FT News Briefing

The US Federal Reserve has raised interest rates by a quarter point while signaling possible future increases to combat inflation. Meanwhile, Adani Enterprises has scrapped a $2.4 billion stock sale amid troubling financial allegations. Additionally, banks affected by the Archegos Capital collapse are set to recover only a fraction of their losses. On a brighter note, the founders of Instagram have launched a new app, Artifact, aiming to rival Twitter and focus on credible news.

Strikes are looming in the UK as public sector workers demand pay raises to combat rising inflation. Meanwhile, the EU is responding to U.S. green subsidies by considering more flexible clean energy support. The podcast also explores the rollercoaster ride of meme stocks like GameStop, highlighting their mixed fortunes post-pandemic. As some companies adapt and thrive, others struggle to pivot successfully. Additionally, China's alcohol industry sees a rebound in consumer activity, despite facing inventory issues.

The International Monetary Fund's optimistic growth forecast contrasts sharply with potential recession fears in Britain over high energy prices. Renault and Nissan have struck a crucial deal to stabilize their long-standing alliance, which could impact electric vehicle strategies. Meanwhile, South African businesses struggle amid power outages, with some turning to diesel and solar solutions as the country's energy crisis deepens. Notably, the U.S. has halted licenses for exports to Huawei, raising concerns over national security and intellectual property.

Tensions rise as India’s Adani Group fiercely rebuts serious allegations from short seller Hindenburg Research. A dramatic decline in the company's stock value triggers discussions on its impact in the economic landscape. Meanwhile, central banks gear up to raise interest rates to 15-year highs, amplifying investor anxiety. In the corporate world, activist investor Nelson Peltz challenges Disney’s management, seeking a board seat and criticizing its controversial $71 billion Fox deal. The stakes are high as both corporate giants face significant pressures.

The UK Chancellor faces off against rightwing Tory MPs, rejecting demands for significant tax cuts amidst inflation concerns. Meanwhile, Argentina and Brazil are pushing a common currency plan, raising eyebrows about potential inequalities. Nigeria is embroiled in a high-stakes legal battle to overturn an $11 billion arbitration award linked to a failed gas project. This legal struggle could severely impact Nigeria’s foreign reserves just as the country grapples with economic challenges and impending presidential elections.

Tesla reported record revenues but faces hurdles on its path to building 1.8 million cars this year. The Bank of Canada plans to pause interest rate hikes, raising questions about inflation management. Meanwhile, investors are pouring trillions into the Fed's reverse repo program, highlighting deep anxieties over interest rate fluctuations. The podcast also delves into the U.S. economic slowdown, examining GDP figures and the Federal Reserve's balancing act between managing inflation and avoiding recession.

Microsoft's cloud business shows resilience, surpassing expectations despite slower growth. The Qatar Investment Authority amplifies its investment in Credit Suisse, highlighting Gulf nations' strategic focus on Western banks. In New Zealand, Chris Hipkins steps in as prime minister, navigating economic challenges and public trust after Jacinda Ardern. Meanwhile, Germany escalates its involvement in Ukraine by sending tanks, marking a significant commitment in the ongoing conflict. Global financial dynamics shift as Middle Eastern funds become more prominent in Western markets.

Chinese property bonds are making a surprising comeback, thanks to new support measures from Beijing. Meanwhile, the EU faces a significant shift as it prepares to ban Russian diesel imports, raising inflation concerns across Europe. The spotlight is on Germany, which is caught in a tank dilemma, hesitating to send Leopard tanks to Ukraine due to fears of escalating tensions with Russia. Allies are divided on this issue, highlighting the urgency of military assistance for Ukraine as they seek to strengthen their defenses.

Brazil and Argentina are gearing up to announce plans for a common currency, which could significantly enhance regional trade and economic power. Meanwhile, Western banks face considerable hurdles in exiting Russia due to new laws from Vladimir Putin, complicating their financial strategies. On the tech front, Elon Musk grapples with massive debt from his Twitter acquisition, raising tough choices as he seeks to manage looming interest payments while navigating declining revenues and investor expectations.

Reed Hastings is stepping down from his role as CEO of Netflix, marking a major shift in leadership. Central bankers signal to investors their commitment to raising interest rates. Companies are adapting their supply chains, exploring alternatives like India and Vietnam amidst global tensions. The podcast also reflects on the shared trauma of China's COVID lockdowns, shedding light on personal stories that highlight the emotional impact of these experiences.