PwC’s business in Asia contracted sharply in the past year, Boeing announced a $19bn share sale to help avoid a credit rating downgrade, and Volkswagen plans a massive restructuring that includes shutting at least three German plants. Plus, fears of violence have left some US election boards struggling to hire poll workers. Mentioned in this podcast: PwC loses market share in Asia Boeing launches $19bn share sale to bolster finances and avoid downgrade Volkswagen plans to close at least 3 German...
Oct 29, 2024•10 min
Iran has signalled that it will pursue a measured response to Israel’s latest strikes, and Georgia’s opposition has called for protests after the ruling Georgian Dream party claims victory. Plus, the possibility of Donald Trump’s trade war has hit the shares of export-sensitive European companies, and large investment funds are being forced to offload their shares in tech companies, or risk breaking US tax rules. Mentioned in this podcast: Iran’s supreme leader signals measured response to Israe...
Oct 28, 2024•11 min
With the election just over a week away, Swamp Notes visited the University of Michigan to recap the final FT-Michigan Ross poll. Swamp Notes host Sonja Hutson is joined by the FT’s US managing editor Peter Spiegel, and Erik Gordon and Francine Lafontaine of the University of Michigan’s Ross School of Business to examine the poll results and explain why the economy remains top-of-mind for voters. Mentioned in this podcast: Donald Trump takes lead over Kamala Harris on US economy in final FT poll...
Oct 26, 2024•33 min
Tesla shares leapt 22% after Elon Musk predicted an electric vehicle sales rebound, and Russia’s pitch for a US dollar alternative failed to excite Brics leaders. Plus, a major change to the open source technology model could be coming. Mentioned in this podcast: Tesla shares leap 22% after Elon Musk predicts sales rebound Vladimir Putin’s alternative to ‘weaponised’ dollar fails to excite Brics partners The bill is coming for tech’s open source free lunch The FT News Briefing is produced by Nia...
Oct 25, 2024•9 min
Boeing’s machinists voted on Wednesday to reject the company’s latest offer and the US has finalised long-awaited ‘open banking’ rules, hoping it will inject more competition into the market. Plus, Deutsche Bank reported a record third-quarter profit and artificial intelligence start-up Anthropic has built a virtual agent that can perform tasks on a computer. Mentioned in this podcast: Striking Boeing machinists reject offer as stand-off nears 6 weeks US rolls out ‘open banking’ rules to make sh...
Oct 24, 2024•11 min
Deloitte has cut about 250 UK employees and HSBC’s chief executive has announced an overhaul of the bank. The IMF has warned global protectionism will endanger the world’s growth outlook, as a possible Donald Trump victory in the US election raises the prospect of tariff increases. Plus, South Korea has called on Russia to stop the deployment of North Korean troops to fight in Ukraine. Mentioned in this podcast: Deloitte axes 250 UK employees in performance-related cull HSBC chief Georges Elhede...
Oct 23, 2024•11 min
Share buybacks on mainland China’s biggest exchanges have soared to a record high this year, and Israel has attacked an Hizbollah-affiliated financial institution in Lebanon. Plus, Disney has appointed former Morgan Stanley boss James Gorman as its new chair, and a trip to America’s third-biggest shopping mall offers answers to what’s really going on in the US election. Mentioned in this podcast: Israel strikes Hizbollah-linked lender in Lebanon Disney sets new timetable to replace Bob Iger as c...
Oct 22, 2024•11 min
Trading in the world’s second-largest IPO of 2024 begins on Tuesday, but retail investors have given a lukewarm reception to Hyundai Motor India’s listing. A coalition of oil-producing African countries is seeking $5bn to fund projects on the continent, and Boeing’s largest labour union will vote on Wednesday whether to end a costly strike. Uber has explored a possible bid for Expedia, in what would be the company’s largest acquisition. Plus, Elon Musk pledges to pay $1mn per day to random regis...
Oct 21, 2024•11 min
The 2020 US election was one of the most contested in American history, and it culminated in an unprecedented attack on the US Capitol building by supporters of Donald Trump. FT data journalist Eva Xiao and US legal correspondent Joe Miller join this week’s Swamp Notes podcast to explain how Trump and his allies are preparing to challenge the 2024 vote, and what election officials around the country are doing to prepare. Mentioned in this podcast: How Trump allies are sowing election doubts ‘The...
Oct 19, 2024•16 min
Israel says it has killed Yahya Sinwar, Hamas’s leader and the architect behind the October 7 2023 attacks. Mixed quarterly earnings from chipmakers send tech stocks yo-yoing, and the European Central Bank has cut interest rates by a quarter-point, amid signs that growth and inflation are weakening. Plus, South Africa’s Government of National Unity works to resolve tensions as it passes its 100-day milestone. Mentioned in this podcast: Hamas leader Yahya Sinwar killed in Gaza, Israel says ASML s...
