Podcasts about metaphor music

Some members of the UK's parliament fight back against proposed welfare cuts, and early intelligence suggests Iran's uranium stockpile is still intact, officials say. Plus, the rise of sports gambling in Nigeria is being powered by social media influencers.Mentioned in this podcast:Early intelligence suggests Iran's uranium largely intact, European officials sayA defeat Keir Starmer cannot affordKeir Starmer in talks with rebel MPs in bid to head off welfare revoltThe football betting influencers behind Nigeria's not-so secret gambling boomSend me your questions for the Swamp Notes podcast: marc.filippino@ft.com. We may even play your voicemail on the show.Today's FT News Briefing was produced by Henry Larson, Sonja Hutson, Kasia Broussalian, and Marc Filippino. Additional help from Kelly Garry, Michael Lello, David da Silva and Gavin Kallmann. Our acting co-head of audio is Topher Forhecz. Our intern is Michaela Seah. The show's theme song is by Metaphor Music. Read a transcript of this episode on FT.com Hosted on Acast. See acast.com/privacy for more information.

Nato members decided on increased defence spending, the Federal Reserve is planning on cutting capital requirements for America's biggest banks, and accounting firms are ready to open up to public markets. Plus, why US stocks are unfazed by the Israel-Iran conflict. Mentioned in this podcast:The US, Iran and marketsThe markets are silent — that is worryingFederal Reserve unveils plans to reduce capital rules imposed after 2008 crisisAccounting sector prepares for more IPOs after private equity bingeToday's FT News Briefing was produced by Sonja Hutson, Kasia Broussalian, and Marc Filippino. Additional help from Blake Maples, Michael Lello, David da Silva and Gavin Kallmann. Our acting co-head of audio is Topher Forhecz. Our intern is Michaela Seah. The show's theme song is by Metaphor Music.Read a transcript of this episode on FT.com Hosted on Acast. See acast.com/privacy for more information.

US stocks almost hit record highs amid possible de-escalation in the Middle East, and Johns Hopkins University professor Vali Nasr analyses Iran's future. Plus, the US Federal Reserve chair signalled no interest cuts this summer, and US states are sending delegates to the EU for advice on green policy. Mentioned in this podcast:Israel-Iran latest: JD Vance declares era of new Trump foreign policy doctrineThe war that will remake Iran's Islamic republicIran at the precipiceJay Powell pushes back on calls for Federal Reserve rate cuts as soon as JulyRachman Review podcastUS states send delegates to EU for advice on green policyToday's FT News Briefing was produced by Sonja Hutson, Kasia Broussalian, Fiona Symon, and Marc Filippino. Additional help from Kelly Garry, and Gavin Kallmann. Our acting co-head of audio is Topher Forhecz. Our intern is Michaela Seah. The show's theme song is by Metaphor Music. Read a transcript of this episode on FT.com Hosted on Acast. See acast.com/privacy for more information.

US president Donald Trump has said Israel and Iran have agreed a ceasefire, shifting priorities in the US are putting pressure on Nato members in Europe, and emerging markets defy US President Donald Trump's trade war. Plus, the US has yet to find Iran's uranium stockpile. Mentioned in this podcast:Donald Trump claims Israel and Iran have agreed ceasefireWhat happens to Nato if the US steps back?Where is Iran's uranium? Search continues for 400kg stockpileEmerging markets defy investor gloom to outshine developed worldToday's FT News Briefing was produced by Sonja Hutson, Kasia Broussalian, and Marc Filippino. Additional help from Blake Maples, Michael Lello, David da Silva and Gavin Kallmann. Our acting co-head of audio is Topher Forhecz. Our intern is Michaela Seah. The show's theme song is by Metaphor Music.Read a transcript of this episode on FT.com Hosted on Acast. See acast.com/privacy for more information.

Amazon founder Jeff Bezos was once a vocal critic of Donald Trump. But that changed during last year's election campaign. Now, he has instructed the newspaper he owns, The Washington Post, to shift its editorial line to be more in line with the president. So what provoked Bezos's political change of heart?Murad Ahmed and the FT's US media editor Anna Nicolau speak to Marty Baron, the former executive editor of the Washington Post, about why Bezos bought the Post in the first place, the effect his ownership is having on the newspaper, and how the editorial shift is symptomatic of a larger impact the president seems to be having across the American media landscape. Jeff Bezos and the Washington Post did not reply to a request for comment.Free to read:How Jeff Bezos made peace with Donald Trump Jeff Bezos focuses Washington Post opinion pages on ‘personal liberties' and ‘free markets'Jeff Bezos to sell up to $4.75bn in Amazon stockAmazon to begin deploying rival satellites to Starlink this month This season of Tech Tonic is presented by Murad Ahmed and produced by Josh Gabert-Doyon. The senior producer is Edwin Lane and the executive producer is Flo Phillips. Sound design by Breen Turner and Samantha Giovinco. Original music by Metaphor Music, Manuela Saragosa and Topher Forhecz are the FT's acting co-heads of audio.Read a transcript of this episode on FT.com Hosted on Acast. See acast.com/privacy for more information.

The US is now using force to try to eliminate Iran's nuclear programme, and new tariffs on US household goods take effect. Plus, the chief executive of a Russian burger chain is petitioning President Vladimir Putin to block western businesses from returning, and the CEO of the fintech Revolut could be due for a major pay out. Mentioned in this podcast:US says it inflicted ‘severe damage' on Iran's nuclear programme Tariffs on household goods bring home costs of Trump's trade warsFake McDonald's lobbies Vladimir Putin to block return of western companiesRevolut chief in line for Musk-style payday at $150bn valuationToday's FT News Briefing was produced by Sonja Hutson, Kasia Broussalian, Ethan Plotkin, Mischa Frankl-Duval and Marc Filippino. Additional help from Alexander Higgins and Peter Barber. Our acting co-head of audio is Topher Forhecz. Our intern is Michaela Seah. The show's theme song is by Metaphor Music.Read a transcript of this episode on FT.com Hosted on Acast. See acast.com/privacy for more information.

