FT News Briefing

We have another FT podcast to share. With FT Politics: UK Election Countdown, you can keep up with the twists and turns of the December 12 poll.The first week of the election did not go to plan for the Conservatives, as their campaign was beset by gaffes and mistakes. Can Boris Johnson get back on track? Is Labour pleased with how its campaign is going? Plus, the politics team delves into the new fiscal rules pledged by both parties and what the spending splurge means.You can find FT Politics: UK Election Countdown wherever you listen to podcasts. Hosted on Acast. See acast.com/privacy for more information.

Bankers for Saudi Aramco’s initial public offering have dangled the possibility of bonus payouts that could take the company’s annual dividend past $100bn and Disney’s costs climb as it gets ready to debut its new streaming service. Meanwhile, billionaire and former mayor of New York City Michael Bloomberg has taken his first official steps to run for the Democratic presidential nomination in 2020, US stocks closed at record highs on Thursday following reports that Washington and Beijing agreed to remove some trade tariffs in phases and the Bank of England has given its clearest signal yet that it will be prepared to cut interest rates if the UK economy slows further. Plus, Spain will head to the polls on Sunday for the fourth time in as many years. The FT’s Daniel Dombey explains the political deadlock, and what to expect from the upcoming election.  Hosted on Acast. See acast.com/privacy for more information.

Airbnb is being valued at up to $42bn by investors buying indirect stakes ahead of an IPO next year and the US Department of Justice has charged two former Twitter employees with using the platform to spy for the Saudi government. Meanwhile, SoftBank founder Masayoshi Son admits turning a “blind eye” to governance lapses at WeWork, Uber shares hit a new low on Wednesday following the end of the early investors’ lock-up period and Xerox launches a bid to acquire its much larger rival HP for more than $30bn, including debt. Plus, the French government has pledged to “take back control” of its immigration policy. The FT’s Victor Mallet explains why the crackdown is coming now. Hosted on Acast. See acast.com/privacy for more information.

Donald Trump’s envoy to the EU acknowledges Ukraine aid was linked to a probe into Joe Biden, Ikea and H&M resist retail disruption by investing hundreds of millions of euros into venture capital investments and Germany’s finance minister, Olaf Scholz, offers hope of a breakthrough in plans to create a full eurozone banking union. Plus, an FT investigation shows that air pollution on the London Underground is as much as 10 times above health guidelines. Hosted on Acast. See acast.com/privacy for more information.

Uber’s rising revenue fails to stem a large loss in the third quarter and SoftBank tightens governance at companies it backs following the near collapse of WeWork. Meanwhile, Trump administration officials debate whether to remove some existing tariffs on Chinese goods to seal a partial deal, UK MPs vote in favor of Lindsay Hoyle as the next Speaker of the House of Commons, and a second senior executive leaves McDonald’s after the chief executive was fired over a relationship with an employee. Plus, are Americans better off financially than they were four years ago? A new FT-Peterson poll has some interesting answers. Hosted on Acast. See acast.com/privacy for more information.

The whistleblower who sparked the impeachment inquiry into Donald Trump agrees to answer questions by House Republicans, Saudi Aramco launches its long-awaited IPO, regulators call on Deutsche Bank’s Christian Sewing to give up his dual role as chief executive and investment bank head, and McDonald’s sacks its chief executive over a relationship the fast-food giant said is a violation of company policy. Plus, Facebook, Google and other big technology companies are facing several US investigations into their corporate power. The FT’s Kiran Stacey looks at which investigations the industry should worry about. Hosted on Acast. See acast.com/privacy for more information.

The US House of Representatives votes to begin a new public phase in the impeachment inquiry into Donald Trump, Adam Neumann’s former chief of staff accuses WeWork and its co-founder of discriminating against women, Shares in Pinterest fall after the company reported third-quarter revenues below expectations and Altria writes down the value of its investment in Juul by $4.5bn. Plus, the FT’s David Crow explains why European banks have run out of options to protect profits.   Hosted on Acast. See acast.com/privacy for more information.

