FT News Briefing

Martha Muir, an FT energy reporter, shares insights on Microsoft's promise to absorb the costs of AI data centres, highlighting local opposition and political hurdles. Ivan Levingston, an FT European deals reporter, discusses Balderton Capital’s £1 million investment in Revolut, which yielded massive returns. He emphasizes the strategic foresight behind backing innovative fintech ventures and how successful small funds can significantly impact a VC's overall performance.

UBS chief executive Sergio Ermotti is planning to step down in April 2027, and Paramount threatened a proxy fight in its latest move to force Warner Bros Discovery back to the negotiating table. Plus, the FT’s Robert Armstrong explains what could come next in US President Donald Trump’s crackdown on the Federal Reserve. Mentioned in this podcast:UBS boss Sergio Ermotti plans to step down in April 2027Paramount threatens proxy fight in battle for Warner Bros DiscoveryWhat is behind the criminal investigation into Jay Powell?Former Fed chiefs attack DoJ probe into Jay PowellFT subscription sale  Note: The FT does not use generative AI to voice its podcasts Today’s FT News Briefing was hosted and edited by Marc Filippino and produced by Sonja Hutson. Our show was mixed by Kelly Garry. Additional help from Gavin Kallmann. Our executive producer is Topher Forhecz. Cheryl Brumley is the FT’s Global Head of Audio. The show’s theme music is by Metaphor Music.Read a transcript of this episode on FT.com Hosted on Acast. See acast.com/privacy for more information.

In this discussion, Andrew England, FT Middle East editor, delves into the unrest in Iran, highlighting protest dynamics and the government's crackdowns. He discusses the uncertainties surrounding reform efforts and potential US responses. Meanwhile, Josh Franklin, FT U.S. banking editor, explores the upcoming earnings season on Wall Street, revealing expectations for a booming investment banking year and the pent-up demand for M&A activity. He also considers the risks banks face with potential opportunities in Venezuela.

In this discussion, Amy Mackinnon, Foreign Affairs Correspondent for the Financial Times, shares her insights on Donald Trump's foreign intervention strategies. They delve into the recent military operation in Venezuela and its motives, linking it to oil interests and historical precedents. The conversation highlights Trump's fixation on acquiring Greenland and assesses the legality of these interventions. Mackinnon also explores the implications of a ‘regime-change light’ strategy, revealing the complexities of modern U.S. foreign policy.

Najmeh Buzorgmer, an Iran correspondent based in Tehran, dives into the significant protests erupting across Iran due to severe economic distress. She explains how a collapsing currency and soaring inflation have fueled discontent among the populace, highlighting alarming poverty levels. Najmeh also discusses the government's response, including policy changes and subsidy cuts, as well as the increasing violence amid unrest. Notably, she outlines how these protests differ from past movements, incorporating foreign influences and shifting political dynamics.

Malcolm Moore, FT energy editor, joins to unpack the dire state of Venezuela's oil infrastructure, revealing its crumbling facilities and the massive investment needed for recovery. He discusses the history of oil decline, tracing it back to nationalization and sanctions. Henry Foy, FT Brussels bureau chief, dives into the UK and France's commitment to troop deployment in Ukraine and explores the intricacies of proposed security guarantees amidst complex political dynamics. Together, they highlight the intersection of energy politics and global stability.

Michael Stott, the Latin America editor at the Financial Times, shares on-the-ground insights from Caracas, detailing the tense atmosphere and government crackdowns following Nicolás Maduro's capture. Stott highlights the heavy media control and limits on information as citizens face intimidation. Joe Leahy, the Beijing bureau chief, discusses China's substantial financial ties to Venezuela and the geopolitical implications of losing an ally in the region amid US intervention, emphasizing that China's concerns extend beyond mere economic interests.

Jamie Smith, U.S. Energy Editor at the Financial Times, shares insights on the rising interest from smaller private investors in Venezuelan oil, especially in light of Nicolas Maduro's ongoing legal troubles. He discusses how these investors can move quickly in contrast to major companies, which remain cautious due to historical expropriations and low prices. Meanwhile, Peter Foster sheds light on Southeast Asia's resilience against U.S. tariffs, explaining how local producers have managed to absorb additional costs and maintain export levels amid trade uncertainties.

In this engaging discussion, James Politi, Washington Bureau Chief, analyzes US strategies and Trump's ambitions in Venezuela. Michael Stott gives insights into the fear and control gripping Caracas after Maduro's capture. Miles McCormick dives into the complexities of reviving Venezuela's oil industry, highlighting its vast potential and the challenges US companies face. Together, they unravel the intricate web of politics and energy that defines this critical moment for Venezuela.

Gillian Tett, a Financial Times columnist and economic analyst, discusses the trajectory of the Magnificent 7 tech stocks. She explains her previous predictions about their performance and analyzes the mixed outcomes of 2025. Gillian attributes upcoming divergences in 2026 to factors like Alphabet's rebound and the unique paths of individual companies. Cautioning against overreliance on AI-driven trends, she outlines risks such as rising rates and political pushback, while also suggesting potential catalysts for a unified recovery.