FT News Briefing

European vaccine makers want EU exemptions that would protect them if there are problems with new Covid-19 vaccines, and low interest rates have helped US homebuilder stocks surge to record highs. Plus, the FT’s James Fontanella-Khan explains why Ant Group chose to list its potentially record setting IPO outside the US. Covid-19 vaccine makers lobby EU for legal protectionhttps://www.ft.com/content/12f7da5b-92c8-4050-bcea-e726b75eef4d?Low rates help propel US homebuilder stocks to record highshttps://www.ft.com/content/9b54ab06-2d57-44a1-85c2-47c114589c22Ant Group reveals $2.6bn profit as it files for blockbuster IPOhttps://www.ft.com/content/b5f6fed2-2dcf-48dc-9097-a49bff5532dc Hosted on Acast. See acast.com/privacy for more information.

India is phasing out equipment from Huawei and other Chinese companies for its telecoms networks due to an escalating border dispute, investors have quietly poured billions of dollars into insurance companies this year betting on pandemic-driven returns, and there is a brewing debate over who will get first access to a coronavirus vaccine in the US. Plus, the FT’s Washington bureau chief, Demetri Sevastopulo explains how the Republican Party will handle Donald Trump’s legacy. India moves to cut Huawei gear from telecoms networkft.com/content/55642551-f6e8-4f9d-b5ba-a12d2fc26ef9?edit=trueInsurers bet that pandemic will usher in era of higher returnsft.com/content/eda1cdd1-3c0a-4fe5-b41e-173a85da79d8US braced for political row over who gets first Covid-19 vaccines ft.com/content/13f40024-46d9-49d5-a1d9-4f5a68e674aa?US election: a divided Republican party questions Trump legacyft.com/content/1521cb7b-44fe-47f3-bdac-92372a8ef129Note: This episode has been updated. Wisconsin police shot and wounded Jacob Blake on Sunday. Hosted on Acast. See acast.com/privacy for more information.

The Trump administration is considering fast tracking a UK Covid-19vaccine for use in America ahead of the presidential election, and new research shows global dividends have suffered the worst quarterly fall in a decade. Plus, the US editor of the FT’s Lex column, Sujeet Indap, explains why a hedge fund manager is in hot water over the Neiman Marcus bankruptcy case. Trump considers fast-tracking UK Covid-19 vaccine before US electionhttps://www.ft.com/content/b053f55b-2a8b-436c-8154-0e93dcdb3c1aGlobal dividends suffer worst quarterly fall since 2009ft.com/content/a136da68-4cc8-489f-9265-a719b11f75e6?Hedge fund manager admits ‘grave mistake’ in Neiman Marcus battlehttps://www.ft.com/content/084ba24b-a96b-4888-9bd4-c80001c0be07 Hosted on Acast. See acast.com/privacy for more information.

Huawei employees are becoming increasingly worried about lay-offs after the US announced “death sentence” sanctions, Hong Kong investment bankers employed by Chinese groups are on track to outnumber those in the territory from Wall Street and international banks, and working remotely could lead companies to outsource employees’ jobs. Huawei employees worry about lay-offs after tougher US sanctionshttps://www.ft.com/content/1fccedf5-bf88-45fe-9a39-2ac378571693Chinese banks’ Hong Kong ranks on track to outnumber global rivalshttps://www.ft.com/content/abbbfcec-736c-47ba-b106-b1bdafebd099If you can do your job anywhere, can anyone do your job?https://www.ft.com/content/fe5a7907-14b9-4e61-9938-ec3dd9d06831Uber and Lyft win reprieve to keep operating in Californiahttps://www.ft.com/content/6b28cb8a-da35-4f02-87cd-780984e6a3ad Hosted on Acast. See acast.com/privacy for more information.

Apple has hit a $2tn market capitalisation just two years after it became the world’s first trillion-dollar company, concern is growing in Germany that a rule introduced as part of the country’s emergency response to coronavirus is fuelling the creation of thousands of so-called zombie groups that could end up sapping the economy for years to come. Plus, as Joe Biden prepares to accept the Democratic nomination for president, he’s putting green energy at the centre of his campaign. Apple market value hits $2tnhttps://www.ft.com/content/ef09a97a-fcea-44d7-a5c0-5dc67becf286Germany haunted by spectre of zombie companieshttps://www.ft.com/content/5d5d1bc1-61a3-46a9-915c-1a1e6f2e5fd2Biden gambles on placing climate change at heart of US energy policyhttps://www.ft.com/content/2ac477e7-34a4-4c0e-b9f4-018cef47d67dAirbnb files for initial public offeringhttps://www.ft.com/content/a35a84b1-8177-40de-99d5-ca04d375cd3b Hosted on Acast. See acast.com/privacy for more information.

