Nvidia’s revenues soared in the quarter to the end of January as demand for its AI-focused chips boomed, healthcare costs are dragging down the Chinese economy, and BP is turning its main focus back to fossil fuels. Plus, America’s investors are putting money in English football’s lower leagues. Mentioned in this podcast: Nvidia revenues jump almost 80% on booming AI chip sales Why ‘catastrophic’ medical bills are hurting China’s economy BP pivots back to oil and gas after ‘misplaced’ fait...
Feb 27, 2025•11 min
Kyiv has agreed terms with Washington on a minerals deal, and finance ministers from many of the world’s largest economies are poised to skip Group of 20 meetings in South Africa this week. Plus, Unilever is replacing its chief executive and the FT’s Hannah Murphy explains why Silicon Valley is veering to the conservative right. Mentioned in this podcast: Unilever ousts chief Hein Schumacher after less than two years Tech titans stand with Donald Trump to kill off activism in Silicon Valle...
Feb 26, 2025•11 min
The US and Europe battled in the UN and G7 over whether to blame Russia for its war against Ukraine, German election winner Friedrich Merz faces serious hurdles to boosting defence spending, and Apple said it planned to hire an additional 20,000 staff in the US over the next four years. Plus, US commodities trader Archer Daniels Midland has pledged to stick with its climate commitments, despite looser regulations under President Donald Trump. Mentioned in this podcast: Europe and US clash o...
Feb 25, 2025•10 min
The center-right Christian Democrats won the most votes in Germany’s election, and the US stock market had its worst day in two months on Friday. Britain and India will relaunch talks on a long-awaited trade deal, plus, China’s holdings of US Treasuries have fallen to their lowest level since 2009. Mentioned in this podcast: Friedrich Merz set to become Germany’s next chancellor, exit polls say US stocks post worst slide in two months on gloomy economic data China’s holdings of US Tr...
Feb 24, 2025•11 min
US President Donald Trump’s executive order this week seeks to “rein in” independent federal agencies by requiring them to submit draft regulations for review. The FT’s US managing editor Brooke Masters and our legal and enforcement correspondent Stefania Palma discuss what the new measures mean for the business community. Mentioned in this podcast: Trump makes push for control of independent US regulators US dealmaking suffers worst start to a year in a decade amid Trump volatility Sign up for ...
Feb 22, 2025•13 min
Investors are urging the EU to make sweeping reforms to its debt securitisation market, Walmart has staged a major comeback, and Chinese ecommerce giant Alibaba reported its fastest revenue growth in more than a year. Plus, the FT’s John Paul Rathbone explains how Europe could defend itself should Donald Trump pull US military assets. Mentioned in this podcast: Investors call for shake-up of Europe’s ‘failed’ securitisation market How Europe can defend itself without US help How a resurgent Walm...
Feb 21, 2025•11 min
KKR has submitted a preliminary bid to take a majority stake in Thames Water, and HSBC set out its cost cuts in its annual earnings report yesterday. UK inflation hit a 10-month high. Plus, Germany has lost half a million manufacturing jobs since 2020. Mentioned in this podcast: German manufacturing job losses deepen fears over industrial decline UK inflation rises to 10-month high of 3% in January HSBC sets out scale of cost cuts under chief executive’s restructuring plan KKR submits £4bn...
Feb 20, 2025•10 min
The US and Russia have agreed to ‘lay the groundwork for future co-operation’ on ending the Ukraine war, and US president Donald Trump has his eyes on Ukrainian mineral deposits. Plus, developers of small modular nuclear reactors have raised at least $1.5bn in funding over the past year thanks to AI data centers. Mentioned in this podcast: US and Russia agree to ‘lay the groundwork’ for ending Ukraine war The Ukrainian mineral riches in Donald Trump’s sights Big Tech’s AI ambitions deliver fundi...
Feb 19, 2025•11 min
Tesla risks being caught up in the China-US trade war, while US officials head to Saudi Arabia to start peace talks over Ukraine. Indonesia reaches “Opec status” as it dominates the global nickel trade. Plus, the US-India deal signals a bonanza for US gas imports. Mentioned in this podcast: Tesla braces for delay to China licence as Trump trade tensions mount The ‘Opec’ of nickel: Indonesia’s control of a critical metal European countries clash over sending troops to Ukraine S...
Feb 18, 2025•11 min
French President Macron holds an emergency meeting in Paris with Ukraine’s allies, and a stock index featuring Europe’s largest banks is outpacing the United States’ Magnificent Seven tech giants. Plus, the activist hedge fund Elliot Management is on a mission to rejuvenate British Petroleum. Mentioned in this podcast: Europe scrambles to respond as US and Russia prepare for Ukraine peace talks Hedge fund Elliott shakes BP from its strategic slump Magnificent 7? Try the Magnificent 47 for ...
Feb 17, 2025•10 min
Ukraine is dominating discussions at this year’s Munich Security Conference after a call between Donald Trump and Russia’s Vladimir Putin, which ended with the US president declaring that peace talks will start “immediately”. The FT’s Moscow bureau chief Max Seddon is on to discuss, alongside Keir Giles, author of the recent book Who Will Defend Europe? Mentioned in this podcast: Donald Trump opens the door to Vladimir Putin’s grandest ambitions EU to ease fiscal rules to boost defense spending ...
