FT News Briefing

Two Turkish banks have stopped using Russia’s payment system, signaling a significant economic move under U.S. sanctions. A staggering $1 trillion is needed annually to combat climate change's future impacts. European and Australian pension funds are pressuring asset managers to drop sponsorships of climate change skeptics. As midterms approach, Democrats feel momentum shift, with Biden seizing the moment. Political shifts indicate a rise in public sector power and engagement from younger voters, reshaping strategies ahead.

Markets are bracing for significant interest rate hikes, with forecasts suggesting rates might exceed 4% into 2024. The downturn has stalled tech IPOs, marking the longest drought in over 20 years. Explore the dramatic rise and fall of Celsius Network, a crypto lender that promised attractive returns but ultimately collapsed, leaving 300,000 customers in limbo. Delve into the troubling practices that led to its demise and the broader implications for the cryptocurrency landscape.

In a thought-provoking discussion, journalist Imogen West-Knights and producer Lulu Smyth explore how Millennials and Gen Z are processing the legacy of Queen Elizabeth II and their often mixed feelings about the monarchy. Andrew Edgecliffe-Johnson, the FT's US business editor, shares insights into how post-pandemic restlessness combined with inflation is reshaping spending habits. Young consumers are leaning towards valuing experiences over material items, forcing a significant shift in cultural consumption and leisure activities.

Explore how China's local governments are innovating to cope with a property crisis. Discover the political maneuvering behind SoftBank's potential UK listing of chipmaker Arm. Delve into the impact of inflation on America's richest, particularly in upscale areas like the Hamptons. The wealthy are striving to maintain their spending despite rising costs, revealing stark economic divides. Highlighting the struggles of small cities, this discussion shines a light on the intricate relationship between consumer behavior and inflation.

Tensions rise as the US and EU scrutinize Turkey's role in evading sanctions against Russia. Meanwhile, Porsche is racing against Ferrari with its own IPO launch. The real eye-opener comes from a deep dive into the unprecedented migration crisis sweeping across the Americas, driven by economic collapse and political turmoil in countries like Venezuela and Haiti. As midterms loom, the impact on U.S. politics is undeniable, with Biden navigating complex strategies to manage the influx of migrants.

A surprising spike in US inflation sent Wall Street into a tailspin, marking the worst market day in over two years. Allegations from a whistleblower revealed critical security lapses at a major social media platform, raising national security concerns. Meanwhile, the US grapples with forming a coalition to enhance semiconductor supply chains amid geopolitical tensions. The implications of aggressive interest rate hikes on the economy and treasury yields hint at a tumultuous financial landscape ahead.

Inflation in the U.S. is predicted to ease thanks to falling energy prices, but the Federal Reserve's rate hikes might continue. Discussions point to a potential decline in the dollar's status, with geopolitical tensions like the Ukraine conflict influencing global currency dynamics. Experts suggest a shift towards regional currencies could emerge, reshaping international trade. Also, China's efforts to expand its influence in Central Asia are highlighted, indicating a changing landscape in global economics.

King Charles III faces the challenge of managing the royal finances, a stark contrast to Queen Elizabeth II's approach. As he tours Scotland, the UK braces for the impact of new energy policies on markets. Meanwhile, Gazprom reaps record profits despite reduced gas shipments to Europe. Economic pressures are mounting with rising debt and inflation, creating uncertainty in the financial landscape. Additionally, Ukraine's military advancements are noted amid ongoing tensions with Russia.

Alec Russell, FT Weekend editor, delves into the profound legacy of Queen Elizabeth II following her passing. He discusses her 70-year reign as a stabilizing force in Britain and the national mourning it has sparked. The conversation highlights iconic moments from her rule, her pivotal role in the Commonwealth, and the emotional tributes pouring in from the public. Russell reflects on the future of the monarchy as King Charles ascends, capturing the collective grief and nostalgia for the late Queen's unique influence.

Miranda Green, Deputy Opinion Editor and columnist at the Financial Times, shares her insights on the profound shift following Queen Elizabeth II's death. She reflects on the Queen's remarkable dedication to public service and the evolving Commonwealth. Discussing the challenges King Charles III faces, Miranda emphasizes the changing political landscape and public sentiment towards the monarchy. The podcast captures the collective grief in London and Queen Elizabeth's legacy, highlighting her role as a source of comfort during turbulent times.