FT News Briefing

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 is produced by Ethan Plotkin, Sonja Hutson, Lauren Fedor and Marc Filippino. Topher Forhecz is the FT’s executive producer. The FT’s global head of audio is Cheryl Brumley. Special thanks to Pierre Nicholson. Read a transcript of this episode on FT.com Hosted on Acast. See acast.com/privacy for more information.

A number of cryptocurrency-focused hedge funds are outpacing their rivals, the Bank of England holds interest rates at 4.75 per cent, and Microsoft has partnered with a utility company to restart a controversial reactor at Three Mile Island. Mentioned in this podcast: Hedge funds cash in on Trump-fuelled crypto boom Bank of England holds interest rates at 4.75% Behind the Money: How the AI boom is reviving Three Mile Island The FT News Briefing is produced by Niamh Rowe, Fiona Symon, Sonja Hutson, Kasia Broussalian and Marc Filippino. Additional help from Breen Turner, Sam Giovinco, Peter Barber, Michael Lello, David da Silva and Gavin Kallmann. Our engineer is Joseph Salcedo. Topher Forhecz is the FT’s executive producer. The FT’s global head of audio is Cheryl Brumley. The show’s theme song is by Metaphor Music. Read a transcript of this episode on FT.com Hosted on Acast. See acast.com/privacy for more information.

The Federal Reserve cuts interest rates by a quarter-point but signals a slower pace of easing, and we look back at what central banks learned in 2024. The US Supreme Court says it will hear TikTok’s appeal against a divest-or-ban law, and Honda-Nissan talks aim to rescue Japan’s fragmented automotive industry. Mentioned in this podcast: Fed cuts rates by a quarter-point but signals slower pace of easing Five central banking lessons for 2024 US Supreme Court to hear arguments challenging law that could ban TikTok Honda-Nissan merger talks mark Japan Inc’s new consolidate-to-survive mood The FT News Briefing is produced by Niamh Rowe, Fiona Symon, Sonja Hutson, Kasia Broussalian and Marc Filippino. Additional help from Marine Saint, Breen Turner, Sam Giovinco, Peter Barber, Michael Lello, David da Silva and Gavin Kallmann. Our engineer is Joseph Salcedo. Topher Forhecz is the FT’s executive producer. The FT’s global head of audio is Cheryl Brumley. The show’s theme song is by Metaphor Music. Read a transcript of this episode on FT.com Hosted on Acast. See acast.com/privacy for more information.

Argentina emerged from a severe recession in the third quarter, Microsoft buys twice as many of Nvidia’s chips as any of its largest rivals, KPMG narrows the gap with the other Big Four firms, and Huawei sets sights on becoming a big supplier to the electric car industry. Plus, pub chains express frustration over shortages of Guinness in the run-up to Christmas. Mentioned in this podcast: Microsoft acquires twice as many Nvidia AI chips as tech rivals Argentina’s economy exits recession in milestone for Javier Milei KPMG outpaces Big Four rivals as audit and tax units shine ‘A different animal’: inside Huawei’s nascent EV business Diageo ‘better get brewing’, says Wetherspoons head amid Guinness shortage The FT News Briefing is produced by Niamh Rowe, Fiona Symon, Sonja Hutson, Kasia Broussalian and Marc Filippino. Additional help from Breen Turner, Sam Giovinco, Peter Barber, Michael Lello, David da Silva and Gavin Kallmann. Our engineer is Joseph Salcedo. Topher Forhecz is the FT’s executive producer. The FT’s global head of audio is Cheryl Brumley. The show’s theme song is by Metaphor Music. Read a transcript of this episode on FT.com Hosted on Acast. See acast.com/privacy for more information.

Japan’s SoftBank unveils $100bn US investment plans, fervour around Nvidia cools as investors look to AI’s next winners, and Europe launches its most ambitious space programme in a decade. Plus, in Syria, Kurdish groups fear they may be worse off under a rebel-led government. Mentioned in this podcast: Japan’s SoftBank pledges $100bn investment in US After Nvidia’s boom, what’s next for AI-related stocks? Europe signs €10.6bn Iris² satellite deal in bid to rival Elon Musk’s Starlink Syria’s Kurds fear US betrayal under Donald Trump Credit: AP Send us your questions for Swamp Notes! Write to ethan.plotkin@ft.com. The FT News Briefing is produced by Niamh Rowe, Fiona Symon, Sonja Hutson, Kasia Broussalian and Marc Filippino. Additional help from Marine Saint, Breen Turner, Sam Giovinco, Peter Barber, Michael Lello, David da Silva and Gavin Kallmann. Our engineer is Joseph Salcedo. Topher Forhecz is the FT’s executive producer. The FT’s global head of audio is Cheryl Brumley. The show’s theme song is by Metaphor Music. Read a transcript of this episode on FT.com Hosted on Acast. See acast.com/privacy for more information.

