FT News Briefing

Leading US AI labs are releasing cheaper models to compete with cut-price alternatives from Chinese rivals. Venezuela’s government and opposition unite to demand $4bn in gold reserves back from the Bank of England. A flood of foreign currency bond issuance by Big Tech groups is shaking up the world’s smaller credit markets. Zambia’s President Hakainde Hichilema is running for a second term amid growing discontent that citizens aren’t seeing the results of the country’s economic rebound. Mentioned in this podcast:OpenAI and Anthropic in price war as Chinese AI rivals gain groundVenezuela and its opposition want gold back from Bank of EnglandHyperscaler AI borrowing binge shakes up foreign credit marketsZambia’s election becomes battle over copper windfallWant to get in touch? Email us at podcasts@ft.comFT subscription finder: https://find-your-subscription.ft.com/?segmentId=288f5dc5-4a4b-0745-84da-8f07c7202cd4   Note: The FT does not use generative AI to voice its podcasts The FT News Briefing is produced by Victoria Craig, Sonja Hutson, Saffeya Ahmed, and Katya Kumkova. Our editor is Marc Filippino. Our show is mixed by Sam Giovinco and Alex Higgins. Additional help from Gavin Kallmann, Michael Lello, Peter Barber and David da Silva. Our executive producer is Topher Forhecz. Flo Phillips is the FT’s global head of audio. The show’s theme music is by Metaphor Music.Read a transcript of this episode on FT.com

Anthropic investors expect the AI start-up to be the largest ever initial public offering, and US inflation edged lower to 3.4 per cent in July as petrol prices declined. Plus, Iranian businesses are increasingly resorting to “buy now, pay later” schemes as the cost of living spirals out of control.Note: This episode of the FT News Briefing has been updated. A segment was removed. Mentioned in this podcast:Anthropic investors bet on $2tn valuation in record IPOUS inflation falls to 3.4% in JulyIranians opt to ‘buy now, pay later’ as cost of living spiralsWant to get in touch? Email us at podcasts@ft.comFT subscription finder: https://find-your-subscription.ft.com/?segmentId=288f5dc5-4a4b-0745-84da-8f07c7202cd4   Note: The FT does not use generative AI to voice its podcasts.The FT News Briefing is produced by Victoria Craig, Sonja Hutson, and Saffeya Ahmed. Our show is mixed by Sam Giovinco and Alex Higgins. Additional help from Gavin Kallmann, Michael Lello, Peter Barber and David da Silva. Our executive producer is Topher Forhecz. Flo Phillips is the FT’s global head of audio. The show’s theme music is by Metaphor Music.Read a transcript of this episode on FT.com

Ukraine has halted drone strikes on oil tankers using a critical Black Sea port after a request by the US, suspected Chinese hackers hit Taiwan with an autonomous AI cyber attack, and the head of the Boston Federal Reserve thinks policymakers may be forced to raise rates in September. Plus, measures of volatility in stocks and currencies have tumbled this summer despite the geopolitical uncertainty. Mentioned in this podcast:JD Vance asked Ukraine to halt strikes on tankers using Russian portChina-linked hackers hit Taiwan in unprecedented ‘autonomous’ AI cyber attackAmericans are struggling to make ‘ends meet’, top Fed official saysVolatility tumbles as markets shrug off Middle East risksCredit: White HouseWant to get in touch? Email us at podcasts@ft.comFT subscription finder: https://find-your-subscription.ft.com/?segmentId=288f5dc5-4a4b-0745-84da-8f07c7202cd4   Note: The FT does not use generative AI to voice its podcasts The FT News Briefing is produced by Victoria Craig, Sonja Hutson, and Saffeya Ahmed. Our show is mixed by Sam Giovinco and Alex Higgins. Additional help from Gavin Kallmann, Michael Lello, Peter Barber and David da Silva. Our executive producer is Topher Forhecz. Flo Phillips is the FT’s global head of audio. The show’s theme music is by Metaphor Music.Read a transcript of this episode on FT.com

