FT News Briefing

Deutsche Bank is relocating 100 bankers from London to offices in the EU and Asia as Germany’s largest lender accelerates a corporate restructuring following Brexit, and France’s President, Emmanuel Macron, is caught between financial prudence and political reality as the French economy recovers with a presidential election looming on the horizon. And the US economy is recovering but unemployment among Black Americans is still much higher compared to other communities.   Deutsche accelerates overhaul of corporate bank after Brexit https://www.ft.com/content/891b2482-e15e-4c2f-8e51-9a4271599dc0 Macron weighs economics versus politics in French reopening https://www.ft.com/content/5fea422b-15a0-48a3-8a52-0113ece7db17 Economic reform crucial to improving the lives of black Americans https://www.ft.com/content/377a163d-fdbf-4f11-bb4a-e26465f8c2aa European groups pump money into Swedish ‘green steel’ start-up https://www.ft.com/content/ee91775f-0310-4e1b-b162-ffdf6e066757?  See acast.com/privacy for privacy and opt-out information.

Today is the final day of the courtroom battle between Apple and Fortnite developer Epic games, which has accused Apple of abusing its position by forcing developers to distribute apps exclusively through the App Store. ExxonMobil faces a pivotal moment this week as shareholders have their say on what critics call an inadequate response to seismic shifts brought on by climate change. The chief executive of AstraZeneca, Pascal Soriot, insists that his company’s Covid-19 has a future, and for the first time, the European bloc is allowed to arm governments in conflict zones, with money from a new €5bn fund known as the European Peace Facility.  Tim Cook grilled over App Store fees as Epic battle reaches climax  https://www.ft.com/content/86f8fa47-9a38-496a-9a34-e2fa58e9db2b ExxonMobile climate battle reaches boardroom this week  https://www.ft.com/content/1ce31524-3c21-4978-b6b8-2e6a13f50288? AstraZeneca chief says ‘vaccine has a future’ after setbacks https://www.ft.com/content/02c543e0-45a6-4189-94cf-30a5c3d5499d “We need arms:’ Europe’s risky move to project its influence in conflict zones https://www.ft.com/content/dd29eb4d-1fc0-4123-ada1-290c4c63d966?  See acast.com/privacy for privacy and opt-out information.

Israel and Hamas have agreed to a ceasefire that would end an 11-day conflict that has claimed the lives of at least 230 Palestinians and 12 Israelis. And WeWork’s losses almost quadrupled to $2.1bn in the first quarter of this year as the co-working company haemorrhaged more than a quarter of its members and shelled out hundreds of millions of dollars to restructure its property portfolio, and the FT’s Rob Armstrong talks about quantitative easing and stock prices.  Israel and Hamas agree a ceasefire after 11 days of fighting https://www.ft.com/content/8aa0bee9-85e7-4cdf-82d5-e23475312f1c WeWork loses $2.1bn and a quarter of its members as lockdowns bite https://www.ft.com/content/60ea2f72-586f-4f3e-b153-3455b93539b8 Rob Armstrong Unhedged: QE and stock prices  https://www.ft.com/content/2db4a985-e053-4322-91b3-6c9793fd1c6c  See acast.com/privacy for privacy and opt-out information.

US companies have urged South Korea’s president to free Samsung’s jailed chairman and argue the billionaire executive could boost American efforts to shake off the country’s dependence on computer chips produced overseas. Swedish oat milk producer Oatly raised $1.4bn in its initial public offering on Wednesday, Plus, the FT’s Trading Room editor, Philip Stafford, explains how a warning from Chinese regulators led to a chaotic day for cryptocurrency traders. US companies lobby South Korea to free jailed Samsung boss https://www.ft.com/content/26d77bfe-b55a-4edb-bc57-7370b6c6a670? Entrepreneur behind Oatly’s rapid expansion faces US market test https://www.ft.com/content/e37d6985-5c48-46f4-8b02-a67c1a6dfd01 Bitcoin gyrates on fears of regulatory crackdown https://www.ft.com/content/c4c29bb3-c8ee-454c-a2dd-eac9f644007f Japanese pensioners with US stimulus cheques descend on Tokyo banks https://www.ft.com/content/102e0104-ca6f-4d59-be1b-90860426d5a5?  See acast.com/privacy for privacy and opt-out information.

JPMorgan Chase has shuffled several top executives, and has elevated two women who could be successors to chief executive Jaime Dimon, and the eurozone economy looks like it is recovering from the coronavirus pandemic. Plus, the FT’s Greater China correspondent, Kathrin Hille, explains why the world’s largest contract electronics maker, Foxconn, plans to be more integral to the auto industry. JPMorgan elevates potential successors to Jamie Dimon https://www.ft.com/content/9e31d7a7-4911-493b-919d-31e04d756438 Eurozone shows signs of bouncing back from double-dip recession https://www.ft.com/content/c5de006b-6bdf-493d-a9bc-2f6a1871ba66? Foxconn the carmaker? Disruption in the era of electric vehicles https://www.ft.com/content/b229250d-5d9e-4bb1-bb91-e57888233a98  See acast.com/privacy for privacy and opt-out information.

