FT News Briefing

Peter Spiegel, U.S. managing editor at the Financial Times, discusses a bold strategy where Democrats support Trump-backed candidates in primaries to gain the upper hand in general elections. He and Lauren Fedor delve into the risks of this approach as 2024 approaches. They're also intrigued by the constantly shifting political landscape in Ohio and how candidates are trying to tie their opponents to President Biden. The discussion broadens out to more whimsical topics, like baseball diplomacy and its role in American soft power under Biden.

US prosecutors have launched a significant antitrust lawsuit against Apple, alleging monopoly practices in the smartphone market. Meanwhile, Reddit's market debut sent its shares skyrocketing by 48%. Hertz is facing challenges with its ambitious shift to electric vehicles, compounded by leadership issues and unexpected costs. The podcast also discusses the broader implications of tightening antitrust enforcement in the tech industry, exploring how these cases may shape competition and innovation.

Discover how persistent inflation in the U.S. is complicating Federal Reserve interest rate decisions, especially due to rising service costs. Explore the impressive profits of PDD Holdings, which doubled revenues and signifies a booming Chinese ecommerce sector. The discussion also highlights a renaissance in nuclear energy, driven by new technologies like small modular reactors, aimed at enhancing energy security and combating climate change.

The Bank of Japan has raised interest rates for the first time in 16 years, signaling a significant shift in its monetary policy amid inflation concerns. Microsoft is doubling down on AI by hiring a prominent figure from Google's DeepMind. Meanwhile, Unilever plans to shed its ice cream business and cut thousands of jobs. The race is on among countries like Canada and the UAE to attract top AI startups, especially as regulatory pressures in the EU may drive innovation elsewhere.

Nvidia unveils a groundbreaking superchip, pushing the boundaries of AI technology. Meanwhile, Putin secures another six years in power, raising questions about Russia's political landscape amid economic strain and ongoing conflict. The discussion also turns to Gaza, where the youth face a bleak future, dubbed the 'lost generation', as war devastates education and infrastructure. The urgent need for rebuilding is emphasized, alongside the potential for increased radicalization among the youth amidst ongoing turmoil.

This week, central banks are in the spotlight, analyzing interest rate dynamics against a backdrop of inflation changes. Benjamin Netanyahu challenges Western allies over his Gaza strategy, stirring international discourse. The US National Labor Relations Board is facing legal hurdles from big corporations, raising concerns for labor rights. Meanwhile, South Africa shifts towards optimism with a focus on private sector engagement to tackle its energy crisis and economic challenges, as upcoming elections hint at a potential political shake-up.

Rana Foroohar, a Global Business Columnist at the Financial Times, joins to discuss the shifting landscape of union power in U.S. politics. She highlights President Biden's efforts to reconnect with union workers amid Donald Trump's rising appeal. The conversation examines how economic conditions and messaging are reshaping voter sentiments and the evolving nature of union endorsements. As union influence grows, they could play a pivotal role in the upcoming election, making their decisions more impactful than ever.

The UAE is eyeing investment in OpenAI’s chip-making venture, highlighting global tech collaborations. Meanwhile, Telegram grapples with its dual role as a news source and a hub for illicit activity, prompting debates on better moderation. A delivery rider’s journey reveals pay discrepancies in gig jobs, leading to the creation of a browser add-on that exposes widespread underpayment in the industry. The struggle for worker rights continues as algorithmic management raises critical questions about job security and fairness.

Geert Wilders' political aspirations falter as he concedes he won't be the Netherlands' prime minister. Ukraine escalates drone strikes against Russian oil refineries, showcasing its tactical approach to disrupt Russia's war economy. Meanwhile, the U.S. moves toward a TikTok ban, amid rising geopolitical tensions. In Nigeria, a currency crisis deepens, with the government blaming Binance for its economic woes, as the nation grapples with the volatile intersection of cryptocurrency and inflation.

The latest developments reveal how the EU and US are maneuvering to secure weapons for Ukraine amid ongoing conflicts. Meanwhile, China's economic strategies are faltering under local debt pressures. Interestingly, Malaysia has emerged as a surprising contender in the semiconductor industry, attracting foreign investment as companies seek alternatives amid US-China tensions. The podcast dives into challenges like talent shortages and competition from countries like Vietnam and India, reshaping the future of tech manufacturing.