FT News Briefing

A massive Twitter hack spread cryptocurrency scams across numerous accounts, leaving social media on high alert. Meanwhile, OPEC and Russia are cautiously unwinding record oil supply cuts. The U.S. has warned against aiding the construction of the contentious Nord Stream 2 gas pipeline. In a significant court ruling, Apple triumphed in a battle against a multi-billion euro tax claim from the EU, igniting debates on tax sovereignty and regulations among member states.

Tensions rise as the U.S. tightens sanctions against China, impacting international relations and tech companies. Meanwhile, Moderna’s early vaccine trials show promising immune responses. In the banking sector, major institutions prepare for potential loan losses, setting aside nearly $28 billion amid uncertain economic conditions. Despite strong trading gains, experts question the sustainability of these profits as they navigate a volatile financial landscape.

Brussels plans to take action against low-tax member states, aiming to tackle corporate tax advantages. Meanwhile, California faces a setback with renewed COVID-19 concerns leading to halted reopening plans. The battle against a controversial Trump-era rule affecting foreign students heats up, and the podcast dives into the impact of the pandemic on European summer tourism. Finally, it highlights the crucial role of American tourists in Europe's economy and the struggles of the tourism sector amidst changing travel dynamics.

Laura Noonan, the US banking editor for the Financial Times, dives into the UK’s plans to phase out Huawei from its 5G networks, a significant move stirring debate. She also discusses WeWork’s optimistic outlook for positive cash flow in 2021 as demand for private offices rises. The conversation shifts to Wall Street, where Noonan predicts varied quarterly earnings, highlighting the strength in investment banking despite challenges from pandemic-related loan losses. Additionally, she sheds light on Wells Fargo's unique dividend hurdles under new Federal guidelines.

Emergency audits are underway as US and European banks assess clients in Hong Kong amid potential sanctions from the new national security law. The Wirecard scandal deepens with intrigue surrounding Jan Marsalek's ties to intelligence and claims of a Russian chemical weapon. A surprising global bicycle shortage has emerged due to the pandemic's cycling boom. Meanwhile, allegations of worker mistreatment at Boohoo have sparked scrutiny, leading to an investigation into labor practices in the fast fashion industry.

Christine Lagarde, the President of the European Central Bank, shares insights on the pandemic's impact, particularly on women who, she notes, are often the first victims in crises. She emphasizes the need for thoughtful recovery strategies, highlighting the importance of grants over loans to support vulnerable communities. Meanwhile, UK business leaders express concerns over job losses despite government recovery plans, and the US grapples with over 3 million confirmed COVID-19 cases. It's a conversation blending economic recovery with social responsibility.

The U.S. is taking steps to withdraw from the World Health Organization, raising questions during a global health crisis. Meanwhile, international investors are linking up with Italy's notorious mafia through their bonds. In a greener twist, spending on U.S. offshore wind power is set to soar, potentially rivaling investments in offshore oil. The conversation also highlights the struggle of low-wage workers, especially in warehouses, where their fight for better treatment and safety has gained urgency amid the pandemic.

Social media giants have pushed back against Hong Kong’s demands for user data, raising privacy concerns. Meanwhile, the U.S. Paycheck Protection Program boasts of saving millions of jobs during the pandemic. The safety of international students in the U.S. is in jeopardy as courses shift online. Additionally, a discussion on the rise of retail investing reveals the psychological dangers of day trading, especially on gamified platforms like Robinhood, highlighting the urgent need for better trader education.

Martin Wolf, the Chief Economics Commentator for the Financial Times, dives deep into the aftermath of Covid-19 and its potential to reshape our societies. He discusses the decline of the global free market era and the rise of inequality, emphasizing the urgent need for systemic reforms. Wolf advocates for a renewed focus on citizenship, arguing it can drive societal progress amidst pressing challenges like climate change and economic instability. His insights challenge traditional economic notions and highlight the significance of collective welfare.

The UK seeks greater control over the review of the £31bn Virgin Media and O2 merger, raising eyebrows in Brussels. Meanwhile, online shopping surges, with US consumers projected to spend $710bn this year. On the employment front, American Airlines faces a surplus of over 20,000 front-line staff, while disparities in job losses affecting Black Americans remain alarming. Economist Valerie Wilson discusses the disproportionate impact of COVID-19 on Black workers and suggests necessary policy measures for recovery.