FT News Briefing

Elon Musk's xAI plans a massive share sale, aiming for a $113 billion valuation while navigating a troubled Chinese property market. Political shifts in Poland create challenges for the prime minister as a nationalist candidate rises to power. The discussion dives into Trump's strategy to privatize Fannie Mae and Freddie Mac, raising concerns about market stability and mortgage rates. As global governance trends evolve, the implications for housing and finance sectors are explored, highlighting the complexities within the industry.

The podcast delves into South Korea’s political landscape following a recent coup, spotlighting the surge of left-wing challenger Lee Jae-myung. It highlights the impact of Trump’s tariffs on private equity dealmaking around the globe. Moreover, it discusses diplomatic ramifications for U.S.-South Korea relations regarding trade and North Korea. Lastly, the decline in UK office construction and potential disruptions from a new U.S. tax policy affecting foreign investment are examined, stirring concerns on Wall Street.

Edward Luce, U.S. national editor and columnist for the Financial Times, teams up with James Politi, the Washington bureau chief, to dissect the curious shift in Republican fiscal policy. They delve into the implications of former President Trump's tax bill, which threatens to balloon the national debt. The conversation highlights intra-party tensions over spending versus budget cuts and explores the historical evolution of fiscal conservatism, leaving listeners pondering the future of U.S. economic policy while enjoying a light-hearted tale about pet ownership.

The legal landscape of Trump's controversial tariffs is in turmoil as the White House challenges court rulings that deem them illegal. A former Goldman Sachs banker receives a two-year sentence linked to the high-profile 1MDB scandal. Additionally, the podcast dives into how Wall Street managed to shed billions in debt from Elon Musk’s Twitter acquisition, showcasing the intertwined nature of business, technology, and political influence in today's economy.

A US court struck down Trump's controversial tariff scheme, while Nvidia celebrates a staggering 70% surge in revenues fueled by AI. Tensions rise as the US decides not to renew Chevron's oil license in Venezuela. The competition heats up between Texas and Nevada, both vying to dethrone Delaware's long-held corporate dominance. This showdown promises to reshape corporate law and influence major companies, sparking discussions on the future of business incorporation in the U.S.

US stocks surged after positive trade news from President Trump, boosting investor sentiment. Meanwhile, McKinsey announced a significant layoff of 10% of its workforce to enhance profitability. Asian currencies also saw gains amid optimism for US trade deals. In a major shift, Rio Tinto is seeking a new CEO after the exit of Jakob Stausholm, focusing on candidates with mining experience. Additionally, Rio Tinto's massive investment in lithium projects highlights its positioning in the electric vehicle market.

The podcast delves into Ukraine’s frantic search for weapons during the Russian invasion, revealing how desperation led to costly fraudulent arms deals. It highlights a notable case where an Arizona ammunition shop failed to meet contract obligations, raising legal challenges. Listeners learn about the chaotic arms procurement landscape as Ukraine attempts to modernize its processes amidst ongoing conflict. The episode further discusses the devastating impact on soldiers, shedding light on the human cost of these failed deals.

In this discussion, Amanda Chu, former US energy reporter for the FT, sheds light on GE Vernova's ambitious journey post-spin-off from General Electric. She examines the principles of de-conglomeration and how they apply to GE Vernova's strategy in the energy sector. The conversation covers the revitalization efforts within the company, including improvements in morale and financial performance. Additionally, Amanda reflects on the economic impact of GE's departure on Schenectady, and the skepticism surrounding GE Vernova's long-term viability amid evolving market demands.

Katie Martin, a markets columnist and co-host of the Unhedged podcast, teams up with Chris Giles, author of the Central Banks newsletter, to discuss Trump's upcoming 100 days in office. They explore how markets are reacting post-'liberation day' and the potential fallout from the nearing end of the 90-day tariff pause. The duo dives into the impact of inflation on voter sentiment and Trump's political strategy as the midterms approach. They even lighten the mood by sharing personal escapes like gardening and football, adding a touch of nostalgia.

The podcast highlights the U.S. House's narrow passage of Trump's budget bill, raising concerns about its financial viability and long-term effects on national debt. Notably, BYD surpasses Tesla in electric vehicle sales in Europe, marking a significant shift in the market. Nvidia is discussed for its strategic moves amidst global trade tensions, particularly regarding its investments in Taiwan. Additionally, the U.S. is phasing out the penny, illustrating evolving economic policies affecting everyday currency management.