Oracle has entered the race to acquire TikTok, EU leaders lined up to urge the Vladimir Putin to help steer Belarus out of its political crisis, and the US postmaster-general has reversed course on a series of controversial cost-cutting measures after Democrats claimed that they would hinder postal voting in the presidential election. Plus, a look at why special purpose acquisition companies are on the increase. Oracle enters race to buy TikTok’s US operationshttps://www.ft.com/content/272cfc69-b268-45ac-88d6-d55821f27e78Putin warns western leaders over ‘meddling’ in Belarushttps://www.ft.com/content/f96fdf91-6826-4af2-923d-ff14947fcd15US postal service delays cutbacks over election fearshttps://www.ft.com/content/2fb59ebf-4e84-4ce6-ab8d-6f1a7dc1a058Can Spacs shake off their bad reputation?https://www.ft.com/content/6eb655a2-21f5-4313-b287-964a63dd88b3 Hosted on Acast. See acast.com/privacy for more information.

Alexander Lukashenko, the strongman president of Belarus, fought for his political future on Monday as protesters called on him to “resign”, stock-trading app Robinhood raised new equity that values the company  at more than $11bn, and the Trump administration has moved to open part of the Arctic wildlife refuge for oil drilling. Plus, the FT’s Anna Gross on the human and economic toll of climate change. ‘Resign!’ Belarus president booed by striking workershttps://www.ft.com/content/2b5d2e59-d50a-4a21-9708-605b1ddf90b1Retail trading app Robinhood’s value tops $11bn on new fundraisinghttps://www.ft.com/content/b208cbbe-579c-4cbf-9358-01ae02b4381bTrump moves to allow oil drilling in Arctic wildlife refugehttps://www.ft.com/content/58b4228f-15ce-40d2-b9bf-688357045b29Rise in coastal flooding poses threat to global economyhttps://www.ft.com/content/6f8fe212-b2e6-49f4-b6b5-c8143ac5392f Hosted on Acast. See acast.com/privacy for more information.

Senior Democrats have called the US postmaster general to testify before Congress amid election fears, pharmaceutical group CureVac has ruled out selling a vaccine at cost, and Italy's businesses enjoy a better than expected rebound from coronavirus. Plus, the FT’s Emiko Terazono on why the decline of travel is bad for the chocolate industry. Further reading:Democrats call postal chief to testify in US mail voting rowhttps://www.ft.com/content/c0128915-ad28-4699-9d5b-9b0a65acaf2bCureVac vows ‘ethical margin’ on price of Covid-19 vaccinehttps://www.ft.com/content/83a418eb-96ae-4b71-b640-6873f315921fItaly’s businesses enjoy ‘better than expected’ virus reboundhttps://www.ft.com/content/73a36f20-bbd4-4d99-a1e9-685788cb9cd9Choc waves: how coronavirus shook the cocoa markethttps://www.ft.com/content/37aa0ac8-e879-4dc2-b751-3eb862b12276 Hosted on Acast. See acast.com/privacy for more information.

Israel and the United Arab Emirates have reached a historic peace deal, Donald Trump has threatened to deprive the US post office of money needed for postal voting in November’s presidential race, and Wells Fargo’s chief compliance officer, Mike Roemer, is leaving after two years of attempting to overhaul the bank’s internal oversight operations.  Plus, the FT’s Christian Shepherd explains why China is treading cautiously in the face of US sanctions. Israel and United Arab Emirates strike historic peace accordhttps://www.ft.com/content/2712a625-e2d4-41f3-9ef1-536d0700cbb8Donald Trump vows to block funding for US postal votinghttps://www.ft.com/content/29dedf1b-a86e-4158-a41b-21bfe88585afWells Fargo’s chief compliance officer quits in risk overhaulhttps://www.ft.com/content/ffeb7a3b-6908-4ea5-a848-841bad14297bChina treads cautiously in the face of US sanctionshttps://www.ft.com/content/4084b0fb-6dc0-4090-a778-3e15694cfa1d Hosted on Acast. See acast.com/privacy for more information.

