FT News Briefing

The UK government will consider loosening travel restrictions for travellers from the EU and the US, Intel will change the way it names its most advanced technology and Japanese athletes are raking in the golds at the Tokyo Olympics. Plus, Ian Smith, the FT’s insurance correspondent, explains how pressure from the US Department of Justice caused the $30bn merger between Aon and Willis Towers Watson to collapse.  UK to consider relaxing travel restrictions from EU and US https://www.ft.com/content/8f7b59c7-89b5-4ca5-a0a4-7f1355fab3e0? Intel to drop names based on transistor size for advanced chip tech with west coast editor Richard Waters https://www.ft.com/content/1afe75ed-7867-447d-abb8-6eea3598b029 Aon’s $30bn acquisition of Willis Towers Watson collapses, with insurance correspondent Ian Smith  https://www.ft.com/content/a6471af0-764d-49e7-87a0-dd2a2c110fd9 Tokyo Olympics Alternative medals table, with Asia business editor Leo Lewis https://ig.ft.com/tokyo-olympics-alternative-medal-table/ The FT News Briefing is produced by Fiona Symon and Marc Filippino. The show’s editor is Jess Smith. Our intern is Zoe Han. Additional help by Gavin Kallmann, Michael Bruning, and Persis Love. The show’s theme song is by Metaphor Music. The FT’s global head of audio is Cheryl Brumley.   See acast.com/privacy for privacy and opt-out information.

The international community is responding to the military’s protest crackdown in a variety of ways, and a look at why Nasdaq is separating its existing marketplace for private company shares into a new unit. Plus, the FT’s markets editor, Katie Martin, talks about the performance of the FT’s annual stock picking contest, thus far.  US places sanctions on head of Cuban military over protest crackdown https://www.ft.com/content/11d34723-0e79-4718-a9d3-7884ab96e306 Nasdaq: private market exchange is the next frontier, with US Lex editor Sujeet Indap  https://www.ft.com/content/630ac956-c521-4973-9d14-b707fe16c5a3? FT stockpicking contest: winners and losers at the half way mark, with markets editor Katie Martin  https://www.ft.com/content/1625ef6f-83d5-4a0d-8bbf-7a61b06a963b? The FT News Briefing is produced by Fiona Symon and Marc Filippino. The show’s editor is Jess Smith. Our intern is Zoe Han. Additional help by Gavin Kallmann, Michael Bruning, and Persis Love. The show’s theme song is by Metaphor Music. The FT’s global head of audio is Cheryl Brumley.   See acast.com/privacy for privacy and opt-out information.

As a News Briefing special we present Tech Tonic episode 3, our FT audio deep dive into how AI is gaining a new edge in markets.   If you enjoyed this episode, click here to subscribe to Tech Tonic. From picking the best stocks to listening in on earnings calls, AI-powered systems are changing finance. But how big are the rewards, really? And what are the risks? In this episode Robin Wigglesworth tells us how AI has been used in investing, what happens when programs must adapt to new risks and what the robots could learn from watching children play. Hosted by John Thornhill, innovation editor at the Financial Times, and featuring Luke Ellis (chief executive of Man Group), Ewan Kirk (founder of Cantab Capital Partners and chairman of Deeptech Labs), Andrew Ng (founder of DeepLearning.AI and co-founder of Google Brain), and Alison Gopnik (professor of psychology and affiliate professor of philosophy at the University of California, Berkeley). Alice Fordham is senior producer. Josh Gabert Doyon is assistant producer. Oluwakemi Aladesuyi and Liam Nolan are the development producers. Sound design and mixing by Breen Turner. Cheryl Brumley is the executive producer for this series. Original scoring composed by Metaphor Music.  Review clips: Alphabet, Netflix, Amazon, Man Group.  See acast.com/privacy for privacy and opt-out information.

Washington and Berlin have reached a deal to resolve their longstanding dispute over the Nord Stream 2 pipeline, and Brussels has insisted it will not renegotiate the EU’s Brexit deal with the UK after London inflamed tensions by launching a bold push to overhaul Northern Ireland trade rules. Plus, rising housing expenses are quickly emerging as a pivotal indicator for officials at the Federal Reserve, within the Biden administration and among private economists. EU rejects British plan to rip up Brexit deal with George Parker, political editor https://www.ft.com/content/13ad8840-a83c-4871-a877-47b7001d839b US and Germany reach truce over Nord Stream 2 pipeline with Aime Williams, US trade correspondent   https://www.ft.com/content/49210a4e-17ed-4a2e-a986-4efcadc7f342 US housing inflation: the sleeping giant that might tip the Fed’s hand with James Politi, Washington bureau chief https://www.ft.com/content/efdf1845-6138-4af7-8d2b-c20df9fed218 The FT News Briefing is produced by Fiona Symon and Marc Filippino. The show’s editor is Jess Smith. Our intern is Zoe Han. Additional help by Gavin Kallmann, Michael Bruning, and Persis Love. The show’s theme song is by Metaphor Music. The FT’s global head of audio is Cheryl Brumley.   See acast.com/privacy for privacy and opt-out information.

