FT News Briefing

The podcast dives into Saudi Arabia's push for liberalization under Prince Mohammed bin Salman, highlighting his sidelining of hardliners and a crackdown on clerics. It discusses sweeping social reforms, such as lifting driving bans and boosting entertainment options. The conversation also touches on Tesla's record global deliveries fueled by a tax credit rush, and the FICO credit scoring shakeup aiming to bypass traditional bureaus. Additionally, the implications of US intelligence support for Ukraine's military strategies are explored.

Sales of BYD electric cars have dipped for the first time in 19 months due to weaker demand. Meanwhile, the U.S. government shutdown is not expected to heavily influence interest rates. In Nigeria, a solar power revolution is underway, aiming to solve chronic energy access issues for millions. Mini-grids and solar technology are emerging as alternatives to unreliable generators, fostering local economic growth. However, significant investment is needed to expand these efforts and scale up the power infrastructure.

The US government has shut down due to a failure in Congress to reach a spending agreement. Meanwhile, Sir Keir Starmer is rallying his Labour party to confront Nigel Farage’s Reform UK. In an unexpected move, Donald Trump is launching a direct-to-consumer drug sales program. Spotify is undergoing a significant leadership change with the appointment of co-CEOs, as founder Daniel Ek shifts focus to an executive chair role. These developments are stirring discussions on politics and the future of major companies.

Elon Musk faces a talent drain due to burnout and political strife. Meanwhile, Electronic Arts makes headlines with a $55 billion takeover backed by Saudi Arabia. Labour could break tax promises in the upcoming Budget, raising questions for voters. The euro's remarkable rally hints at sustained strength, driven by eurozone optimism and a weaker dollar, sparking discussions about its impact on inflation and the fate of dollar dominance. Big-league leveraged buyouts might signal a growing trend in M&A activity.

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.