The US Department of Justice strikes a deal with the Malaysian financier at the centre of the 1MDB scandal, Apple posts quarterly earnings showing strong accessory sales even as smartphone and Mac sales declined, and new documents reveal that Boeing pushed to limit expensive pilot training for its 737 Max jet. Plus, the Federal Reserve cut interest rates for the third time this year. The FT’s Jennifer Ablan explains what this signals about the central bank’s outlook for the US economy. Hosted on Acast. See acast.com/privacy for more information.

British MPs set a general election for December 12, the owner of French carmaker Peugeot is in merger talks with rival Fiat Chrysler Automobiles to create a company worth more than $47bn, and US senators lash out at Boeing chief executive Dennis Muilenburg in his first appearance before Congress since the two fatal crashes of its 737 max jet. Plus, the FT’s Mehul Srivastava reports on a WhatsApp hack that led to the targeting of 100 journalists and dissidents. Hosted on Acast. See acast.com/privacy for more information.

Alphabet revenues were hit by rising costs in the third quarter despite a strong performance by Google’s ad business, and UK prime minister Boris Johnson will push ahead with another attempt to set a December general election. Plus, the FT reports that TikTok parent company ByteDance is planning to go public in Hong Kong next year, Beyond Meat posts its first quarterly profit since going public and the US House of Representatives will vote to formalise its impeachment inquiry. Then, Sir Richard Branson’s Virgin Galactic made its trading debut on Monday, becoming the first space tourism company to launch on to public markets.  Hosted on Acast. See acast.com/privacy for more information.

Alberto Fernández defeats Mauricio Macri to become the next president of Argentina, Lloyds Banking Group failed to pass on the wills of thousands of deceased customers to their families and President Donald Trump announces that Isis Leader, Abu Bakr al-Baghdadi, was killed by US special forces. Plus, the FT’s San Francisco correspondent Patrick McGee explains how Uber is trying to become the west’s first super-app. Hosted on Acast. See acast.com/privacy for more information.

Amazon shares dropped as much as 9 per cent in after-hours trading on Thursday after the company reported lower profits than a year ago, Boris Johnson makes a fresh push for a UK general election, the European Central Bank keeps rates on hold at president Mario Draghi’s last policy meeting and Paris overtakes Berlin in tech start-up activity. Plus, leftwing populists are poised to retake power in Argentine elections on Sunday. The FT’s Colby Smith explains what this could mean for the country’s debtholders. Hosted on Acast. See acast.com/privacy for more information.

Tesla shares soar 20 per cent in after-hours trade after posting a net profit in the third quarter, and Donald Trump says he will remove sanctions imposed on Turkey a day ahead of a Nato defence ministers meeting. Plus, WeWork plans to axe 4,000 jobs, European Council president Donald Tusk is trying to persuade leaders to back a Brexit delay and Boris Johnson’s government and party are split on whether to push for a general election. Then, the FT’s Washington correspondent, Kiran Stacey, unpacks Mark Zuckerberg’s defence of the Libra digital currency project. Hosted on Acast. See acast.com/privacy for more information.

British MPs back Boris Johnson’s Brexit deal in principle, but derail his attempt to take the UK out of the EU by October 31, and US commerce secretary Wilbur Ross floats new talks with the EU as an alternative to imposing car tariffs next month. Plus, the top US diplomat in Kiev says Donald Trump withheld Ukraine aid over a request to investigate political rivals, Turkey and Russia agree to the removal of Kurdish fighters from a buffer zone in north-east Syria, the Chinese government is drawing up a plan to replace Hong Kong leader Carrie Lam, and Snapchat’s parent company says it expects to hit its target of turning a profit by the end of the year. Then, FT industry editor Peggy Hollinger tells us what Boeing has to do to regain trust as it tries to get its 737 Max plane back in the air.  Hosted on Acast. See acast.com/privacy for more information.

