FT News Briefing

KKR is expanding its operations to target more takeovers in the UK,  ransomware hackers hit more than 1,000 companies in what appears to be one of the largest supply chain attacks to date, and oil prices jumped to the highest level in three years on Monday after oil producers abandoned a decision over increasing oil production. Plus, the FT’s deputy Beijing bureau chief looks at why Chinese regulators are going after Chinese tech companies that recently listed in the US.  KKR steps up pursuit of UK companies amid buyout frenzy https://www.ft.com/content/e5cc18cf-081d-4b68-b469-ca77935a615e? Oil hits three-year high after Opec+ abandons meeting https://www.ft.com/content/c9746fbc-7a90-4c9a-9a52-30b44475aa9a Russia-linked hackers target IT supply chain with ransomware https://www.ft.com/content/a8e7c9a2-5819-424f-b087-c6f2e8f0c7a1 China targets more tech groups after Didi crackdown https://www.ft.com/content/771f6d40-ecd2-4855-8193-d0550f1d2e3d Clubhouse discussion on Jeff Bezos’s departure from Amazon https://www.clubhouse.com/event/PrDXYYvL  See acast.com/privacy for privacy and opt-out information.

As a News Briefing special we present Tech Tonic, our FT audio deep dive into the promises and perils of artificial intelligence.    If you enjoyed this episode, click here to subscribe to Tech Tonic.   Tech Tonic S2 E2: Trust me, I’m a robot What does it mean for AI to augment human perception? In this episode the FT’s Madhumita Murgia takes us to a small village in rural India where AI is being used to help doctors better diagnose tuberculosis and looks at a healthcare system where it is helping patients who doctors may have overlooked. 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 Sean McGarrity. Cheryl Brumley is the executive producer for this series. You heard the song Down in the Coalmine by The Ian Campbell Folk Group, as well as original scoring composed by Metaphor Music.  See acast.com/privacy for privacy and opt-out information.

The world’s leading economies have signed up to a plan that looks to force multinational companies to pay a global minimum corporate tax rate of 15 per cent, economists believe that the Federal Reserve will raise interest rates by the end of 20-23, and Robinhood is targeting a valuation of $40bn or more ahead of its public offering. Plus, the FT’s Nicolle Liu explains what the closure of the Apple Daily newspaper means for the media landscape in Hong Kong.  World’s leading economies agree global minimum corporate tax rate https://www.ft.com/content/d0311794-abcf-4a2a-a8a4-bcabfc4f71fa Robinhood targets $40bn valuation ahead of IPO https://www.ft.com/content/7421d913-0f77-4458-9032-59ba32c846f1? Economists predict at least two US interest rate rises by end of 2023 https://www.ft.com/content/de778e1b-3876-4999-942e-186c2a692a1a Apple Daily’s death leaves a shadow over free press in Hong Kong https://www.ft.com/content/c7aa2919-dce1-4196-8d4a-ad9f57c59c4e  See acast.com/privacy for privacy and opt-out information.

Private equity firms have broken a 40-year record with $500bn in deals that helped to propel global mergers and acquisitions activity to an all-time high, and the dominant Chinese ride-hailing company, Didi Chuxing, became the largest Chinese company since Alibaba to list in the US, and nightmarish fears of traffic jams and clogged ports after Brexit never materialised thanks to several factors.   Private equity breaks 40-year record with $500bn deals https://www.ft.com/content/cd9571a3-726c-4995-9954-23a8dcf12b19? Didi shares rise on New York trading debut https://www.ft.com/content/dd7ea7fa-96c4-420c-94be-5730a284cc04 How Britain’s Channel ports avoided Brexit meltdown https://www.ft.com/content/1001c054-0cf9-4f30-a62a-c9ac91e58223 Tim Berners-Lee’s web NFT sells for $5.4m https://www.ft.com/content/0e45c25b-f66b-44d1-b662-0e7b095664f9  See acast.com/privacy for privacy and opt-out information.

Today the UK will set out a plan for a simpler, more “nimble” post-Brexit system of state subsidies, and the Japanese conglomerate Hitachi is anticipating a wave of infrastructure spending as it bets on the US market to drive its next phase of growth. Plus, the FT’s private capital correspondent, Kaye Wiggins, investigates the low-profile investors behind the £6.8bn buyout of UK supermarket chain Asda. UK unveils post-Brexit state aid scheme to support industry https://www.ft.com/content/4206d16f-772f-4257-bdca-ca19ca049402 Hitachi targets strong US growth under Biden’s infrastructure plan https://www.ft.com/content/e9a43c04-7d89-4f71-a77a-060cc12930cc Inside the secretive private equity firm behind the £6.8bn Asda buyout https://www.ft.com/content/ce7092f9-645a-46bd-8007-611c99fd8907 Zaoui brothers join Europe’s emerging Spac movement https://www.ft.com/content/ae2a02ae-2af7-4a61-9c40-cf41927c3b3a?  See acast.com/privacy for privacy and opt-out information.