Netflix gained 1.5m subscribers in the second quarter but lost 430,000 subscribers in the US and Canada, and UBS has launched a portfolio that invests solely in women-led hedge funds. Plus, the FT’s metals and mining correspondent, Henry Sanderson, talks about how the London Metals Exchange and the US-based CME Group are vying to capture rapid growth in demand for commodities tied to the electric car industry with new lithium futures contracts. Netflix bleeds subscribers in US and Canada with no sign of recovery with Tim Bradshaw, global tech correspondent https://www.ft.com/content/97ccbdab-6547-4d1b-bb3f-f251931901c2 UBS launches portfolio to invest in women-led hedge funds https://spark.ft.com/editor/dab5a2b3-c083-411b-b2d1-969d6bcf862b LME launches lithium contract as CME rivalry intensifies with Henry Sanderson, metal and mining correspondent https://www.ft.com/content/5ff0aaa5-a501-42a5-85f4-76537cd6c990 French app Yuka brings people power to the supermarket aisle https://spark.ft.com/editor/850d9f5c-b4ab-42d5-a53d-d25b3ae99c77? The FT News Briefing is produced by Fiona Symon and Marc Filippino. The show’s editor is Jess Smith. Our intern is Zoe Han. Additional help by Gavin Kallmann, Michael Bruning, and Persis Love. The show’s theme song is by Metaphor Music. The FT’s global head of audio is Cheryl Brumley.   See acast.com/privacy for privacy and opt-out information.

Fears over the coronavirus on Monday contributed to European stocks’ worst session of 2021  Description: The threat of the Delta coronavirus variant hit global equity markets on Monday, and the online brokerage Robinhood is seeking a valuation of up to $35bn in its upcoming initial public offering. Plus, the FT’s South China correspondent Primrose Riordan reports that American companies are upset by the Biden Administration’s business advisory warning about the risks of operating in Hong Kong.  Global markets shaken by fears over Delta variant with Mamta Badkar, US breaking news editor https://www.ft.com/content/5b2248be-8f0e-4235-ba2e-2187c96f16a6 Robinhood seeks valuation of up to $35bn in IPO with Madison Darbyshire, US investment reporter  https://www.ft.com/content/ae0c41a2-0f68-4331-984a-3fd9cf8b6fc2 Companies in Hong Kong fear being crushed between China and US with Primrose Riordan, south China correspondent https://www.ft.com/content/0d56006e-2820-40b6-9643-4180146ea45f? The FT News Briefing is produced by Fiona Symon and Marc Filippino. The show’s editor is Jess Smith. Our intern is Zoe Han. Additional help by Gavin Kallmann, Michael Bruning, and Persis Love. The show’s theme song is by Metaphor Music. The FT’s global head of audio is Cheryl Brumley.   See acast.com/privacy for privacy and opt-out information.

Opec and its allies have reached a deal to raise oil production in response to soaring prices, and China just launched the world’s largest carbon trading market. Plus, the FT’s global health editor, Sarah Neville, reports on scientists’ pursuit of a “supershot” vaccine to protect against all coronaviruses. Opec+ reaches deal to raise oil production https://www.ft.com/content/b517d13d-dc7b-4610-b468-7ded0b46d8f7 China’s carbon market scheme too limited, say analysts, with Beijing correspondent, Christian Shepherd  https://www.ft.com/content/3bcc2380-8544-4146-ba71-83944caff48d The hunt for a coronavirus super shot, with global health editor, Sarah Neville https://www.ft.com/content/7e96fa85-2392-467c-8960-0c9444180030 The FT News Briefing is produced by Fiona Symon and Marc Filippino. The show’s editor is Jess Smith. Our intern is Zoe Han. Additional help by Gavin Kallmann, Michael Bruning, and Persis Love. The show’s theme song is by Metaphor Music. The FT’s global head of audio is Cheryl Brumley.  See acast.com/privacy for privacy and opt-out information.

