FT News Briefing

Turkey's presidential race heats up with Erdoğan and Kılıçdaroğlu neck-and-neck, hinting at a potential runoff. Meanwhile, Argentina grapples with inflation and emergency measures to stabilize its economy. On social media, Twitter's new CEO aims to repair relations with advertisers. In an unexpected twist, sand shortages are driving up construction costs, affecting everything from fracking to jam jars, showing how a common material can spark economic ripples worldwide.

Elon Musk has announced a new CEO for Twitter, stirring interest in corporate dynamics. Meanwhile, Turkey heads into a critical presidential election marked by economic turmoil and political rivalry. The EU is planning an underwater internet cable to strengthen ties with Georgia while tackling reliance on Russia. Concerns about a potential U.S. debt default loom large, impacting trust in the Treasury and global markets. Additionally, Italy faces a crisis with skyrocketing pasta prices, prompting calls for government action.

Disney is turning tides with reduced streaming losses as it hikes subscription fees. Meanwhile, U.S. inflation is dipping, hitting its lowest point since 2021. China is intensifying its crackdown on foreign consultancies like Capvision and Bain, raising concerns over foreign investments. Additionally, conflicting priorities in China are complicating the business landscape. On a different note, Spotify is cleaning house by removing thousands of AI-generated songs after controversies over fake streams.

Donald Trump faces legal consequences as a jury finds him liable for sexual abuse dating back to the 1990s. Meanwhile, Ireland is taking steps to create a sovereign wealth fund, capitalizing on its record budget surpluses. In international news, tensions rise as China condemns proposed EU sanctions on its companies supporting Russia. On the tech front, the podcast explores Bluesky, a new decentralized social media platform from Jack Dorsey, emphasizing its customizable user experience and moderated content.

The Bank of England is poised to raise interest rates to their highest since 2008, sparking concerns over U.S. commercial real estate vulnerabilities. Investors are wary of potential crises as property values tumble and refinancing becomes tougher for developers. Meanwhile, Chinese investments in Europe are decreasing, hampered by stricter regulations despite some growth in electric vehicle projects. The combination of these factors is stirring debate among analysts about the future of these markets.

The G7's price cap on Russian oil is forcing Moscow to raise taxes on producers, impacting its energy sector. Meanwhile, tensions surrounding the U.S. debt ceiling could lead to a financial disaster if not resolved. Insights from a Virginia congressman spotlight the political divide over spending cuts. The rise of AI is shaking up education companies, notably Chegg, which is struggling amidst new competition. Ethical concerns about access to AI tools in education are also highlighted, revealing deeper disparities.

Apple experiences shrinking revenues for a second quarter in a row, raising eyebrows. Meanwhile, the European Central Bank hikes interest rates again amidst inflation concerns. U.S. regional banks are reeling, with stock prices plummeting as investors grow wary. In lighter news, Ed Sheeran triumphs in a copyright case related to his hit song. The financial landscape is shifting rapidly, making it crucial to stay informed about these developments.

The Federal Reserve's recent quarter-point interest rate hike raises questions about future pauses in monetary policy. Tensions escalate as Russia accuses Ukraine of a drone attack on the Kremlin, prompting further conflict analysis. Meanwhile, the UK braces for local elections that could signal major shifts in party power dynamics, with predictions of Conservative losses and Labour gains. Amid these political currents, the stability of the banking sector also hangs in the balance, adding to the nation's economic uncertainty.

The rescue of First Republic hasn't stopped the plunge in regional bank stocks, raising investor fears. Rising interest rates compound these worries, leading to a tough market for banks attracting deposits. Meanwhile, Apple sees a surge in refurbished iPhone sales in India, boosting its market presence. European banks eye opportunities from Credit Suisse's acquisition by UBS, while Deutsche Bank plans to enhance its investment advisory team. The fallout from Hindenburg’s short seller attack causes significant drops for the Icahn group.

This discussion highlights China's impressive dominance in the global IPO market, significantly outpacing U.S. offerings. JPMorgan's acquisition of First Republic Bank is dissected, revealing implications for the banking sector amid rising interest rates. Meanwhile, Germany is tackling a severe skills shortage by proposing immigration reforms, including an innovative chance card system to attract international talent. The focus on recruitment strategies for skilled labor in key industries underscores the challenges and political debates surrounding immigration.