Small and medium-sized US companies suffered a wipeout in profits in the second quarter amid the Covid-19 crisis, Lyft reported a 61 per cent drop in revenue in the same quarter but says it is seeing signs of a recovery, and Cisco warned of an even bigger drop-off in sales than it has experienced so far during the crisis. Plus, the FT’s Gavin Jackson reports on the UK’s latest GDP data. Then, we look back at the life of media mogul Sumner Redstone.Lyft clings to signs of recovery after pandemic dents revenuehttps://www.ft.com/content/938ea146-2699-4c2d-8511-e634d2d003f8?edit=trueCisco sales warning raises spectre of broad IT spending declinehttps://www.ft.com/content/f737c60e-d632-4eda-9e41-b181c3b5ca04?Coronavirus makes for a brutal quarter for smaller US companieshttps://www.ft.com/content/83d0c41f-be54-48e3-89fe-e78cda5f319cUK economy suffers worst slump in Europe in second quarterhttps://www.ft.com/content/c8b172e2-8f70-4118-9e81-423e9a4b6839Sumner Redstone, media mogul, 1923-2020https://www.ft.com/content/2414b9e4-5ef3-4e46-a760-9592f162e914 Hosted on Acast. See acast.com/privacy for more information.

Democrat Joe Biden has named Kamala Harris as his vice-presidential running mate, an Eastman Kodak board member donated $116m in company shares to an Orthodox Jewish congregation just before the stock price collapsed, and McDonald’s is suing its former chief executive, Steve Easterbrook, over sexual conduct allegations. Plus, Russia has become the first country to grant regulatory approval to a vaccine against Covid-19. The FT’s Henry Foy explains what this means for the global race to treat coronavirus. Joe Biden names Kamala Harris as his running matehttps://www.ft.com/content/6b975742-3200-4a5c-902c-e6303f55da03McDonald’s gets tough with former chief over fresh sexual conduct claimshttps://www.ft.com/content/99718ee2-152f-4749-b8d7-db8065a20a39Kodak board member donated $116m in shares to charityhttps://www.ft.com/content/6e7494c4-56cd-4121-8027-ecfc9586958cRussia to start mass use of its Covid-19 vaccine in coming weekshttps://www.ft.com/content/219b973f-c50a-4071-994f-cc4592d43e1b Hosted on Acast. See acast.com/privacy for more information.

A judge in California has ordered Uber and Lyft to reclassify their drivers as employees, and the Federal Reserve has turned down Goldman Sachs’ request for less onerous treatment after the results of its annual stress test. Plus, the FT’s Richard Milne explains why any labelling of Sweden’s approach to coronavirus might be an oversimplification. Uber and Lyft told to treat drivers as employees in Californiahttps://www.ft.com/content/051a319c-e599-4975-90ea-40211b6a1417Fed denies Goldman’s appeal against stress test resultshttps://www.ft.com/content/ba208f8d-a388-4fe5-a01b-2cb030bb9a03Sweden’s pandemic no longer stands outhttps://www.ft.com/content/7acfc5b8-d96f-455b-9f36-b70dc850428f? Hosted on Acast. See acast.com/privacy for more information.

A series of blockbuster deals has led a resurgence in M&A activity since the start of July, and international donors agreed to fund €250m in emergency aid for Beirut after a chemical explosion devastated Lebanon’s capital. Plus, the FT’s US sports business correspondent, Sara Germano, explains why a group of employees at Nike have asked management to publicly acknowledge the company’s own internal shortcomings on equality before promoting the ideal to consumers. Megadeals lead M&A revival as big companies bulk upft.com/content/59378fea-79a9-4684-ae03-a41798a6245c?Future of Lebanon and entire region at stake, warns Macronhttps://www.ft.com/content/c44ff8e3-1715-499f-8d0e-6774a3d6b8aaBlack employees at Nike object to company’s new adhttps://www.ft.com/content/e8b4a2e3-e0cf-467a-890b-b64db664778a Hosted on Acast. See acast.com/privacy for more information.

A surge in Uber’s food delivery business was unable to offset a 75 per cent drop in global ride-sharing, Quicken Loans stock jumped 20 per cent in its first day of trading on Thursday, and an FT analysis of data made public by  the Trump administration makes it difficult to discern whether the US Paycheck Protection Program was effective at saving jobs. Plus, the FT’s deputy Beijing bureau chief, Yuan Yang, explains why Microsoft’s position in China might give it an advantage in its takeover talks for TikTok. Appetite for Uber Eats fails to offset ride-sharing collapsehttps://www.ft.com/content/0f0cd5f1-f88d-44e1-8b6a-7b50e48118aaQuicken Loans IPO: mortgage pioneer cashes in a big winhttps://www.ft.com/content/4f7e583a-3327-42fd-80cc-81bde2339a9bHow many jobs were saved by the US small business bailout?https://www.ft.com/content/fd288b21-3391-4881-95a3-6b860c007ec0TikTok deal tests Microsoft’s decades of China experiencehttps://www.ft.com/content/b02d5324-07e6-48ac-b658-b8c400d9b4fc Hosted on Acast. See acast.com/privacy for more information.

