FT News Briefing

Elettra Artesino, a reporter for the FT's Monetary Policy Radar, dives into Japan's evolving monetary policy and its rippling effects on global markets. She discusses how rising Japanese bond yields, the highest since 2007, signal a shift towards higher rates. Artesino explains the impact of potential repatriation of Japanese investments on UK and French bond markets, highlighting the delicate balance of global liquidity. The conversation also touches on the future of carry trades as rate differentials narrow and what this all means for investors.

Kate Duguid, U.S. markets editor at the Financial Times, shares insights on the bond market's apprehensions regarding Kevin Hassett's candidacy for Fed chair, citing fears of dovish policies that could lead to inflation. Paola Tama, Brussels-based correspondent, discusses the EU's innovative proposal to use €210bn of frozen Russian assets to support Ukraine's recovery, navigating legal complexities and potential political hurdles. She highlights the need for consensus amid looming oppositions from member states like Hungary and Slovakia.

Melissa Hakula, the FT's AI correspondent, and Eleanor Alcott, covering China's biopharma sector, delve into fierce competition in the AI chatbot race, highlighting Mistral's innovative models challenging OpenAI. They discuss the implications of OpenAI's 'code red' alert due to emerging rivals and explore the rapid rise of China's biotech industry, driven by government support and efficient clinical trials. The conversation also speculates on whether Chinese biotechs will dominate globally or forge ties with Western companies.

Mercedes Rule, a Financial Times correspondent specializing in Switzerland's banking landscape, discusses the legal troubles haunting Credit Suisse and UBS over a $7 million payment linked to the Tuna Bonds scandal. She highlights potential compliance failures and how the case could impact UBS's liability post-merger. Meanwhile, Chris Smythe, public policy editor at the FT, elaborates on the UK's strategic agreement to increase NHS spending on medicines to avert hefty US tariffs, balancing costs and investment prospects in the life sciences sector.

Ben Hall, Europe editor at the Financial Times, shares insights into the critical Russia-Ukraine peace discussions, highlighting the impact of U.S. engagement and internal pressures on Zelensky. He discusses the stalled negotiations and security guarantees. Joshua Franklin, the U.S. banking editor, explains the surprising resurgence of voice trading in the U.S. Treasury market, detailing why it's preferable for complex trades despite the overarching shift towards electronic trading. Intrigue and finance collide in this compelling conversation!

In this discussion, Paul Krugman, a Nobel Prize-winning economist and CUNY professor, delves into the complexities of the U.S. economy under Trump. He and Martin Wolf explore the concept of a 'vibecession,' where low consumer confidence looms large despite steady spending. They scrutinize the impacts of tariffs on business investment and recruitment. The conversation also touches on the unsettling effects of AI on hiring, inequality, and the health of American democracy amidst growing authoritarianism.

James O'Donnell, a senior reporter at MIT Technology Review with expertise in AI and defense, shares insights on how artificial intelligence is reshaping warfare. He discusses the practical uses of AI in military logistics and cyber operations. Concerns about human oversight vs. autonomous weapons are explored, highlighting the risks of AI making battlefield decisions. O'Donnell also addresses the challenges of AI hallucinations in military intelligence and debates around international regulations on AI in defense. Lastly, he compares the military AI capabilities of the US and China.

In this insightful discussion, Sam Fleming, FT economics editor, analyzes the UK's new budget, revealing a significant £26bn tax increase and its implications for public finances. He explores how the budget is positioned to appeal to Labour MPs and the potential impact on households. Meanwhile, Chris Kaye, FT Mumbai Bureau Chief, delves into India's booming steel production, highlighting its economic benefits versus environmental costs and trade tensions, while addressing the urgent need for sustainable practices amidst rising pollution.

John Foley, Head of the Financial Times Lex column focused on tech and finance, joins crypto reporter Niko Esgari to discuss the shifting dynamics in the AI and cryptocurrency sectors. They analyze Google's impressive surge toward a $4 trillion market cap and its potential to challenge NVIDIA's dominance through advancements like Gemini and TPU chips. Niko explains the recent $1 trillion wipeout in crypto markets, spotlighting companies gripping onto digital assets and predicting possible mergers as firms seek stability in turbulent times.

Anu Adeoye, acting Global Pharmaceuticals correspondent at the Financial Times, and Jude Weber, the paper's Ireland correspondent, dive into pressing industry and geopolitical topics. They discuss promising clinical trial results amid Bayer's challenges and Novo Nordisk’s disappointing Alzheimer's drug failure. Weber highlights how Ireland's military neutrality has left it vulnerable, particularly concerning transatlantic undersea cables, and outlines the limitations of its defense capabilities. Both guests speculate on the future of Ireland’s defense stance.