Germany’s Olaf Scholz is expected to lose a confidence vote in parliament on Monday, and Arm and Qualcomm’s bitter legal feud over chip design licensing is heading to trial. The London Stock Exchange is on course for its worst year for departures since the financial crisis. Plus, investors’ appetite for juicy returns has triggered a big boom on Wall Street in complex financial products. Mentioned in this podcast: Olaf Scholz faces confidence vote — and hopes to lose it Wall Street’s complex debt bonanza hits fastest pace since 2007 London Stock Exchange suffers biggest exodus since financial crisis Chip groups Arm and Qualcomm square off in high-stakes US trial ‘No political authority’: South Korea’s interim leader faces daunting task Send us your questions for Swamp Notes! Write to ethan.plotkin@ft.com. The FT News Briefing is produced by Niamh Rowe, Fiona Symon, Sonja Hutson, Kasia Broussalian and Marc Filippino. Additional help from Breen Turner, Sam Giovinco, Peter Barber, Michael Lello, David da Silva and Gavin Kallmann. Our engineer is Joseph Salcedo. Topher Forhecz is the FT’s executive producer. The FT’s global head of audio is Cheryl Brumley. The show’s theme song is by Metaphor Music. Read a transcript of this episode on FT.com Hosted on Acast. See acast.com/privacy for more information.

Europe has been able to predictably lean on the US for decades. But Donald Trump used tariffs and other economic threats to test those assumptions in his first term, and he looks set to do so again. The FT’s EU correspondent Andy Bounds and US climate correspondent Aime Williams join to discuss how the EU is preparing (again) for a more confrontational America. Mentioned in this podcast: EU strikes blockbuster trade deal with Mercosur EU commissioner pitches ‘Europe first’ in response to Donald Trump Sign up for the FT’s Swamp Notes newsletter here Questions about US politics for next week’s Swamp Notes? Email them to ethan.plotkin@ft.com. Swamp Notes is produced by Ethan Plotkin, Sonja Hutson, Lauren Fedor and Marc Filippino. Topher Forhecz is the FT’s executive producer. The FT’s global head of audio is Cheryl Brumley. Special thanks to Pierre Nicholson. Read a transcript of this episode on FT.com Hosted on Acast. See acast.com/privacy for more information.

HSBC is reviewing its retail banking operations outside the UK and Hong Kong, and the European Central Bank cut interest rates by a quarter-point to 3 per cent. The FT’s markets columnist Katie Martin provides a few insights for investing in 2025. Plus, human referees are set to be increasingly phased out as machines become more efficient at making critical decisions in sport. Mentioned in this podcast: HSBC reviews retail banking outside UK and Hong Kong Donald Trump election win sparks trading surge for banks and brokers ​​ECB lowers rates to 3% and paves way for more cuts In sport, the race is on to let technology decide who wins Send us your questions for Swamp Notes! Write to ethan.plotkin@ft.com. The FT News Briefing is produced by Niamh Rowe, Fiona Symon, Sonja Hutson, Kasia Broussalian and Marc Filippino. Additional help from Breen Turner, Sam Giovinco, Peter Barber, Michael Lello, David da Silva and Gavin Kallmann. Our engineer is Joseph Salcedo. Topher Forhecz is the FT’s executive producer. The FT’s global head of audio is Cheryl Brumley. The show’s theme song is by Metaphor Music. Read a transcript of this episode on FT.com Hosted on Acast. See acast.com/privacy for more information.

