FT News Briefing

Chancellor Rishi Sunak is set to announce the UK’s budget on Monday and it includes a £5bn “restart” grant scheme, European Commission president Ursula von der Leyen warns that Europe could face an “era of pandemics,” and Japanese officials are preparing revisions to the country’s corporate governance code in an effort to change an inward looking corporate culture. Plus, the FT’s Patrick McGee explains how Lucid Motors will challenge Tesla in the electric vehicle market.  Sunak to give £5bn boost to Covid-hit companies in Budget https://www.ft.com/content/9c6e7088-5577-4b17-adc1-502bffd33a76 Europe must prepare for ‘era of pandemics’, von der Leyen says https://www.ft.com/content/fba558ff-94a5-4c6c-b848-c8fd91b13c16? Japan prepares to shake up corporate code https://www.ft.com/content/a8de1297-52b1-4ee7-aa24-b4e966790dba Lucid takes on Tesla as electric vehicle competition hots up https://www.ft.com/content/8e01e59e-5b89-46c2-a798-6945fa2f255d Note: This episode has been updated to reflect that the Sputnik V vaccine was developed in Russia.  See acast.com/privacy for privacy and opt-out information.

The yield on the benchmark 10-year Treasury exceeded 1.5 per cent for the first time in a year and the outgoing head of Petrobras warns Brazil’s President Jair Bolsonaro against state controlled fuel prices. Plus, the FT’s Africa editor, David Pilling, discusses the Covax vaccine rollout in low-income countries.  Wall Street stocks sell off as government bond rout accelerates https://www.ft.com/content/ea46ee81-89a2-4f23-aeff-2a099c02432c Ousted Petrobras chief hits back at Bolsonaro  https://www.ft.com/content/1cd6c9fb-3201-4815-9f4f-61a4f0881856? Africa will pay more for Russian Covid vaccine than ‘western’ jabs https://www.ft.com/content/ffe40c7d-c418-4a93-a202-5ee996434de7  See acast.com/privacy for privacy and opt-out information.

GameStop’s share price doubled in the final 90 minutes of trading on Wednesday, partners at the consultancy McKinsey have voted to remove Kevin Sneader from his post as global managing partner, and Myanmar’s banking system has ground almost to a halt as employees joined protests against the military coup. Plus, climatologist Michael Mann explains why wind power is not to blame for power failures in Texas during the recent cold snap. GameStop shares double in final 90 minutes of trading day https://www.ft.com/content/50eaa1b5-d244-4b3e-b460-736828c049cd Myanmar protesters join general strike in defiance of threats of violence https://www.ft.com/content/5f61da58-e618-42a8-b13c-300567248ff1 Blaming Texas electricity failure on wind https://www.ft.com/content/adc21f2b-ccf7-4b8b-8604-53cae556a7dd Sports gear maker Under Armour halves sponsorship commitments https://www.ft.com/content/f97405a1-4187-4186-833c-c8c4f07bfcbf  See acast.com/privacy for privacy and opt-out information.

 Federal Reserve chairman Jay Powell spoke to Congress on Tuesday and indicated the central bank would maintain its ultra-loose monetary policy, the Biden administration is planning a broad package of measures to punish Moscow for the SolarWinds hack, and holiday bookings in the UK surged after Prime Minister Boris Johnson announced a plan for easing the coronavirus lockdown. Plus, the FT’s banking editor, Stephen Morris, explains why the global bank HSBC is pivoting back to its roots in Asia. Powell signals ‘hope for return to more normal conditions’ https://www.ft.com/content/7f4a37e4-1930-4f9c-86e5-5e6fd9fbba5a US considers sanctions against Russia over SolarWinds hack https://www.ft.com/content/d7d67ea7-8423-4b9c-819d-761fa4a10fa0? Holiday bookings surge after UK unveils plans for lockdown easing https://www.ft.com/content/055ba761-3610-4d61-97a3-4a3719af066d HSBC shifts ‘heart of business’ to Asia in latest strategy revamp https://www.ft.com/content/eb321081-434e-43f4-b9e7-13354afdfc5f  See acast.com/privacy for privacy and opt-out information.

The Nasdaq Composite closed 2.5 per cent lower on Monday as rising inflation expectations undercut arguments for tech stocks’ high valuations, Brazilian markets were rattled after president Jair Bolsonaro removed the head of Petrobras, and American rapper Jay-Z signs a big champagne deal with LVMH. Plus, the FT’s clean energy and environment correspondent, Leslie Hook, explains how Big Tech companies became one of the world’s largest supporters of green energy.  Global stocks fall on nerves over inflation outlook https://www.ft.com/content/cab2caee-60c9-40cb-a115-099287ab8bf4 Brazilian markets rattled by Bolsonaro’s removal of Petrobras chief https://www.ft.com/content/68b0c6cf-7d78-4e0e-9025-bfaca7e098e2 LVMH signs champagne deal with rap star Jay-Z https://www.ft.com/content/840826e8-a70e-4f1d-82a4-1b83895eced5 How tech went big on green energy https://www.ft.com/content/0c69d4a4-2626-418d-813c-7337b8d5110d?  See acast.com/privacy for privacy and opt-out information.