US lawmakers have launched an investigation into a $765m loan by the US government to Eastman Kodak, and two companies, Zynga and Etsy, reported strong quarterly earnings amid the pandemic. Plus, the FT’s Washington correspondent, Lauren Fedor, has some updates on how the campaign of presumptive Democratic presidential nominee Joe Biden is doing. House Democrats probe $765m government loan to Kodakft.com/content/e4ab02ba-f8f7-4ca9-b881-9400ee612e18?Zynga earnings boosted by lockdown gaming habitshttps://www.ft.com/content/dfee19e3-1084-4d53-b522-99b6595281e7?Joe Biden aims to outspend Donald Trump on TV ads ahead of US electionhttps://www.ft.com/content/012896c0-71ee-4081-a3a5-8b1ca864b214 Hosted on Acast. See acast.com/privacy for more information.

Dozens are dead and thousands injured after an explosion rocked Beirut, an income hit at Disney’s theme park has caused a knock on the company’s profits in the latest quarter, and an exchange traded fund holds more gold than some central banks. Plus, the FT’s Tabby Kinder explains why the UK tax authority, HM Revenue & Customs, is going after General Electric on fraud allegations.Beirut rocked by massive explosionhttps://www.ft.com/content/efb1426f-a80f-4b38-99c1-67a7a0823c4aETF becomes one of world’s biggest gold owners as investors flock inft.com/content/5316a714-6aa9-4919-ab29-96fab47cf2d4Disney plans a digital debut for ‘Mulan’https://www.ft.com/content/e39b07a9-edde-4dd3-9356-31bb11cd39e2Why the UK tax authority is accusing General Electric of a $1bn fraud https://www.ft.com/content/02a6fa1b-8b62-4e1e-9100-fe620c8ec96c Hosted on Acast. See acast.com/privacy for more information.

US President Donald Trump reversed course and dropped his opposition to Microsoft’s bid for TikTok, two leading candidates to head the World Trade Organization say US legal criticisms over dispute resolution are valid, and foreign aid groups combatting the coronavirus pandemic in North Korea have been forced to borrow money from its government. Plus, the FT's senior energy correspondent, Anjli Raval, tells us how oil companies are surviving the pandemic shock. Register for the Energy Source talk, “Profit and Power in the Energy Industry” https://live.ft.com/Events/2020/Profit-and-Power-in-the-Energy-Industry?segmentId=b52e1504-1d03-48a4-76bc-38fb50ada64b&utm_us=JJYAAPTrump drops opposition to Microsoft bid for TikTokhttp://ft.com/content/a1162b60-977d-400c-9758-edc4aa006f72?Leading WTO candidates back US bid for dispute system reforms  ft.com/content/f4830e2b-df7b-474a-8104-6336992ca193Aid groups borrow money from N. Korea in coronavirus fightft.com/content/057ec3d5-77ba-4db3-a1cc-1b2e60617094?edit=trueShell and Total escape underlying losses on strong oil tradinghttps://www.ft.com/content/5df3596c-6b42-4270-85c4-c10834e80975 Hosted on Acast. See acast.com/privacy for more information.

The Trump administration has vowed to “take action” against Chinese software companies that it perceives as a risk to security. Plus, William Spriggs, a professor of economics at Howard University and chief economist of the AFL-CIO, explains how the pandemic is changing the US labour market. US to widen action against Chinese tech groups beyond TikTokhttps://www.ft.com/content/2eb1859f-ea08-4c7e-9bdd-a6712389a389The Rachman Review: US economist William Spriggs on scars of the pandemichttps://www.ft.com/content/f80f8629-a84f-4ed8-abc2-bcf12cc92095 Hosted on Acast. See acast.com/privacy for more information.