Wall Street giants are partnering with Nvidia on a $500bn AI financing deal, the mega-merger between AstraZeneca and Bristol Myers Squibb has been put on ice, and queues at some EU airports have doubled because of border checks. Plus, the FT’s Malaika Kanaaneh Tapper explains why Morocco’s economy isn’t helping its young workers. Mentioned in this podcast:Wall Street giants partner with Nvidia on $500bn AI financing dealHow AstraZeneca’s pursuit of US rival Bristol Myers unravelledEU airport queues double due to border checks Hotel prices in Europe surge ahead of historic eclipseSpain’s migrant amnesty a ‘very bad idea’, says Swedish PMMorocco’s two-speed economy leaves young workers behindWant to get in touch? Email us at podcasts@ft.comFT subscription finder: https://find-your-subscription.ft.com/?segmentId=288f5dc5-4a4b-0745-84da-8f07c7202cd4   Note: The FT does not use generative AI to voice its podcasts The FT News Briefing is produced by Victoria Craig, Sonja Hutson, Saffeya Ahmed, and Katya Kumkova. Our editor is Marc Filippino. Our show is mixed by Sam Giovinco and Alex Higgins. Additional help from Gavin Kallmann, Michael Lello, Peter Barber and David da Silva. Our executive producer is Topher Forhecz. Flo Phillips is the FT’s global head of audio. The show’s theme music is by Metaphor Music.Read a transcript of this episode on FT.com

China is bypassing shipping chokepoints with an “Ice Silk Road” route through the Arctic, dozens of people have been killed in election clashes in Pakistan-administered Kashmir, and Germany’s economy minister warned that growing support for a far-right political party could deter foreign investors. Plus, we take a look at the bank behind China’s AI listings bonanza, and how the UAE has won over Washington.Mentioned in this podcast:China bypasses shipping chokepoints with ‘Ice Silk Road’ through ArcticDeadly protests in Kashmir test Pakistan’s military rulersGerman economy minister warns AfD’s rise could deter investorsThe bank behind China’s AI listings bonanzaHow the UAE won over WashingtonFT subscription finder: https://find-your-subscription.ft.com/?segmentId=288f5dc5-4a4b-0745-84da-8f07c7202cd4 Want to get in touch? Email us at podcasts@ft.comNote: The FT does not use generative AI to voice its podcasts The FT News Briefing is produced by Victoria Craig, Sonja Hutson, Saffeya Ahmed, and Katya Kumkova. Our editor is Marc Filippino. Our show is mixed by Sam Giovinco and Alex Higgins. Additional help from Gavin Kallmann, Michael Lello, Peter Barber and David da Silva. Our intern is Cole van Miltenburg. Our executive producer is Topher Forhecz.Read a transcript of this episode on FT.com

Weakened refining capacity in Russia and the Gulf is a boon to US refiners. Plus, the Trump administration’s decision to revoke legal protections for migrants could hurt the US economy, and Google is shifting control of its AI effort from London back to Silicon Valley.Mentioned in this podcast:Refining crunch keeps fuel prices high as crude retreatsGoogle shifts AI power back to Brin as DeepMind’s Hassabis steps aside‘People are going to kill me’: Haitians fear deportation as US revokes protected statusWant to get in touch? Email us at podcasts@ft.comNote: The FT does not use generative AI to voice its podcasts The FT News Briefing is produced by Victoria Craig, Sonja Hutson, Saffeya Ahmed, and Katya Kumkova. Our editor is Marc Filippino. Our show is mixed by Sam Giovinco and Alex Higgins. Additional help from Gavin Kallmann, Michael Lello, Peter Barber and David da Silva. Our intern is Cole van Miltenburg. Our executive producer is Topher Forhecz. Flo Phillips is the FT’s global head of audio. The show’s theme music is by Metaphor Music. Read a transcript of this episode on FT.com

