FT News Briefing

UK prime minister Boris Johnson threatens to call an October 14 general election if rebel Tory MPs join forces with Labour today, Germany’s export-dependent economy is suffering from a Brexit shock as a potential recession looms and the long-running merger talks between Allen & Overy and O’Melveny & Myers collapse. Plus, the FT’s Hannah Kuchler goes into the history of Verily, the health organisation spun out of Google’s secretive research facility.   See acast.com/privacy for privacy and opt-out information.

In a Labor Day special episode, as Philip Morris International enters into merger talks with Altria, we take a look at the evolution of the tobacco industry.  Plus, the World Bank estimates that in 2019, some 270m migrants globally will send a combined $689bn back home. We take a look at remittances and the way they are affecting economies.  See acast.com/privacy for privacy and opt-out information.

US companies are unlikely to heed Donald Trump’s call to ditch their investments in China, Argentina’s request for more time to pay $101bn of debts meets a cool reception from the country’s creditors, and UK prime minister Boris Johnson is sending his chief Brexit negotiator to meet with EU counterparts to hammer out a revised exit deal. Plus, the FT’s James Politi walks us through the legacy Christine Lagarde leaves at the IMF and what it might say about her future as the incoming president of the European Central Bank.  See acast.com/privacy for privacy and opt-out information.

Italy appears to be heading towards a new government after the far-right is sidelined and two parties say they have reached a tentative coalition deal, Apple apologises for listening to the audio of recorded Siri conversations and Japan’s biggest internet auction site has banned trading in ivory. Plus, the FT’s Jim Pickard explains UK prime minister Boris Johnson’s move to suspend parliament and what happens next.   See acast.com/privacy for privacy and opt-out information.

Opioid maker Purdue Pharma and members of the controlling Sackler family have offered to settle thousands of lawsuits against the company for $10bn-$12bn, Phillip Morris International is in talks to merge with Altria in a deal that would create the world’s largest tobacco group, UK opposition parties agree to pursue legislation to prevent a no-deal Brexit, the Federal Reserve is forced to re-assert that “political considerations play absolutely no role” in policymaking and Amazon and Microsoft go unchallenged in a $10bn Pentagon cloud computing contract. Plus, the FT’s global finance correspondent Robin Wigglesworth explains why investors are concerned that the world economy is succumbing to “Japanification”.  See acast.com/privacy for privacy and opt-out information.

Drugmakers could decide to settle thousands of claims against them over the opioid crisis after a $572m court order against Johnson & Johnson, President Trump says China is seeking talks on a deal to end the ongoing trade war between the two countries and New York-based hedge fund manager, Autonomy Capital, saw its fund lose more than 16 per cent in the first two weeks of August as a result of Argentina’s financial market meltdown. Plus, the FT’s Brazil bureau chief Bryan Harris talks about a backlash against Brazilian business over the Amazon rainforest fires.  See acast.com/privacy for privacy and opt-out information.

In a Summer Bank Holiday special episode, we look at Wall Street’s pressure on private prisons and why some of the top global cities are shrinking.   See acast.com/privacy for privacy and opt-out information.

A harbinger of a recession, the yield on the two-year Treasury bill rose above that of the benchmark 10-year note again on Thursday as the world’s central bankers convened in Jackson Hole, Wyoming. Plus, intensifying regulatory scrutiny of Facebook’s Libra digital currency has spooked some of the project’s early backers, and Brazil’s environment minister says the solution to illegal logging in the Amazon is to “monetise” it. Then, the FT’s Victor Mallet previews what might come out of this weekend’s G7 summit.  See acast.com/privacy for privacy and opt-out information.

European Commission officials tell the FT they are planning news rules that will give EU citizens explicit rights over the use of their facial recognition data, the IMF backs the scrapping of a longstanding age restriction, clearing the way for Kristalina Georgieva to take the top spot, President Emmanuel Macron of France scraps the tradition of a joint final communiqué at the G7 summit and minutes from the Federal Reserve’s July meeting reveal a split among officials over the July interest rate cut. Plus, the FT’s US economics editor, Brendan Greeley, tells us what the world’s monetary policymakers will be discussing in Jackson Hole, Wyoming this weekend.  See acast.com/privacy for privacy and opt-out information.

US president Donald Trump considers tax cuts to stimulate the economy and Italian prime minister Giuseppe Conte resigns. Also, US regulators rewrite the Volcker rule, Facebook launches a new privacy tool pilot and Walmart sues Tesla over solar panel fires. Plus, the FT’s Seb Payne unpacks the stand-off between Boris Johnson and European Council president Donald Tusk over Britain’s withdrawal agreement from the EU.  See acast.com/privacy for privacy and opt-out information.

Apple commits more than $6bn for original shows and movies ahead of the launch of its new video streaming service and UK prime minister Boris Johnson intensifies his efforts to jettison the Irish border backstop from the Brexit withdrawal agreement. Also, Facebook and Twitter move to curb Chinese state-backed disinformation campaigns that target pro-democracy Hong Kong protesters, the Trump administration gives Huawei a temporary reprieve, the US trade commission head says it would be difficult to break up Facebook and court papers reveal that Jeffrey Epstein signed a will two days before he died. Plus, the FT’s Richard Henderson explains why the group of top US executives comprising the Business Roundtable are ditching “shareholder primacy”.  See acast.com/privacy for privacy and opt-out information.

A body advising the European Central Bank warns that European banks and other financial institutions need to speed up their preparations for the phasing out of a key interest rate benchmark, top White House economic advisor Larry Kudlow says there is no recession coming, Donald Trump casts doubt on any Huawei reprieve and Hong Kong protesters rally in defiance of Beijing. Plus, the FT’s Madhumita Murgia explains how facial recognition software is creeping into security cameras in parts of London.  See acast.com/privacy for privacy and opt-out information.

Gibraltar releases an Iranian tanker after a court sets aside a last-minute legal bid from the US to seize the vessel and Walmart raises its outlook for the US market while government data show unexpectedly strong retail sales for July in the country. Plus, the yield on 30-year US government bonds falls below 2 per cent for the first time on Thursday, China’s paramilitary police converge in a stadium near the Hong Kong border and Israel bars two US congresswomen from entering the country. Also, the FT’s Patrick McGee tests out the Apple Card, which will be rolled out to US users later this month.  See acast.com/privacy for privacy and opt-out information.

US equities fell 3 per cent on Wednesday on fears of slowing global growth, while bond markets signalled the chances of a mounting recession and WeWork unveiled its prospectus for a $3bn-$4bn initial public offering. Plus, UK Labour party leader Jeremy Corbyn sets out a proposal for a temporary government that would help delay Brexit, Canada’s ethics watchdog says Justin Trudeau violated conflict-of-interest law and PayPal targets growing demand from India’s mobile users.  See acast.com/privacy for privacy and opt-out information.

US stocks and China’s currency rallied sharply on Tuesday after Washington announced a delay to some additional tariffs on Chinese imports, hundreds of flights out of Hong Kong are cancelled for the second day in a row after protesters clash with police, CBS and Viacom agree on an all-stock merger and Facebook has halted the “human review” of recorded voice messages. Plus, the FT’s Tim Bradshaw explains plans that SoftBank’s Masayoshi Son has in store for the group’s second Vision Fund.  See acast.com/privacy for privacy and opt-out information.