FT News Briefing

Apple reported solid revenue growth in the past quarter, and investors are worried about the additional borrowing set out in UK chancellor Rachel Reeves’ Budget. The US warned that North Korean troops are expected to enter combat alongside Russia’s army in the coming days, and Spain is set to become the world’s fastest-growing major advanced economy this year. Mentioned in this podcast: Apple’s revenue beats Wall Street expectations on higher iPhone sales UK borrowing costs hit highest level this year after Budget Ukraine and US warn Kyiv’s troops could face North Korean forces ‘in days’ Spanish growth soars as Eurozone stumbles 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.

Microsoft’s quarterly revenue rose 16% on strong cloud computing demand, the UK’s Labour party reveals bold tax increases and borrowing, and the US economy grew at an annualised rate of 2.8% in the third quarter. Plus, critics cry foul over a proof of citizenship law in Arizona. Mentioned in this podcast: Microsoft’s revenue beats estimates on strong cloud demand from AI boom Rachel Reeves announces £40bn tax increase in UK Budget Arizona’s proof of citizenship complicates voting in US swing state US GDP rose at a 2.8% rate in third quarter on strong consumer spending Play the FT’s Budget game: https://ig.ft.com/chancellor-game/ The FT News Briefing is produced by Niamh Rowe, Fiona Symon, Sonja Hutson, Kasia Broussalian and Marc Filippino. Additional help from Michela Tindera, Katya Kumkova, 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.

Alphabet’s profit jumped 34 per cent in the third quarter, and Israel’s parliament approved legislation on Monday that will ban a UN agency for Palestinian refugees from operating within Israeli territory. The US and Taiwan are preparing to negotiate a new tax agreement, and mobile chip designer Arm may try to rival Nvidia. Mentioned in this podcast: Google’s profits beat expectations on strong cloud computing growth Israeli parliament passes law banning UN Palestinian refugee agency US and Taiwan set for talks to end double taxation for companies The rise and rise of Arm Giant African rats join crackdown against illegal wildlife trade 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.

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 plants and cut thousands of jobs US polling places struggle to find workers after surge in threats 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.

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 Israel’s attack Vladimir Putin’s battle to keep Georgia in Russia’s orbit Georgia’s opposition calls for protests as election outcome is disputed European stocks hit by ‘Trump effect’ as odds tilt towards Republican win Tech boom forces US funds to dump shares to avoid breach of tax rules 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.

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 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. Hosted on Acast. See acast.com/privacy for more information.

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 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.

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 sharing financial data easier Open banking challenges America’s cozy lenders’ club Deutsche Bank warns of rising bad loan provisions Anthropic says latest AI model can control users’ computers 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.

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 Elhedery unveils sweeping overhaul of lender Tariff surge would damage global growth, IMF warns South Korea asks Russia to stop apparent North Korean troop deployment Go to ft.com/briefingsale for 50% off a digital standard subscription 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.

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 chief Four economic truths that explain the US’s bizarre election Chinese share buybacks hit record high as Beijing steps up support Chanel dips oar into sport with Oxford-Cambridge boat race tie-up 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.

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 registered voters who sign his petition. Mentioned in this podcast: Boeing workers to vote on ending strike in critical week for plane maker Uber explored takeover bid for Expedia African countries seek $5bn for new fossil fuel project lender Indian investors give short shrift to Asia’s biggest IPO of 2024 Elon Musk criticised for offering $1mn prizes to voters who sign petition 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 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 ‘There are bad actors’: Trump’s nemesis fights to protect Georgia’s vote America’s dead-heat Trump-Harris election 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.

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 shares drop sharply after warning on semiconductor recovery Nvidia shares hit record as US ‘soft landing’ hopes drive tech rebound TSMC profits jump 54% on back of AI chip boom ECB lowers rates to 3.25% Optimism builds on South Africa’s ‘second miracle’ coalition 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.

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 Israel ‘starting to implement’ north Gaza starvation plan, say rights groups BHP chief sparks fresh Anglo bid speculation after South Africa trip Founder Anne Wojcicki races to rescue 23andMe Prada launches into spacesuit design 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.

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 warning on semiconductor recovery Corporate debts mount as credit funds let borrowers defer payments Battery makers aim to ease EV anxieties with 5-minute charge Goldman Sachs profits jump 45% to $3bn after trading boost Citigroup and BofA join other big US banks in beating gloomy forecasts 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.

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 Nobel Prize for economics has been awarded to a trio of academics for their work on global inequality. Mentioned in this podcast: OpenAI pursues public benefit structure to fend off hostile takeovers China deflation pressure mounts as investors seek more stimulus for economy US election bets surge after court lifts ban Trio of economists wins Nobel Prize for work on wealth of nations Rethinking the AI boom, with Daron Acemoğlu Insurers embrace climate change investments as catastrophe costs mount 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.

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 fleet grows despite western crackdown US bank stocks pass pre-SVB high on hopes for economic ‘soft landing’ Spectre of low inflation returns to haunt Eurozone policymakers Argentina’s Javier Milei says his ‘regime of freedom’ not ready to drop currency controls Musk’s SpaceX catches returning booster rocket in technical milestone 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.

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. Mentioned in this podcast: Joe Manchin will not seek US Senate re-election in blow to Democrats Donald Trump-backed US Senate candidate clinches Republican nomination in Ohio 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.

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 pledges to tackle deflation in first policy speech Spanish star Rafael Nadal calls time on glittering tennis career CREDIT: BBC 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.

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 forecast Expensive senior bankers to bear brunt of HSBC restructuring 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.