European Nato members are holding talks about increasing the alliance’s target for defence spending, Microsoft’s artificial intelligence head Mustafa Suleyman is building a team focused on consumer health, and US inflation ticked up to 2.7 per cent last month. Plus, new regulations on human rights are forcing global companies to address concerns about modern slavery and tackle problems in their supply chains. Mentioned in this podcast: Nato’s European members discuss 3% target for defence spending Microsoft’s Suleyman hires ex-DeepMind staff for AI health unit US inflation rose to 2.7% in November New rules sharpen investment focus on modern slavery Fifa set to confirm Saudi Arabia as host of 2034 World Cup The FT News Briefing is produced by Niamh Rowe, Fiona Symon, Sonja Hutson, Kasia Broussalian and Marc Filippino. Additional help from Breen Turner, Sam Giovinco, Peter Barber, Michael Lello, David da Silva and Gavin Kallmann. Our engineer is Joseph Salcedo. Topher Forhecz is the FT’s executive producer. The FT’s global head of audio is Cheryl Brumley. The show’s theme song is by Metaphor Music. Read a transcript of this episode on FT.com Hosted on Acast. See acast.com/privacy for more information.

Qatar’s sovereign wealth fund prepares for a petrodollar windfall, while oil majors scale back their $18bn power generation push. Israeli Prime Minister Benjamin Netanyahu begins testifying in a corruption trial, and public pension schemes and sovereign wealth funds plan to pour more money into private markets over the coming year. Mentioned in this podcast: Qatar’s $500bn wealth fund targets bigger deals as LNG windfall looms BP and Shell rein in electricity ambitions to escape ‘valley of death’ Benjamin Netanyahu arrives in court to testify in corruption trial Public pension plans and wealth funds to invest more in private markets The FT News Briefing is produced by Niamh Rowe, Fiona Symon, Sonja Hutson, Kasia Broussalian and Marc Filippino. Additional help from Breen Turner, Sam Giovinco, Peter Barber, Michael Lello, David da Silva and Gavin Kallmann. Our engineer is Joseph Salcedo. Topher Forhecz is the FT’s executive producer. The FT’s global head of audio is Cheryl Brumley. The show’s theme song is by Metaphor Music. Read a transcript of this episode on FT.com Hosted on Acast. See acast.com/privacy for more information.

Hiring has fallen more sharply in the UK than in other big economies over the past year, Vanguard will break its advisory business into a separate unit, and Israel has taken more Syrian territory. Plus, we take a look inside Japan’s audacious bid to become a semiconductor superpower. Mentioned in this podcast: Hiring falling more sharply in UK than in other major economies Israel draws furious reaction from Egypt after taking more Syrian territory Vanguard to accelerate wealth management drive in restructuring Japan’s audacious bid to become a semiconductor superpower Christie’s has brought the dinosaur auction show to London The FT News Briefing is produced by Niamh Rowe, Fiona Symon, Sonja Hutson, Kasia Broussalian and Marc Filippino. Additional help from Josh Gabert-Doyon, Breen Turner, Sam Giovinco, Peter Barber, Michael Lello, David da Silva and Gavin Kallmann. Our engineer is Joseph Salcedo. Topher Forhecz is the FT’s executive producer. The FT’s global head of audio is Cheryl Brumley. The show’s theme song is by Metaphor Music. Read a transcript of this episode on FT.com Hosted on Acast. See acast.com/privacy for more information.

Syrian President Bashar al-Assad has resigned and fled the country and South Korean prosecutors have opened an investigation into the country’s president, Yoon Suk Yeol, on charges of treason and abuse of power. The EU and four South American countries have struck a blockbuster trade deal, and a US appeals court upheld a law requiring TikTok’s owner ByteDance to sell the platform or face a ban next year. Mentioned in this podcast: Assad flees Syria as rebels seize Damascus Syrian rebels seize Damascus and topple Assad dynasty South Korean president to be investigated for treason after failed coup EU strikes blockbuster trade deal with Mercosur TikTok fails to halt law that could lead to US ban Credit: AP, Reuters The FT News Briefing is produced by Niamh Rowe, Fiona Symon, Sonja Hutson, Kasia Broussalian and Marc Filippino. Additional help from Breen Turner, Sam Giovinco, Peter Barber, Michael Lello, David da Silva and Gavin Kallmann. Our engineer is Joseph Salcedo. Topher Forhecz is the FT’s executive producer. The FT’s global head of audio is Cheryl Brumley. The show’s theme song is by Metaphor Music. Read a transcript of this episode on FT.com Hosted on Acast. See acast.com/privacy for more information.