Justin Trudeau’s Liberal party was set for a minority government win in Canada’s general election, SoftBank floats a $9.5bn proposal to take control of WeWork, Israeli prime minister Benjamin Netanyahu abandons attempts to build a governing coalition, researchers at IBM claim that Google is wrong to say it is the first to achieve “quantum supremacy” and three drug distributors, as well as two pharmaceutical companies, sketch out a $48bn proposal to settle lawsuits related to the US opioid epidemic.    Hosted on Acast. See acast.com/privacy for more information.

Boris Johnson makes a new attempt to win parliament’s backing for his Brexit deal on Monday, UK officials say a Russian cyberattack unit “masqueraded” as Iranian hackers to lead attacks against 35 countries and Standard Chartered chief executive Bill Winters is planning to accept a voluntary pay cut in response to a dispute over his pension allowance. Plus, Canadians will go to the polls in a general election today. FT contributor Jason Kirby reports on what is at stake for prime minister Justin Trudeau.  Hosted on Acast. See acast.com/privacy for more information.

Boris Johnson attempts to secure parliamentary support for his Brexit deal, Saudi Aramco postpones the launch of its long-awaited initial public offering and Facebook reveals a project to prevent minors from being exploited on its platforms. Plus, Turkey agrees to pause its military incursion in Syria as the US pledges to ease sanctions, and Mick Mulvaney, acting White House chief of staff, makes an admission regarding Donald Trump’s July phone call to Ukraine. With Lauren Fedor, FT Washington correspondent.  Hosted on Acast. See acast.com/privacy for more information.

Brexit negotiators wrangle over the terms of a deal ahead of the start of Thursday’s EU summit, Netflix missed its forecast for new subscribers for the second straight quarter, thousands of Hong Kong’s wealthy residents are opening bank accounts in Singapore and other financial centres as they try to protect themselves against the territory’s unrest, IBM came up short of Wall Street’s revenue expectations in the latest quarter, the US House of Representatives voted to condemn president Donald Trump over his move to withdraw troops from Syria and American shoppers curbed their spending last month according to weak Commerce Department data. Hosted on Acast. See acast.com/privacy for more information.

The US House of Representatives passed an act voicing strong support for Hong Kong pro-democracy protesters, and Boris Johnson was on Tuesday night locked in a race against time to secure a Brexit deal. Plus, the IMF slashes global growth forecasts, Rudy Giuliani refuses to comply with a congressional subpoena that is part of the impeachment inquiry investigating Donald Trump, and the price of WeWork’s bonds dropped to new lows on Tuesday. Then, the FT’s Laura Noonan tells us why some bankers are still optimistic about the IPO market, even after WeWork’s failed attempt to go public. Hosted on Acast. See acast.com/privacy for more information.

Donald Trump imposes sanctions against Turkish officials, hopes fade for a Brexit deal at a European summit this week, Facebook admits doubts about its digital currency, Libra, as regulatory hurdles loom and African swine fever drives up European pork prices. Plus, the FT’s James Politi explains why the US-China trade truce reached last week is still fragile. Hosted on Acast. See acast.com/privacy for more information.

UK prime minister Boris Johnson gears up for what could be a historic week for Brexit ahead of the EU leaders’ summit, US banks enter the earnings season with the Federal Reserve in rate-cutting mode and the FT’s Andrew Edgecliffe-Johnson explains how in Levi Strauss’s rebirth as a public company, it still manages to meet its ‘profits through principles’ mission. Hosted on Acast. See acast.com/privacy for more information.

Sterling had its biggest day since March on Thursday amid hopes for a Brexit deal, James Murdoch’s new holding company has agreed to buy a minority stake in Vice Media and the US and China are aiming to reach a trade war truce as early as this week. Plus, the FT’s Frankfurt bureau chief Martin Arnold explains how the European Central Bank’s divide over quantitative easing is affecting the global economy.  Hosted on Acast. See acast.com/privacy for more information.