Russia's war-time economy is slowing down, and the EU is negotiating a trade deal with the US to keep some tariffs in place. Plus, the Bank of England votes to hold interest rates steady, and a UN official describes violence at aid distribution sites in Gaza. Mentioned in this podcast:Russia on brink of recession, says economy ministerEU weighs UK-style trade deal with USBank of England warns of weakening jobs market as it holds ratesHow Gaza's food queues turned into kill zonesToday's FT News Briefing was produced by Fiona Symon, Josh Gabert-Doyon, and Ethan Plotkin. Additional help from Blake Maples, Michael Lello, David da Silva and Gavin Kallmann. Our acting co-head of audio is Topher Forhecz. Our intern is Michaela Seah. The show's theme song is by Metaphor Music. Read a transcript of this episode on FT.com Hosted on Acast. See acast.com/privacy for more information.

The Federal Reserve cut its outlook for the US economy on Wednesday, and in the UK, inflation remains higher than ideal. Plus, Big Tech companies are lobbying for a decade-long ban on AI regulations, and the Israel-Iran conflict has hit the global supply chain. Mentioned in this podcast:UK inflation was 3.4% in MayFederal Reserve cuts outlook for US economy but holds interest rates steadyBig Tech pushes for 10-year ban on US states regulating AIInsurers lift prices 60% for key Iran route as conflict threatens shippingToday's FT News Briefing was produced by Sonja Hutson, Kasia Broussalian, Henry Larson and Marc Filippino. Additional help from Blake Maples, Kelly Garry and Gavin Kallmann. Our acting co-head of audio is Topher Forhecz. Our intern is Michaela Seah. The show's theme song is by Metaphor Music. Read a transcript of this episode on FT.com Hosted on Acast. See acast.com/privacy for more information.

US President Donald Trump demands unconditional surrender from Iran on social media, and the Iran-Israel conflict causes Trump to leave the G7 summit early. Plus, the EU relaxes merger rules on defence and Meta will bring advertisements onto its messaging platform WhatsApp. Mentioned in this podcast:Meta introduces advertising to WhatsApp in push for new revenuesDonald Trump leaves G7 early as Iran-Israel conflict intensifiesBrussels to loosen merger rules for defence companiesRegister for the Reindustrializing America webinar hereTrump calls for Iran's ‘unconditional surrender' Today's FT News Briefing was produced by Henry Larson, Sonja Hutson, Kasia Broussalian, and Marc Filippino. Additional help from Kelly Garry, and Michael Lello. Our acting co-head of audio is Topher Forhecz. Our intern is Michaela Seah. The show's theme song is by Metaphor Music. Read a transcript of this episode on FT.com Hosted on Acast. See acast.com/privacy for more information.

Tensions rise as the EU refuses trade talks with China before next month's leaders summit, and Airbus announced $10bn of orders at the Paris Air Show. Plus US President Donald Trump's golden share means heavy influence in the Nippon Steel deal, and energy markets react to the conflict between Iran and Israel. Mentioned in this podcast:US Steel deal embodies golden age of Trump meddlingFuel and fury: energy becomes a Middle East battlefield EU spurns economic dialogue with China over deepening trade riftToday's FT News Briefing was produced by Mischa Frankl-Duval, Sonja Hutson, Kasia Broussalian, and Marc Filippino. Additional help from Blake Maples and Gavin Kallmann. Our acting co-head of audio is Topher Forhecz. Our intern is Michaela Seah. The show's theme song is by Metaphor Music.Read a transcript of this episode on FT.com Hosted on Acast. See acast.com/privacy for more information.

When Donald Trump re-entered the White House, Elon Musk came with him as his ‘tech bro-in-chief', tasked with rebooting the government machine. But five months on, Musk's ambitious plan to cut $2tn from the annual government budget has failed, and his relationship with the president has ended in a bitter break-up. Could the world's richest man come to regret his time in politics?Murad Ahmed speaks to Joe Miller, the FT's Washington correspondent, about how and why Musk's time in DC came to an abrupt end, and to Stephen Morris, the FT's San Francisco bureau chief, about what this means for Musk's business empire.Free to read:What has Elon Musk's Doge actually achieved?Elon Musk counts the cost of his ‘government efficiency' blitzAre Donald Trump and Elon Musk now enemies?Musk vs Trump is a cautionary tale for Silicon ValleyThis season of Tech Tonic is presented by Murad Ahmed and produced by Josh Gabert-Doyon. The senior producer is Edwin Lane and the executive producer is Flo Phillips. Sound design by Breen Turner and Samantha Giovinco. Original music by Metaphor Music, Manuela Saragosa and Topher Forhecz are the FT's acting co-heads of audio.Read a transcript of this episode on FT.com Hosted on Acast. See acast.com/privacy for more information.

Israel may not have big enough bombs to take down Iran's most secure nuclear facility, and Nippon Steel's bid to take over US Steel is finally moving forward. Plus, gold has surpassed the euro as the second most-popular reserve asset, and the UK's overseas intelligence agency has appointed its first female chief. Mentioned in this podcast:Gold overtakes euro as global reserve asset, ECB saysSilver and platinum prices soar as investors seek ‘gold alternatives' The nuclear mountain that haunts IsraelDonald Trump approves Nippon Steel's $15bn takeover of US SteelBritain's overseas spy agency MI6 promotes ‘Q' to be first female head Today's FT News Briefing was produced by Sonja Hutson, Ethan Plotkin, Kasia Broussalian, and Marc Filippino. Additional help from Alexander Higgins and Peter Barber. Our acting co-head of audio is Topher Forhecz. Our intern is Michaela Seah. The show's theme song is by Metaphor Music. Read a transcript of this episode on FT.com Hosted on Acast. See acast.com/privacy for more information.

Israel has launched a strike against Iran, Argentina's month-on-month inflation rate has fallen below 2 per cent, and Italian, Spanish and Greek sovereign bonds have rallied. Plus, investigators in India are looking into a fatal Boeing 787 crash and the US dollar sank to a three-year low. Mentioned in this podcast:Israel strikes Iran and braces for retaliationDollar sinks to three-year low on Trump tariff threatItaly, Greece and Spain emerge as winners in bond market anxietyMore than 240 dead after Air India flight to London crashesMilei brings Argentina's monthly inflation below 2% for first time since 2020Subscribe to the Unhedged newsletterToday's FT News Briefing was produced by Sonja Hutson, Kasia Broussalian, Fiona Symon, Henry Larson, and Marc Filippino. Additional help from Eli Meixler, Kelly Garry, Michael Lello, David da Silva and Gavin Kallmann. Our intern is Michaela Seah. Topher Forhecz is the FT's acting co-head of audio. The show's theme song is by Metaphor Music. Read a transcript of this episode on FT.com Hosted on Acast. See acast.com/privacy for more information.