A US judge has dismissed two antitrust lawsuits against Facebook, investors are reassessing their conviction in the reflation trade that has captivated Wall Street this year after a hawkish tilt by the US central bank inflicted losses on some fund managers, Binance customers have lost the ability to withdraw and deposit pounds using one of the main UK payments systems. Plus, the FT’s Berlin bureau chief, Guy Chazan, spoke with Armin Laschet, leader of the CDU and frontrunner to replace Angela Merkel, about his plans for Germany’s economy and relations with China.  US judge dismisses antitrust lawsuits against Facebook https://www.ft.com/content/bedb65dd-53c9-4e31-b3d7-c85a40fdb104 Reflation trade unwind wrongfoots several big-name hedge funds https://www.ft.com/content/4fc62da9-da68-4d1f-a2aa-c8a575d11920? Binance customers frozen out of withdrawals through key UK payments network https://www.ft.com/content/2d427ed7-f9e4-46cf-a4c4-46429b19df5d? FT interview: Armin Laschet on Merkel, the Greens and fiscal rules https://www.ft.com/content/e3c3e517-2c5b-49d6-a566-0f6bd896f8fe Olaf Scholz treads fine line on German thrift versus pandemic spending https://www.ft.com/content/1d6d8876-2b21-4550-ba85-443d5c20919b?  See acast.com/privacy for privacy and opt-out information.

The UK’s financial watchdog has ordered crypto exchange Binance to stop all regulated activities in Britain, and Denmark’s media industry is pioneering a new bargaining tactic to try and make Google and Facebook pay for news. Plus, the FT’s Andrew Edgecliffe-Johnson reports that some US companies blame Amazon’s aggressive hiring practices for the current labor shortage.  Financial watchdog bans crypto exchange Binance from UK https://www.ft.com/content/8bc0e5e0-2705-496d-a265-acccaffaee87 Danish media club together to make US tech giants pay for news https://www.ft.com/content/c83d6b7f-ed19-4a90-a719-3bf4aedccdff? Amazon effect’ sets the tone for US workers’ remuneration https://www.ft.com/content/9e8b9727-7955-44c4-955a-73375a7a20ef UBS to let most staff mix working from home and office permanently https://www.ft.com/content/1601e314-6d6d-4014-94df-f2858ee64e8e?  See acast.com/privacy for privacy and opt-out information.

US President Joe Biden has secured a deal on an infrastructure package worth about $1tn to spend on upgrading roads, bridges and broadband networks over the next eight years, and the US Federal Reserve loosened restrictions on dividends and buybacks by America’s biggest banks as it released an analysis showing the lenders could suffer almost $500bn in losses and still easily meet capital requirements, and the price of bitcoin briefly dropped below $30,000 in volatile trading after a sweeping regulatory crackdown.  Biden agrees slimmed-down $1tn infrastructure deal with senators https://www.ft.com/content/b262ed46-152d-42bd-9a6d-b70d679bb282? Fed gives passing grade to biggest US banks in stress tests https://wwwk.ft.com/content/78f53986-fefa-4208-b4ea-674052a9ca3f Bitcoin sinks below $30,000 for first time since January: https://www.ft.com/content/a53a6342-f1e3-4cfe-aab0-642434da428c Andreessen Horowitz increases crypto bets with new $2.2bn fund https://www.ft.com/content/36413e3e-7915-45c7-b4ce-ccbeac972c94?  See acast.com/privacy for privacy and opt-out information.

Read a transcript of this episode on FT.com https://www.ft.com/content/eb36b605-47d9-465a-91f8-d47a4af45fae Tech groups in Taiwan are accused of locking up migrant workers as coronavirus hits the sector, and the rapid rise in prices for raw materials has reversed a decades-long decline in the cost of solar energy. Plus, our global finance correspondent, Robin Wigglesworth, explains how financial memefication is evolving from a niche corner to grow deep roots in stock markets Tech groups in Taiwan accused of locking up migrant workers https://www.ft.com/content/4269650e-7660-4b80-b294-f81b4368784c Solar power investors burnt by rise in raw materials costs https://www.ft.com/content/2f8dd951-a1b1-410a-89dd-14728c56235d How meme lords fuelled a boom in the ‘stonk market’ https://www.ft.com/content/e3304649-7348-424e-b354-e8da1c819364  See acast.com/privacy for privacy and opt-out information.

House prices have set records in the US and parts of Europe, and the artificial intelligence-based drug-discovery platform Insilico has raised more than $255m from investors. Plus, the deputy head of the FT’s Lex column, Elaine Moore, explains why Instagram is struggling to stay relevant in today's social media landscape.  House prices climb to record levels in US and Europe https://www.ft.com/content/3082fe00-cdb7-4eb9-ab2d-2309b9848114 AI drug discovery start-up Insilico raises more than $255m https://www.ft.com/content/704ced9a-dffd-49a1-a58f-46fc6dca0cd2 Too many influencers, not enough eyeballs: will boredom kill Instagram? https://www.ft.com/content/9c00219a-229a-4b82-a7c3-63000b558053 More than 5m people become millionaires despite pandemic https://www.ft.com/content/86b99144-ba71-441d-b297-ddcdc94ea7f2?  See acast.com/privacy for privacy and opt-out information.