US senators will propose sanctions on Turkey after President Recep Tayyip Erdogan launched an offensive in north-east Syria, EU leaders issue an ultimatum to UK prime minister Boris Johnson ahead of crucial Brexit talks with his Irish counterpart Leo Varadkar and leaked documents show the European Central Bank decided to restart its bond-buying programme last month over the objections of its own officials. Plus, the FT’s Kadhim Shubber explains what options are still on the table for US Congressional Democrats after the White House said it would not cooperate in an impeachment inquiry. Hosted on Acast. See acast.com/privacy for more information.

US stocks staged a late-session sell-off on Tuesday after the Trump administration ratcheted up pressure on China ahead of trade talks after it imposed visa restrictions on individuals, at least 50 conservative UK MPs threaten to revolt against a general election manifesto that pledges to pursue a no-deal Brexit, and the White House has declared that it will not co-operate with the inquiry into an impeachment of Donald Trump. Plus, the FT’s Kiran Stacey explains how the US standoff with China now sees it encouraging investment in Huawei rivals in Europe. Hosted on Acast. See acast.com/privacy for more information.

Hong Kong Exchanges and Clearing says it will not proceed with its £32bn offer for the London Stock Exchange Group, the president of the World Bank warns that global growth could fall short of the 2.6 per cent rate it predicted in June and fallout from the protracted strike by General Motors workers has seen the total number of temporary suspensions mount to almost 60,000. Plus, Donald Trump clears Turkey to launch an operation against US-backed Kurds in Syria. The FT’s Laura Pitel explains what this means for the region. Hosted on Acast. See acast.com/privacy for more information.

HSBC embarks on a cost-cutting drive that threatens up to 10,000 jobs, 2020 presidential hopeful Joe Biden accuses US president Donald Trump of spreading “flat-out lies”, and a post-Brexit trade deal with the US could “severely limit” Britain’s ability to negotiate an equivalent agreement with the EU, according to a leaked government paper. Plus, the FT’s Sarah Neville explains how Novo Nordisk tries to balance rising prices when it comes to insulin products with giving back to the diabetic community.  Hosted on Acast. See acast.com/privacy for more information.

Donald Trump urges China to investigate former US vice president Joe Biden and the FT’s Washington bureau chief Demetri Sevastopulo explains how Mr Biden is handling the Ukrainegate fallout. Plus, the UK and the US agree to a deal where police and intelligence agencies are to be given expedited access to the electronic communications of terror and crime suspects, and PayPal is on the verge of quitting Facebook’s Libra cryptocurrency project. Hosted on Acast. See acast.com/privacy for more information.

Global stocks fell heavily on Wednesday, with the UK market having its worst day in more than three years, while the Trump administration will move to impose tariffs on a wide range of imports from the EU later this month after prevailing in a WTO case over illegal aircraft subsidies, and Donald Trump says he will co-operate with congressional subpoenas related to the impeachment inquiry engulfing his presidency. Plus, the FT’s Sebastian Payne dissects Boris Johnson’s UK Conservative party conference speech and the prime minister’s new Brexit plan. Hosted on Acast. See acast.com/privacy for more information.

The US manufacturing sector contracted for the second consecutive month in September, falling to its lowest level since the recession, Charles Schwab escalates a war among stock-trading platforms by scrapping its fees, and a US appeals court rules that states can set their own standards over so-called “net neutrality”. Plus, the FT’s Sam Jones explains the deepening Credit Suisse spy scandal. Hosted on Acast. See acast.com/privacy for more information.

US Republican Senate majority leader Mitch McConnell said he would hold a trial in the Senate if the House of Representatives voted to impeach President Donald Trump, European central bankers put pressure on politicians to put limits on the mortgage market as house prices heat up, and WeWork has formally withdrawn its plan for an initial public offering. Plus, the FT’s Anjli Raval explains how oil companies such as Royal Dutch Shell are facing a dilemma as they try to move toward clean energy. Hosted on Acast. See acast.com/privacy for more information.