Oct 18, 2024•11 min
Rights groups say Israel appears to be implementing a controversial plan to force Hamas into submission by laying siege to the north of Gaza. BHP’s chief executive met government officials in South Africa last week, fuelling speculation that the miner will resurrect its failed bid for rival Anglo American. Plus, the downfall of once-hyped genetic testing company 23andMe, and Prada launches in to spacesuit design. Mentioned in this podcast: More than 100 killed in Nigeria fuel tanker explosion Is...
Oct 17, 2024•11 min
Shares in ASML led a tech rout on Nasdaq on Tuesday after the chipmaker warned of a slower recovery in the semiconductor market, and Goldman Sachs’ quarterly profits jumped 45 per cent to $3bn, boosted by its equity trading business. Asian battery makers are racing to develop new generations of superfast charging for electric vehicles, and a growing list of cash-strapped companies are deferring loan repayments to private credit funds. Mentioned in this podcast: ASML shares drop sharply after war...
Oct 16, 2024•10 min
OpenAI is considering a largely untested company model to protect chief executive Sam Altman from outside interference, and virtually all global insurers now include at least one low-carbon transition goal within their investment plans. Millions of dollars in bets are being placed on the US presidential election following the lifting of a domestic betting ban last week. Plus, China’s deflationary pressures picked up in September with weaker than expected consumer and factory prices, and the 2024...
Oct 15, 2024•11 min
Russia has expanded the capacity of its shadow fleet of oil tankers despite western sanctions, and US bank stocks hit their highest level since before the collapse of Silicon Valley Bank on Friday, following better than expected quarterly earnings. Plus, the Eurozone’s weak economic growth and sluggish consumer prices have raised concerns about low inflation, and Argentina’s president Javier Milei is not ready to lift the country’s currency controls. Mentioned in this podcast: Russia’s shadow fl...
Oct 14, 2024•11 min
Both chambers of the US Congress are like the country they represent: narrowly divided. But while Democrats currently hold a one-seat Senate majority, Republicans are increasingly confident that they’ll take back control of the chamber after the election next month. The FT’s Washington bureau chief, James Politi, and the Cook Political Report’s Senate and Governors editor, Jessica Taylor, join this week’s Swamp Notes to explain why this year’s Congressional map looks so good for Republicans. Men...
Oct 12, 2024•15 min
The French government has proposed a budget for next year with some €60bn worth of spending cuts and tax increases, and Hurricane Milton ploughed across Florida on Wednesday. US inflation fell to 2.4 per cent in September . Plus, we look ahead to Japan’s early elections later this month. Mentioned in this podcast: French PM unveils shock therapy in 2025 budget US inflation fell to 2.4% in September Hurricane Milton leaves millions without power after lashing Florida Japan’s new prime minister pl...
Oct 11, 2024•12 min
HSBC’s top-paid bankers to bear the brunt of cost-cutting restructuring, and the UK Conservative party leadership race has been whittled down to two rightwingers. Plus, Germany’s economy is expected to shrink, and the US government is considering seeking the break-up of Google to end its monopoly in search. Mentioned in this podcast: US weighs Google break-up in landmark antitrust case Jenrick vs Badenoch: Meet the next Conservative leader Germany expects economy to shrink in 2024 after cutting ...
Oct 10, 2024•10 min
The head of KPMG US says the industry urgently needs to make it easier to become an accountant, and the EU is suing Hungary’s government over a new security law it says is in breach of citizens’ fundamental rights. Plus, India races to extract as much oil as possible while there remains a market for crude. Mentioned in this podcast: KPMG US head says the industry urgently needs to make it easier to become an accountant India in rush to boost oil production before energy transition EU sues Hungar...
Oct 09, 2024•11 min
Big bank bosses join a growing list of prominent financiers expected to skip COP29 next month, and Spain proposes a new mechanism to help harmonise the EU’s capital and credit markets. Plus, activist investor Starboard Value has built a $1bn position in struggling drugmaker Pfizer, and tens of thousands of striking machinists are threatening Boeing’s recovery. Mentioned in this podcast: “You only go to the party if everyone is going”: finance bosses shun COP29 Spain to propose mini-coalitions to...
Oct 08, 2024•11 min
A new report forecasts that Donald Trump would raise the US debt by twice as much as Kamala Harris, and Elon Musk’s SpaceX is quietly opening up a new front in a global battle over a scarce and precious resource: radio spectrum. Plus, US partners at accounting firm EY have been told their pay for 2024 will be deferred, and a year after the October 7 attacks, international criticism of the Gaza war has led many Israelis to retreat inwards. Mentioned in this podcast: Donald Trump would raise the U...