The Pentagon has launched a review of the 2021 Aukus submarine deal with the UK and Australia, Donald Trump has said the US and China's deal to restore their trade war truce is “done”, and US inflation rose less than expected to 2.4 per cent in May. Plus, European governments are braced for high-stakes negotiations with Trump that will put the continent's defence, economy and security on the line. Mentioned in this podcast:Pentagon launches review of Aukus nuclear submarine dealDonald Trump says US-China deal ‘done' as two sides restore trade war truceUS inflation rose less than expected to 2.4% in MayEurope confronts Trump's triple threat on Ukraine, Nato and tradeToday's FT News Briefing was produced by Fiona Symon, Sonja Hutson, Kasia Broussalian, and Marc Filippino. Additional help from Blake Maples, Michael Lello, David da Silva and Gavin Kallmann. Our intern is Michaela Seah. Topher Forhecz is the FT's acting co-head of audio. The show's theme song is by Metaphor Music.Read a transcript of this episode on FT.com Hosted on Acast. See acast.com/privacy for more information.

The FT's George Parker explains the winners and losers in UK chancellor Rachel Reeves' spending review, the UK imposed the first western sanctions against Israeli government ministers,and Citigroup is poised to increase provisions for potential bad loans by hundreds of millions of dollars for the second quarter. Plus, US state and local governments are selling municipal bonds at a record pace on fears that Congress could partially pay for President Donald Trump's “big, beautiful bill” by cutting a critical tax break. Mentioned in this podcast:What to expect in Rachel Reeves' spending reviewUK sanctions Israeli ministers Smotrich and Ben-GvirMuni bonds set for record sales on fears US Congress could scrap tax breakCiti to boost provision for potential bad loans on US economic worriesToday's FT News Briefing was produced by Sonja Hutson, Mischa Frankl-Duval, Kasia Broussalian, and Marc Filippino. Additional help from Blake Maples, Michael Lello, David da Silva and Gavin Kallmann. Our intern is Michaela Seah. Topher Forhecz is the FT's acting co-head of audio. The show's theme song is by Metaphor Music. Read a transcript of this episode on FT.com Hosted on Acast. See acast.com/privacy for more information.

The head of the operator of the Panama Canal has warned that a $23bn global ports deal could put the waterway's neutrality mandate at risk, Donald Trump is testing the limits of presidential power by sending troops to Los Angeles, and Warner Bros Discovery will split into two publicly traded companies. Plus, Brazil is hoping to sell its first sovereign debt in the Chinese market to strengthen trade and investment ties.Mentioned in this podcast:Panama Canal boss warns MSC ports deal threatens principle of neutralityTrump administration to deploy hundreds of Marines in Los AngelesDonald Trump tests limits of presidential authority by sending troops into Los AngelesWarner Bros Discovery to split its TV and streaming businessesBrazil plans panda bond as Lula looks to bolster ties with ChinaToday's FT News Briefing was produced by Sonja Hutson, Kasia Broussalian, Mischa Frankl-Duval and Marc Filippino. Additional help from Blake Maples, David da Silva and Gavin Kallmann. Our intern is Michaela Seah. The show's theme song is by Metaphor Music.Read a transcript of this episode on FT.com Hosted on Acast. See acast.com/privacy for more information.

During the US president's first term in office, Tim Cook appeared to be the ultimate Trump whisperer, winning tariff exemptions despite Apple's heavy reliance on Chinese manufacturing. Now, the iPhone-maker-in-chief has found himself under the toughest pressure yet from Trump, who has threatened smartphone tariffs as high as 25%. Does Tim Cook still have a way out, or is Apple out of options? And what does Cook's relationship with Trump tell us about the future of the trade war?FT tech editor Murad Ahmed speaks to Patrick McGee, author of Apple in China: The Capture of the World's Greatest Company; Doug Guthrie, a former negotiator for Apple in Beijing; and FT tech correspondent Michael Acton about the complicated relationship between Cook and Trump.Free to read:Donald Trump threatens Apple and Samsung with 25% tariff on devices Apple set to expand India supply chain through $1.5bn Foxconn plant Apple delays iPhone AI features as it stumbles in race with rivals This season of Tech Tonic is presented by Murad Ahmed and produced by Josh Gabert-Doyon. The senior producer is Edwin Lane and the executive producer is Flo Phillips. Sound design by Breen Turner and Samantha Giovinco. Original music by Metaphor Music, Manuela Saragosa and Topher Forhecz are the FT's acting heads of audio.Read a transcript of this episode on FT.com Hosted on Acast. See acast.com/privacy for more information.

Syria is preparing to rejoin the international banking system, and Italian Prime Minister Giorgia Meloni's rightwing government is trying to prevent a change to the country's citizenship rules. Plus, US junk bond sales are booming ahead of fresh tariff uncertainty, and a German fintech is trying to bring cheap retail investing to Europe.Mentioned in this podcast:Syria to reconnect to global economy after 14 years as pariah stateItaly's vote on who gets to be ItalianItaly votes on speeding up citizenship for foreignersJunk bond sales surge as companies try to beat fresh tariff uncertaintyBlackRock-backed fintech raises funds to be ‘European Charles Schwab'Today's FT News Briefing was produced by Josh Gabert-Doyon, Ethan Plotkin, Sonja Hutson, Kasia Broussalian, Lulu Smyth, and Marc Filippino. Additional help from Jake Fielding, Michael Lello, David da Silva and Gavin Kallmann. Topher Forhecz is the FT's acting co-head of audio. The show's theme song is by Metaphor Music. Read a transcript of this episode on FT.com Hosted on Acast. See acast.com/privacy for more information.

Can Tim Cook save Apple from the trade war? Has Mark Zuckerberg really been a fan of Donald Trump all along? And is the bromance between Elon Musk and the president really over? In a new season of Tech Tonic, Murad Ahmed explores the relationships between Trump and some of the titans of the tech world. What is really driving those relationships, and what might they mean for the future of technology in the US and beyond?Free to read:‘He is power': billionaires line up for Donald Trump's inaugurationDonald Trump lashes out at Apple over plan to ship US iPhones from IndiaHow Jeff Bezos made peace with Donald TrumpWhat has Elon Musk's Doge actually achieved?How Joel Kaplan became Mark Zuckerberg's most trusted political fixerHow Peter Thiel and Silicon Valley funded the sudden rise of JD VanceThis season of Tech Tonic is presented by Murad Ahmed and produced by Josh Gabert-Doyon. The senior producer is Edwin Lane and the executive producer is Flo Phillips. Sound design by Breen Turner and Samantha Giovinco. Original music by Metaphor Music, Manuela Saragosa and Topher Forhecz are the FT's acting co-heads of audio. Hosted on Acast. See acast.com/privacy for more information.

