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Saudi Arabia says it's reducing oil production by a million barrels a day to try and prop up falling oil prices. Mehmet Shimshek was sworn in over the weekend, and he's pledged to return to policies that are rational. Turkey has become known for unorthodox policies, like cutting interest rates to rein in inflation. How do you buy a £7 billion company? When you've only got a hundred million quid. Two working-class brothers who turned one gas station into a global empire. Their rise and their Azda deal is also a story of an economic era that's ending.

Saudi Arabia is cutting oil production, Turkey has a new finance minister and Apple is unveiling a mixed-reality headset today. Plus, the FT’s Kaye Wiggins explains how Asda has been able to take on enormous debt and whether its luck is about to change.

Mentioned in this podcast:

Virtual reality start-ups pin hopes on Apple to lure back funding

Saudi Arabia seeks to boost oil price with output cut of 1mn barrels a day

Asda chair defends £2.3bn deal for UK operations of sister group EG

Turkey’s new finance minister pledges to return to “rational” economic policy

The FT News Briefing is produced by Fiona Symon, Sonja Hutson and Marc Filippino. The show’s editor is Jess Smith. Additional help by Katie McMurran, 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

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