Iran said it reached an agreement with Oman on a route through the Strait of Hormuz, US Democrats hope to win control of Congress in the midterm elections and scammers are taking advantage of the disruption caused by the EU’s new crypto rules. Plus, the FT’s Joe Daniels explains how Ukrainian drone technology is helping cartels and guerillas in Colombia.Mentioned in this podcast:Iran says it has reached agreement with Oman on Strait of Hormuz shipping routeProgressive Democrat wins in Michigan in rebuke to party establishmentUS midterm elections 2026: The FT’s guideScammers pose as watchdogs to prey on EU crypto rule changesColombian narcos’ quest for Ukrainian drone expertiseGoogle DeepMind CEO Demis Hassabis steps down in shake-up of AI labCredit: CNNWant to get in touch? Email us at podcasts@ft.comNote: The FT does not use generative AI to voice its podcasts The FT News Briefing is produced by Victoria Craig, Sonja Hutson, Saffeya Ahmed, and Katya Kumkova. Our editor is Marc Filippino. Our show is mixed by Sam Giovinco and Alex Higgins. Additional help from Gavin Kallmann, Michael Lello, Peter Barber and David da Silva. Our intern is Cole van Miltenburg. Our executive producer is Topher Forhecz. Flo Phillips is the FT’s global head of audio. The show’s theme music is by Metaphor Music.Read a transcript of this episode on FT.com

SpaceX surpassed analysts’ expectations in its debut earnings report, China is hunting for hundreds of billions of dollars in unpaid taxes and power cuts in Tunisia have provoked protests against President Kais Saied. Plus, the rise in US diesel prices is the latest blow to inflation-weary Americans ahead of November’s midterm elections.Mentioned in this podcast:SpaceX posts 92% rise in revenue in debut earnings reportChina launches global tax hunt going back decadesTunisia power cuts provoke protests against presidentUS diesel prices overtake Biden-era average in blow to TrumpCredit: ReutersWant to get in touch? Email us at podcasts@ft.comNote: The FT does not use generative AI to voice its podcasts The FT News Briefing is produced by Victoria Craig, Sonja Hutson, Saffeya Ahmed, and Katya Kumkova. Our editor is Marc Filippino. Our show is mixed by Sam Giovinco and Alex Higgins. Additional help from Gavin Kallmann, Michael Lello, Peter Barber and David da Silva. Our intern is Cole van Miltenburg. Our executive producer is Topher Forhecz. Flo Phillips is the FT’s global head of audio. The show’s theme music is by Metaphor Music. Read a transcript of this episode on FT.com

Novo Nordisk’s CEO checks in on his first year at the helm, and Russia is quietly assembling a "shadow fleet" of ships to circumvent EU sanctions. Plus, we take a deep dive into a historic joint intervention in Japan’s currency.Mentioned in this podcast:‘Arrogance kills’: Novo chief injects risk-taking into Ozempic-makerAstraZeneca investors raise concerns over mega-merger talksRussia expands shadow LNG fleet ahead of EU banTeam America: Yen policeJapan vows further yen intervention with US if neededListen to Unhedged on Apple Podcasts, Pocket Casts or Spotify.Want to get in touch? Email us at podcasts@ft.comNote: The FT does not use generative AI to voice its podcasts The FT News Briefing is produced by Victoria Craig, Sonja Hutson, Saffeya Ahmed and Katya Kumkova. Our editor is Marc Filippino. Our show is mixed by Sam Giovinco and Alex Higgins. Additional help from Gavin Kallmann, Michael Lello, Peter Barber and David da Silva. Our intern is Cole van Miltenburg. Special thanks to Nisha Patel. Our executive producer is Topher Forhecz. Flo Phillips is the FT’s global head of audio. The show’s theme music is by Metaphor Music. Read a transcript of this episode on FT.com