FT News Briefing

A wave of cash flooding bank balance sheets has prompted some US lenders to advise corporate clients to move money out of deposits, and Apollo has bought Verizon’s media assets including Yahoo for $5bn. Plus, the FT’s mergers & acquisitions reporter, Ortenca Aliaj, explains why the Spac boom has deflated.  Apollo buys Verizon media assets including Yahoo for $5bn https://www.ft.com/content/ef0992ec-1d4f-4030-95a9-d950e47338e1 Cash-rich US banks move to reduce corporate deposits https://www.ft.com/content/a5e165f7-a524-4b5b-9939-de689b6a1687 A reckoning for Spacs: will regulators deflate the boom? https://www.ft.com/content/99de2333-e53a-4084-8780-2ba9766c70b7?  See acast.com/privacy for privacy and opt-out information.

The trial between Epic Games and Apple is set to kick off today, and the controversial Dakota Access Pipeline is back in federal court. Plus, the FT’s southeast Europe correspondent, Valerie Hopkins, explains the love-hate relationships that Serbians have with Chinese investment in their country.  ‘Fortnite’ maker goes to war over ‘Apple tax’ https://www.ft.com/content/293780f7-d2f8-4f3f-aa52-752c74e2d34d Why some tribes want to keep a controversial US pipeline open https://www.ft.com/content/7950dc72-2cf9-4960-9d28-7109ab7d4b85 Serbs fret over environmental costs of Chinese investment https://www.ft.com/content/b6b7bce4-f970-4eb6-ab26-0fadc552d148  See acast.com/privacy for privacy and opt-out information.

Amazon reported its second straight quarter of $100bn-plus sales, comfortably beating Wall Street’s targets, and the FT’s Elaine Moore looks at Apple’s results, which were boosted by iPhone sales. Also, the US government this summer will start sending monthly child allowances in an experimental effort to reduce child poverty. Plus, the FT’s markets editor explains how the big cryptocurrency exchange, Binance, landed itself in trouble with German regulators.  Amazon reaps rewards of pandemic shift online https://www.ft.com/content/a2b05040-3164-46f3-8bd5-399e6214ea74 Apple: supercharged iPhone sales signpost $3tn valuation https://www.ft.com/content/eee8bca7-e7fb-4506-a0e2-579fa707de81 US embarks on first national child allowance experiment https://www.ft.com/content/cc2a0d8c-123e-4d36-b01a-55cd8a23a166 Regulators to examine crypto exchange Binance’s foray into equities https://www.ft.com/content/cfbd084f-a118-4090-8301-2e45eceac304  See acast.com/privacy for privacy and opt-out information.

The Federal Reserve upgraded its view of the US economic recovery, but kept interest rates close to zero, Brussels has insisted it is putting in place tough new processes to ensure the EU’s unprecedented recovery fund is not frittered away and global health expert Abraar Karan talks about the current surge in coronavirus cases in India. Plus, the FT’s banking editor, Stephen Morris, explains how Credit Suisse got itself into so much trouble and whether it can dig itself out.   Fed paints rosier picture of US economic recovery https://www.ft.com/content/296ae4e6-5e4e-44fc-8636-67e2ad38eee4 Brussels vows to apply tough rules to recovery spending https://www.ft.com/content/1b345e2a-e442-42df-b9ae-4e0bfe68dcbe? Credit Suisse: plotting a comeback after ‘costly mistakes’ took it to the brink https://www.ft.com/content/2cac83f5-9631-45ae-8080-586a6bc90d55  See acast.com/privacy for privacy and opt-out information.

Google reported record first quarter earnings, and stock market listings around the world are running at their fastest pace this year.  Plus, FT columnist Sarah O’Connor explains why millennials and Gen Z have been hit so hard by the pandemic, and what can be done to help them.  Google ad boom sends profits to new record https://www.ft.com/content/c686458c-e544-4c50-990d-954b91d955ed Global IPOs run at fastest pace since 1995 https://www.ft.com/content/857c1286-d35e-404a-ae7c-8d04b7508810 ‘We are drowning in insecurity’: young people and life after the pandemic https://www.ft.com/content/77d586cc-4f3f-4701-a104-d09136c93d44 All over the world, the economic cost of the pandemic has been borne disproportionately by the young. This week the FT is hosting a series of live panel debates in which FT writers make the case for specific policies that would make the economy work better for young people – covering housing, pensions, jobs, education and the environment. Join us and share your own policy ideas, comments and questions to be part of the conversation Register free today at newdeal.live.ft.com.  See acast.com/privacy for privacy and opt-out information.

