Why the US is eliminating the penny

US government shutdown nears an end as House approves funding deal, European carmakers and other industrial companies continue to face “devastating” chip shortages, and Scotland has been handed the same credit rating as the UK, in a boost to Edinburgh as it plans to launch an inaugural bond sale. Plus, an increasing number of wealthy Chinese people are trying to set up family offices and secure residency in the Gulf, rather than Singapore. 

Mentioned in this podcast:

US government shutdown nears an end as House approves funding deal

Europe’s carmakers face ‘devastating’ chip crisis as Nexperia supply crunch continues

Scotland handed same credit rating as UK ahead of debut ‘kilts’ sale

Wealthy Chinese sidestep Singapore for Dubai

US mints last penny after Trump killed coin

Credit: Myles McCormick

Today’s FT News Briefing was produced by Lulu Smyth Victoria Craig, Sonja Hutson, and Marc Filippino. Our show was mixed by Kelly Garry. Additional help from Gavin Kallmann, Michael Lello and David da Silva. The FT’s acting co-head of audio is Topher Forhecz. The show’s theme music is by Metaphor Music.

Read a transcript of this episode on FT.com

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