Global dealmaking eases to the slowest pace in more than two years and more than 400,000 German car owners sign up to a landmark collective lawsuit against Volkswagen over emissions test cheating. Plus, the FT’s George Parker reports from the UK Conservative party conference in Manchester and we hear from a protester in Hong Kong, five years after the territory’s last major pro-democracy campaign. Hosted on Acast. See acast.com/privacy for more information.

The White House faced accusations of a cover-up on Thursday after the publication of a whistleblower complaint, Peloton traded below the company’s float price after the fitness equipment company went public on Thursday and Hollywood talent agency owner Endeavor shelved its plans to list. Plus, the FT’s Mehreen Khan explains what a decision by Europe’s highest court means for search engines and the “right to be forgotten” online. Hosted on Acast. See acast.com/privacy for more information.

A memo from the White House reveals that US president Donald Trump asked Ukraine president Volodymyr Zelensky to investigate former vice-president Joe Biden and his son and UK prime minister Boris Johnson paves the way for an acrimonious “people versus parliament” general election. Plus, fitness equipment start-up Peloton will seek an $8.2bn valuation when its shares begin trading on Thursday and Germany’s representative on the European Central Bank’s executive board quits over loose monetary policy. Hosted on Acast. See acast.com/privacy for more information.

House Democrats have launched impeachment proceedings against US president Donald Trump and Adam Neumann has been pushed out as chief executive of WeWork following the dramatic collapse of its initial public offering. Plus, the FT’s chief foreign affairs commentator, Gideon Rachman, sets out what is next for Boris Johnson and British politics following the Supreme Court’s rebuke of the prime minister’s suspension of parliament.  Hosted on Acast. See acast.com/privacy for more information.

UK prime minister Boris Johnson calls for a new deal with Iran, Netflix sees its shares erase all gains for 2019 while Barclays analysts question if its valuation was too high, and Thomas Cook’s management faces a UK government-backed inquiry after the collapse of the travel group. Plus, the FT’s car industry correspondent Peter Campbell explains what a recent settlement with the Securities and Exchange Commission means for Carlos Ghosn and Nissan. Hosted on Acast. See acast.com/privacy for more information.

SoftBank moves to oust Adam Neumann as the chief executive of WeWork, US president Donald Trump and Indian prime minister Narendra Modi perform a double act at a rally of nearly 50,000 Indian-Americans in Texas and Jeremy Corbyn calls rumours he could soon step down as Labour leader “wishful thinking” during the party’s annual conference. Plus, world leaders will gather in New York City this week for the UN General Assembly and the UN climate summit. The FT’s Gillian Tett tells us what to expect.Sign up for the FT's Moral Money email newsletter at ft.com/moralmoney. Hosted on Acast. See acast.com/privacy for more information.

Saudi Arabia is pressuring wealthy families to buy in to the initial public offering of state oil giant Saudi Aramco, the Federal Reserve intervened in the US money markets for the third day in a row on Thursday and promised it would so again today, Sterling climbed back over the $1.25 mark on Thursday after European Commission president Jean-Claude Juncker said a Brexit deal was possible, and companies are racing to burnish their green credentials ahead of today’s global climate protest. Plus, the FT’s Anna Nicolaou tells us why Netflix is starting to look vulnerable. Hosted on Acast. See acast.com/privacy for more information.

Canadian prime minister Justin Trudeau apologises for wearing brownface makeup at a private school party after Time magazine published a yearbook photo from 2001, Cisco chief executive Chuck Robbins dismisses fears of a breakdown in global supply chains, saying he expects Washington and Beijing to reach a deal ending their trade war, KPMG UK plans to cut hundreds of staff in a wave of cost-cutting, and shares in FedEx tumbled on Wednesday, a day after the company reported its weakest sales growth in a decade. Plus, the Federal Reserve cut US interest rates by a quarter point on Wednesday. Our US economics editor, Brendan Greeley, unpacks the move. Hosted on Acast. See acast.com/privacy for more information.

