FT News Briefing

Bond-market investors worry that the leading candidate for Fed chair is too close to US President Donald Trump, while HSBC finally picks its new chair. Plus, the EU has a last-minute plan to fund Ukraine’s economic revival. Mentioned in this podcast:Bond investors warned US Treasury over picking Kevin Hassett as Fed chairHSBC appoints Brendan Nelson as chair after chaotic searchBrussels floats ‘emergency’ powers to raise €210bn from Russian assetsTell us whether your spending habits have changed this holiday season. Email Marc at marc.filippino@ft.com Note: The FT does not use generative AI to voice its podcasts Today’s FT News Briefing was hosted and edited by Marc Filippino, and produced by Fiona Symon, Victoria Craig and Sonja Hutson. Our show was mixed by Kelly Garry. Additional help from Michael Lello. The FT’s acting co-head of audio is Topher Forhecz. The show’s theme music is by Metaphor Music.Read a transcript of this episode on FT.com

Nigel Farage has told donors he expects to do an election deal with the Conservatives, and the race to narrow OpenAI’s dominance in the chatbot race. Plus, Eurozone inflation unexpectedly turns higher and China’s biopharma industry could be a threat to western dominance in the sector. Mentioned in this podcast:Farage tells donors he expects to do an election deal with the ToriesMistral unveils new models in race to gain edge in ‘open’ AIOpenAI’s Sam Altman declares ‘code red’ after rivals make advances Eurozone inflation unexpectedly rises to 2.2% in NovemberWill the next blockbuster drug come from China?Donald Trump says he will nominate Federal Reserve chair in ‘early’ 2026Note: The FT does not use generative AI to voice its podcasts Today’s FT News Briefing was hosted and edited by Marc Filippino, and produced by Fiona Symon, Victoria Craig and Sonja Hutson. Our show was mixed by Kent Militzer. Additional help from Gavin Kallmann, Michael Lello and David da Silva. The FT’s acting co-head of audio is Topher Forhecz. The show’s theme music is by Metaphor Music.Read a transcript of this episode on FT.com

UK pension funds are cutting back their exposure to US equities, and Swiss prosecutors have filed charges against Credit Suisse and its owner UBS over alleged organisational “deficiencies”. Plus, the chair of the UK's Office for Budget Responsibility has resigned, and the UK government will increase NHS spending on medicines to secure a carve-out from threatened US tariffs.Mentioned in this podcast:UK pension funds dump US equities on fears of AI bubbleSwiss prosecutors file charges against Credit Suisse and UBSHead of UK fiscal watchdog quits after Budget leakNHS to increase medicines spending to avoid threatened Trump tariffsNote: The FT does not use generative AI to voice its podcasts Today’s FT News Briefing was hosted by Sonja Hutson, and produced by Fiona Symon. Our show was mixed by Kelly Garry. Additional help from Gavin Kallmann, Michael Lello and David da Silva. The FT’s acting co-head of audio is Topher Forhecz. The show’s theme music is by Metaphor Music.Read a transcript of this episode on FT.com

Artificial intelligence is threatening starting consultancy salaries, and the push to end Russia’s years-long invasion of Ukraine continues this week. Plus, Revolut did not tell UK regulators its CEO was listed as UAE resident. And, voice trading is making a comeback on one part of Wall Street. Mentioned in this podcast:Top consultancies freeze starting salaries as AI threatens ‘pyramid’ modelZelenskyy aides meet Trump team in Florida for talks on peace plan UK officials sought assurances from Revolut over CEO Storonsky’s surprise moveVoice trading makes a comeback in $30tn Treasury marketWho Killed Europe’s single market dream? Credit: Associated PressNote: The FT does not use generative AI to voice its podcasts Today’s FT News Briefing was hosted by Victoria Craig, and produced by Nisa Patel and Marc Filippino. Our show was mixed by Alexander Higgins. Additional help from Peter Barber. The FT’s acting co-head of audio is Topher Forhecz. The show’s theme music is by Metaphor Music. Read a transcript of this episode on FT.com

