American foreign aid supports everything from arms sales to HIV treatment. But this week, with the stroke of a pen, Donald Trump suspended nearly all of that aid for 90 days. The FT’s Africa editor David Pilling and US defence and security correspondent Felicia Schwartz join this week’s Swamp Notes to discuss how Trump is rapidly redefining America’s role on the world stage. Mentioned in this podcast: Donald Trump’s foreign aid freeze sparks global funding crisis US officials push to exemp...
Feb 01, 2025•15 min
Apple revealed quarterly results that slightly exceeded Wall Street expectations, SoftBank is in talks to invest as much as $25bn into OpenAI, and the European Central Bank cut interest rates as it warned about headwinds to the bloc’s economy. Plus, there are concerns that China’s hukou system creates second-class citizens and holds back consumption in urban areas. Mentioned in this podcast: Apple results top estimates even as iPhone sales stall SoftBank in talks to invest up to $25bn in O...
Jan 31, 2025•13 min
Big Tech earnings season is in full swing, the US Federal Reserve held interest rates steady despite pressure from President Donald Trump, and Syria’s new government pressed Moscow about reparations. Plus, activist short-selling is on the decline. Mentioned in this podcast: Meta’s bumper results tempered by revenue outlook Federal Reserve keeps US interest rates on hold Syria asks Russia for reparations Last men standing: the short sellers who remain after Hindenburg’s exit T...
Jan 30, 2025•11 min
Advances in artificial intelligence by Chinese start-up DeepSeek caused a frantic sell-off of energy and infrastructure shares, and Donald Trump’s Treasury secretary is pushing for new universal tariffs to start at 2.5 per cent. A study finds that ETFs make the market more efficient, and Boeing reports its second-biggest annual loss. Mentioned in this podcast: DeepSeek-driven sell-off puts power demands of AI in doubt, says IEA Scott Bessent pushes gradual 2.5% universal tariffs pla...
Jan 29, 2025•11 min
US tech stocks tumbled after advances by Chinese start-up DeepSeek ignited worries over whether America could sustain its lead in artificial intelligence. Latin American leaders will hold an emergency summit to respond to President Donald Trump’s mass deportations of migrants, and Starbucks is cracking down on non-customer access to its stores. Mentioned in this podcast: Advances by China’s DeepSeek sow doubts about AI spending Tech stocks slump as China’s DeepSeek stokes fears over...
Jan 28, 2025•11 min
Pressure is piling on the European Union to cut back its sustainability agenda, Wall Street may thwart President Donald Trump’s call for a new oil boom, and the US president unleashes retaliatory tariffs against Colombia. Plus, Microsoft’s stake in OpenAI is complicating the start-up’s path to become a for-profit company. Mentioned in this podcast: Trump agenda piles pressure on EU to cut red tape Wall Street will stymie Donald Trump’s US oil surge plan, say shale bosses Trump impo...
Jan 27, 2025•11 min
Donald Trump has made a lot of enemies over the years. He spent his first week back in the White House going after them — and is reshaping the federal government in the process. The FT’s Washington bureau chief James Politi and US legal and enforcement correspondent Stefania Palma join this week’s Swamp Notes to explain what the president’s first week signals about his plans for the next four years. Mentioned in this podcast: Donald Trump vs the ‘deep state’: president’s vendetta agenda takes sh...
Jan 25, 2025•15 min
A federal judge has blocked US President Donald Trump’s attempt to end birthright citizenship, and shares in the leading makers of anti-obesity drugs have dipped. Trump has ordered officials to draw up retaliatory measures against “extraterritorial” taxes, and Emilia Pérez has emerged as frontrunner after the 2025 Academy Award nominations. Mentioned in this podcast: Judge halts Donald Trump’s effort to end US citizenship at birth Donald Trump threatens to double tax rates for foreign nat...
Jan 24, 2025•13 min
European bank dividends are at their highest levels since 2007, US President Donald Trump froze billions of dollars in federal funding to green infrastructure projects, and Trump said yesterday that the US would impose more sanctions on Moscow if its war in Ukraine doesn’t end soon. Plus, military regimes in Africa's Sahel region are cracking down on international mining companies. Mentioned in this podcast: European banks to reward investors with bumper €123bn in payouts Donald Trump halt...
Jan 23, 2025•12 min
Netflix added a record 19mn subscribers in the fourth quarter, fuelled by live sports. US stocks rallied while currencies swung the day after Donald Trump’s inauguration, and TikTok-owner ByteDance plans to spend $12bn on AI chips in 2025. Plus, Chinese citizens’ doubts grow over the government’s economic growth claims. Mentioned in this podcast: Netflix shares jump as it adds record number of subscribers Wall Street stocks climb as investors parse Donald Trump’s executive ord...