UK prime minister, Boris Johnson, is set to lay out a road map for lifting England’s lockdown, HSBC is accelerating its “pivot to Asia”, and McKinsey’s 650 senior partners have begun voting on whether Kevin Sneader should serve a second term at the helm of the business consultancy. Plus, the UK’s competition watchdog is planning new probes on Big Tech companies. The FT’s Brussels correspondent, Javier Espinoza talks to Andrea Coscelli, the head of the UK’s Competition and Markets Authority.  Schools in England to reopen on March 8 under easing of lockdown https://www.ft.com/content/3a0434e5-8cac-4922-8f0f-062db0604115 HSBC intensifies pivot to Asia with job moves and US exit https://www.ft.com/content/38c3670c-3b0f-41e6-874e-0f9eee553744 UK competition watchdog warns Big Tech of coming antitrust probes https://www.ft.com/content/da5c30a8-6fab-4131-b6bd-f8f05dcf5a46? McKinsey senior echelons vote in referendum on Sneader leadership https://www.ft.com/content/f001f3ef-e296-4eb6-b711-5f7cb773e314  See acast.com/privacy for privacy and opt-out information.

In an exclusive interview with the FT, French president Emmanuel Macron urges wealthy countries to help poorer ones access coronavirus vaccines, and US lawmakers grill key players in the GameStop trading saga. Plus the FT’s markets editor Katie Martin explains why a sell off in US government bonds could threaten Wall Street’s record run.  US bond sell-off stirs warnings over stock market strength https://www.ft.com/content/00c99cd2-7f9a-4a37-bb20-ce8d96f2527f Robinhood chief apologises over GameStop affair https://www.ft.com/content/69c0b5b0-9d49-4d0e-8f32-fe9428bff5b1 Oil ‘supercycle’ predictions divide veteran trades https://www.ft.com/content/f87ce114-f437-4c3f-bb73-fa38ca78146b  See acast.com/privacy for privacy and opt-out information.

Facebook has defied Australia’s push to make Big Tech pay for news by banning the sharing of content on its platform in the country, the oil and gas industry in Texas has buckled under the strain of a blast of Arctic weather, and three North Korean computer programmers have been charged over a cyber-hack spree. Plus, the FT’s global China editor, James Kynge, explains how Beijing’s digital currency is doubling as a surveillance tool for the state. News Corp agrees deal with Google on payments for its journalism  https://www.ft.com/content/cec5d055-c2d1-4d5f-a392-a6343beb0b01 Oil and gas industry in Texas buckles under strain of Arctic blast https://www.ft.com/content/9b7cdaf2-f43b-49c3-b8b8-b4840f95ebbd Virtual control: the agenda behind China’s new digital currency https://www.ft.com/content/7511809e-827e-4526-81ad-ae83f405f623  See acast.com/privacy for privacy and opt-out information.

China is exploring limits on exports of rare earth minerals that are crucial for the manufacture of American F-35 fighter jets, and stock trading volumes in Hong Kong have soared to four times those on London’s main exchange. The FT’s markets reporter, Nikou Asgari, explains why Amsterdam is becoming the European capital for Spacs. Plus, Chicago’s storied Second City comedy club may have a buyer.  China targets rare earth export curbs to hobble US defence industry https://www.ft.com/content/d3ed83f4-19bc-4d16-b510-415749c032c1 European bankers set sights on Amsterdam as regional Spac capital https://www.ft.com/content/240293a8-20ed-4cf3-a5ec-63dc1c2d9076? Hong Kong stock trading volumes jump to 4 times those of LSE https://www.ft.com/content/c324674c-c91e-427e-82c5-87a7e9a53bab  See acast.com/privacy for privacy and opt-out information.

President Joe Biden heads to Wisconsin to sell his stimulus plan, and the cold snap in Texas tests the state’s freewheeling electricity model. The pandemic’s online shopping surge has led to more warehouse automation, but that is making some human jobs tougher. Plus, Russian discount retailer Fix Price is planning a London stock market listing that could value the company at more than $6bn. Biden steps up stimulus pitch in bid to seal deal with Congress https://www.ft.com/content/1c172f12-87c0-4fda-82f2-40954d36b3f8 Texas starts blackouts as frigid weather sends power prices surging https://www.ft.com/content/4d07eedc-b3ec-417e-8cb1-5895178c9f9b Why I was wrong to be optimistic about robots https://www.ft.com/content/087fce16-3924-4348-8390-235b435c53b2 Russian discount retailer aims to raise $1bn in London IPO https://www.ft.com/content/f8f68d4a-42b3-4c75-80ec-545b7d47831f  See acast.com/privacy for privacy and opt-out information.