US President Donald Trump and China's leader Xi Jinping agreed to launch a new round of high-level trade talks, the European Central Bank cut interest rates by a quarter point and Europe is being flooded with steel diverted from the US because of high tariffs. Plus, the FT's Aanu Adeoye explains how a Russia-backed junta leader in Burkina Faso became an icon across Africa. Mentioned in this podcast:Donald Trump and Xi Jinping agree to launch new round of trade talksChristine Lagarde signals ECB rate-cutting ‘nearly concluded'‘The cult of Saint Traoré': how a Russia-backed junta leader became an iconEU hit by surge in steel imports as US tariffs divert shipmentsToday's FT News Briefing was produced by Sonja Hutson, Kasia Broussalian, Henry Larson, Fiona Symon, and Marc Filippino. Additional help from Sam Giovinco, Michael Lello and David da Silva. Our intern is Michaela Seah. The show's theme song is by Metaphor Music. Read a transcript of this episode on FT.com Hosted on Acast. See acast.com/privacy for more information.

Apple's rollout of artificial intelligence services in China with Alibaba is being held up, Wells Fargo faces an uphill battle to catch up with its rivals after asset cap was lifted, and US President Donald Trump says Russian President Vladimir Putin is not ready for “immediate peace” with Ukraine. Plus, the European Commission has finally given Bulgaria the green light to join the Eurozone in 2026.Mentioned in this podcast:Apple and Alibaba's AI rollout in China delayed by Trump trade warWells Fargo has finally shed its dunce capWells Fargo asset cap lifted after ‘fake accounts' scandalPutin planning to retaliate for Ukraine drone attack, says TrumpBulgaria to join Eurozone in 2026Today's FT News Briefing was produced by Sonja Hutson, Kasia Broussalian, Lulu Smyth, and Marc Filippino. Additional help from Blake Maples, Michael Lello, David da Silva and Gavin Kallmann. Topher Forhecz is the FT's acting co-head of audio. The show's theme song is by Metaphor Music.Read a transcript of this episode on FT.com Hosted on Acast. See acast.com/privacy for more information.

Dutch Prime Minister Dick Schoof resigned after far-right leader Geert Wilders walked out of his coalition government, Mexico's new supreme court is set to solely contain judges nominated by the ruling coalition, and Eurozone inflation fell below the European Central Bank's 2 per cent target. Plus, the FT's Akila Quinio explains how the Royal Bank of Scotland was nationalised in the wake of the 2008 financial crisis and then reborn. Mentioned in this podcast:Far-right Dutch leader Geert Wilders quits governmentTiny slice of Mexicans elect supreme court closely tied to ruling partyEurozone inflation falls below target to 1.9%The RBS story: how the world's biggest bank was nationalised and then rebornSouth Korean leftwinger Lee Jae-myung wins presidential electionToday's FT News Briefing was produced by Sonja Hutson, Kasia Broussalian, Ethan Plotkin, Fiona Symon, Mischa Frankl-Duval, and Marc Filippino. Additional help from Blake Maples, Michael Lello, and Gavin Kallmann. Our intern is Michaela Seah. Topher Forhecz is the FT's acting co-head of audio. The show's theme song is by Metaphor Music.Read a transcript of this episode on FT.com Hosted on Acast. See acast.com/privacy for more information.

Elon Musk's xAI is launching a $300mn share sale that values the group at $113bn, and China's property sector woes are compounded by tariff worries. Plus, Poland's new president is going to make life hard for the country's prime minister, and the FT's Amelia Pollard explains why US president Donald Trump wants to take mortgage giants Fannie Mae and Freddie Mac private. Mentioned in this podcast:EU companies more concerned about China slowdown than tariffsDonald Trump's plans for Fannie and Freddie would mean payday for hedge fundsNationalist candidate Karol Nawrocki wins knife-edge Poland presidential electionElon Musk's xAI seeks $113bn valuation in $300mn share saleToday's FT News Briefing was produced by Sonja Hutson, Ethan Plotkin, Kasia Broussalian, Fiona Symon, Mischa Frankl-Duval, and Marc Filippino. Additional help from Blake Maples, David da Silva and Gavin Kallmann. Our intern is Michaela Seah. Topher Forhecz is the FT's acting co-head of audio. The show's theme song is by Metaphor Music.Read a transcript of this episode on FT.com Hosted on Acast. See acast.com/privacy for more information.

Private equity dealmaking around the world slowed down in the second quarter of 2025, and South Korea holds elections on Tuesday after months of political instability. Plus, office space construction in the UK has reached a ten-year low, and Wall Street is warning that a little-publicised foreign tax provision in Donald Trump's budget bill could upend markets. Mentioned in this podcast:Trump tariffs cut off recovery in private equity dealmakingLeftwing ‘brawler' on verge of South Korea presidencyThe ‘quiet' crisis brewing between the US and South KoreaForeign tax provision in Trump budget bill spooks Wall StreetUK office construction drops to 10-year lowToday's FT News Briefing was produced by Sonja Hutson, Ethan Plotkin, Kasia Broussalian, Henry Larson, and Marc Filippino. Additional help from Peter Barber. Topher Forhecz is the FT's acting co-head of audio. The show's theme song is by Metaphor Music.Read a transcript of this episode on FT.com Hosted on Acast. See acast.com/privacy for more information.

The White House is fighting court rulings that US President Donald Trump's ‘liberation day' tariff scheme is illegal, and a former Goldman Sachs banker was sentenced to two years in prison for his role in the 1MDB scandal. Plus, how Wall Street offloaded billions of dollars of debt from Elon Musk's Twitter deal.Mentioned in this podcast:Court tariffs bombshell should inspire trading partners to defy TrumpTrade Secrets NewsletterFormer Goldman Sachs banker sentenced to two years in prison for 1MDB roleHow Wall Street offloaded $13bn of debt tied to Elon Musk's Twitter dealToday's FT News Briefing was produced by Sonja Hutson, Fiona Symon, Henry Larson and Marc Filippino. Additional help from Michael Lello, and Gavin Kallmann. Blake Maples mixes our show. Topher Forhecz is the FT's acting co-head of audio. The show's theme song is by Metaphor Music.Read a transcript of this episode on FT.com Hosted on Acast. See acast.com/privacy for more information.

