FT News Briefing

Federal Reserve officials have significantly upgraded their growth forecast, reflecting optimism for the economy. Meanwhile, Microsoft is facing scrutiny over a cybersecurity breach, raising concerns about potential leaks from its partners. The spotlight also shines on Stripe, which skyrocketed to become Silicon Valley's most valuable private company with a staggering $95 billion valuation. This success is attributed to its innovative approach to online payments and a robust engineering culture, especially during the pandemic's surge in digital transactions.

Brussels is set to propose a Covid-19 travel certificate to ease movement across EU countries. Meanwhile, serious legal action is brewing for NatWest as the FCA pursues money laundering charges related to suspicious cash deposits. The economic divide between the US and EU continues to widen, spurred by differing recovery rates and stimulus efforts. Lastly, the discussion touches on corporate environmental claims, highlighting the tensions between investments and corporate responsibility.

US airlines are buzzing with optimism as travel booms post-pandemic, marking the busiest weekend since it began. Meanwhile, Chinese tech giants are creatively strategizing to sidestep Apple's new privacy rules, raising eyebrows in the tech world. On a green note, companies are planting trees to attract eco-aware customers, though some face accusations of greenwashing. The clash between sustainability and corporate antics adds an intriguing layer to this evolving narrative!

Stripe has reached a staggering valuation of $95 billion, solidifying its position as a leading payments provider. The pandemic sparked an entrepreneurial surge, with over 4.4 million new businesses launched in the U.S. Innovations in data use during the crisis highlight how trust affects public health measures, particularly in countries like South Korea. The discussion further emphasizes the importance of navigating technological changes and creating effective frameworks to manage their societal impact.

Australia is considering a major investment in a biopharmaceutical plant to lessen its dependence on imported medicines. Meanwhile, China's Sinopharm is striving to enhance its global vaccine credibility amid challenges. Spain is leading the EU by granting gig economy workers employee rights, reflecting a significant labor shift. Additionally, the European Central Bank is accelerating its bond buying to stabilize markets amid inflation concerns, as retail investors continue to reshape market dynamics.

In this engaging discussion, Martin Wolf, Chief Economics Commentator for the Financial Times, reflects on the year since the pandemic's declaration. He analyzes the mixed responses of governments, highlighting the economic struggles faced by developing nations versus wealthier countries. Wolf also dives into the potential for recovery fueled by infrastructure investments and vaccine advancements. He emphasizes the need for equitable global vaccine distribution and a reimagined approach to citizenship, contrasting it with previous austerity measures.

President Biden's massive $1.9 trillion stimulus plan is set to boost the global economy, according to the OECD. In Europe, the pandemic is taking a toll on birth rates, raising concerns for the future. Meanwhile, Coupang's IPO faces scrutiny amidst troubling labor practices. The spotlight shines on green hydrogen as a promising alternative to fossil fuels, sparking interest in its production methods and potential for a cleaner energy landscape. The race for energy innovation continues, alongside developments in the European cannabis market.

Tech stocks are sinking, dragging Wall Street down amid inflation concerns and shifting investor focus. Meanwhile, Greensill Capital’s shocking administration filing raises alarms over defaults impacting its major client, GFG Alliance. On a brighter note, a significant merger between Apollo Global Capital and Athene Holding looks to reshape the financial landscape. This move is analyzed for its potential conflicts of interest and implications for investors, especially in light of leadership changes within Apollo.

This time, Josh Chaffin, FT's New York correspondent, shares his insights into the shifting landscape of the commercial property market post-pandemic. He discusses how banks have shown leniency towards property owners despite economic challenges. The conversation also touches on the ECB’s investigation into Greensill Capital and its connection to GFG Alliance. Additionally, the geopolitical ramifications of Biden's summit with allies to counter China are explored, along with TikTok's scrutiny of military content in Myanmar.

Jay Powell's recent remarks have sparked a notable sell-off in U.S. stocks and Treasury debt, raising concerns among investors. Meanwhile, OPEC and Russia have opted not to increase oil production, causing prices to climb. The discussion also highlights the UK's efforts to attract tech companies to its stock exchange with proposed regulatory reforms, aiming to enhance its global competitiveness. The impact of Brexit on London's financial landscape and the challenges in the Texas power market add further intrigue to the economic conversation.