Jan 22, 2025•10 min
Belgium has launched a criminal probe into the DRC’s allegation. Donald Trump is sworn in as US president. Davos leaders reject climate banking group. And Toyota struggles to jumpstart hydrogen car sales. Mentioned in this podcast: Trump and the contest between two visions of democracy Apple hit by Belgian probe over ‘blood minerals’ in Congo Toyota rethinks its bet on hydrogen Dollar tumbles as Trump shies away from trade tariffs This episode of the FT News Briefing was produc...
Jan 21, 2025•14 min
Donald Trump will become US president for the second time on Monday. Investors pile into a fund that spreads its assets equally across the S&P 500, as concerns about a tech bubble grow. A hostage and prisoner exchange between Israel and Hamas is underway. Plus, how El Salvador’s President Nayib Bukele became a model for the global far right. Mentioned in this podcast: Donald Trump plans blitz of executive orders for first days in White House Investors pour billions into S&P...
Jan 20, 2025•12 min
Not long ago, American corporations were promoting racial justice initiatives and promising to combat climate change. That’s all changed in the months since Donald Trump’s election. The FT’s US financial editor Brooke Masters and tech correspondent Hannah Murphy join this week’s Swamp Notes to explain what’s behind this cultural shift. Mentioned in this podcast: Is corporate America going Maga? The cravenness of Mark Zuckerberg Sign up for the FT’s Swamp Notes newsletter here Swamp Notes i...
Jan 18, 2025•15 min
Donald Trump’s Treasury pick Scott Bessent wants to increase sanctions on Russian oil producers, and the FT’s Stephen Gandel unpacks a bumper earnings season from Wall Street’s banks. British companies are buying back their shares at a faster rate than even US groups, and the LA fires are worsening the challenges facing Hollywood. Mentioned in this podcast: Donald Trump’s Treasury pick stresses need for tougher sanctions on Russian oil Donald Trump’s policy pledges unleashing ‘anima...
Jan 17, 2025•11 min
Israel and Hamas have agreed a deal to halt the war in Gaza and free the remaining hostages. Wall Street banks notched up profits at the end of last year amid a trading boom, and the FT’s economics editor Sam Fleming explains where things stand with inflation around the world. Mentioned in this podcast: Gaza ceasefire announced after 15 months of war US earnings latest: Wall Street profits surge on trading boom Wall Street stocks post biggest rally since Donald Trump’s election vict...
Jan 16, 2025•10 min
Saudi Aramco is to expand its investments in lithium production, officials in Beijing are discussing using Elon Musk as a broker in a potential sale of TikTok’s US operations, and KPMG could soon begin offering legal services in the US. Plus, Syria has been flooded with imports in the aftermath of Bashar al-Assad’s ousting. Mentioned in this podcast: Saudi Aramco to expand investments in lithium as it diversifies from oil China discussing using Elon Musk as broker in TikTok deal KPMG readies cha...
Jan 15, 2025•12 min
Goldman Sachs is building a new private credit unit, and Nawaf Salam is named as Lebanon’s new prime minister. China’s trade surplus with the rest of the world reached a record of almost $1tn in 2024, and Amazon races to transplant Alexa’s ‘brain’ with generative AI. Mentioned in this podcast: Goldman Sachs to deepen exposure to booming private credit industry Nawaf Salam is Lebanon’s new prime minister China’s trade surplus hits annual record of almost $1tn Amazon races to transpla...
Jan 14, 2025•11 min
The US is on the cusp of a gas boom and the west hits Venezuelan officials with fresh sanctions. A £1.5bn class action lawsuit against Apple goes to trial in the UK, and US private equity firms may soon have access to people’s retirement savings. Mentioned in this podcast: Gas construction expected to boom this year in the US Venezuelan officials hit with fresh sanctions as Nicolás Maduro begins third term Apple £1.5bn class action case kicks off in UK courts Mom and pop pen...
Jan 13, 2025•11 min
Donald Trump has an aggressive negotiating method: he makes big threats in order to extract concessions. But now that he’s floated the idea of invading Danish and Panamanian territories this week, America’s allies are especially nervous. The FT’s Nordic and Baltic bureau chief Richard Milne and US national editor and columnist Ed Luce join Swamp Notes to discuss Trump’s imperial ambitions. Mentioned in this podcast: Why Donald Trump wants Greenland Trump, Greenland and the rebirth of the M...
Jan 11, 2025•15 min
The EU is preparing for president-elect Donald Trump to roll back his predecessor’s executive orders, bond markets have entered a new era of antagonism with governments, and insurers are bracing for losses of as much as $20bn from wildfires in Los Angeles. Plus, Elon Musk has privately discussed with allies how Sir Keir Starmer could be removed as UK prime minister before the next general election. Mentioned in this podcast: EU fears Trump rolling back Biden-era measures Bond market ‘poli...