The Federal Reserve Bank of New York announces plans to inject another $75bn into the US financial system to alleviate funding pressures in short-term lending markets, researchers find that smart TVs are leaking sensitive user data to companies including Netflix and Google and Israeli prime minister Benjamin Netanyahu fails to clinch an outright majority for his Likud party in Tuesday’s general election. Plus, the FT’s chief economics commentator, Martin Wolf, says economies are not delivering for most citizens. He tells us what corporations can do to fix the damage. FT.com is free to read today for #FTOpenDay. You can read all of the stories linked below without hitting the paywall. Take a look at the stories we covered in today’s briefing: Fed plans second intervention to ease funding squeezehttps://www.ft.com/content/2c11a972-d941-11e9-8f9b-77216ebe1f17Benjamin Netanyahu left vulnerable by inconclusive Israel electionhttps://www.ft.com/content/828ac962-d984-11e9-8f9b-77216ebe1f17Smart TVs sending sensitive data to Netflix and Facebookhttp://ft.com/content/23ab2f68-d957-11e9-8f9b-77216ebe1f17Martin Wolf: why rentier capitalism is damaging liberal democracyhttps://www.ft.com/content/5a8ab27e-d470-11e9-8367-807ebd53ab77Marc's suggested reads: WeWork’s Adam Neumann admits to being ‘humbled’ https://www.ft.com/content/7d543f5a-d94d-11e9-8f9b-77216ebe1f17 My daughter, the footballer: sexism and the beautiful gamehttps://www.ft.com/content/16f35962-e288-11e6-9645-c9357a75844aGlobal cities begin to shrink as inner areas empty outhttps://www.ft.com/content/c88b4c54-b925-11e9-96bd-8e884d3ea203Russia’s role in producing the taxman of the futurehttps://www.ft.com/content/38967766-aec8-11e9-8030-530adfa879c2 Hosted on Acast. See acast.com/privacy for more information.

WeWork postponed its initial public offering on Monday night after struggling to drum up investor interest, US president Donald Trump says he has struck an “initial” deal on tariff barriers with Japan, EU chiefs say that UK prime minister Boris Johnson brought no fresh proposals to the table during Monday’s Brexit talks in Luxembourg and billionaire philanthropist Bill Gates says the world is “nowhere near” hitting the United Nations’ Sustainable Development Goals. Plus, the FT’s Peter Wells explains how the attack on Saudi Arabia’s major crude processing plant over the weekend will have an effect on the global economy. Hosted on Acast. See acast.com/privacy for more information.

Saudi Arabia faces weeks without full crude production capacity after an attack on the world’s most important oil facility, China’s formerly acquisitive companies have become net sellers of global assets this year for the first time in a decade, thousands of General Motors workers are set to strike after talks broke down over pay and healthcare benefits at the company’s US factories and Brexit secretary Steve Barclay said that Britain could stay in a standstill transition deal with the EU until the end of 2022. Plus, the FT’s Mehul Srivastava tells us what is at stake Israel’s second election of the year. Hosted on Acast. See acast.com/privacy for more information.

WeWork’s executives, investors and advisers are discussing curbing the voting power of co-founder Adam Neumann, Speaker of the UK House of Commons John Bercow warns prime minister Boris Johnson that he will allow parliament to do whatever it takes to avoid a no-deal Brexit, British Airways cancels flights on September 27 because of a planned pilot strike, dentistry company SmileDirectClub sees price shares tumble in its public market debut and Hong Kong Exchanges and Clearing is prepared to sweeten the terms of its £32bn offer for the London Stock Exchange Group. Plus, the FT’s Frankfurt editor Martin Arnold explains how the European Central Bank’s historic package of rate cuts and economic stimulus will affect the eurozone economy. Hosted on Acast. See acast.com/privacy for more information.

