FT News Briefing

Ian Smith, Senior markets correspondent at the Financial Times, and Nick Files, their Australia and Pacific correspondent, dive into Australia's groundbreaking social media ban for kids under 16. They discuss the government's motivations, including concerns over addiction and bullying. Nick shares a powerful personal story that fueled the push for reform. They also explore potential consequences for tech companies and whether this legislation could inspire similar measures in other countries, making Australia a potential trendsetter.

This discussion features Jamie Smith, the FT's U.S. Energy Editor, and Leslie Hook, the FT's Natural Resources Editor. They dive into surging U.S. natural gas prices and the implications for households and industries. Smith highlights how extreme weather and LNG exports are driving costs higher. Hook warns of a potential bubble in gold and U.S. equities driven by retail investors, noting it's the first time in 50 years both markets are showing bubble-like behavior simultaneously. They also touch on the risks that might come in January.

Claire Jones, U.S. economics editor at the Financial Times, discusses the Federal Reserve's uncertain final rate decision for 2025, highlighting internal divisions and political pressures surrounding inflation and the labor market. Dan Thomas, Global media editor at the Financial Times, analyzes Netflix's surprising $83 billion acquisition of Warner Brothers Discovery, which could reshape Hollywood dynamics. They explore implications for competitors like Paramount, job concerns, and the impact of regulatory challenges linked to this blockbuster deal.

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.