FT News Briefing

Jemima Kelly, an FT columnist and crypto-sceptic, dives into the turbulent world of NFTs. She explains how these digital assets once captivated the art scene but have since experienced a significant crash. Jemima unpacks the initial hype and ongoing debates about their real value. Can NFTs truly reshape art ownership or are they just a passing trend? The discussion highlights key cultural moments, from celebrity-tinged digital art to critical views on investment viability, and questions whether NFTs hold any lasting significance in the art world.

Several European nations are advocating for tougher sanctions against Russia amidst the Ukraine crisis. The UN suggests Pakistan should pause international debt repayments due to devastating floods. Meanwhile, the Bank of Japan is keeping interest rates in negative territory to stabilize the yen, adding complexity to the tug-of-war between the strong dollar and a weakening yen. The episode also briefly touches on a poet's success with an NFT sale, blending modern art and technology in a fascinating way.

The Federal Reserve hit the gas with a significant interest rate hike to tackle inflation, stirring up concerns about an impending recession. Meanwhile, Credit Suisse is considering a major restructuring of its investment bank following past scandals. The podcast also delves into the alarming rise of ransomware attacks and how businesses navigate these threats, featuring a fun game to test listeners' negotiation skills against cybercriminals. Join the discussion as these topics intertwine economic challenges with cybersecurity risks.

The Federal Reserve is poised to raise interest rates, sparking conversations about economic implications. Goldman Sachs is stepping up its transaction banking efforts in Europe, aiming for new revenue streams. Meanwhile, Travis Kalanick is quietly expanding his 'dark kitchens' venture across Latin America, cleverly evading media attention. This innovative concept is designed to cater to the booming food delivery market by securing key kitchen locations, all while Kalanick navigates the challenges of a changing public image.

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.