A US court invalidated President Donald Trump's “liberation day” tariff scheme yesterday. Nvidia reported a nearly 70 per cent surge in quarterly revenues, and the US has said it will not renew Chevron's oil licence in Venezuela. Plus, Texas and Nevada are seeking to challenge the dominance of Delaware with company-friendly law.Mentioned in this podcast:US trade court invalidates Donald Trump's reciprocal tariffsNvidia quarterly revenue surges nearly 70% on AI boomUS government will not renew Chevron's Venezuela oil licenceTexas vs Nevada — the battle to woo companies is heating upToday's FT News Briefing was produced by Sonja Hutson, Henry Larson and Marc Filippino. Additional help from Blake Maples and Michael Lello. Topher Forhecz is the FT's acting co-head of audio. The show's theme song is by Metaphor Music.Read a transcript of this episode on FT.com Hosted on Acast. See acast.com/privacy for more information.

US stocks jumped yesterday after President Donald Trump said trade talks with the EU were headed in a "positive" direction, and McKinsey cut 10 per cent of its staff in an effort to increase profits. Plus, Asian currencies are getting a boost from investors' bets on US trade deals and the FT's Leslie Hook explains what's next for Rio Tinto after it asked its chief executive Jakob Stausholm to step down. Mentioned in this podcast:US stocks jump as Donald Trump touts ‘positive' progress on EU trade talksAsian currencies boosted by investor bets on US trade dealsMcKinsey sheds 10% of staff in two-year profitability drive Rio ousted chief Jakob Stausholm to seek boss with more mining experienceToday's FT News Briefing was produced by Sonja Hutson, and Marc Filippino. Additional help from Blake Maples and Michael Lello. The show's theme song is by Metaphor Music.Read a transcript of this episode on FT.com Hosted on Acast. See acast.com/privacy for more information.

Russia's full-scale invasion of Ukraine in 2022 kicked off a massive arms procurement race for Kyiv. Officials looked just about everywhere for weapons they could ship to the frontlines. However, Ukraine has lost hundreds of millions of dollars on fraudulent arms deals in the process. The FT's Ukraine correspondent Isobel Koshiw and investigative reporter Miles Johnson share their reporting. Mentioned in this podcast:How Ukraine lost hundreds of millions on arms deals gone wrongUkraine arms procurement feud risks eroding western trust, G7 warnsToday's FT News Briefing was produced by Ethan Plotkin, Sonja Hutson, and Marc Filippino. Additional help from Sam Giovinco, Michael Lello, David da Silva and Gavin Kallmann. Topher Forhecz is the FT's acting co-head of audio. The show's theme song is by Metaphor Music.Read a transcript of this episode on FT.com Hosted on Acast. See acast.com/privacy for more information.

Republicans in the US House of Representatives narrowly passed President Donald Trump's major budget bill on Thursday, and BYD has sold more electric vehicles in Europe than Tesla for the first time. Plus, Nvidia builds a buffer to the global trade war, and the US is starting to take the penny out of circulation.Mentioned in this podcast:US House passes Trump's showpiece tax billBYD sells more electric vehicles in Europe than Tesla for first timeNvidia seeks to build its business beyond Big TechNvidia chief announces major Taiwan chip investmentsUS to become penniless with phasing out of one-cent coinToday's FT News Briefing was produced by Sonja Hutson, Kasia Broussalian, Ethan Plotkin, Lulu Smyth, and Marc Filippino. Additional help from Sam Giovinco, Michael Lello, David da Silva and Gavin Kallmann. Topher Forhecz is the FT's acting co-head of audio. The show's theme song is by Metaphor Music.Read a transcript of this episode on FT.com Hosted on Acast. See acast.com/privacy for more information.

Telegram leapt to a $540mn profit last year despite the ongoing legal threat to its leadership, yields on the longest-dated Japanese government bonds surged to record highs, and UK inflation rose more than expected to a 15-month high. Plus, Germany is considering banning the far-right Alternative for Germany party, but has it become too big to outlaw? Mentioned in this podcast:Telegram jumps to $540mn profit despite founder facing legal perilJapan's long-term borrowing costs hit record high on demand fearsUK inflation jumps to 3.5% in AprilWill Friedrich Merz ban the far-right Alternative for Germany?Today's FT News Briefing was produced by Sonja Hutson, Kasia Broussalian, Lulu Smyth, and Marc Filippino. Additional help from Simon Panayi, Michael Lello, David da Silva and Gavin Kallmann. Topher Forhecz is the FT's acting co-head of audio. The show's theme song is by Metaphor Music.Read a transcript of this episode on FT.com Hosted on Acast. See acast.com/privacy for more information.

European and Asian investors have pumped record sums into global equity funds that exclude the US market, and shares in Chinese battery maker CATL surged 16 per cent on their debut in Hong Kong. The EU plans to levy a flat fee on billions of small packages entering the bloc, mainly from China. Plus, Israeli Prime Minister Benjamin Netanyahu is facing calls to scale back his military operation in Gaza and let more aid into the enclave.Mentioned in this podcast:Investors flock to equity funds that exclude US after Trump's return to powerChinese battery maker CATL surges 16% in biggest listing of 2025EU to impose €2 tax on low-cost items in blow to Temu and SheinUK halts trade talks with Israel over Gaza offensiveIsrael's Gaza aid plan could lead to ‘war crime', UN agency chief saysBenjamin Netanyahu says Israel plans to take over all of GazaToday's FT News Briefing was produced by Sonja Hutson, Kasia Broussalian, Lulu Smyth, and Marc Filippino. Additional help from Sam Giovinco, Michael Lello, David da Silva and Gavin Kallmann. Topher Forhecz is the FT's acting co-head of audio. The show's theme song is by Metaphor Music. Read a transcript of this episode on FT.com Hosted on Acast. See acast.com/privacy for more information.

