FT News Briefing

Xi Jinping is gearing up for his unprecedented third term, declaring a 'critical time' in China's history. Meanwhile, UK politics is in flux with Jeremy Hunt as Chancellor, facing pressure amidst economic instability. In the US, banks are enjoying robust profits from the Fed's interest rate hikes, although they grapple with potential credit risks. The podcast dives into the uncertain future of leadership in both China and the UK, reflecting on the broader global implications of these developments.

Shirin Neshat, a renowned contemporary Iranian artist, dives into the ongoing protests in Iran, sparked by a fight for women's rights following Masa Amini's death. She discusses the significance of the protests as the longest since the 1979 revolution and how her art, like the video installation 'Turbulent,' amplifies resistance. The discussion also shifts to groundbreaking advancements in drug research, highlighting lab-grown organoids as a potential solution to replace animal testing in medical developments.

Liz Truss may be gearing up for a significant shift on tax cuts, causing ripples in the financial markets. Meanwhile, the U.S. grapples with an 8.2% rise in consumer prices, stirring conversations about future Federal Reserve actions. Tensions escalate as new U.S. restrictions force semiconductor equipment makers to halt business with Chinese firms, raising concerns about economic warfare. The discussion also touches on the challenges faced by global companies in China and Netflix's innovative ad-supported model boosting its subscriber base.

In the lead-up to the midterm elections, abortion rights are becoming a hot-button issue in Michigan. Voters share how recent Supreme Court decisions are shifting their political affiliations. A state ballot measure aims to protect abortion rights, sparking intense debate among candidates and constituents. Economic concerns are also surfacing, as voters weigh inflation against reproductive rights. Additionally, emerging economies are navigating cheaper Russian oil, which is influencing global dynamics amidst ongoing geopolitical tensions.

Volodymyr Zelenskyy urges G7 nations to expedite air defense supplies amid ongoing missile threats from Russia. Meanwhile, major U.S. banks brace for a tough outlook, expected to reserve over $4 billion for potential loan losses. The UK grapples with economic challenges and worries surrounding its bond market, as the Bank of England weighs financial stability against inflation control. Additionally, a NASA mission successfully alters an asteroid's course, showcasing cutting-edge advances in planetary defense.

The podcast delves into the struggles of British law firms in the U.S. amidst a fluctuating sterling. It highlights the alarming potential for a global recession due to the Federal Reserve’s rising interest rates. The discussion also covers the U.S. property industry, where soaring mortgage rates are causing a dramatic drop in home sales, resulting in widespread job cuts. As various sectors brace for turmoil, the looming impacts on employment and international trade disputes add to the complexity of the current economic landscape.

Calls for a World Bank overhaul to address climate change are gaining momentum, led by the US and Germany. In the Black Sea, a backlog of ships is straining Ukraine's grain exports. Meanwhile, a viral song has sparked a wave of protests in Iran, uniting the youth in their fight for freedom. Additionally, American farmers are grappling with the challenges of surviving in a post-globalization world, as they seek support amidst the dominance of large agribusinesses.

Henry Mance, Chief features writer at the Financial Times and cameo star in HBO's 'Industry,' delves into the show's portrayal of a cutthroat financial world and its appeal. He discusses ambition, ethics, and the cost of success alongside relationships and identity. World-renowned therapist Esther Perel shares insights on how remote work shapes mental health, the anxiety fueled by TikTok, and the need for genuine connections beyond romance. Their conversation emphasizes the significance of balance in a demanding modern landscape.

The podcast dives into the cooling pace of US job growth while highlighting Ukraine's ongoing counteroffensive against Russian forces. It explores China's strategic moves to sway Taiwan’s allies, particularly in Latin America, where Paraguay is urging Taiwanese investment. The discussion also touches on the broader implications of rising interest rates, affecting both the housing market and global financial stability. Insights into the luxury car market add an intriguing layer to this complex tapestry of geopolitical and economic challenges.

Opec+ has plunged the global oil market into chaos by slashing production by 2 million barrels a day, igniting fierce backlash from the U.S. Amid this turmoil, protests in Iran spotlight deep social injustices. Miami emerges as a surprise favorite for foreign businesses, bolstered by its strategic advantages and diverse culture. Conversely, cities like San Francisco are struggling under economic pressures. Lastly, Phoenix is showcasing its potential as a new hub by attracting international investments, particularly in the tech sector.