US retail banks cut their branch networks and trimmed headcount in the first half of the year, and Brussels' historic attempt to tackle climate change faces a wall of opposition from governments in the bloc. Plus, the FT’s business columnist, PIlita Clark, talks about her favourite summer reads about the environment.  US banks close more than 250 branches in bet on digital future with Imani Moise, US banking correspondent https://www.ft.com/content/26764d8b-9c5f-420a-901c-eaed97dda412 EU climate change plans on collision course over rising cost of emissions https://www.ft.com/content/883a676c-7370-4e42-9b3a-dcf7e898e7bd? Summer books of 2021: Environment, with Pilita Clark, business columnist  https://www.ft.com/content/27aa0926-6894-4102-89dc-e006e226cd0d Manchester City’s parent company raises $650m in one of football’s biggest ever debt deals https://www.ft.com/content/c8cdc3f6-b7b9-45a9-8a87-f6e7bb5af92a The FT News Briefing is produced by Fiona Symon and Marc Filippino. The show’s editor is Jess Smith. Our intern is Zoe Han. Additional help by Gavin Kallmann, Michael Bruning, and Persis Love. The show’s theme song is by Metaphor Music. The FT’s global head of audio is Cheryl Brumley.   See acast.com/privacy for privacy and opt-out information.

The chair of the Federal Reserve, Jay Powell, sought to ease concerns in Congress about the Federal Reserve’s response to surging  inflation, the assassination of Haiti’s president Jovenel Moïse last week has plunged the poorest nation in the Americas deeper into chaos, and British artist Damien Hirst yesterday launched his NFT-based project, entitled “The Currency”, that calls into question notions of worth and value and presents his buyers with a choice. Jay Powell says Fed ready to intervene if US inflation spirals out of control https://www.ft.com/content/37d57052-c2a5-4a44-8b27-9d205a2a1c50 Haiti’s ‘descent into hell’ looms closer after death of president with Michael Stott, Latin America Editor https://www.ft.com/content/81b683b8-b352-4ea6-9ce1-e0ed280245e1 Damien Hirst launches his own NFT ‘Currency’ by Jan Dalley, Arts Editor https://www.ft.com/content/9a29c9e1-5990-4fc9-b021-20e4aef5f6fd The FT News Briefing is produced by Fiona Symon and Marc Filippino. The show’s editor is Jess Smith. Our intern is Zoe Han. Additional help by Gavin Kallmann, Michael Bruning, and Persis Love. The show’s theme song is by Metaphor Music. The FT’s global head of audio is Cheryl Brumley.   See acast.com/privacy for privacy and opt-out information.

Visa and Mastercard have left open key gateways between Binance and the financial system despite rising regulatory scrutiny of the cryptocurrency, the pace of US consumer price increases accelerated unexpectedly in June. Plus, the FT’s global finance correspondent, Robin Wigglesworth, explains why investors might be interested in an “everything index” and how close we are to getting one.  Visa and Mastercard stick with Binance as regulatory scrutiny rises https://www.ft.com/content/8f2e2528-e289-4233-ba29-1bebf3b1dbdc Sticker shock: what is driving US inflation higher? With Colby Smith, US economics editor https://www.ft.com/content/aadaa577-b286-443f-b173-256dfc4af6a5 The quest for the investment Holy Grail — an index of everything with Robin Wigglesworth, global finance correspondent https://www.ft.com/content/9a9056e1-b35e-4ea7-b9f7-7668c07469ed Vanguard makes first acquisition with Just Invest deal https://www.ft.com/content/fdcdeb98-d3d8-4f95-aa5a-32fb54daea53 The FT News Briefing is produced by Fiona Symon and Marc Filippino. The show’s editor is Jess Smith. Our intern is Zoe Han. Additional help by Gavin Kallmann, Michael Bruning, and Persis Love. The show’s theme song is by Metaphor Music. The FT’s global head of audio is Cheryl Brumley.  See acast.com/privacy for privacy and opt-out information.

David Cameron was paid a salary of more than $1m by Greensill Capital, the finance company whose dramatic collapse exposed the former UK prime minister’s extensive lobbying efforts, and US banks will face tough questions about the prospects for their lending operations this week when they report second-quarter earnings, flattered by smaller-than-expected credit losses during the pandemic. Plus, Martin Arnold, the FT’s Frankfurt bureau chief, interviewed Christine Lagarde, European Central Bank president, about the bank’s plans to prioritise climate change in its policy decisions.  Greensill Capital paid Cameron salary of more than $1m a year https://www.ft.com/content/536867f4-2dd3-42a1-9b29-54ed92693635? US banks enter earnings season with eyes on loan growth, with Imani Moise, US Banking Correspondent https://www.ft.com/content/8738c327-ceab-4d00-8c24-fbc44c81a0c4 ECB faces row over how to implement new strategy, Lagarde warns, with Martin Arnold, Frankfurt Bureau Chief   https://www.ft.com/content/11e953df-536b-43aa-9c21-65b8dd79c797 Jump in coffee bean prices set to filter through to your morning brew https://www.ft.com/content/d4146bb5-896b-4f1f-b5f8-930cb2bfb729 The FT News Briefing is produced by Fiona Symon and Marc Filippino. The show’s editor is Jess Smith. Our intern is Zoe Han. Additional help by Gavin Kallmann, Michael Bruning, and Persis Love. The show’s theme song is by Metaphor Music. The FT’s global head of audio is Cheryl Brumley.   See acast.com/privacy for privacy and opt-out information.