The head of the US Food and Drug Administration is under fire after approving a controversial Alzheimer’s drug, a Covid outbreak at a Chinese port has further disrupted global shipping, and the Tokyo Olympics will have limited spectators when the games begin next month. Plus, the FT’s US sports business correspondent, Sara Germano, explains the US Supreme Court ruling in favour of student athletes who sued the National Collegiate Athletic Association.  US medicines watchdog accused of cozy ties with Big Pharma https://www.ft.com/content/4013ea99-0413-40f5-b93c-f3de001ccf12? Covid outbreak at Chinese port exacerbates global supply chain delays https://www.ft.com/content/c3c55dca-2ee7-488a-ad68-9286822b881c? Olympic venues to cap number of spectators at 10,000 https://www.ft.com/content/eafb2809-2103-4d6e-97d7-da760095718a Student athletes win US Supreme Court showdown against NCAA https://www.ft.com/content/9c00913e-afe8-4dc8-8881-38d93d713d49?  See acast.com/privacy for privacy and opt-out information.

Reflation trade has been pummelled after the Federal Reserve unexpectedly signalled a shift in its stance on inflation, and, European Central Bank executive Fabio Panetta says the introduction of a digital euro would boost consumers’ privacy. Plus, the FT’s innovation editor, John Thornhill, talks about the new season of the Tech Tonic podcast and its main focus, artificial intelligence.  Reflation trades pummelled as Fed shift resets markets https://www.ft.com/content/2fa0c907-f597-49b2-a08d-35249d1d5a9f Digital euro will protect consumer privacy, ECB executive pledges https://www.ft.com/content/e59e5d61-043a-4293-8692-f8267e5984c2? Tech Tonic Season 2 https://www.ft.com/tech-tonic Today's Clubhouse discussion on artificial intelligence https://www.clubhouse.com/join/FinancialTimes/MLICXXgQ/PAwJ017M  See acast.com/privacy for privacy and opt-out information.

The premium above super-safe US Treasuries that investors demand to buy risky corporate debt has dropped to its lowest level in more than a decade, and tensions between Hong Kong and Taiwan threaten one of the region’s most important trade and investment relationships. Plus, the FT’s race and equalities correspondent, Taylor Nicole Rogers, explains why some black Americans take a dim view of America’s newfound embrace of the Juneteenth holiday.  Bond spreads collapse as investors rush into risky corporate debt https://wwww.ft.com/content/ed39b06a-a9e1-4e6c-9fa1-f386d06d6410? Hong Kong-Taiwan spat threatens cross-Strait business https://www.ft.com/content/7e3845c2-7fc7-4199-8fc2-8c7cc66111ab Companies’ embrace of Juneteenth holiday rings hollow to some https://www.ft.com/content/512973a1-0adf-4f6b-91f5-e2fc33a6bb3e Ronaldo’s Coke moment signals shifting balance of power in sport https://www.ft.com/content/e11ec659-d386-47f5-b284-c6951fa45870  See acast.com/privacy for privacy and opt-out information.

Federal Reserve officials expect to start raising US interest rates in 2023, Toshiba’s latest corporate crisis is a scandal over efforts to thwart activist shareholders, and the appointment of 32-year-old Big Tech critic, Lina Khan, as chair of the US Federal Trade Commission signals tougher antitrust enforcement.  Fed signals first rate rise will come in 2023 https://www.ft.com/content/0bf83e29-5ee2-415e-9e03-0edb38218bf3 Big Tech critic Lina Khan to lead US competition regulator https://www.ft.com/content/bee1b959-b2aa-4ee1-8391-d5b5832ededd Toshiba board’s chair rebuffs calls to quit over governance scandal https://www.ft.com/content/e4535a1a-f55b-4713-b6cc-f7dccce64f77 Podcaster turned tech investor raises $140m fund https://www.ft.com/editor/eac67acc-6b52-4479-90bf-eeae3efe0041?  See acast.com/privacy for privacy and opt-out information.

The Tokyo Olympic Games will need a public bailout of about $800m if spectators are banned, and the end of the interminable EU and US struggle over aircraft subsidies marks a major truce in what seemed an intractable trade conflict. Plus, the FT’s global technology correspondent, Tim Bradshaw, spoke to world wide web founder Tim Berners-Lee about his decision to auction off the original source code as digital art.  Tokyo Olympics will need bailout if games go ahead without spectators https://www.ft.com/3cd58c64-039e-4147-a744-af676de1691d? Airbus/Boeing deal explained: what is in it and what happens next https://www.ft.com/content/1e04dfe1-9651-4b9e-90d9-fdbd82b45253 Web inventor Berners-Lee to auction original code as NFT https://www.ft.com/content/a77ad1bf-fae0-478b-aa05-a07790314ebc?  See acast.com/privacy for privacy and opt-out information.