Brussels is set to allow data to continue to flow freely from the EU to the UK. In Argentina, the country’s powerful vice president wants to postpone a crucial $44bn debt deal with the IMF until the pandemic has eased. Commodities such as oil and copper may be entering a new ‘supercycle’ of higher prices. Plus, in China, at least, people are still going out to the movies.   Brussels to allow data to continue to flow to UK https://www.ft.com/content/43ed5e0a-7b0a-40db-800f-6f3b9c58b9a8 Argentina’s powerful vice-president pushes for delay to IMF debt deal https://www.ft.com/content/78b08f12-7b78-4ecd-8e64-a717f8a43e09 Investors set for commodities ‘bull run’ as prices rise in tandem https://www.ft.com/content/27086ad8-bc84-4e2e-9195-91880fa6916f China’s box office roars while Hollywood remains on mute https://www.ft.com/content/573340cb-30b9-421e-8fec-51c8348a6bbb  See acast.com/privacy for privacy and opt-out information.

Europe’s IPO market is off to its strongest start in five years thanks to a flurry of tech and ecommerce listings, Disney continues to attract subscribers to its streaming service, and China’s massive corn purchases have sent the price of the crop soaring. And the FT’s markets editor, Katie Martin, shares her thoughts on Elon Musk’s excitement over cryptocurrencies and whether it will spur wider adoption of digital currencies.   European IPOs mark best start to year since 2015 with €8bn haul https://www.ft.com/content/171ea5f4-b3f4-4e76-bb13-2480879d1bd0? Elon Musk’s effect on crypto world shows how irrational markets are https://www.ft.com/content/92ab487d-1990-42b9-b7d3-ba9d54d9bd22 Disney Plus added 8m subscribers over Christmas  https://www.ft.com/content/49581411-5650-4448-8325-ce12f85ee86b China’s record purchase of corn a ‘watershed moment’ for grain market https://www.ft.com/content/94b04a3e-6169-4b07-8218-413138c641a1?  See acast.com/privacy for privacy and opt-out information.

Amsterdam surpassed London as Europe’s largest share trading centre last month, Federal Reserve chairman Jay Powell has pledged to keep monetary policy loose to support the struggling US labour market, and the World Health Organization recommended the use of the Oxford/AstraZeneca vaccine for all adults. Plus, Italy will receive €200bn from the EU’s coronavirus recovery fund to help revive its economy. The FT’s Brussels bureau chief, Sam Fleming, explains what is at stake for Italy and the EU. Amsterdam ousts London as Europe’s top share trading hub https://www.ft.com/content/3dad4ef3-59e8-437e-8f63-f629a5b7d0aa Powell stresses patience in pledge to keep monetary policy loose https://www.ft.com/content/7ed63e7f-5389-42e8-beed-15b5d450c589 WHO recommends use of Oxford/AstraZeneca vaccine for all adults  https://www.ft.com/content/be33aa38-5eff-4069-b104-ba7bdb735c72  ‘We expect Italy to do its homework’: Draghi and the EU recovery fund https://www.ft.com/content/7c2007d9-6ce9-4895-ac5c-cd17e3bf69b2  See acast.com/privacy for privacy and opt-out information.

Twitter’s user growth fell short of expectations for the second quarter in a row, more than 70 investors call on Amazon to stop interfering with a unionisation effort, and Huawei asks a US court to overturn the Federal Communication Commission ruling that labels the telecoms company a security threat. Plus, the FT’s global China editor, James Kynge, explains how US-China investment continues despite political tension. Twitter warns of slowing user growth as pandemic surge fades  https://www.ft.com/content/ff84e6c2-a937-4b88-bd8c-df8bcaa1ee7e Huawei challenges its designation as a threat to US security https://www.ft.com/content/b7c2294d-9207-4fae-8fed-d63a80c99618 Amazon must not interfere with US union effort, say investors https://www.ft.com/content/c7f24fbb-bb4e-489e-8a30-37708700e816 US-China investment flows belie geopolitical tensions https://www.ft.com/content/b3dcc262-a153-4624-bc1d-156179d6e914  See acast.com/privacy for privacy and opt-out information.

EU lawmakers want to force Big Tech companies to pay for news, echoing a similar move in Australia, Tesla’s $1.5bn investment in bitcoin sends the cryptocurrency to record highs, and oil hits $60 a barrel for the first time in a year. Plus, the FT’s Tokyo correspondent, Kana Inagaki, explains what drove SoftBank’s Vision Fund to have its best quarter in four years.  EU ready to follow Australia’s lead on making Big Tech pay for news https://www.ft.com/content/4c40c890-afd3-40a3-9582-78a66c37a8af Tesla sends bitcoin to record high with $1.5bn investment https://www.ft.com/content/5e83f15e-ea2c-4d2f-8ae8-bf72fc5effd0 Oil hits $60 for first time in a year as supply cuts outweigh lockdowns https://www.ft.com/content/3032d80d-89b0-4020-922e-f4fa15435b5d SoftBank’s Vision Fund posts best quarter since launch in 2017 https://www.ft.com/content/c2f107a7-734d-450a-bf46-eb68a65ceaf4  See acast.com/privacy for privacy and opt-out information.