Jan 10, 2025•12 min
EU leaders warn Donald Trump not to meddle with the continent’s territories, and Wall Street analysts are betting Citigroup will miss a critical long-term target next week. Indonesia is maintaining its ban on iPhone 16 sales despite Apple's $1bn investment proposal, and China is signing growing numbers of Taiwanese people up for local IDs in a drive to incorporate them into its society. Mentioned in this podcast: EU leaders warn Donald Trump not to meddle with Europe’s borders Indonesia s...
Jan 09, 2025•12 min
China’s airlines are rapidly expanding into Europe, and we take a look at what’s next for Canada’s Liberal party following Prime Minister Justin Trudeau’s resignation. Plus, Meta ends third-party fact-checking and Wall Street bankers gear up for an IPO revival. Mentioned in this podcast: Chinese airlines rush into Europe as western carriers retreat Praised abroad, troubled at home: Canada’s political ‘prince’ bows out Meta ends third-party fact-checking scheme as it prepares for Tr...
Jan 08, 2025•10 min
Justin Trudeau is resigning as Canadian Prime Minister, and Germany’s solar power industry is in trouble. US bankruptcy filings hit their highest rate in 14 years, and the People’s Bank of China has announced a major policy overhaul as pressures on the economy mount. Mentioned in this podcast: US Corporate bankruptcies hit 14 year high Canadian Prime Minister Justin Trudeau announces resignation German solar sector in distress as glut of panels heaps pressure on industry &nbs...
Jan 07, 2025•11 min
Eurozone economists warn the European Central Bank has been too slow to cut interest rates, and US Steel faces a bleak outlook after President Biden’s decision to block its sale. UK businesses plan price increases as the Budget drives up costs, and CrowdStrike has more than recovered the $30bn in market value it shed last year. Plus, China’s movie theatres are in crisis. Mentioned in this podcast: ECB has been too slow to cut rates, Eurozone economists warn Joe Biden blocks Nippon S...
Jan 06, 2025•11 min
Elon Musk’s first big foray into politics was a success — he used his world-leading fortune and mass media platform to help Donald Trump regain the White House. But now, just weeks before Trump’s inauguration, some Republicans are pushing back against Musk’s influence. The FT’s Washington correspondent Joe Miller and US business and politics correspondent Alex Rogers join this week’s Swamp Notes to discuss how Musk is navigating a future in Washington. Mentioned in this podcast: Top Democr...
Jan 04, 2025•13 min
Tesla’s annual vehicle deliveries declined for the first time in more than a decade, and China’s BYD hit a milestone. Crypto chief Do Kwon makes his first US court appearance to face criminal charges. The rerouting of global trade from China to ports elsewhere in Asia is shrinking the size of vessels, and climate change is redrawing Europe’s wine map. Mentioned in this podcast: Ex-crypto chief Do Kwon brought to New York to face fraud charges China’s electric-vehicle leader BYD posts reco...
Jan 03, 2025•12 min
The UK’s financial watchdog has failed to remove illegal crypto adverts, and in Japan, shareholder activists are waking companies up from decades of slumber. Plus, the number of active US venture capital firms has dropped by more than a quarter since 2021, and the FT’s Martin Wolf interviews European Central Bank president Christine Lagarde on the bloc’s economic recovery from Covid-19. Mentioned in this podcast: FCA fails to hit firms after half of banned crypto adverts remain online Act...
Jan 02, 2025•12 min
US stocks dropped for the second straight trading session, the Biden administration said it will unleash almost $6bn in additional aid to Ukraine, and South Korea plans to inspect all B737-800 Boeing aircraft operated by domestic airlines after a passenger jet crashed. Plus, US asset managers are gobbling up business from their European rivals and the nightclub business is in decline. Mentioned in this podcast: US stocks slip in broad pullback as investors cash in on 2024 gains US to send ...
Dec 31, 2024•12 min
Defaults on US credit card loans have hit the highest level since the wake of the 2008 financial crisis, and as payment fraud rises, banks and tech companies disagree on who should cover consumer losses. Syria’s caretaker government has said it could take up to four years for the country to hold elections. Plus, how Hitachi’s plan to monetize industrial data has revived its fortunes. Mentioned in this podcast: US credit card defaults jump to highest level since 2010 Who should foot ...
Dec 30, 2024•12 min
Are the Democrats doomed? Which world leaders are happiest to see Trump back in the White House? And why are investors flooding into American stocks? The FT’s US managing editor Peter Spiegel and global business columnist Rana Foroohar answer all of your questions after a wild year in US politics. Mentioned in this podcast: Trump team aims to bankrupt Iran with new ‘maximum pressure’ plan How ‘the mother of all bubbles’ will pop Sign up for the FT’s Swamp Notes newsletter here Swamp Notes ...
Dec 21, 2024•14 min