Facebook, Amazon, and Apple all reported stellar revenue increases in the latest quarter. The FT’s Richard Waters will explain what that means in the context of Wednesday’s US congressional big tech antitrust hearings. Then, FT US markets reporter Colby Smith will explain investor reaction to the worst contraction in the US economy in postwar history. Plus, corporate America is still clinging on to share buybacks despite the global recession.  Register for the Energy Source talk, “Profit and Power in the Energy Industry” https://live.ft.com/Events/2020/Profit-and-Power-in-the-Energy-Industry?segmentId=b52e1504-1d03-48a4-76bc-38fb50ada64b&utm_us=JJYAAPApple revenues defy expectations despite store closureshttps://www.ft.com/content/20d1ef26-2bf4-4900-85b2-08ef7c6d1ae1US economy suffers sharpest postwar contraction in second quarterhttps://www.ft.com/content/3ff15dc7-be90-4676-8121-5a868016c4bbUS companies cling to share buybacks despite collapse in profitsft.com/content/1c924be0-5bc0-4eba-a088-b98b13080c04? Hosted on Acast. See acast.com/privacy for more information.

American lawmakers grill the chief executives of four US tech groups over unfair competition accusations, Qualcomm shares soared to a record high after the California chipmaker announced a royalty deal with Huawei on Wednesday, and the Federal Reserve extends measures to deal with the risk of an international shortage of dollars. Plus the FT’s opinion and analysis editor, Brooke Masters, explains how Goldman Sachs walked away from the 1MDB scandal relatively unscathed. Big Tech bosses told they have ‘too much power’https://www.ft.com/content/7c291a12-b87c-42a6-bd35-be961693c3e7Qualcomm shares surge on Huawei deal and 5G progresshttps://www.ft.com/content/0d266436-3377-49bb-867b-266939240685Fed warns virus resurgence threatens economic recoveryhttps://www.ft.com/content/938a5387-778d-4f9e-8aed-53d2a332c7af Goldman has done it again with its Malaysia dealhttps://www.ft.com/content/03d5f3c8-3d0c-4afb-b3c5-3c5ed1c7cfe6 Hosted on Acast. See acast.com/privacy for more information.

Moderna is pitching its coronavirus vaccine at about $50 to $60 per course, the Federal Reserve has announced that it will extend emergency lending facilities, the European Central Bank has called on eurozone banks to continue to freeze dividend payments and Europe is bracing for another surge in coronavirus cases. Plus, the heads of Amazon, Apple, Alphabet and Facebook are set to appear together before Congress for the first time. The FT’s Lauren Fedor will explain what might come out of this hearing.Big tech goes to Washington https://www.ft.com/content/3e26d31f-9cff-4b3b-a971-02e16996c190Moderna pitches virus vaccine at around $50-$60 per coursehttps://www.ft.com/content/405c0d07-d15a-4f5b-8a77-3c2fbd5d4c1cEurope battles to contain surge in Covid-19 casesft.com/content/bcddc297-b7f2-444d-908f-54e8ce6f4f98? Hosted on Acast. See acast.com/privacy for more information.

Senate Republicans unveiled a White House-backed plan for $1tn in new stimulus that would cut emergency unemployment benefits by two-thirds, the dollar weakened to a two-year low on Monday as coronavirus flare-ups weighed on investor confidence and Major League Baseball contends with a fresh coronavirus outbreak. Plus, the FT’s banking editor, Stephen Morris, will explain what lies ahead for European banks when it comes to loan losses and dividends. Republicans unveil $1tn stimulus plan cutting jobless benefitshttps://www.ft.com/content/3c6d86e9-93b4-41af-9803-046940cedf99?Dollar sinks to two-year low on concern over US virus tollhttps://www.ft.com/content/9d9fa97c-154f-46fb-affd-51f45a0de08aUS baseball league postpones games after outbreak hits Miami team https://www.ft.com/content/12b00810-5b8c-4df0-b22d-cabe898770a3Banks across Europe braced for further heavy loan-loss chargeshttps://www.ft.com/content/d42d735a-9aa3-454e-955a-3e0b22eda03d Hosted on Acast. See acast.com/privacy for more information.

Republicans are set to unveil their proposals for a fresh round of stimulus today, US oil companies have increased production following the price crash earlier in the year, and a surge in coronavirus cases have forced countries to curb European travel. Plus, the FT’s political editor, George Parker, will have an update on the progress  of future relationship talks between the UK and EU. Republicans prepare to unveil latest US stimulus offerft.com/content/3ced1ea5-6070-46ee-a946-dc18ad212bf7US oil production wells up after Covid price crashhttps://www.ft.com/content/9552bb8b-c23a-458d-b476-bbbbe4163bd2Infection surges force countries to curb European travelhttps://www.ft.com/content/584ee262-d539-40ca-b145-e42865f2bc6bMichel Barnier warns ‘no progress’ made on key issues in Brexit talkshttps://www.ft.com/content/14e6c44f-5573-46c1-8f4c-224747562c42 Hosted on Acast. See acast.com/privacy for more information.

