FT News Briefing

The U.S. is enhancing military cooperation with Taiwan and Japan, sharing real-time drone data amid rising tensions. In India, a recent train disaster raises serious concerns about railway safety despite significant investments. Meanwhile, in Baltimore, an innovative architect-developer duo is breathing new life into an old office building by converting it into residential apartments. This creative solution aims to tackle the housing shortage while preserving the city's historic charm. Will these efforts effectively address urban challenges?

Tensions between Washington and Beijing are rising as Sequoia Capital separates its China business. The UK plans to remove Chinese surveillance cameras from sensitive areas, reflecting growing security concerns. A devastating dam collapse in Ukraine has led to widespread flooding and evacuations. Plus, a game-changing merger between the PGA Tour and LIV Golf is set to shake up the sport. Tune in for insights on these pressing geopolitical and financial shifts.

The SEC has launched a major lawsuit against Binance, highlighting serious violations and its potential impact on the cryptocurrency market. Meanwhile, plummeting German butter prices are sparking optimism for lower food inflation. On another front, China's electric vehicle market is rapidly evolving, leaving global carmakers scrambling to adapt. With Chinese companies like BYD and Nio surging ahead, Western automakers like Volkswagen and Ford face steep challenges in this competitive landscape.

Saudi Arabia's oil production cuts and Turkey's new finance minister signal shifts in global markets. The podcast delves into the bold buyout of Asda by the Issa brothers, revealing their daring debt strategies to expand their gas station empire. With rising interest rates looming, the financial maneuvers involved in Asda's £2.3 billion acquisition of EG Group raise questions about sustainability in the retail sector. Is Asda's future as bright as its past, or are challenges ahead?

Ethan Wu, a finance expert and the mind behind the Unhedged newsletter and podcast, offers a vibrant mix of topics at a live event. He engages in a humorous trivia game, playfully distinguishing between political quotes and those from 'Veep.' Wu dives into the curious rumors surrounding King Charles III's coronation and shares a light-hearted yet insightful take on regional bank failures and cryptocurrency. Lastly, he examines the influence of AI on stock markets, highlighting both speculation and the few dominating tech stocks.

Larry Diamond, a premier scholar in democracy studies and senior fellow at Stanford's Freeman Spogli Institute, joins Martin Wolf to explore the troubling global 'democratic recession'. They dissect the crucial difference between liberal and illiberal democracies and the risks of the latter. The conversation delves into the alarming effects of identity polarization and social media on democracy, as well as the implications of rising populism and disconnection between elites and the working class in the U.S., particularly as the 2024 election approaches.

A major cryptocurrency exchange, Binance, is grappling with regulatory challenges, resulting in a significant loss of market share. Meanwhile, U.S. political leaders are racing to finalize a deal on the debt ceiling to avert a financial crisis, showcasing surprising bipartisanship amidst intense polarization. In Europe, inflation rates have unexpectedly dropped to their lowest since the onset of the Ukraine conflict. Additionally, Ukraine's innovative military tactics are placing pressure on Russian defenses, hinting at shifting dynamics in the ongoing conflict.

The US House advanced a crucial debt ceiling bill, edging closer to avoiding a historic default. Meanwhile, the podcast dives into the rising trend of homesharing in the UK as an innovative solution to soaring rents. Personal stories highlight how this arrangement fosters unique connections between older homeowners and younger tenants. It emphasizes not just financial relief, but also companionship, showcasing how homesharing could play a vital role in tackling London's housing crisis.

Wall Street is eyeing the cryptocurrency market with a mix of caution and ambition, establishing platforms to compete with existing crypto firms. Meanwhile, Elon Musk navigates complex diplomatic ties with China while addressing data security concerns. The podcast highlights the growing risk of insider trading linked to investment funds for U.S. lawmakers. Additionally, it questions the ethical implications of politicians investing in financial products that they regulate. As traditional finance moves toward crypto, the landscape continues to evolve rapidly.

Confidence is brewing among lawmakers as both parties work to avert a US debt default. Meanwhile, Turkey faces economic challenges as the lira continues to slide after Erdoğan's re-election. A pressing issue emerges: aging populations are impacting government credit ratings, with predictions of rising debt-to-GDP ratios. Case studies from countries like Japan and France illustrate the urgent need for reforms to tackle these financial strains, or risk severe long-term economic consequences.