FT News Briefing

The looming threat of a government shutdown creates tension in Congress, with debates over funding and the need for bipartisan support. Meanwhile, Denmark responds to security concerns with a week-long ban on civil drones after sightings near military sites. On a lighter note, the rise of drive-through coffee kiosks is reshaping the US coffee scene, driven by speed and low costs. Also, Japan is upgrading its office spaces to attract talent in a competitive job market.

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A new consortium, including Oracle and Silver Lake, is set to take control of TikTok USA amid rising valuations. Germany's chancellor proposes using frozen Russian assets to finance Ukraine's military needs, reflecting shifting European dynamics. Meanwhile, a landmark trial leads to former French president Sarkozy's conviction for criminal conspiracy. Additionally, the U.S. is negotiating a bailout to stabilize Argentina's struggling economy, as political challenges threaten the newly elected president.

BNP Paribas is changing its tune by dropping its controversial weapons financing ban, opening up new opportunities. Meanwhile, US investors are sounding alarms over lax lending standards, pointing to recent defaults that highlight major concerns in credit markets. Italy is considering a freeze on its retirement age, a move that could have significant effects. On the gold front, Singapore and Hong Kong are vying to become leading gold hubs, driven by rising demand, despite facing geopolitical challenges.

The CEO of Eli Lilly criticizes the UK's drug pricing as a barrier to innovation. Trump’s more confrontational stance at the UN contrasts sharply with his earlier remarks. The OECD suggests potential interest rate cuts as the US economy slows. Meanwhile, many US corporations tout AI's potential but struggle to articulate its practical benefits, focusing instead on risks. Some firms do demonstrate tangible uses for AI in operations, raising questions about investor expectations and the true cost of implementation.

Nvidia's ambitious plan to invest $100 billion in OpenAI is shaking up the AI landscape. Meanwhile, Oracle is undergoing a leadership change, with new co-CEOs stepping in as Safra Catz departs. The U.S. is contemplating significant intervention to stabilize Argentina's struggling economy. Additionally, fears loom over the Indian IT sector after a hefty increase in the H-1B visa fee by the U.S. government. These developments highlight the intersecting challenges of global tech and markets.

US companies may face a staggering new H-1B visa fee of $14 billion, impacting their hiring of foreign workers. Meanwhile, Big Tech is struggling to secure access to the EU’s financial data market, raising questions about their future there. In international news, the UK, Canada, and Australia have officially recognized Palestine as a state. Additionally, Chinese retail giant JD.com encounters hurdles in its European expansion, particularly following its failed attempts in the UK.

Deutsche Bank's CEO is facing a major lawsuit, stirring up concerns in the financial world. UK Prime Minister Keir Starmer and US President Trump showcased solidarity during an extravagant state visit. Meanwhile, the Bank of England has opted to keep interest rates steady. In a surprising move, Nvidia has decided to invest $5 billion in Intel, raising questions about the future of chip technology and US competitiveness in the global market.

The Federal Reserve has made a significant shift by cutting interest rates for the first time this year, influenced by cooling job data. Meanwhile, China is taking bold steps by banning its tech companies from purchasing Nvidia's AI chips, aiming to bolster local suppliers. On a different front, the Swiss National Bank has emerged as a major player in US tech investments, utilizing a concentrated portfolio to handle the strength of the Swiss franc. Additionally, the podcast touches on the protests surrounding Donald Trump's state visit to the UK.

The UK and US are on the verge of enhancing their collaboration on digital assets like cryptocurrencies. Meanwhile, a UN report accuses Israel of genocide in Gaza, highlighting a humanitarian crisis. Former Italian Prime Minister Mario Draghi warns that EU economic competitiveness is waning due to bureaucratic inaction. On the corporate front, Trump's administration is reshaping power dynamics, shifting authority from shareholders to CEOs, raising concerns about transparency and governance in American companies.