FT News Briefing

Elif Shafak, a renowned Turkish-British novelist and activist, engages in a thought-provoking discussion about the intricate ties between national identity and storytelling. She reflects on the generational pain from conflict and the challenges of expressing creativity in oppressive environments. The conversation emphasizes the significance of understanding cultural roots and confronting historical trauma. Additionally, Enuma Okoro shares her affection for New York City, while Tim Harford suggests a more relaxed approach to productivity amidst life's uncertainties.

The conflict in Ukraine triggers a surge in global commodity prices, with wheat and grain exports severely disrupted. Major Western corporations like Accenture and McKinsey withdraw from Russia, facing reputational challenges amid geopolitical tensions. New U.S. sanctions target Russian oligarchs as part of a broader international response. Meanwhile, the reliance on agricultural imports raises concerns about future food shortages, highlighting historical crises that can lead to social unrest. The landscape of global commerce continues to shift dramatically.

The podcast dives into the potential for sanctions targeting Russian oil and gas exports as tensions escalate. It discusses Federal Reserve chair Jay Powell's support for an interest rate rise amid uncertainty. A major focus is Germany's transformative defense policy shift, driven by the Ukraine conflict, as they earmark €100bn to modernize their military. This change impacts both military and corporate landscapes significantly. Lastly, experts weigh the effects of a possible US oil embargo on fuel prices, revealing limited direct consumer impact.

The Nord Stream 2 pipeline is now reported as insolvent, raising questions about Europe's energy future. Meanwhile, China is redefining its role in the Ukraine conflict, signaling potential mediation after recent talks with Ukraine. This marks a notable shift, with China condemning violence against civilians for the first time. Additionally, cryptocurrency exchanges face pressure to restrict transactions with Russia amid concerns about sanction evasion, highlighting the complexities of financial regulations in turbulent geopolitical waters.

Rising energy prices prompt an emergency meeting by the International Energy Agency. Western sanctions have thrown Russian financial markets into chaos, driving the rouble to near collapse. Meanwhile, Gulf states maintain a neutral stance, reflecting complex ties with Russia. The podcast further explores the significant economic consequences for Russia, including currency devaluation, and reveals how Gulf countries are strategically managing their financial relations amidst shifting geopolitical landscapes.

BP is cutting ties with Russia's state oil firm Rosneft, signaling a major corporate shift in response to geopolitical tensions. Norway's oil fund is also divesting from Russian assets, reflecting growing economic concerns. Meanwhile, the U.S. and allies are imposing tough sanctions on Russia's central bank and excluding some banks from SWIFT, aiming to impact its economy. Amidst rising fears of cyberattacks, cybersecurity companies are seeing a surge in shares as firms globally rush to bolster their defenses.

Alec Russell, FT Weekend editor with a rich background in Eastern European geopolitics, shares insights on the ongoing war in Ukraine and its historical implications. He emphasizes the importance of understanding regional dynamics and the West's responsibilities. Joining him is Imogen West-Knights, a journalist who delves into the perplexing mystery of 'the hum' in Halifax. This low-frequency sound has troubled many, primarily middle-aged women. Is it real or imagined? Their conversation uncovers emotional tales and broader themes around perception and the unexplained.

The podcast dives into the chaos following Russia's invasion of Ukraine. It highlights the swift international sanctions imposed by Western nations, particularly the UK’s push to exclude Russia from the SWIFT payment system. Listeners learn about the immediate market reactions, with soaring gas prices and oil surpassing $105. The discussion also touches on the complex economic ramifications of the conflict and the challenges faced by central banks amid rising inflation and geopolitical tensions.

Tensions escalate as Vladimir Putin initiates a military operation in Ukraine, unleashing chaos in major cities. Experts discuss Ukraine's swift declaration of martial law and the global response. The podcast delves into the economic fallout, examining how rising energy prices and sanctions could ripple through Europe. It also highlights the urgent need for the continent to diversify energy sources amidst these geopolitical upheavals, addressing the risks to the global economy.

Western powers respond decisively as Biden declares the invasion of Ukraine has begun, leading to substantial sanctions on Russia. The implications for Russian assets and the stock market are profound, with sell-offs intensifying. Insights from a Berlin bureau chief shed light on the freezing of the Nord Stream 2 pipeline, which complicates Germany's energy strategy. The podcast also delves into NATO's moves to shield Eastern European nations amid rising hostilities, highlighting the precarious balance of power in the region.