FT News Briefing

The Federal Reserve plans to hold interest rates steady but hints at just one cut by the end of 2024. Meanwhile, Terraform Labs faces a hefty $4.47 billion penalty from the SEC, signaling serious regulatory scrutiny. In a twist, tech companies are rallying against California's proposed AI safety bill, which could introduce a controversial 'kill switch' on AI models. With US inflation dipping to 3.3%, the market is buzzing over these pivotal economic shifts and the ongoing battle between innovation and regulation.

Central banks are racing to increase their US dollar reserves as interest rates soar, raising questions about the future of global currencies. Meanwhile, the EU plans hefty tariffs on Chinese electric vehicles, impacting international trade dynamics. The UK Tories are pledging significant tax cuts in an effort to revitalize their political standing. In Mexico, the new president-elect's proposed reforms lead to a sharp drop in the peso, highlighting the volatile relationship between political actions and market confidence.

Apple has joined forces with OpenAI to roll out innovative AI features, enhancing user experience on its devices. The company's late entry into the AI race raises questions about its competition with tech giants like Google and Microsoft. Meanwhile, private equity groups are gearing up to dominate U.S. accounting firms. In France, President Macron's shock announcement of snap parliamentary elections puts his leadership to the test as he navigates a challenging political landscape against rising far-right opposition.

Far-right parties are experiencing significant gains in the European Parliament, reflecting a shift in voter sentiment influenced by economic concerns. In Israel, opposition leader Benny Gantz has stepped down from the emergency government amidst political turmoil. Investors are increasingly turning away from sustainability-focused funds, leading to a staggering $40 billion withdrawal this year. Meanwhile, Iran is disqualifying moderates from the presidential race, raising concerns about the country's political landscape.

In a riveting discussion, Anne Applebaum, a Pulitzer Prize-winning journalist who has observed the political landscapes in the U.S. and Europe, joins Martin Wolf to dissect democracy's precarious state. They delve into Poland's recent elections as a beacon of hope against populism and analyze the far-reaching consequences if Donald Trump secures a second term. The conversation explores political bias, citizen engagement, and the fragile future of liberal democracy, underscoring the global implications of America's political shifts.

Silicon Valley's elite is making a surprising turn, rallying behind Donald Trump with multimillion-dollar fundraisers. The hosts dissect this political shift, revealing how key figures are moving away from Biden and the implications for free speech and regulations. There's a fascinating contrast between the tech giants' support for Trump and the sector's traditional liberal stance. The conversation even weaves in a lighthearted discussion about pandas, highlighting the complex relationship between politics and personal sentiment in the tech world.

The European Central Bank has made a significant move by cutting interest rates for the first time in five years, signaling a response to a sluggish economy. There's also exciting news as Ukraine prepares for EU membership talks. Meanwhile, optimism is rising for the London Stock Exchange, with notable initial public offerings on the horizon. The discussion paints a picture of cautious monetary adjustments amidst economic uncertainties and potential market recovery.

Nvidia's market value soared past $3 trillion, making waves in the tech industry. Meanwhile, South Africa's ANC Party grapples with coalition strategies after disappointing election results, considering potential partnerships with rivals. In the UK, Prime Minister Rishi Sunak faces criticism from Keir Starmer over alleged misinformation about tax claims. Additionally, a US appeals court has overturned new securities regulations aimed at enhancing transparency for private equity and hedge funds, stirring debate in financial circles.

Russia's Gazprom faces a long road to recovery in gas sales due to the Ukraine conflict. India’s Prime Minister Modi is poised for a historic third term, but with a weakened majority. Meanwhile, the U.S. labor market shows signs of cooling, alleviating pressure on the Federal Reserve. OPEC+ faces challenges in maintaining oil prices, as it announces production cuts and plans gradual supply increases. The interplay of these political and economic factors shapes a volatile global landscape.

US immigration rules are tightening at the southern border, prompting debates on policy effectiveness. In India, the stock market is soaring ahead of an expected victory for Modi. Food delivery apps are facing a profit crisis with substantial losses as they adapt to shifting consumer habits post-pandemic. Meanwhile, a major scandal linked to the Qatar World Cup raises questions about corruption in the European Parliament, highlighting the urgent need for reform in light of upcoming elections.