Feb 15, 2025•14 min
Arm plans to launch its own chip this year, and Shein’s IPO will likely be delayed after US President Donald Trump’s crackdown on tariff-free imports. Plus, Robinhood has evolved from an app that sprayed digital confetti when customers made their first trade to one that aims to serve as a broader financial services platform. Mentioned in this podcast: Arm secures Meta as first customer for ambitious new chip project Shein IPO plans hit by Trump’s low-cost parcels crackdown Has meme-stock kid Rob...
Feb 14, 2025•10 min
European officials are worried about being cut out of a US-Russia peace deal on Ukraine, and US inflation ticked up in January. Plus, China’s leading producer of memory chips is rapidly gaining global market share at the expense of South Korean competitors. Mentioned in this podcast: Europe blindsided by Trump on Ukraine peace talks with Russia US inflation unexpectedly increases to 3% in January Chinese chip champion’s ‘snowballing’ growth threatens Korean dominance The FT News Briefing i...
Feb 13, 2025•10 min
Hong Kong tech stocks are flying high, Elon Musk’s nearly $100bn bid for OpenAI comes with a ton of baggage, and the EU says it will retaliate against US tariffs on European steel and aluminium exports. Plus, Sudan’s army is close to its biggest victory in a brutal two-year civil war. Mentioned in this podcast: China’s tech stocks enter bull market after DeepSeek World’s largest EV battery maker files for Hong Kong listing Elon Musk gatecrashes OpenAI restructuring Elon Musk-led consortium...
Feb 12, 2025•10 min
More than 60 partners have left PwC China after a ban over its audit of failed property developer Evergrande, the FT’s Andy Bounds explains what we can learn from Donald Trump’s 2018 steel tariffs, and Hamas said it is postponing the next release of hostages. Plus, Hizbollah is weaker than it’s ever been, and it needs the support of its constituency to rebuild. Mentioned in this podcast: PwC China loses 66 partners in wake of ban over Evergrande audit What happened when Donald Trump imposed stee...
Feb 11, 2025•11 min
China has imposed retaliatory tariffs on about $14bn of US goods, and US dealmaking has suffered its worst start to a year in a decade. French President Emmanuel Macron has announced €109bn worth of investments in artificial intelligence in France over the coming years, while software company MicroStrategy is inspiring other companies to buy bitcoin and hold it in their corporate treasuries Mentioned in this podcast: China imposes retaliatory tariffs on $14bn worth of US goods US deal...
Feb 10, 2025•11 min
Elon Musk’s Department of Government Efficiency, or Doge, dominated the headlines this week as agency members gained access to sensitive data at the Treasury department. FT Washington reporters Joe Miller and Alex Rogers help us make sense of Doge and why the courts are getting involved. Mentioned in this podcast: Can anyone stop Elon Musk’s hostile takeover of the US government? Elon Musk barred from accessing US Treasury payments data Sign up for the FT’s Swamp Notes newsletter here Swam...
Feb 08, 2025•11 min
Amazon shares fell after a weaker than expected outlook for the first quarter, and investors are figuring out how to trade in the trade war. Plus, The Bank of England cut interest rates by a quarter-point, and a long simmering conflict between the Democratic Republic of Congo and a Rwanda-backed rebel group is threatening to destabilize the region. Mentioned in this podcast: How to trade the trade war Stock vigilantes might have to work harder to tame Trump Bank of England halves growth forecast...
Feb 07, 2025•12 min
US allies across Europe and the Middle East have condemned Donald Trump’s plans to “take over” Gaza, the US cracks down on a trade loophole, and Disney’s earnings shot up 27% in its financial first quarter. Plus, the EU is pushing ahead with enforcing its artificial intelligence regulations despite warnings from Trump. Mentioned in this podcast: Middle East and Europe condemn Donald Trump’s plans to take over Gaza Trump’s crackdown on trade loophole to hit Shein and Temu — and help Amazon Disney...
Feb 06, 2025•10 min
Alphabet’s cloud services missed growth expectations last quarter, American companies are scrambling to protect their supply chains in the face of all the back and forth on tariffs, and China is hitting back at the US for imposing new levies. Plus, India is set for a blockbuster IPO year – even as the economy weakens. Mentioned in this podcast: Google parent Alphabet slides after sales miss Wall Street estimates China targets Google, Nvidia and Intel as Trump tariffs bite China hits back w...
Feb 05, 2025•11 min
US president Donald Trump’s tariffs on Mexico and Canada are paused for now, commercial property investment is starting to recover from a two-year slump, and Eurozone inflation unexpectedly ticked up in January. Plus, the French AI company Mistral was supposed to be Europe’s answer to US Big Tech dominance, but it’s struggling to gain traction. Mentioned in this podcast: US to pause tariffs on Canada for 30 days after Trudeau and Trump agree deal Investors choose flats and hotels over offi...
Feb 04, 2025•11 min
Donald Trump hit Canada, Mexico and China with steep tariffs on Saturday, and oil and gas groups are relying more heavily on carbon offsets to reach climate targets. Plus, EU governments are exploring ways to include the UK and Norway in a “coalition of the willing” dedicated to ramping up the continent’s defence. Mentioned in this podcast: ‘A trade war on steroids’: Trump ushers in new age of US protectionism Trump tariffs spark panic and anger in Canada and Mexico EU opens door to UK and Norwa...
Feb 03, 2025•12 min
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