The US will share up to 60m doses of AstraZeneca’s Covid-19 vaccine with other countries, and Total has declared force majeure on its multibillion-dollar LNG development in Mozambique. Plus, the FT’s consumer industries reporter, Patricia Nilsson, talks about the celebrity and sex worker subscription site, OnlyFans, which has exploded in popularity over the past year.  This episode features the song “Savage” by Meghan Thee Stallion, featuring Beyoncé. The song is licensed to 300 Entertainment.  US plans to share 60m doses of AstraZeneca’s Covid vaccine https://www.ft.com/content/db461dd7-b132-4f08-a94e-b23a6764bdb3 Total declares force majeure on $20bn LNG project in Mozambique https://www.ft.com/content/841a63a7-e89a-45c8-b6b3-22b50e59b14c OnlyFans feels the lockdown love as transactions hit £1.7bn https://www.ft.com/content/6d4562f8-166f-4a89-a3cb-db97123a6cf0 Asahi shifts to no-alcohol beer after $20bn M&A splurge https://www.ft.com/content/abe2c9cb-c573-41bd-8ac1-42cf653fb3e5?  See acast.com/privacy for privacy and opt-out information.

Chinese companies have raised a record $11bn on the New York Stock Exchange and Nasdaq this year, vaccine makers have warned about the risks of giving up patent rights to their Covid-19 vaccines, the White House is expected to greenlight a wind power project off the Massachusetts coast. And Germany’s Green Party has a leader who symbolizes the image of a party that is riding a wave of popularity and could be swept into government this September.   China stock sales in US surge to record despite delisting threat Vaccine makers say IP waiver could hand technology to China and Russia US offshore wind projects test strength of Joe Biden’s green jobs promise Germany’s ‘muesli eaters’ show new hunger for power  See acast.com/privacy for privacy and opt-out information.

Joe Biden plans to announce a set of tax increases on the wealthiest Americans, and there has been a rally in the price of lumber due to demand from the housing market. Plus, the FT’s data journalist, Christine Zhang, explains how statistics can fail Asian American communities. Biden prepares to announce string of tax rises for richest Americans https://www.ft.com/content/a43d966e-b7d9-4ee1-bb77-2a6561dfda12 Lumber party: economic bounce fuels US wood price rally https://www.ft.com/content/202dada4-b188-4112-9689-6fec2924efb0 The data invisibility of Asian Americans https://www.ft.com/content/119b6ffb-bc5e-4632-bc0a-199be9cfb7e7  See acast.com/privacy for privacy and opt-out information.

US President Joe Biden is set to announce his country’s steepest ever emissions cuts, Russia plans to pull out of the International Space Station by 2025, and Turkey’s opposition is asking where US$128bn in foreign exchange reserves has gone. Plus, the FT’s Shanghai correspondent, Tom Hale, explains why the corruption at Huarong Asset Management is creating headaches for Beijing.  US to propose emissions cut of up to 50% by end of decade https://www.ft.com/content/32f5e2cd-4689-4434-9da0-d97d46673eaf? Huarong debacle tests Beijing’s resolve to bail out state groups https://www.ft.com/content/2aabfd64-6527-442f-b6fb-36c3804dcfc7 Russia to pull out of International Space Station in 2025 https://www.ft.com/content/a1518565-e643-42ae-a650-02e9c3bdd657 Turks chase missing billions in foreign exchange reserves https://www.ft.com/content/dee218ba-c102-4a2f-8042-e8c8601991cd?  See acast.com/privacy for privacy and opt-out information.

A jury in Minneapolis found former police officer Derek Chauvin guilty on three charges in the killing of George Floyd, TikTok is accused of illegally collecting personal data on millions of children in the UK and Europe. Plus, the FT’s sports editor, Murad Ahmed, has the latest in the European football upheaval and the decision by leading English clubs to back out of plans for a new Super League.  Leaked Super League plans reveal goal of US-style football finances https://www.ft.com/content/e80299a4-8012-447a-8512-c24e149304b1 Defund the police: how a protest slogan triggered a policy debate https://www.ft.com/content/76a8080c-cca9-48cd-be81-891a75676adf TikTok sued on behalf of millions of European children over data concerns https://www.ft.com/content/02bb235f-f6f3-42be-a921-bc2c86b86271?  See acast.com/privacy for privacy and opt-out information.

