest fine ever against KPMG, and the UK’s Lloyds Banking Group plans to cut jobs in risk management after an internal review found the function was a “blocker to our strategic transformation”. Mentioned in this podcast: Markets slash rate cut bets after US inflation rises to 3.5% Investors lose hope of rapid US interest rate cuts this year KPMG fined $25mn over exam cheating scandal at firm’s Dutch a...
Apr 11, 2024•11 min
OpenAI and Meta are on the brink of releasing new artificial intelligence models, police in Ecuador stormed the Mexican embassy to arrest the former vice-president, and big investors are selling US Treasuries and buying European government bonds. Plus, Australia is trying to boost its manufacturing sector to protect against supply chain disruptions. Mentioned in this podcast: OpenAI and Meta ready new AI models capable of ‘reasoning’ Ecuador’s president displays strongman credentials with ...
Apr 10, 2024•11 min
The US, UK and Australia on Monday said they were considering working with Japan in the trilateral Aukus security pact, the world’s biggest chipmaker will build cutting-edge facilities in Arizona in exchange for billions of dollars in subsidies, and the Environment Agency for England and Wales is allocating £11mn collected in fines against water companies, to environmental restoration projects. Mentioned in this podcast: TSMC boosts Joe Biden’s AI chip ambitions with $11.6bn US production deal U...
Apr 09, 2024•11 min
Israel moves some of its troops from southern Gaza to prepare for an operation in the city of Rafah, Google is considering charging for AI-powered search, and European defence companies are worried about their reliance on China for a critical component in gunpowder for ammunition. Plus, global stock market concentration has risen to its highest level in decades. Mentioned in this podcast: Israel says it has pulled out of Khan Younis to prepare for move on Rafah European defence groups war...
Apr 08, 2024•13 min
Donald Trump’s first term as president featured mainstream Republican figures — respected military officials, centre-right policymakers, and neoliberal business leaders — who promised to temper his more extreme instincts. But if Trump takes office again, his White House could feature a very different cast of characters. The FT’s Washington bureau chief, James Politi, and deputy Washington bureau chief, Lauren Fedor, join this week’s Swamp Notes to discuss what a second Trump White House wou...
Apr 06, 2024•12 min
The supply of equity shares on the market is shrinking, more people in Israel are calling for early elections, and Prague says Russia is mounting cyber attacks on railway systems throughout Europe. Plus, a new plan to give a boost to Africa’s agriculture. Mentioned in this podcast: Benny Gantz calls for early elections in Israel Israelis hold biggest rally against Netanyahu since start of Gaza war Can Africa one day help feed the world’s growing population? Global equity supply falls at fastest ...
Apr 05, 2024•11 min
Lower than expected eurozone inflation number bolsters expectations of ECB interest rate cuts by summer, People’s Liberation Army mobilisation units reflect Xi Jinping’s focus on security, Tesla faces a tough moment, and big investors line up behind management at Disney. Mentioned in this podcast: Eurozone inflation falls to 2.4% in March Chinese companies revive Mao Zedong-era militias Where Tesla departs from the Mag 7 The big worry for carmakers: what if the EV slowdown is not a blip? B...
Apr 04, 2024•11 min
Nato is trying to ‘Trump-proof’ funding for the war in Ukraine, Thames Water’s owners will start urgent restructuring talks, and birth rates are declining despite wealthy countries investing in family- friendly policies. Mentioned in this podcast: Thames Water owners to begin urgent restructuring talks Why family-friendly policies don’t boost birth rates Nato plans $100bn ‘Trump-proof’ fund for Ukraine Southern growth spurt creates two-speed eurozone economy The FT News Briefing is produce...
Apr 03, 2024•12 min
Three senior members of Iran’s Revolutionary Guards were killed on Monday in an air strike, research institutes in the US and UK will work together to mitigate the risks of AI, and Robinhood gets into the credit card business. Mentioned in this podcast: Iran accuses Israel of killing general in strike on Damascus consulate US and UK sign landmark agreement on testing safety of AI Beyond memes: Robinhood seeks to broaden its appeal Sign up for the FT Alphaville pub quiz! The FT News Briefin...
Apr 02, 2024•10 min
Online fake news and hybrid campaigns increase ahead of European elections, investors are concerned about President Lula’s interventions in the economy, and China’s factory activity has expanded for the first time in six months. Mentioned in this podcast: Europe battles ‘avalanche of disinformation’ from Russia Luiz Inácio Lula da Silva steps up interventions in Brazil’s largest companies China’s factory activity adds to signs of recovery The FT News Briefing is produced by Fiona Symon, Sonja Hu...
Apr 01, 2024•12 min
FTX founder Sam Bankman-Fried was sentenced to 25 years in prison for his role in the collapse of the cryptocurrency exchange, and Thames Water shareholders might take a big financial hit. Plus, what instant noodles can tell us about the economy. Mentioned in this podcast: Thames Water shareholders signal readiness to take £5bn hit FTX founder Sam Bankman-Fried sentenced to 25 years in prison for fraud Lloyd’s of London chief calls for quick insurance payouts on Baltimore bridge Oodles of ...
Mar 29, 2024•12 min
The end of negative interest rates in Japan threatens to bring a new era of volatility for the yen, and Florida and Disney resolve a legal dispute. Plus, US small-cap stocks are suffering their worst run of performance relative to large companies in more than 20 years. Mentioned in this podcast: End of negative interest rates in Japan raises threat of yen volatility US small-caps suffer worst run against larger stocks in over 20 years Disney settles lawsuit in Florida theme-park dispute Th...
Mar 28, 2024•10 min
Shares in Donald Trump’s social media business soared following its New York market debut, and Visa and Mastercard have agreed to cut their US transaction fees. Plus, UBS needs to boost its wealth business to make its Credit Suisse acquisition a success. Mentioned in this podcast: Donald Trump has $4.6bn stake in social media group after market debut Visa and Mastercard agree $30bn settlement over US transaction fees Can UBS become Europe’s Morgan Stanley? In German groceries, even c...
Mar 27, 2024•12 min
The UN Security Council passed a resolution demanding a ceasefire in Gaza, the Ukraine war distracted Russian security forces from addressing Islamist terrorism threats, and Boeing chief executive Dave Calhoun plans to step down at the end of the year. Plus, the FT’s Antoine Gara explains how infrastructure went from an investment backwater to a $1tn asset class. Mentioned in this podcast: How Ukraine war distracted Moscow from Isis-K threat Infrastructure: from investment backwater to a $...
Mar 26, 2024•11 min
US and Japan’s security alliance gets a makeover , a record amount of money has flooded into US corporate bond markets this year, and India is using a ‘quid pro quo’ strategy for trade talks. Mentioned in this podcast: US and Japan plan biggest upgrade to security pact in more than 60 years Investors pour money into US corporate bond funds at record rate India’s ‘quid pro quo’ strategy for trade talks The FT News Briefing is produced by Fiona Symon, Sonja Hutson, Kasia Broussalian and Marc...
Mar 25, 2024•9 min