Oct 07, 2024•12 min
The Biden administration has tried and failed to contain fighting in the Middle East over the past year - and now, the conflict is close to spiralling into all-out war. The FT’s US foreign affairs and defence correspondent Felicia Schwartz and US political news editor Derek Brower join this week’s Swamp Notes to explain what Kamala Harris and Donald Trump are telling voters they’ll do to end the conflict. Credit: USA Today Mentioned in this podcast: Israel and Iran have just delivered the US ele...
Oct 05, 2024•14 min
A strike that closed US east and Gulf coast ports will be suspended, and market reaction to escalations in the Middle East remains minimal. Plus, Italy’s government will raise more taxes from companies earning windfall profits, and luxury group LVMH will become a top sponsor of car-racing franchise Formula One. Mentioned in this podcast: US dockworkers suspend strike that threatened to cripple ports Italy seeks to raise more windfall taxes from companies The market reaction to global tensions mi...
Oct 04, 2024•11 min
UK house sales rise at the fastest rate in three years, mass displacement in Lebanon risks overwhelming a country battered by economic crises, and Brussels intends to postpone a controversial EU anti-deforestation law for a year following a backlash. Plus, two-thirds of all new solar and wind power projects are based in China. Mentioned in this podcast: UK house sales rise at fastest pace in three years, data shows China’s accelerating green transition EU moves to delay anti-deforestation rules ...
Oct 03, 2024•12 min
Iran fires missiles at Israel, hours after the IDF launches a ground offensive in Lebanon. France’s new Prime Minister Michel Barnier announced tax rises on large companies and the wealthy, and US business groups warned of economic ‘paralysis’ after tens of thousands of dockworkers went on strike. Plus, investors are seeking to profit from the uncertainty over the outcome of the US presidential race. Mentioned in this podcast: Iran launches missile attack against Israel French premier Michel Bar...
Oct 02, 2024•9 min
SoftBank will invest $500mn into OpenAI as part of a fundraising round that will give the start-up a $150bn valuation, and Chinese equities post their best day since the 2008 global financial crisis. Plus, new data suggests artificial intelligence start-ups are bringing in revenues at an unprecedented rate, and South Korean exporters are struggling to compete with a glut of goods from Chinese rivals. Mentioned in this podcast: SoftBank to invest $500mn in OpenAI AI start-ups generate money faste...
Oct 01, 2024•11 min
In the wake of Hassan Nasrallah’s death, Hizbollah looks for a way forward, and French far-right leader Marine Le Pen goes on trial for allegedly embezzling EU funds. Peter Thiel’s venture capital firm is backing a nuclear start-up aimed at fueling artificial intelligence, and a handful of high frequency trading firms have seized market share from traditional investment banks. Mentioned in this podcast: What's next for Hizbollah? Marine Le Pen goes on trial over EU expenses scandal Peter Thiel’s...
Sep 30, 2024•11 min
Voters consistently tell pollsters that economic issues are their top electoral concern. Kamala Harris and Donald Trump have spent the past few weeks honing their economic messages — and they couldn’t be more different. The FT’s US managing editor, Peter Spiegel, and Washington bureau chief, James Politi, join to explore how each candidates’ plan would impact the country. Mentioned in this podcast: Trumponomics: the radical plan that would reshape America’s economy Kamala Harris sets out pro-bus...
Sep 28, 2024•15 min
UK chancellor Rachel Reeves may backtrack on a key tax plan, Saudi Arabia is ready to abandon its unofficial price target of $100 a barrel for crude, and Citigroup announced a $25bn deal with Apollo to lend to private equity groups and low-rated US companies. Plus, Palestinian villagers in the West Bank are experiencing heightened violence after Hamas’s devastating October 7 assault on Israel. Mentioned in this podcast: UK chancellor ready to water down planned tax raid on wealthy foreigners Sau...
Sep 27, 2024•12 min
OpenAI’s chief technology officer is leaving the company, major banks pledge to increase their support for nuclear energy, and hopes of an M&A comeback rise as global companies pursue blockbuster takeovers. Plus, a surge in female labour force participation emerges as a bright spot for Saudi Arabia. Mentioned in this podcast: OpenAI’s chief technology officer Mira Murati to leave Big corporate predators bolster global M&A market The Saudi factories powered by women World’s biggest banks ...
Sep 26, 2024•10 min
The US Department of Justice has filed an antitrust lawsuit against Visa, China has unleashed a swath of stimulus measures to jump-start growth and the incoming CEO at Trafigura signals a new era for the trading house. Plus, Sri Lanka has a new leftwing president who has promised a fresh start for the country. Mentioned in this podcast: US antitrust lawsuit accuses Visa of using dominance to shut down rivals China unleashes stimulus blitz to lift growth Trafigura set to name Richard Holtum as ch...
Sep 25, 2024•11 min