As President Donald Trump approaches the one-year anniversary of his second term in office, the FT’s chief economics commentator Martin Wolf, and Nobel prize-winning economist Paul Krugman sit down to discuss the US economy and the state of American democracy. Are American consumers finally feeling the effect of Trump’s tariffs? Is AI to blame for the frozen labour market? Or is the spectre of a weakening democracy and plutocracy to blame for slumping consumer sentiment? In the first of four weekly episodes, Wolf and Krugman unpick the US and world economy, with Krugman explaining why he’s less pessimistic now than he was earlier this year.Subscribe and listen to this series of The Economics Show on Apple Podcasts, Spotify, Pocket Casts or wherever you listen to podcasts. Read Martin’s column here.Subscribe to Paul’s Substack here.Find Paul’s cultural coda here.Find Martin’s cultural coda here.Produced by Mischa Frankl-Duval. Manuela Saragosa is the executive producer. Original music and sound design by Breen Turner.Read a transcript of this episode on FT.com

Artificial intelligence has the potential to disrupt almost every industry we work in, from manufacturing to stock trading. Defence is no exception, and at a time of rising global conflict, the question of how different militaries are using AI is increasingly important.The FT’s Helen Warrell is joined by MIT Technology Review senior reporter James O’Donnell to debate the ethical, political and practical questions around AI warfare. Mentioned in this podcast:The State of AI: the new rules of warRead the whole State of AI series hereNote: The FT does not use generative AI to voice its podcasts Today’s FT News Briefing was edited by Marc Filippino, and hosted by Helen Warrell. It was produced by Victoria Craig and Sonja Hutson. Our show was mixed by Kelly Garry. Additional help from Gavin Kallmann. The FT’s acting co-head of audio is Topher Forhecz. The show’s theme music is by Metaphor Music. Read a transcript of this episode on FT.com

S&P Global Ratings calls into question Tether’s ability to maintain its US dollar peg, and UK chancellor Rachel Reeves takes the wraps off the highly anticipated Budget. Plus, India’s booming steel production might be helping the domestic economy, but it’s causing environmental damage and trade tensionsMentioned in this podcast:S&P downgrades Tether’s assets to lowest level            UK Budget 2025: Reeves raises taxes by £26bn to all-time high  The cost of India’s hunger for cheap steel Note: The FT does not use generative AI to voice its podcasts Today’s FT News Briefing was hosted and edited by Marc Filippino, and produced by Victoria Craig, Fiona Symon, and Lucy Baldwin. Our show was mixed by Kelly Garry. Additional help from Gavin Kallmann, Michael Lello and David da Silva. The FT’s acting co-head of audio is Topher Forhecz. The show’s theme music is by Metaphor Music. Read a transcript of this episode on FT.com

Google’s parent company got close to a record $4tn market capitalisation, and more than $1tn has been wiped from the cryptocurrency market in the past six weeks. Plus, US consumers aren’t feeling too merry ahead of the holidays, and the UK prepares for its long-awaited Budget day. Mentioned in this podcast:US retail sales growth slows as affordability crunch weighs on householdsCrypto market sheds $1.2tn as traders shun speculative assetsNvidia shares tumble on signs Google gaining upper hand in AIThe four audiences Reeves’ ‘high-wire’ Budget must satisfyEmail Marc with your holiday stories and questions: marc.filippino@ft.com Note: The FT does not use generative AI to voice its podcasts Today’s FT News Briefing was hosted and edited by Marc Filippino, and produced by Fiona Symon, Victoria Craig and Sonja Hutson. Our show was mixed by Kelly Garry. Additional help from Gavin Kallmann, Michael Lello and David da Silva. The FT’s acting co-head of audio is Topher Forhecz. The show’s theme music is by Metaphor Music.Read a transcript of this episode on FT.com

Traders are piling into bets that Wednesday’s UK Budget will push the pound lower against the dollar, and the pharmaceutical industry saw some promising — and not so promising — clinical trial results. Plus, US tech stocks leapt on Monday and Ireland’s military neutrality has created a weak spot in Europe’s defences. Mentioned in this podcast:Currency traders bet against sterling ahead of BudgetNovo Nordisk shares slump after drug failure in Alzheimer’s trialBayer soars on promising trial results for stroke prevention drugUS tech stocks surge as Fed rate cut bets fuel reboundHow Ireland became the weak spot in Europe’s defencesNote: The FT does not use generative AI to voice its podcasts Today’s FT News Briefing was hosted and edited by Marc Filippino, and produced by Fiona Symon, and Sonja Hutson. Our show was mixed by Kelly Garry. Additional help from Gavin Kallmann, Michael Lello and David da Silva. The FT’s acting co-head of audio is Topher Forhecz. The show’s theme music is by Metaphor Music.Read a transcript of this episode on FT.com