The US may be stepping back from its role as mediator in the war in Ukraine, and US long-term borrowing costs rose to their highest level since late 2023 on Monday. US drugmaker Regeneron has agreed to buy 23andMe out of bankruptcy, and the EU and the UK have announced a deal to “reset” their relationship at a summit in London. Mentioned in this podcast:Trump leaves Russia and Ukraine to settle war in talks US borrowing costs climb after Moody's downgrade 23andMe sold out of bankruptcy to RegeneronUK-EU post-Brexit reset: the key pointsToday's FT News Briefing was produced by Sonja Hutson, Kasia Broussalian, Lulu Smyth, and Marc Filippino. Additional help from Sam Giovinco, Michael Lello, David da Silva and Gavin Kallmann. Topher Forhecz is the FT's acting co-head of audio. The show's theme song is by Metaphor Music. Read a transcript of this episode on FT.com Hosted on Acast. See acast.com/privacy for more information.

The UK is holding its first summit with the European Union since Brexit, and US authorities are preparing to announce one of the biggest cuts in banks' capital requirements in more than a decade. Plus, European leaders are hoping to influence US President Donald Trump ahead of his call with Russian President Vladimir Putin, and China is on its way to becoming the world's first “electrostate.” Mentioned in this podcast:UK and EU reset talks go ‘down to the wire'Europe races to influence Trump ahead of Putin callUS poised to dial back bank rules imposed in wake of 2008 crisisHow Xi sparked China's electricity revolutionToday's FT News Briefing was produced by Sonja Hutson, Kasia Broussalian, Ethan Plotkin, Lulu Smyth, and Marc Filippino. Additional help from Alexander Higgins and Peter Barber. Topher Forhecz is the FT's acting co-head of audio. The show's theme song is by Metaphor Music. Read a transcript of this episode on FT.com Hosted on Acast. See acast.com/privacy for more information.

Japan has signalled it is prepared to hold out for a better deal with US President Donald Trump over trade tariffs, and investor Bill Ackman is trying to create a rival to Berkshire Hathaway. Plus, Poland's election this weekend is shaping up to be a turning point, not only for domestic politics, but also for the war in Ukraine. Mentioned in this podcast:Japan to hold out for better trade deal with USCan Bill Ackman create a ‘modern-day' Berkshire Hathaway?Polish women turn on Donald Tusk over abortion rightsVladimir Putin and Donald Trump cast shadow over Poland's electionToday's FT News Briefing was produced by Sonja Hutson, Kasia Broussalian, Lulu Smyth, and Marc Filippino. Additional help from Simon Panayi, Michael Lello, David da Silva and Gavin Kallmann. Topher Forhecz is the FT's acting co-head of audio. The show's theme song is by Metaphor Music. Read a transcript of this episode on FT.com Hosted on Acast. See acast.com/privacy for more information.

CoreWeave reported a 420% rise in revenue in its first quarter as a listed company and the furious rally in US assets has caught big investors off guard. Plus, the Kurdistan Workers' party, the militant group that has been in conflict with the Turkish state for more than 40 years, said it would disband. Note: This episode has been edited from its original version to remove an incorrect segment.Mentioned in this podcast:CoreWeave beats estimates in first results as a listed companyWall Street's sudden rebound catches investors ‘offside'Kurdish militant group PKK says it will disband and end Turkey conflictToday's FT News Briefing was produced by Sonja Hutson, Kasia Broussalian, Lulu Smyth, and Marc Filippino. Additional help from Sam Giovinco, and Michael Lello. Topher Forhecz is the FT's acting co-head of audio. The show's theme song is by Metaphor Music. Hosted on Acast. See acast.com/privacy for more information.

The White House unveiled what it says is $600bn worth of defence and artificial intelligence deals with Saudi Arabia, UnitedHealth Group shares sink to the lowest level in more than four years, and US inflation fell to 2.3 per cent in April. Plus, Nissan plans to axe 15 per cent of its global workforce and almost halve its number of plants.Mentioned in this podcast:Donald Trump lauds Saudi Arabia as he unveils AI and defence dealsUnitedHealth chief Andrew Witty steps down as shares plungeUS inflation falls to 2.3% in April as tariff effect loomsNissan to axe 15% of global workforce and almost halve number of plantsToday's FT News Briefing was produced by Sonja Hutson, Kasia Broussalian, Lulu Smyth, and Marc Filippino. Additional help from Simon Panayi, Michael Lello, David da Silva and Gavin Kallmann. Topher Forhecz is the FT's co-head of audio. The show's theme song is by Metaphor Music.Read a transcript of this episode on FT.com Hosted on Acast. See acast.com/privacy for more information.

Global stocks surged after the US and China slashed tariffs for 90 days, and Brussels is preparing to use capital controls and tariffs against Russia. Plus, OpenAI and Microsoft are rewriting the terms of their multibillion-dollar partnership in a high-stakes negotiation. Mentioned in this podcast:Who blinked first? How the US and China broke their trade deadlockWall Street stocks soar on US-China tariff reprieveEU readies capital controls and tariffs to safeguard Russia sanctionsOpenAI negotiates with Microsoft to unlock new funding and future IPOToday's FT News Briefing was produced by Fiona Symon, Sonja Hutson, Kasia Broussalian, Ethan Plotkin, Lulu Smyth, and Marc Filippino. Additional help from Simon Panayi, Breen Turner, Sam Giovinco, Peter Barber, Michael Lello, David da Silva and Gavin Kallmann. Topher Forhecz is the FT's executive producer. The FT's global head of audio is Cheryl Brumley. The show's theme song is by Metaphor Music.Read a transcript of this episode on FT.com Hosted on Acast. See acast.com/privacy for more information.

How is defence tech reshaping geopolitics? And what does the battlefield of the future look like? In the final episode of our series on the technological weapons of war, the FT's innovation editor John Thornhill sits down with the FT's industry correspondent Sylvia Pfeifer, deputy Beijing bureau chief Ryan McMorrow and US-China correspondent Demetri Sevastopulo. Clips: MCA/Universal Pictures, CCTV, NBC Free to read:China gains dexterous upper hand in humanoid robot tussle with US Buyout groups and VCs ready to play role in Europe's rearmament US ability to defeat China in Taiwan threatened, top Indo-Pacific commander warns Tech Tonic is produced by Josh Gabert-Doyon and Persis Love. Edwin Lane is senior producer. Flo Phillips is the executive producer. Manuela Saragosa is the FT's acting co-head of audio. Original music is by Metaphor Music. Samantha Giovinco and Breen Turner were the sound engineers for this season. This episode is dedicated to our engineer Joseph Salcedo, who tragically passed away last month.Read a transcript of this episode on FT.com Hosted on Acast. See acast.com/privacy for more information.