US President Joe Biden yesterday expressed support for a Israel-Gaza ceasefire in a call with Israel’s Prime Minister Netanyahu, and today EU foreign ministers will meet to discuss the conflict, and a biotech company developing medicines that mimic the painkilling effects of cannabis is set to list in London this week. Plus, the FT’s South China correspondent, Primrose Riordan, explains why activists are calling BlackRock “inconsistent” in its ESG commitments.  Biden backs ceasefire in Israel-Palestinian conflict https://www.ft.com/content/d388d8b4-94ce-49d1-b8ab-df171286fdad Europeans hamstrung by rifts on Gaza conflict https://www.ft.com/content/6c42bcb1-7013-4b74-8526-35ef7fae6f5d? Start-up focused on painkilling effects of cannabis to list in London https://www.ft.com/content/2952b9c9-f14a-4300-b1ac-d6c6bf5f8c8f? BlackRock accused of ESG inconsistency over Indonesia palm oil https://www.ft.com/content/479b9dd2-c738-4310-8b1e-afdfbd3921b0  See acast.com/privacy for privacy and opt-out information.

AT&T is nearing a deal to combine its content unit WarnerMedia with rival Discovery to create a media giant to compete in streaming, the insurance group Axa said one of its Asian business units was the victim of a “targeted ransomware attack”, and the EU plans to throw its weight behind a push to expand vaccine manufacturing in Africa. Plus, the FT’s European technology correspondent, Madhumita Murgia, explains why companies see potential in emotional recognition technology.  AT&T nears deal to create $150bn streaming giant with Discovery https://www.ft.com/content/5aeba5f9-2e00-4cba-b9c7-e0431aad798b Axa’s Asian operations hit in ransomware attack https://www.ft.com/content/4443da60-6d90-4d27-b300-b0896425f99f? EU to back expansion of vaccine production capacity in Africa https://www.ft.com/content/d2a47c7e-0b00-4e31-92ab-cd3ff0b9070b Emotion recognition: can AI detect human feelings from a face? https://www.ft.com/content/c0b03d1d-f72f-48a8-b342-b4a926109452?  See acast.com/privacy for privacy and opt-out information.

Airbnb’s first-quarter revenues showed a strong recovery in travel in the US as pandemic restrictions eased, and Netflix tries to adjust as it moves from streaming industry disruptor to defensive incumbent. Plus, Elon Musk rocked the cryptocurrency market when he announced Tesla will no longer accept bitcoin as payment. The FT’s markets editor, Katie Martin, explains why the electric carmarker’s CEO made the reversal.  Airbnb says customers paying higher prices as travel demand rises https://www.ft.com/content/f7512415-46b2-4378-8356-2d1e2a8a760e? Netflix outpaced by the old media companies it sought to dethrone https://www.ft.com/content/48c06611-1c17-4941-96cc-b085dfe05cdf Elon Musk wakes up to bitcoin’s fossil fuel issues https://www.ft.com/content/b917ec4f-8b57-45dc-82ba-960d82ad7974  See acast.com/privacy for privacy and opt-out information.

US stocks suffered their worst losses in months and government bonds also fell after government data showed the US inflation rate jumped to a 13-year high, and the Colonial pipeline has resumed operations following last week’s ransomware attack. Plus, the FT’s Taylor Nicole Rogers discusses a labour shortage in the US that is making it hard for employers to find enough workers as the economy opens up.  Wall Street ends lower as inflation debate intensifies https://www.ft.com/content/fd3abbb8-955a-46b3-bc45-9a4fb7b95265 Colonial pipeline resumes operations following ransomware attack https://www.ft.com/content/b6ac99ea-d7c6-49dd-b7d7-1284ce2e85c0? US employers struggle to find willing workers after pandemic year ft.com/content/52ecab21-c90d-4ee7-be7f-612da5355c77  See acast.com/privacy for privacy and opt-out information.

Companies are dusting off share buyback plans after a blockbuster earnings season, and shareholders are rebelling against executive pay proposals. Plus, the FT’s New Delhi reporter, Jyotsna Singh, explains how India’s second surge is devastating the country’s middle class.  Companies prepare share buyback bonanza as outlook clears https://www.ft.com/content/d7adb226-e9a6-4cd8-9049-35d55c211ca4 US investors revolt against executive pay in record numbers https://www.ft.com/content/50e73d21-3de5-4196-b124-7281ec7af828 Covid batters India’s aspiring middle classes https://www.ft.com/content/28e9c827-1131-4412-bafa-5e88eb211fc4?  See acast.com/privacy for privacy and opt-out information.

