FT News Briefing

Tens of thousands of Sudanese refugees are fleeing to Chad, creating a pressing humanitarian crisis complicated by local instability and food shortages. Meanwhile, Google’s advertising revenue shows signs of recovery, revealing resilience in the tech sector. Financial worries loom as First Republic Bank faces a sharp drop in shares due to significant withdrawals. On a brighter note, General Motors is pivoting towards electric vehicles with a major partnership to produce EV batteries, indicating a strategic shift in the automotive landscape.

US President Joe Biden gears up for his reelection campaign, while UBS faces challenges after its takeover of Credit Suisse, including significant client withdrawals. The podcast highlights the implications of Britain's corporate tax landscape and the booming luxury market, with LVMH becoming the first European company to reach a $500 billion valuation. As China’s middle class expands, the luxury goods sector exhibits resilience and growth, hinting at promising trends for the global market.

Santander is eyeing top talent from Credit Suisse, aiming to strengthen its investment team. UK's PM Rishi Sunak is working to restore stability after a deputy's scandalous departure. American dollar stores are evolving with inflation, enhancing their grocery sections to attract more customers. Meanwhile, the rapid expansion of online therapy platforms like BetterHelp sparks concern among UK therapists about income pressures and client care quality.

Derek Brower, U.S. Energy Editor at the Financial Times, dives into the complexities of the current energy landscape. He discusses the volatility of U.S. gas prices and their political implications, especially during the Biden administration's pivot towards increased oil and gas production. The conversation also highlights the Inflation Reduction Act, marking a significant shift toward clean energy investment. Throughout, Brower addresses the balancing act between energy independence and climate goals amid evolving market dynamics.

Investors holding $4.5 billion in Credit Suisse bonds are suing Switzerland's banking regulator over their losses after the bank's failure. Meanwhile, U.S. regional banks are stabilizing post-Silicon Valley Bank's collapse, but declining profits and rising interest rates pose new challenges. Additionally, a controversial U.S. court ruling against the abortion pill raises alarms for pharmaceutical innovation, with experts warning about the potential chilling effect on drug development and investment.

Ukraine urgently requests surface-to-air missiles as their defense stocks dwindle amidst escalating attacks. Meanwhile, the EU sees a nearly 18% drop in natural gas consumption due to past price shocks. In a surprising twist, Germany is moving towards the legalization of recreational cannabis, indicating a shift in societal attitudes. The podcast dives into the implications of these significant topics, exploring the intersection of military needs and changing laws in Europe.

Rupert Murdoch’s Fox settled a massive defamation case for $787.5 million, stirring conversations about accountability in media. Bank of America defied banking turmoil with impressive first-quarter profits, but plans to cut 4,000 jobs. Meanwhile, China is experiencing an economic rebound, driven by a booming electric vehicle market and recovering property prices. The debate over TikTok continues, with unusual allies—young activists and politicians—uniting against potential bans, highlighting a deep generational divide.

Discover Apple and Goldman Sachs' new high-interest savings account that promises rates over ten times the national average. Delve into the complex power struggle in Sudan, where military leaders clash amid economic interests and historical tensions. Explore the implications of regional influences from the UAE and Saudi Arabia on Sudan’s stability and governance. Additionally, learn about a Chinese genetics company's ambitious US expansion despite rising political tensions. Stay informed on pressing global issues!

Turkish voters are increasingly losing faith in President Erdoğan, particularly in the heartland as economic struggles mount. The podcast discusses the political landscape's shifting allegiances, revealing a blend of frustration and uncertainty among voters. Meanwhile, over $200 billion has been pledged to U.S. manufacturing projects, and a major investor has sold off a substantial stake in Charles Schwab amidst banking turmoil. Additionally, Poland and Hungary are taking drastic steps by halting grain imports from Ukraine to appease domestic farmers.

In the final episode of this Tech Tonic series, we hear how radical quantum ideas are reshaping our fundamental understanding of the universe. Nobel Prize winner Anton Zeilinger tells the FT’s Madhumita Murgia about the future of teleportation and the quantum internet; quantum computing pioneer David Deutsch makes the case for the theory that we live in a multiverse; and FT innovation editor John Thornhill speaks to physicist Carlo Rovelli about relational quantum mechanics.Presented by Madhumita Murgia and John Thornhill, produced by Josh Gabert-Doyon and Edwin Lane. Executive producer is Manuela Saragosa. Sound design by Breen Turner and Samantha Giovinco. Original music by Metaphor Music. The FT’s head of audio is Cheryl Brumley.We're keen to hear more from our listeners about this show and want to know what you'd like to hear more of, so we're running a survey which you can find at ft.com/techtonicsurvey. It takes about 10 minutes to complete and you will get a chance to win a pair of Bose QuietComfort Earbuds.Read a transcript of this episode on FT.com Hosted on Acast. See acast.com/privacy for more information.