US officials say they made “substantial progress” on trade talks with China, and trade optimism has driven German stocks to record highs. Plus, US President Donald Trump will visit Saudi Arabia, Qatar, and the United Arab Emirates for the first foreign trip of his second term, and the FT's Christopher Grimes explains why Disney has bounced back amidst a struggling stock price. Mentioned in this podcast:Donald Trump seeks bromance and billions as he heads to GulfGerman stocks hit record high as trade optimism buoys marketsUS claims ‘substantial progress' after two days of trade talks with ChinaDisney plans first Middle East theme park in Abu DhabiToday's FT News Briefing is produced by Fiona Symon, Sonja Hutson, Kasia Broussalian, Ethan Plotkin, and Marc Filippino. Additional help from Katie McMurran and Peter Barber. Topher Forhecz is the FT's acting co-head of audio. The show's theme song is by Metaphor Music. Read a transcript of this episode on FT.com Hosted on Acast. See acast.com/privacy for more information.

The US and the UK agreed to a trade deal, and the Bank of England cut interest rates by a quarter point. Plus, we hear from an FTC commissioner who was fired by US President Donald Trump and is challenging his dismissal.Mentioned in this podcast:US and UK seal first deal of Trump's trade warRobert Prevost becomes first American popeBoE cuts interest rates by a quarter point to 4.25%Behind the Money: The FTC commissioner fired by TrumpAudio credit: White House and NBCThe FT News Briefing is produced by Sonja Hutson, Lulu Smyth, Ethan Plotkin, Kasia Broussalian and Marc Filippino. Additional help from Katie McMurran, Michela Tindera, Katya Kumkova, Michael Lello, Peter Barber and Gavin Kallmann. Our acting co-head of audio is Topher Forhecz. The show's theme song is by Metaphor Music.Read a transcript of this episode on FT.com Hosted on Acast. See acast.com/privacy for more information.

The US scraps rule that aimed to limit exports of artificial intelligence chips, Pakistan vowed to retaliate after India launched air strikes against its neighbour, and the Federal Reserve held interest rates steady once again yesterday. Plus, Doordash's expected acquisition of Deliveroo renewed questions about the UK's ability to attract and retain listings. Mentioned in this podcast:US scraps Biden-era rule that aimed to limit exports of AI chipsPakistan vows to retaliate after India launches military strikes Federal Reserve holds rates steady as it balances risks from Donald Trump's tariffsDoorDash's grab for Deliveroo puts brakes on London's tech hopesThe FT News Briefing is produced by Fiona Symon, Sonja Hutson, Kasia Broussalian, Ethan Plotkin, Lulu Smyth, and Marc Filippino. Additional help from Katie McMurran, Breen Turner, Sam Giovinco, Peter Barber, Michael Lello, David da Silva and Gavin Kallmann. Topher Forhecz is the FT's executive producer. The FT's global head of audio is Cheryl Brumley. The show's theme song is by Metaphor Music. Read a transcript of this episode on FT.com Hosted on Acast. See acast.com/privacy for more information.

India said it had carried out “precision strikes” on “terrorist infrastructure” at nine sites in Pakistan, Friederich Merz suffered a stinging defeat in the German Bundestag before being voted in as chancellor, and Washington and Beijing will this week hold their first trade talks since US President Donald Trump launched a trade war against China. Plus, Argentina is on the cusp of a copper mining boom that might cause problems for the country's wine industry. Mentioned in this podcast:India launches military strikes on PakistanArgentina's wine heartland eyes copper riches US and China to launch formal trade talksChancellor on pause: Bundestag stings Friedrich Merz on day oneThe FT News Briefing is produced by Fiona Symon, Sonja Hutson, Kasia Broussalian, Ethan Plotkin, Lulu Smyth, and Marc Filippino. Additional help from Katie McMurran, Breen Turner, Sam Giovinco, Peter Barber, Michael Lello, David da Silva and Gavin Kallmann. Topher Forhecz is the FT's executive producer. The FT's global head of audio is Cheryl Brumley. The show's theme song is by Metaphor Music. Read a transcript of this episode on FT.com Hosted on Acast. See acast.com/privacy for more information.

OpenAI will remain under the control of the group's non-profit arm, US stocks have wiped out the steep losses that followed US President Donald Trump's tariff announcement, and the Bank of England is expected to cut interest rates on Tuesday. Plus, Meta's AI ambitions face a legal test in one of the first trials over copyright infringement.Mentioned in this podcast:OpenAI ditches plan to convert to for-profit businessMeta lawsuit poses first big test of AI copyright battleBank of England expected to cut rates as US trade war hits growthUS stocks wipe out steep losses that followed Trump's ‘liberation day'The FT News Briefing is produced by Fiona Symon, Sonja Hutson, Kasia Broussalian, Ethan Plotkin, Lulu Smyth, and Marc Filippino. Additional help from Michela Tindera, Katie McMurran, Breen Turner, Sam Giovinco, Peter Barber, Michael Lello, David da Silva and Gavin Kallmann. Topher Forhecz is the FT's executive producer. The FT's global head of audio is Cheryl Brumley. The show's theme song is by Metaphor Music. Read a transcript of this episode on FT.com Hosted on Acast. See acast.com/privacy for more information.

The world's most famous investor says he plans to step down after six decades leading Berkshire Hathaway, and Chinese exporters are turning to third countries to get around 145 per cent US tariffs. Plus, local Nigerian oil companies are starting to replace foreign majors, and Israel calls up reservists to support its expanded operations in Gaza. Mentioned in this podcast:Warren Buffett to step down from Berkshire Hathaway after six decadesChinese exporters ‘wash' products in third countries to avoid Donald Trump's tariffsIsrael vows to hit back against Iran and Houthis after airport attackCredit: CNBCThe FT News Briefing is produced by Fiona Symon, Sonja Hutson, Kasia Broussalian, Ethan Plotkin, Lulu Smyth, and Marc Filippino. Additional help from Katie McMurran, Breen Turner, Sam Giovinco, Peter Barber, Michael Lello, David da Silva and Gavin Kallmann. Topher Forhecz is the FT's executive producer. The FT's global head of audio is Cheryl Brumley. The show's theme song is by Metaphor Music. Read a transcript of this episode on FT.com Hosted on Acast. See acast.com/privacy for more information.