Goldman Sachs is pointing to its strong second quarter results in a pitch to the Federal Reserve for relief on its capital requirements, Intel shares dropped after the company said it was pushing back the launch of its next generation of chips, and as US lawmakers wrangle over the next economic stimulus package the US jobs recovery appears to be stalling. Plus, the search for oil can cost hundreds of millions of dollars. The FT’s senior energy correspondent, Anjli Raval, explains why the industry is scaling back. Goldman touts ‘countercyclical’ trading in pitch for capital reliefft.com/content/91b19416-6f3b-4e67-a309-857a61c6d494?US labour market recovery appears to stall amid stimulus talkshttps://www.ft.com/content/c9290574-ceef-4638-baf1-d27323992129Intel warns of delays to next generation chipsft.com/content/29e02e4f-df7f-49d7-8f94-00a5af481909?The last frontier: oil industry scales back explorationhttps://www.ft.com/content/85afd43a-cb3d-4e82-88b7-1f3a77dc2acb Hosted on Acast. See acast.com/privacy for more information.

Tesla reported its fourth consecutive quarterly net profit on Wednesday, the fissure between the US and China continues to deepen with Washington ordering Beijing to shut its consulate in Houston over spying concerns, a group of US tech investors has launched an ambitious plan to buy TikTok from its Chinese parent company, ByteDance, and Wirecard’s former chief executive has been rearrested and accused of committing a long-running fraud. Hosted on Acast. See acast.com/privacy for more information.

The British government has abandoned hopes of reaching a US-UK trade deal ahead of this autumn’s American presidential election, and Donald Trump told reporters the pandemic in the US will “get worse before it gets better”. Plus, the FT’s Latin America editor, Michael Stott, will explain why the region might be headed for another debt crisis. Hosted on Acast. See acast.com/privacy for more information.

EU leaders are closing in on a deal for a landmark coronavirus recovery package, the largest laboratory company in the US, Quest Diagnostics, has warned it will be impossible to increase coronavirus testing capacity in the event of a second wave in the autumn, and European banks are facing as much as €800bn in loan losses over the next three years as a result of the coronavirus crisis. Plus, the FT’s James Politi will explain why the US economic recovery from coronavirus was so short-lived and whether it will gather pace again.  Hosted on Acast. See acast.com/privacy for more information.

EU leaders spent the weekend locked in marathon summit talks over Europe’s proposed €750bn response to the coronavirus pandemic, and Albert Fernández, Argentina’s president, has made an impassioned appeal for the world to accept that he cannot budge from his final offer to restructure $65bn of foreign debt. Plus, the US is considering an effective ban on TikTok, the popular social media platform. The FT’s Beijing Bureau chief, Yuan Yang, will explain.  Hosted on Acast. See acast.com/privacy for more information.

The US is considering putting TikTok on a blacklist that would effectively prevent Americans from using the popular video app, Netflix warns investors that its pandemic related growth spurt is waning, and the FBI and New York state launch investigations into Wednesday’s unprecedented hack of Twitter. Plus, the FT’s Dan Dombey explains how Spain is still struggling with its coronavirus recovery, and why so much of the country’s future hinges on the proposed EU recovery fund.  Hosted on Acast. See acast.com/privacy for more information.

Twitter experienced an unprecedented hack on Wednesday when bitcoin scammers sent a series of tweets from hundreds of accounts, Opec and Russia move to start unwinding the record oil supply cuts agreed earlier this year, and the US has threatened to impose sanctions on any companies helping Russia to build the Nord Stream 2 gas pipeline. Plus, the EU’s second-highest court rejected a European Commission order for Apple to pay back more than 14 billion euros in taxes to Ireland. The FT’s Javier Espinoza will have more on what this means for the EU as it tries to crack down on low-tax countries.  Hosted on Acast. See acast.com/privacy for more information.

President Donald Trump signed legislation on Tuesday that gives his administration more power to impose sanctions on Chinese officials, the Trump administration reversed its rule that international students would have to return home if they are attending universities with online-only classes, Moderna’s potential Covid-19 vaccine produced immune responses in patients in the early stage trial, and technology groups are refusing a data sharing proposal with Hong Kong regulators. Plus, the FT’s US banking editor, Laura Noonan, examines why three of America’s biggest banks set aside a combined $28bn for current and future loan losses.  Hosted on Acast. See acast.com/privacy for more information.

