FT News Briefing - Financial Times

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Disney to axe 7,000 jobs Feb 09, 2023

Show notes

Disney plans to cut 7,000 jobs to reduce costs, the UK competition regulator said Microsoft’s acquisition of video game maker Activision Blizzard would harm competition for UK gamers, and the seventh-generation leader of a European banking dynasty is taking the family’s company private.

Mentioned in this podcast:

Disney to axe 7,000 jobs in $5.5bn cost-cutting plan

UK regulator deals blow to Microsoft’s $75bn Activision deal

Activision Blizzard chief: UK would lose out if it blocks Microsoft deal

‘You can’t be half pregnant’: Why Rothschild is calling time on the public market

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The FT News Briefing is produced by Fiona Symon, Sonja Hutson and Marc Filippino. The show’s editor is Jess Smith. Additional help by Peter Barber, Michael Lello, David da Silva and Gavin Kallmann. Topher Forhecz is the FT’s executive producer. The FT’s global head of audio is Cheryl Brumley. The show’s theme song is by Metaphor Music.

Read a transcript of this episode on FT.com

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Adani scrambles to reassure investors Feb 08, 2023

Show notes

Federal Reserve chair Jay Powell said on Tuesday that reducing inflation would take a “significant period of time”, Turkey declared a state of emergency in areas ravaged by the region’s worst earthquake in decades, and the FT’s John Reed explains how allegations of stock manipulation at Indian conglomerate Adani present a challenge to the country’s institutions.

Mentioned in this podcast:

Erdoğan declares state of emergency in Turkey after deadly earthquake

Desperate victims of Turkish earthquake victims cry, pray and wait for news

The Adani affair: the fallout for Modi’s India

Sound credit: BBC Newsnight

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Read a transcript of this episode on FT.com

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The jig is up for the Texas two-step Feb 07, 2023

Show notes

The UK Treasury and Bank of England are designing a “digital pound”, Google revealed plans on Monday to launch a chatbot to rival OpenAI’s popular ChatGPT, more than 11,000 residents of Nigeria’s oil-producing Niger Delta have filed a claim for compensation against Shell, and a ruling by a US court will make companies think twice about using bankruptcy schemes such as the Texas two-step to handle lawsuits.

Mentioned in this podcast:

UK to design ‘digital pound’ that could fend off a future private tech rival

Google reveals plans for chatbot ‘Bard’ as AI tech race heats up

Talc ruling a blow to the ‘Texas two-step’ bankruptcy jig

Shell hit with damages claim by 11,000 Nigerians in UK High Court

Behind the Money episode about the Texas Two-Step

Read a transcript of this episode on FT.com

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Unhedged’s Rob Armstrong on a puzzling US economy Feb 06, 2023

Show notes

The US donor network led by billionaire industrialist Charles Koch has signalled it will oppose Donald Trump’s bid to secure the 2024 Republican presidential nomination, and European banks launch earnings season with healthy profits. Plus, the FT’s Robert Armstrong says the latest US jobs report is another piece in the US economic puzzle.

Mentioned in this podcast:

Billionaire Koch’s donor network says it opposes Trump’s re-election

UBS profits rise after Credit Suisse client defections

Deutsche Bank delays buyback decision as annual profits hit 15-year high

No signs of US slowdown in surprisingly robust jobs market

Capture: who's looking after the children? | FT Film

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Markets’ dove-coloured glasses Feb 03, 2023

Show notes

Big Tech companies reported earnings lacklustre yesterday, equities markets ended Thursday higher despite central banks tightening monetary policy, and US job growth is expected to have slowed for the sixth consecutive month.

Mentioned in this podcast:

Apple’s revenue growth streak snapped after supply chain woes

Meta shares soar on resilient revenue and share buybacks

ECB raises rates by 0.5 percentage points as Lagarde commits to ‘stay the course’

Bank of England raises interest rates by 0.5 percentage points to 4%

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Federal Reserve slows pace of rate rises Feb 02, 2023

Show notes

The US Federal Reserve increased its benchmark interest rate by a quarter of a percentage point on Wednesday, Adani Enterprises called off its $2.4bn equity fundraising, and banks that lost billions from the Archegos Capital Management meltdown will get back as little as 5 cents on the dollar. Plus, the FT’s Cristina Criddle looks at a new social media app launched by the founders of Instagram.

Mentioned in this podcast:

Federal Reserve shifts to quarter-point rate rise but warns of more to come

Adani Enterprises calls off $2.4bn share sale

Banks to recoup as little as 5 cents on the dollar in Archegos restructuring

Instagram founders launch Artifact to rival Twitter and tackle misinformation

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Do meme 'stonks' still stink? Feb 01, 2023

Show notes

Hundreds of thousands of UK public sector workers set to walk out on Wednesday in co-ordinated action, the EU is set to unveil a draft plan today that loosens the rules around clean energy subsidies. Plus, the FT’s US markets editor Jennifer Hughes looked at how meme-stock companies are performing after raising capital during the pandemic meme stock frenzy.

Mentioned in this podcast:

EU plans to relax curbs on tax credits in response to ‘toxic’ US subsidies

Meme-stock groups have raised $5bn in 2 years since trading frenzy

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Renault and Nissan reach a deal to save alliance Jan 31, 2023

Show notes

The International Monetary Fund says that global economic growth has proven “surprisingly resilient” in its latest forecast, Renault and Nissan reached a deal to save their 24-year-old alliance and sources tell FT that the Biden administration has stopped providing US companies with licences to export to Huawei. Plus, South Africa’s unreliable power supply has slowed economic growth.

Mentioned in this podcast:

IMF raises growth forecasts as gas prices fall and China reopens

Washington halts licences for US companies to export to Huawei

Renault and Nissan hammer out historic deal to salvage alliance

South African businesses turn to diesel and solar panels as Eskom crisis deepens

EU to relax curbs on tax credits in response to US green subsidies

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Nelson Peltz versus Disney Jan 30, 2023

Show notes

India’s Adani Group has published an angry rebuttal of allegations of wrongdoing by short seller Hindenburg Research that wiped more than $50bn from its value last week, central banks prepare to lift interest rates to 15-year highs as investors’ jitters grow, and Walt Disney is bracing for a proxy battle with activist investor Nelson Peltz’s push for a board seat.

Mentioned in this podcast:

Adani rebuttal of short seller critique claims ‘calculated attack on India’

Central banks prepare to lift interest rates to 15-year highs as investors’ jitters grow

Peltz fixates on $71bn Fox deal in fight against Disney and Iger

CNBC: Nelson Peltz lays out his case for Disney proxy fight, slams Fox acquisition

The fight for Disney

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Nigeria’s $11bn court challenge Jan 27, 2023

Show notes

UK chancellor Jeremy Hunt will on Friday take on rightwing Tory MPs by rejecting calls for big tax cuts in his Budget, Brazil and Argentina’s leftwing leaders push ahead with common currency plan despite questions over unequal benefits, and Nigeria has begun a high-stakes attempt at London’s High Court to overturn an $11bn arbitration award.

Mentioned in this podcast:

Jeremy Hunt to defy rightwing Tory MPs by rejecting calls for Budget tax cuts

Economists question South American currency plan

Nigeria begins UK court bid to overturn $11bn arbitration award

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