Amazon warned of the impact of Donald Trump's global trade war and issued weaker-than-expected guidance for the second quarter, and Australians head to the polls this weekend caught in the crossfire of the US-China trade war. Plus, European banks had a great first quarter thanks to global market volatility. Mentioned in this podcast:Amazon falls after profit forecast misses expectationsAustralia: caught between a slowing China and a chaotic USUBS, Barclays and SocGen reap trading windfall from market turmoilThe FT News Briefing is produced by Fiona Symon, Sonja Hutson, Kasia Broussalian, Ethan Plotkin, Lulu Smyth, and Marc Filippino. Additional help from Michela Tindera, Josh Gabert-Doyon, Persis Love Katie McMurran, Breen Turner, Sam Giovinco, Peter Barber, Michael Lello, David da Silva and Gavin Kallmann. Topher Forhecz is the FT's executive producer. The FT's global head of audio is Cheryl Brumley. The show's theme song is by Metaphor Music. Read a transcript of this episode on FT.com Hosted on Acast. See acast.com/privacy for more information.

Microsoft posted better than expected quarterly earnings on Wednesday, Spain is trying to figure out what caused a massive power outage, and the Conservatives are bracing for heavy losses in local England elections. Plus, the FT's Claire Jones explains what we can take away from the latest US GDP reading. Mentioned in this podcast:US and Ukraine sign natural resources dealMicrosoft shares jump after software giant's earnings top forecastsUS economy contracts at 0.3% rate as Trump tariffs prompt import surgeLocal elections: Tories braced for losses as England votes in five-party raceHow did Spain's electricity grid collapse?The FT News Briefing is produced by Fiona Symon, Sonja Hutson, Kasia Broussalian, Ethan Plotkin, Lulu Smyth, and Marc Filippino. Additional help from Michela Tindera, Katie McMurran, Breen Turner, Sam Giovinco, Peter Barber, Michael Lello, David da Silva and Gavin Kallmann. Topher Forhecz is the FT's executive producer. The FT's global head of audio is Cheryl Brumley. The show's theme song is by Metaphor Music.Read a transcript of this episode on FT.com Hosted on Acast. See acast.com/privacy for more information.

Donald Trump unveiled more tariff relief for some carmakers, and shares in a number of companies surged in Tokyo after a plan for carmaker Toyota Motor to take one of its subsidiaries private. Plus, Wall Street economists forecast that US GDP shrank in the first quarter, and contrary to some stereotypes, Generation Z is leading the charge back to the office. Mentioned in this podcast:Wall Street banks predict GDP contraction after US trade deficit hits recordDonald Trump set to announce new car tariff climbdown in MichiganJapan shares surge after Toyota spurs hopes for wider corporate shake-upGen Z is leading the charge back to the officeThe FT News Briefing is produced by Fiona Symon, Sonja Hutson, Kasia Broussalian, Ethan Plotkin, Lulu Smyth, and Marc Filippino. Additional help from Katie McMurran, Breen Turner, Sam Giovinco, Peter Barber, Michael Lello, David da Silva and Gavin Kallmann. Topher Forhecz is the FT's executive producer. The FT's global head of audio is Cheryl Brumley. The show's theme song is by Metaphor Music. Read a transcript of this episode on FT.com Hosted on Acast. See acast.com/privacy for more information.

The oil industry is bracing for its worst year since the pandemic, and Spain and Portugal are reeling from a massive power outage. Plus, the FT's Emily Herbert explains why the flight into the Swiss franc is causing a headache for the country's central bank. Mentioned in this podcast:Big Oil braced for worst year since pandemic as bumper profits recedeSpain declares state of emergency in the wake of huge power outageSwiss franc surge sparks bets on return to negative interest ratesThe FT News Briefing is produced by Fiona Symon, Sonja Hutson, Kasia Broussalian, Ethan Plotkin, Lulu Smyth, and Marc Filippino. Additional help from Flo Phillips, Katie McMurran, Breen Turner, Sam Giovinco, Peter Barber, Michael Lello, David da Silva and Gavin Kallmann. Topher Forhecz is the FT's executive producer. The FT's global head of audio is Cheryl Brumley. The show's theme song is by Metaphor Music. Hosted on Acast. See acast.com/privacy for more information.

Canadians will head to the polls Monday to pick a prime minister, and a new US proposal to end the War in Ukraine would allow Russia to keep some of the territory it's conquered. Plus, Hungary's government may be funneling money to friendly news outlets, and major American companies are starting to speak up about Donald Trump's trade war. Mentioned in this podcast:Canadians head to the polls to elect new prime ministerPutin and Trump envoy hold ‘constructive' meeting, Russian official saysTrump and Zelenskyy hold ‘productive' discussion at Pope's funeralHungary accused of illegal subsidies for pro-government mediaConsumer giants ring warning bells over Donald Trump's trade warThe FT News Briefing is produced by Fiona Symon, Sonja Hutson, Kasia Broussalian, Ethan Plotkin, Lulu Smyth, and Marc Filippino. Additional help from Katie McMurran, Breen Turner, Sam Giovinco, Peter Barber, Michael Lello, David da Silva and Gavin Kallmann. Topher Forhecz is the FT's executive producer. The FT's global head of audio is Cheryl Brumley. The show's theme song is by Metaphor Music. Read a transcript of this episode on FT.com Hosted on Acast. See acast.com/privacy for more information.

Apple plans to shift the assembly of all US-sold iPhones to India as soon as next year, factories in China have begun slowing production and furloughing some workers in the aftermath of US tariffs, and Alphabet shares rose after it reported first-quarter profit surged 46 per cent. Plus, the Trump administration wants to stamp out one of America's enduring financial pastimes: writing paper cheques.Mentioned in this podcast:Alphabet shares jump as Google search boosts profitsApple aims to source all US iPhones from India in pivot from ChinaA crucial earnings seasonIs Trump's drive to kill the paper cheque a ‘no brainer'?Chinese factories slow production and send workers home as US tariffs biteThe FT News Briefing is produced by Fiona Symon, Sonja Hutson, Kasia Broussalian, Ethan Plotkin, Lulu Smyth, and Marc Filippino. Additional help from Katie McMurran, Breen Turner, Sam Giovinco, Peter Barber, Michael Lello, David da Silva and Gavin Kallmann. Topher Forhecz is the FT's executive producer. The FT's global head of audio is Cheryl Brumley. The show's theme song is by Metaphor Music. Read a transcript of this episode on FT.com Hosted on Acast. See acast.com/privacy for more information.