Purdue Pharma and its controlling Sackler family members strike a preliminary deal with several US states and local governments to resolve legal claims stemming from the opioid crisis, the FT reports that the Pentagon is compiling a list of companies with ties to the Chinese military and the UK government releases the controversial “Operation Yellowhammer” document that outlines the potential damage from a no-deal Brexit. Plus, the FT’s Philip Stafford explains why investors have given a cold shoulder to Hong Kong Exchanges and Clearing's £32bn bid for the London Stock Exchange. Hosted on Acast. See acast.com/privacy for more information.

Apple unveils the iPhone 11 and undercuts streaming rivals Netflix and Disney with a $4.99-a-month price tag for its TV+ service, and Uber cuts more than 400 engineering and product jobs in the second round of lay-offs since its May stock market listing. Plus, exercise start-up Peloton is eyeing a valuation of up to $8.2bn in its initial public offering and Margrethe Vestager holds on to a beefed-up competition role in the new European Commission. Also, the FT’s US managing editor, Peter Spiegel, unpacks the firing of US national security adviser John Bolton. Hosted on Acast. See acast.com/privacy for more information.

Softbank, the biggest outside shareholder in WeWork, is urging the lossmaking property group to shelve its hotly anticipated initial public offering, attorneys-general from 50 US states and territories launch an investigation into Google’s dominance in online search and advertising and UK prime minister Boris Johnson loses a second attempt to hold a snap election to break Britain’s Brexit impasse. Plus, the FT’s Nicholas Megaw explains how the mis-selling of payment protection insurance caused a £50bn British banking scandal. Hosted on Acast. See acast.com/privacy for more information.

A study found that nearly 40 per cent of worldwide foreign direct investment is used as a vehicle for financial engineering to minimise companies’ tax liabilities, and British Airways cancelled about 50 mostly UK-bound flights on Sunday as the airline braces for a two-day pilot strike. Plus, exports from China fell in August as the country’s trade dispute with the US took a heavier than expected toll on the manufacturing sector and Saudi Arabia has removed energy minister Khalid al-Falih, one of the most powerful figures in the global oil industry. Also, the FT’s Jim Pickard previews the week ahead in UK politics and what it could mean for Brexit.  Hosted on Acast. See acast.com/privacy for more information.

UK Labour MPs appear set to reject Boris Johnson’s push for a snap election and US Treasury secretary Steven Mnuchin moves to return Fannie Mae and Freddie Mac to private ownership. Plus, WeWork expects to be valued at less than half of the $47bn figure reached in its last round of funding from Japan’s SoftBank and news that the US and China will resume trade negotiations sent Wall Street equities higher on Thursday. Also, the FT’s Shanghai correspondent, Tom Hancock, explains why China’s tech groups, including Alibaba, have poured money into physical retail and how that bet worked out for them.   Hosted on Acast. See acast.com/privacy for more information.

Boris Johnson suffered two major defeats on Wednesday as MPs backed legislation to stop a no-deal Brexit and then blocked the prime minister’s attempt to call an election to regain the initiative on Brexit. Plus, workplace chat app Slack posted strong revenue growth and predicted bigger losses during its debut results since going public, Hong Kong’s chief executive Carrie Lam withdrew the controversial extradition bill that sparked three months of protests, Apple returned to the bond market for the first time since 2017 and YouTube and its parent company, Google, agreed to pay $170m to US regulators after being accused of violating children’s privacy. Also, the FT’s Madhumita Murgia explains how Google has been accused of secretly feeding personal data to advertisers. Hosted on Acast. See acast.com/privacy for more information.

UK Conservative rebels inflict a Commons defeat on prime minister Boris Johnson’s Brexit policy, leaving Britain on the brink of a general election. Plus, Italy’s Five Star Movement votes heavily in favour of a coalition with a centre-left rival, Walmart introduces new restrictions on sales of ammunition a month after a mass shooting occurred at one of its stores, and the US manufacturing sector contracts for the first time since 2016 amid global trade tensions and fears of slowing domestic growth. Hosted on Acast. See acast.com/privacy for more information.

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.  Hosted on Acast. See acast.com/privacy for more information.