The hacker group blamed for the ransomware attack on the Colonial pipeline insisted it only wanted to make money and did not want to cause problems for society, tech stocks tumbled on Monday as investors braced for further signs of inflation, and Vice Media is joining the streaming gold rush. Plus, the FT’s management editor, Andrew Hill, explains why businesses in the UK’s services sector trying to operate in Europe are encountering post-Brexit challenges.  This episode features the song “Black Fur” by Elder Island. The song is licensed to Metropolis Recordings.   We regret ‘creating problems’, say hackers behind the cyber attack on a key fuel pipeline  https://www.ft.com/content/0afb53f0-f382-442a-9a32-02824ce8bb70 US tech stocks drop ahead of inflation data https://www.ft.com/content/9707595b-d708-4be3-917d-9ae1de04c707? Vice Media joins streaming gold rush in new bid for profitability https://www.ft.com/content/942bf107-3824-4611-b0f7-b4816d4ee2a5 UK’s services sector starts to count the real cost of Brexit https://www.ft.com/content/d0c10195-0e2e-4913-af74-3b7057163e3f?  See acast.com/privacy for privacy and opt-out information.

The US government enacted emergency powers on Sunday in a bid to keep fuel supplies flowing after a cyberattack shut down a key pipeline, and European and US banks are split on whether to bring staff back to the office. Plus, the FT’s race and equalities correspondent, Taylor Nicole Rogers, looks at how much US corporations have lived up to diversity promises they made after the police murder of George Floyd. US and Europe split on bringing bankers back to the office https://www.ft.com/547a4dc2-e11b-4e8f-b526-cbf135ba7b4d? Are CEOs living up to the pledges they made after George Floyd’s murder? https://www.ft.com/content/67e79b20-bc41-4cb0-992f-a28e3eaa5695  See acast.com/privacy for privacy and opt-out information.

Angela Merkel has expressed opposition to the Biden administration’s proposal to suspend intellectual property rights for Covid-19 vaccines, and Norway’s Telenor has written off its entire $782m investment in Myanmar but will remain in the country. Plus, the FT’s markets editor, Katie Martin, explains what is behind the commodities super cycle and what it could mean for inflation.  Angela Merkel rejects US move to waive patents on vaccines https://www.ft.com/content/76a05a85-b83c-4e36-b04d-7f44f63e57b0 Telenor writes off $782m Myanmar business following coup https://www.ft.com/content/ba1f8db9-e2d1-4e45-80be-1f6f6fe1344b Broad commodities price boom amplifies ‘supercycle’ talk https://www.ft.com/content/1332da37-bf45-409f-9500-2fdac344d1dd Why we should all give up meat https://www.ft.com/content/1293516c-c17a-4a29-b969-55b6e6849b16  See acast.com/privacy for privacy and opt-out information.

Stocks of major vaccine makers were rattled on Wednesday after the US decided to support a plan to temporarily suspend the intellectual property rights for Covid-19 jabs, and India’s coronavirus crisis is hitting the international shipping industry. Plus, the FT’s leisure industries correspondent, Alice Hancock, talks about the European tourism industry’s hopes of emerging from the pandemic with a different kind of tourism.  US backs plan to suspend Covid vaccine patents during pandemic https://www.ft.com/content/eca86f43-7127-4213-948d-3cc8d652805e India’s Covid surge rocks global shipping industry https://www.ft.com/content/cf40d764-6ab6-4638-bea6-594cc3cd5d53? Archegos prepares for insolvency as banks seek compensation for $10bn losses https://www.ft.com/content/8062ef53-790f-4470-99d5-265335a72334 Pandemic offers Europe’s tourism industry the chance of an upgrade https://www.ft.com/content/5f3328f4-b12e-4e5b-8dd2-bacfb73d40a6?  See acast.com/privacy for privacy and opt-out information.

Treasury secretary Janet Yellen said on Tuesday that US interest rates may need to rise so that the economy does not overheat, and US states and companies are offering all kinds of incentives to entice people to get vaccinated against coronavirus. Plus, there are very few women in top roles in European central banking and economics. Two of them spoke to the FT about their experiences and “hidden barriers” to gender equality in their field. Yellen says rates may have to rise to prevent ‘overheating’ https://www.ft.com/content/049f4a79-abff-4a6c-a7c1-13409e8f63ae Women central bankers want action on ‘hidden barriers’ to equality https://www.ft.com/content/0d1d2d4d-8bb8-42ce-b263-9863a1f377ed Beers and cash among incentives used to entice the ‘vaccine hesitant” https://www.ft.com/content/138f58a1-b472-452a-9daa-db0f5c885079  See acast.com/privacy for privacy and opt-out information.