The next superpower will be a tech superpower, and to be that superpower you need to have some control over the semiconductor industry which is driving the AI revolution. But almost all advanced semiconductors are made in Taiwan — and it is under constant threat of a Chinese invasion. President Joe Biden’s Chips Act promises lavish subsidies to companies working to bring semiconductor manufacturing back to US soil. Will those subsidies survive once Donald Trump, the president-elect, is in the White House? In a new season of Tech Tonic the FT’s James Kynge, is in Phoenix, Arizona, the former heartland of American chip manufacturing. He speaks to those trying to revive the US chipmaking industry. Presented by James Kynge. Edwin Lane is the senior producer. The producer is Josh Gabert-Doyon. Executive producer is Manuela Saragosa. Sound design by Breen Turner and Samantha Giovinco, with original music from Metaphor Music. The FT’s head of audio is Cheryl Brumley. Special thanks to Tim Bradshaw. Hosted on Acast. See acast.com/privacy for more information.

Donald Trump once called cryptocurrencies a “scam”. He’s long since changed his tune, and now, crypto enthusiasts are hoping he’ll catapult the industry into the financial mainstream. The FT’s digital markets correspondent Nikou Asgari and US legal and enforcement correspondent Stefania Palma join this week’s Swamp Notes to discuss what the industry could look like under a second Trump administration. Mentioned in this podcast: Crypto advocate Paul Atkins picked as SEC chair by Donald Trump Bitcoin hits $100,000 as Trump era hopes grow Trump picks Musk ally David Sacks as crypto and AI tsar The grim ghost of crypto future Sign up for the FT’s Swamp Notes newsletter here Swamp Notes is produced by Ethan Plotkin, Sonja Hutson, Lauren Fedor and Marc Filippino. Topher Forhecz is the FT’s executive producer. The FT’s global head of audio is Cheryl Brumley. Special thanks to Pierre Nicholson. CREDIT: Washington Post, Bitcoin Magazine Hosted on Acast. See acast.com/privacy for more information.

Large companies rushed to assess whether top employees have sufficient protection after the murder of a US insurance executive, investors have pumped almost $140bn into US equity funds since last month’s election, and oil producer group Opec+ significantly scaled back its plans for production in 2025. In Mexico, new president Claudia Sheinbaum is doubling down on a radical agenda in the face of tough US tariffs. Plus, Notre-Dame reopens this weekend. Mentioned in this podcast: Shooting of United Health executive a ‘wake up call’ on corporate security Michel Barnier resigns as French prime minister Investors pour $140bn into US stock funds after Trump election victory Opec+ extends oil production cuts in bid to support prices Mexico’s new president digs in with radical ideas as Trump threat looms How Notre-Dame rose from the ashes Credit: Organ Media Foundation The FT News Briefing is produced by Niamh Rowe, Fiona Symon, Sonja Hutson, Kasia Broussalian and Marc Filippino. Additional help from Breen Turner, Sam Giovinco, Peter Barber, Michael Lello, David da Silva and Gavin Kallmann. Our engineer is Joseph Salcedo. Topher Forhecz is the FT’s executive producer. The FT’s global head of audio is Cheryl Brumley. The show’s theme song is by Metaphor Music. Read a transcript of this episode on FT.com Hosted on Acast. See acast.com/privacy for more information.

Donald Trump has nominated cryptocurrency advocate Paul Atkins to chair the US Securities and Exchange Commission, and a dramatic attempt to impose martial law in South Korea by its president has backfired. The French parliament voted to oust Prime Minister Michel Barnier and a UK-led operation has uncovered a multibillion-dollar money laundering scheme. Plus, Google DeepMind has unveiled an artificial intelligence weather prediction model that outperforms traditional methods. Mentioned in this podcast: Donald Trump picks crypto enthusiast Paul Atkins for SEC chair ‘Revenge cycle’: South Korean crisis highlights deep political divide UK uncovers vast crypto laundering scheme for gangsters and Russian spies French parliament votes to oust Michel Barnier’s government Google DeepMind hits new milestone in AI weather forecasting The FT News Briefing is produced by Niamh Rowe, Fiona Symon, Sonja Hutson, Kasia Broussalian and Marc Filippino. Additional help from Breen Turner, Sam Giovinco, Peter Barber, Michael Lello, David da Silva and Gavin Kallmann. Our engineer is Joseph Salcedo. Topher Forhecz is the FT’s executive producer. The FT’s global head of audio is Cheryl Brumley. The show’s theme song is by Metaphor Music. Read a transcript of this episode on FT.com Hosted on Acast. See acast.com/privacy for more information.

