FT News Briefing

Brussels is intensifying its efforts to eliminate sweetheart tax deals for corporations in the EU. TikTok battles to avoid a download ban in the U.S., navigating complex ownership disputes involving major American corporations. Meanwhile, the pandemic has significantly slashed global worker incomes by over $3.5 trillion. In Turkey, despite massive government spending, the lira is struggling as the country faces a tricky balance between economic growth and currency stability.

A recent agreement between major advertisers and social media platforms aims to combat harmful content. The pandemic is projected to wipe out at least 100 million jobs globally this year. The Bank of England has ruled out negative interest rates for now, signaling cautious economic policy. Meanwhile, the EU is actively working to establish financial independence post-Brexit, with plans to enhance its market and challenge London's status as a financial hub.

Global stock markets took a nosedive due to worries about new Covid-19 lockdowns. LVMH is facing a legal showdown over its attempt to back out of the Tiffany deal, which could significantly impact the luxury market. Meanwhile, Tesla is gearing up for its shareholder meeting, highlighting its profit streak and ambitious plans in the competitive automotive sector. The discussion also touches on economic recovery in a pandemic era and the broader implications for electric energy solutions.

As winter approaches, the UK is poised to extend its business support loans to combat the rising tide of COVID-19. The European Central Bank is undertaking a major review of its pandemic crisis tool. Meanwhile, Donald Trump unveils plans for a 'patriotic' education fund linked to the Oracle-ByteDance partnership. Plus, insights into how the poisoning of Alexei Navalny could impact the controversial Nord Stream 2 pipeline stir up energy politics in Europe.

Dimitri Sevastopoulos, the FT’s DC bureau chief, provides sharp insights into the political landscape as ByteDance plans an IPO for TikTok in the US amid pressures from the Trump administration. He discusses Biden's struggles to engage Latino voters, emphasizing significant moments like his 'Despacito' performance. The dialogue also covers the evolving political dynamics in Arizona and the tailored strategies both parties are using to attract this crucial demographic, particularly in the context of shifting attitudes and pandemic impacts.

The Federal Reserve plans to maintain low interest rates through 2023, signaling ongoing support for the economy. President Trump is urging Senate Republicans to enhance their economic stimulus proposal amid challenges. Excitement is building around Snowflake's initial public offering, which has rapidly gained attention as the largest-ever software IPO. The rise of cloud computing demand during the pandemic has fueled Snowflake's growth, despite concerns about its valuation and competition from tech giants.

TikTok is set to become a standalone U.S. company, with Oracle stepping in as a minority investor, addressing national security concerns. FedEx reported a strong fiscal quarter thanks to high demand for international shipping. Investors are keenly awaiting insights from the Federal Reserve on new inflation policies. Meanwhile, Nikola faces scrutiny after fraud allegations, prompting inquiries from the U.S. Department of Justice, raising questions about the integrity of its operations.

The Trump administration is gearing up to review Oracle's deal with TikTok, raising security concerns over Chinese tech ownership. Meanwhile, Nvidia's $40 billion acquisition of Arm Holdings is set to reshape the semiconductor industry, sparking debates about technology control. Volkswagen faces scrutiny post-Dieselgate, with executives claiming such scandals would be harder to conceal in today's climate. Additionally, the legal troubles of Carlos Ghosn's associate are highlighted, adding another layer to the automotive industry's accountability challenges.

SoftBank is considering taking itself private, sparking intrigue in the tech world. Meanwhile, Netflix plans to outspend its competitors on content this year, aiming for dominance in entertainment. The conversation also dives into the differing economic recovery strategies of Germany and France during the pandemic. France's gamble on tax cuts and green investments contrasts sharply with Germany's focus on direct payments to stimulate demand. This mix of tech strategies and economic approaches offers a riveting look at today's market dynamics.

Brussels is ratcheting up tensions with the UK over a breach of the Brexit treaty, hinting at potential legal actions. Meanwhile, Citigroup makes history by appointing Jane Fraser as its first female CEO, marking a significant moment for gender representation in finance. In Japan, the frontrunner Yoshihide Suga is set to take the prime minister's office, bringing a unique political journey and plans for economic reform during challenging times.