The concerns that led to a halt in Johnson & Johnson’s Covid vaccine rollout could damage confidence in the company’s longer-term vaccines programme, and Apple will allow the social media app Parler to return to its app store. Plus, Miguel Diaz-Canel has been confirmed as the new head of Cuba’s Communist party. The FT’s Latin America editor, Michael Stott, discusses the island’s future in the post-Castro era.  Johnson & Johnson’s Covid setback risks damaging its vaccine programme https://www.ft.com/content/0d085dde-cc02-4bad-8bbb-e2ad498e1ebf? Apple says Parler can return to App Store https://www.ft.com/content/98c83613-18e9-427d-b41c-76176dcedf94? Exit of Cuba’s last Castro brings curtain down on revolutionary era https://www.ft.com/content/ac9e2bb1-2830-400e-921d-470f1f6f45e8? UK regulator gives green light to delivery drone trials https://www.ft.com/content/66487d88-a6b3-4e46-9b8a-00e38e93d3af?  See acast.com/privacy for privacy and opt-out information.

Consumers around the world have stockpiled an extra $5.4tn of savings since the coronavirus pandemic began, and many of Europe’s wealthiest football clubs have agreed to join a breakaway “Super League” competition. Plus, the FT’s Lex columnist Elaine Moore discusses whether the audio chat app, Clubhouse, has staying power.  Global savers’ $5.4tn stockpile offers hope for post-Covid spending https://www.ft.com/content/8cbfe40d-1ce1-4dc6-bcb2-1314b77b9443? Top European football clubs sign up to breakaway Super League https://www.ft.com/content/4cbef20a-7599-4580-82aa-2af383bd0f5a Reach for the stars: what Clubhouse can learn from TikTok https://www.ft.com/content/84b3879b-f3bb-4138-a688-e3ed4179d45b HSBC top brass forced to hot desk as HQ scraps executive floor https://www.ft.com/content/4984410c-e6fe-41d6-9d66-67ee54188f38?  See acast.com/privacy for privacy and opt-out information.

Global equities reached new heights and Treasuries rallied sharply on Thursday on the back of upbeat economic data in the US, and Dubai has become the first city to sign a contract with an autonomous taxi manufacturer. Plus, US president Joe Biden imposed new sanctions on Moscow on Thursday. The FT’s markets editor, Katie Martin, explains how investors reacted.  Global stocks hit record highs on strong economic data https://www.ft.com/content/c1ee361d-6ee6-4697-ba8a-865542bb4704 Biden imposes tough new sanctions on Moscow https://www.ft.com/content/b2bf1be3-a10c-4963-9deb-8a6b319e9363 Dubai strikes deal with Cruise to roll out self-driving taxis https://www.ft.com/content/33f3f86b-2558-4344-98b0-5c3cd529e93f Flying cars finally prepare for take-off https://www.ft.com/content/3ca1338d-3c31-4c70-ac09-12a0870212e3?  See acast.com/privacy for privacy and opt-out information.

Three of the largest US banks beat profits expectations on Wednesday on the back of a strengthening US economy, and Egyptian authorities have seized the container ship that blocked the Suez Canal as they seek compensation of more than $900m from the Ever Given’s owners. Plus, the FT’s deputy editor, Patrick Jenkins, discusses Deutsche Bank’s turnaround after years as the “sick bank of Europe.”  Boom on Wall Street powers US bank profits https://www.ft.com/content/5cc8f198-345f-4a21-997f-acc841c7b39b Deutsche Bank dodges bullets and goes mainstream https://www.ft.com/content/0c478d11-6ed2-4c68-870d-3d0e97f76745? Ever Given seized as Egyptian authorities seek $900m compensation https://www.ft.com/content/25b347bc-4c03-464a-b6c3-ed72bacc12e2? Ponzi mastermind Bernard Madoff dies aged 82 https://www.ft.com/content/e88fdde2-440a-4a77-8a20-d2116309d84a  See acast.com/privacy for privacy and opt-out information.

Coinbase prepares to be the first leading cryptocurrency exchange to list on a US stock market, and the eurozone economy is showing signs of adapting to coronavirus lockdowns. Plus, the FT’s private capital correspondent, Kaye Wiggins, discusses the corporate drama surrounding the private equity bidding for Japan’s Toshiba.  Coinbase listing set to capitalise on crypto bull run https://www.ft.com/content/06d98c02-f5da-45e8-a0f5-20e3bfd64879 Eurozone’s economy shows signs of adapting to lockdowns https://www.ft.com/content/b756bab9-43a7-49c6-a3de-c98e891a0aea? Resignation of Nobuaki Kurumatani comes as KKR also prepares to mount offer for Japanese conglomerate https://www.ft.com/content/65a3b3b0-c68e-4312-a29b-d0b90d8cf011 LVMH benefits from demand for luxury goods in US and China https://www.ft.com/content/9c892b85-9ae2-4ef9-8e42-9a09baf3492b  See acast.com/privacy for privacy and opt-out information.