Brussels is planning to pursue low-tax member states over their advantageous corporate tax regimes, California is rolling back its reopening effort due to a surge in Covid-19 cases, and US technology groups and a group of state attorneys-general are joining the battle against a Trump administration rule that requires foreign students to return home if universities move to online-only courses. Plus, the FT’s leisure industries reporter Alice Hancock will explain what is becoming of the businesses reliant on European summer tourism in light of the pandemic. Hosted on Acast. See acast.com/privacy for more information.

Boris Johnson is set to unveil plans this week to phase Huawei out of the UK’s 5G mobile phone networks, WeWork’s executive chairman tells the Financial Times that the company is on track to have positive cash flow in 2021, and the new head of the US Office of the Comptroller of the Currency warns banks about using coronavirus as cover to shut branches or to win permanent concessions from regulators. Plus, the FT’s US banking editor, Laura Noonan, tells us what to expect when Wall Street banks report quarterly earnings this week. Hosted on Acast. See acast.com/privacy for more information.

US and European banks in Hong Kong are conducting emergency audits of their clients to identify officials and corporates that could face possible US sanctions over the new national security law, the FT reports that Wirecard executive Jan Marsalek touted secret documents about the use of a Russian chemical weapon in the UK as he bragged of ties to intelligence services to ingratiate himself with London traders, and coronavirus has spurred a global bicycle shortage. Plus, the FT’s consumer industries reporter Patricia Nilsson will explain how allegations of worker mistreatment brought on an investigation of online retailer Boohoo.   Hosted on Acast. See acast.com/privacy for more information.

In an interview with the FT, European Central Bank president Christine Lagarde said that “women are the first victims” of events such as a pandemic and discussed the steps towards recovery. Plus, UK business leaders say that millions of jobs in some of the hardest hit sectors are still at risk despite chancellor Rishi Sunak’s £30bn jobs plan, and the US hits 3m confirmed coronavirus cases.  Hosted on Acast. See acast.com/privacy for more information.

The US has begun the process of leaving the World Health Organization, the FT reports that international investors bought bonds backed by the crime proceeds of Italy’s most powerful mafia group, and US investment in offshore wind power is predicted to rise to a level that nearly matches spending on offshore oil drilling this decade. Plus, the FT’s Claire Bushey will explain how coronavirus has triggered a conversation on the treatment and compensation of low-wage workers. Hosted on Acast. See acast.com/privacy for more information.

Facebook, Google and Twitter have all said they would temporarily block Hong Kong’s authorities from accessing user data despite threats from the government, the US claims its small business bailout programme has kept 51.1 million people in work during the pandemic, and foreign students at US universities and schools will no longer be eligible to stay in the country if their courses move fully online due to coronavirus. Plus, the FT’s Eric Platt will report on the dangers associated with day trading. Hosted on Acast. See acast.com/privacy for more information.

Covid-19 has been a global shock. But will it be a transformative one? In this special edition of the FT News Briefing, the FT’s chief economics commentator, Martin Wolf, explains why the global free market era might soon be coming to an end for western democracies, and why he thinks politics, society and the economy should now revolve around the idea of citizenship. Read Martin Wolf’s essay at FT.com/BigRead.  Hosted on Acast. See acast.com/privacy for more information.

The UK’s Competition and Markets Authority is set to ask Brussels for full control over the review of the proposed £31bn merger between Virgin Media and O2, US consumers are expected to spend $710bn online in 2020, and American Airlines says it could have over 20,000 front-line employees more than it needs this autumn to operate its reduced flying schedule. Plus, the unemployment rate for black Americans remained higher in June than for all other groups. Economist Valerie Wilson explains why black workers are being disproportionately affected by coronavirus and what policy measures might help. Hosted on Acast. See acast.com/privacy for more information.

US public health experts are warning of a heightened risk of coronavirus transmission during US Independence Day celebrations, EU regulators are asking more questions about Google’s proposed $2.1bn takeover of fitness tracker Fitbit, and the FT’s  James Kynge explains how China’s national security law affects both Hong Kongers and foreigners living in the territory. Plus, the FT’s Judith Evans explains why consumers are changing their attitudes towards single-use plastic in the pandemic. Hosted on Acast. See acast.com/privacy for more information.

Coronavirus has brought an end to one of the longest waves in mergers and acquisitions history, more than 100 UK company chiefs, entrepreneurs and business groups have written to Boris Johnson warning about the economic damage of a no-deal Brexit, and the FT has revealed that German payments company Wirecard relied on a small number of customers for the majority of its genuine sales according to an internal document. Plus, the FT’s Hannah Murphy looks at whether the advertising revolt against social media and hate speech policy will have a lasting effect.  Hosted on Acast. See acast.com/privacy for more information.