The French government will face a no-confidence vote on Wednesday, South Korea’s president said he will lift his martial law order, and cryptocurrency ‘memecoins’ are having a moment. Plus, deaths in Africa’s Sahel region have risen since military juntas took over pledging to bring security in face of jihadi violence. Mentioned in this podcast: Michel Barnier ‘method’ at risk in raucous French parliament South Korea’s Yoon says he will lift martial law order Military juntas in Africa’s ‘coup belt’ fail to contain extremist violence Squirrels, dogs and pygmy hippos: crypto’s multibillion-dollar ‘memecoin’ boom The FT News Briefing is produced by Niamh Rowe, Fiona Symon, Sonja Hutson, Kasia Broussalian and Marc Filippino. Additional help from Breen Turner, Sam Giovinco, Peter Barber, Michael Lello, David da Silva and Gavin Kallmann. Our engineer is Joseph Salcedo. Topher Forhecz is the FT’s executive producer. The FT’s global head of audio is Cheryl Brumley. The show’s theme song is by Metaphor Music. Read a transcript of this episode on FT.com Hosted on Acast. See acast.com/privacy for more information.

Chief executives at Intel and Stellantis stepped down, OpenAI is considering including advertising in its artificial intelligence products and the US unveiled new export controls in an effort to curtail China’s semiconductor industry. Plus, how Shanghai’s ambition to be the ‘future of finance’ fell apart. Mentioned in this podcast: Intel chief Pat Gelsinger quits with US chipmaker in crisis Why Stellantis’ chief executive Carlos Tavares was axed OpenAI explores advertising as it steps up revenue drive US hits China’s chip industry with new export controls How Shanghai’s ambition to be the ‘future of finance’ fell apart The FT News Briefing is produced by Niamh Rowe, Fiona Symon, Sonja Hutson, Kasia Broussalian and Marc Filippino. Additional help from Breen Turner, Sam Giovinco, Peter Barber, Michael Lello, David da Silva and Gavin Kallmann. Our engineer is Joseph Salcedo. Topher Forhecz is the FT’s executive producer. The FT’s global head of audio is Cheryl Brumley. The show’s theme song is by Metaphor Music. Read a transcript of this episode on FT.com Hosted on Acast. See acast.com/privacy for more information.

US government lawyers are clamouring for jobs at corporate law firms ahead of Donald Trump taking office, and Hizbollah declares victory against Israel despite undergoing the most devastating battering in its history. Russian and Syrian warplanes intensify attacks on rebels, and Airbus struggles to capitalise on rival Boeing’s difficulties. Plus, in Ireland, the incumbent Fianna Fáil and Fine Gael appear on track to form a fresh coalition. Mentioned in this podcast: Government lawyers flock to corporate jobs as Trump threatens mass layoffs What's next for Hezbollah? Lebanon’s displaced return to find ‘scorched earth’ after Israeli offensive Russian and Syrian warplanes seek to blunt rebel advance from Aleppo Airbus struggles to capitalise on rival Boeing’s difficulties Early election tallies suggest Fianna Fáil and Fine Gael set for fresh Irish coalition The FT News Briefing is produced by Niamh Rowe, Fiona Symon, Sonja Hutson, Kasia Broussalian and Marc Filippino. Additional help from Josh Gabert-Doyon, Breen Turner, Sam Giovinco, Peter Barber, Michael Lello, David da Silva and Gavin Kallmann. Our engineer is Joseph Salcedo. Topher Forhecz is the FT’s executive producer. The FT’s global head of audio is Cheryl Brumley. The show’s theme song is by Metaphor Music. Read a transcript of this episode on FT.com Hosted on Acast. See acast.com/privacy for more information.

Trump is returning to office with many of the same policies that characterised his last term. And for economists, none looms larger than the prospect of significant new tariffs. But are tariffs really as destructive as feared? After all, the Biden administration maintained most of them and the economy has remained strong. Today on the show, we put the question to Kimberly Clausing, a professor at UCLA, and formerly lead economist in the Biden administration's Office for Tax Policy. Soumaya Keynes writes a column each week for the Financial Times. You can find it here Subscribe to Soumaya's show on Apple, Spotify, Pocket Casts or wherever you listen. Read a transcript of this episode on FT.com Hosted on Acast. See acast.com/privacy for more information.