The rapid spread of the Delta coronavirus variant is causing concern about Europe’s economic recovery, and the number of start-ups valued above $1bn grew rapidly in the second quarter. Plus, the FT’s EU correspondent, Javier Espinoza, interviews the influential European Union lawmaker who is steering the EU’s flagship tech regulation through Parliament and wants to target the top US tech companies.  Delta variant surge casts doubt over Europe’s economic rebound https://www.ft.com/content/1f9c18cf-706c-4d9c-9764-d3c088bdc1a2 EU should focus on top 5 tech companies, says leading MEP, by Javier Espinoza  https://www.ft.com/content/49f3d7f2-30d5-4336-87ad-eea0ee0ecc7b Billion dollar ‘unicorns’ hit record numbers as valuations surge, by Miles Kruppa  https://www.ft.com/content/ccfc6bbd-56b6-4cef-b89d-4f88ceb7b126 Richard Branson touches the edge of space https://www.ft.com/content/bf3130f4-5f62-4f9d-941a-d1db98dc0233?  See acast.com/privacy for privacy and opt-out information.

The UK’s advertising watchdog says it will clamp down on misleading marketing for crypto investments, and stock markets dropped on Thursday on rising concerns about prospects for the global economy. Plus, the FT’s chief economics commentator, Martin Wolf, picks his top economics summer reads.  UK advertising watchdog to crack down on misleading crypto marketing https://www.ft.com/content/19ad9810-402d-4529-89b5-732521829548? Markets enjoy blessed relief now the heavy storms have passed with Katie Martin, Markets Editor https://www.ft.com/content/80717968-7714-4ed8-b73b-029f9b1e9590 Treasuries rally and stocks drop on rising economic concerns https://www.ft.com/content/e549f4b1-f2f8-4213-8f04-679f89286c31 Summer books of 2021: Economics with Martin Wolf, Chief Economics Commentator https://www.ft.com/content/239f31cb-57a3-43d3-ab3d-d18d068f4994 Japan bans spectators at Olympics events in and around Tokyo https://www.ft.com/content/af205e68-51e3-4165-b211-d22f9c3c86c8 The FT News Briefing is produced by Fiona Symon and Marc Filippino. The show’s editor is Jess Smith. Our intern is Zoe Han. Additional help by Gavin Kallmann, Michael Bruning, and Persis Love. The show’s theme song is by Metaphor Music. The FT’s global head of audio is Cheryl Brumley.   See acast.com/privacy for privacy and opt-out information.

Former president Donald Trump is suing Facebook, Twitter and Google’s YouTube, as well as their respective chief executives, in lawsuits alleging “unlawful censorship” of Americans, the new Delta variant of coronavirus is driving up infection rates in countries across the globe, and South Africa’s president has been arrested. Plus, the FT’s private capital correspondent, Kaye Wiggins, explains why private equity firms have been targeting UK companies and how the British public is reacting.  Trump sues Facebook, YouTube and Twitter over ‘censorship’ https://www.ft.com/content/86c98f3b-7d25-42b9-abf6-68b4b0839c66 Delta variant drives Spain’s Covid-19 rate to highest in mainland Europe https://www.ft.com/content/06334a7b-30cc-40bf-942b-e3bcd2efb305 LGIM warns against private equity buying Morrisons for ‘wrong reasons’ https://www.ft.com/content/9d1a6019-6571-478c-8b1f-f267bb582f0d The Rachman Review podcast: South Africa’s pivotal moment https://www.ft.com/rachman-review  See acast.com/privacy for privacy and opt-out information.

Didi lost a fifth of its market value after Chinese regulators announced an investigation into the ride-hailing app that last week raised more than $4bn in a New York IPO, the Opec impasse highlights growing tensions between Saudi Arabia and the United Arab Emirates, the Pentagon cancels a highly sensitive $10bn cloud contract awarded to Microsoft, and a new report that says Viktor Orban’s government is failing to ensure the transparent use of EU funds and their independent oversight, which will embolden calls to withhold payments to Hungary. Didi caught as China and US battle over data https://www.ft.com/content/00403ae5-7565-413e-907d-ad46549375ba Pentagon cancels $10bn cloud contract awarded to Microsoft https://www.ft.com/content/7ac0e691-665f-4328-8b29-ee4883068e80 Opec impasse sees UAE ‘flexing its muscles’ against Saudi Arabia https://www.ft.com/content/baca384d-c477-4a8b-bdcd-b174317af387 Orban government not ‘reliable steward’ of EU funds, report says https://www.ft.com/content/4d79583c-f5a1-40be-93dc-cae27e6c713f?  See acast.com/privacy for privacy and opt-out information.