Wall Street investment banks brought in a record amount of fees for fundraisings in the first six months of 2020 amid coronavirus, UK prime minister Boris Johnson plans to announce £5bn of infrastructure projects today, and Gilead Sciences has said it will charge governments $2,340 for a 5-day course of its coronavirus treatment, remdesivir. Plus, the FT’s Primrose Riordan explains why investors, economists, and analysts are growing concerned over China’s national security law in Hong Kong.  Hosted on Acast. See acast.com/privacy for more information.

American shale pioneer Chesapeake Energy has filed for Chapter 11 bankruptcy, and dozens of brands are cancelling advertising on Facebook over the social media company’s handling of hate speech.  Plus, Singapore is luring hedge funds and investors away from other low tax jurisdictions with a new corporate structure. The FT’s Stefania Palma explains how the country is trying to make itself Asia’s leading financial centre. Hosted on Acast. See acast.com/privacy for more information.

Wirecard filed for insolvency on Thursday, days after the German payments group revealed a multiyear fraud that led to the arrest of its former chief executive. The FT’s Dan McCrum has been following Wirecard for the past five years and will upack the company’s current position. Plus, the Federal Reserve has capped dividends and banned share buybacks by big US banks in an attempt to strengthen the financial system in the pandemic. Hosted on Acast. See acast.com/privacy for more information.

Global markets dropped on Wednesday as rising Covid-19 cases  fuelled fears that the virus could derail an economic recovery, US airlines increased the size of their debt and equity fundraisings this week to nearly $10bn after receiving a warm welcome from investors, and Bayer will pay up to $10.9bn to settle a wave of lawsuits over the potential carcinogenic effects of its herbicide product Roundup. Plus, the FT’s currencies correspondent, Eva Szalay, explains why analysts at Bank of America say the British pound is an emerging-market currency in all but name. Hosted on Acast. See acast.com/privacy for more information.

Wirecard’s founder Markus Braun was arrested on suspicion of false accounting and market manipulation, and the Trump administration has eased Obama-era environmental rules during the pandemic. Plus, the FT’s global finance correspondent, Robin Wigglesworth, will explain why some investors say the Federal Reserve and other central banks have in practice nationalised the bond market with their coronavirus measures. Hosted on Acast. See acast.com/privacy for more information.

Donald Trump is set to extend a suspension of immigration into the US imposed in response to the coronavirus pandemic, and Apple is planning to transition away from Intel chips to an in-house design for processors. Plus, last week Wirecard warned that €1.9bn was missing from its accounts. It confirms reporting by the Financial Times, which has been investigating fraud suspicions at the German payments group. The FT’s investigations editor, Paul Murphy, will unpack the difficulties in reporting the story and the eventual downfall of the company. Hosted on Acast. See acast.com/privacy for more information.

Boris Johnson will hammer out a new plan with senior ministers this week aimed at unblocking talks on Britain’s future relationship with the EU, and the delay of oil and gas projects in Senegal signals the aftershocks from the coronavirus crisis are even hurting economies that have avoided the worst of the pandemic itself. Plus, some economists have suggested the Federal Reserve could target the black unemployment rate in its monetary policy as a means of addressing income inequality in the US. One such advocate, Janelle Jones of the Groundwork Collaborative, unpacks her proposal. Hosted on Acast. See acast.com/privacy for more information.

Executives from drugmaker Insys were the first from the pharmaceutical sector to be handed prison time for their role in America’s opioid epidemic earlier this year. The FT and the PBS series Frontline have investigated why the warning signs around the company were ignored for so long. FT pharmaceutical correspondent Hannah Kuchler tells Marc Filippino what they uncovered.Read the story at ft.com/insys.The PBS Frontline documentary, Opioids, Inc. is available for streaming online at PBS.org beginning Friday June 19, and will premiere on American PBS stations on Tuesday, June 23. For more information visit: https://www.pbs.org/wgbh/frontline/film/opioids-inc/. Hosted on Acast. See acast.com/privacy for more information.

The US has suspended talks with European countries on a new global tax framework for technology companies, private equity groups in the US have been on a spending spree despite worldwide lockdowns due to the pandemic, and the bankrupt car rental company Hertz halted its controversial $500m share sale. Plus, the FT’s Seoul bureau chief Edward White explains how Donald Trump’s transactional approach to foreign policy is affecting America’s relationships with Asian countries. Hosted on Acast. See acast.com/privacy for more information.