FT News Briefing

The UK is holding its first summit with the European Union since Brexit, and US authorities are preparing to announce one of the biggest cuts in banks’ capital requirements in more than a decade. Plus, European leaders are hoping to influence US President Donald Trump ahead of his call with Russian President Vladimir Putin, and China is on its way to becoming the world’s first “electrostate.” Mentioned in this podcast:UK and EU reset talks go ‘down to the wire’Europe races to influence Trump ahead of Putin callUS poised to dial back bank rules imposed in wake of 2008 crisisHow Xi sparked China’s electricity revolutionToday’s FT News Briefing was produced by Sonja Hutson, Kasia Broussalian, Ethan Plotkin, Lulu Smyth, and Marc Filippino. Additional help from Alexander Higgins and Peter Barber. Topher Forhecz is the FT’s acting co-head of audio. The show’s theme song is by Metaphor Music. Read a transcript of this episode on FT.com

Within the space of one week, US President Donald Trump endorsed tax increases for America’s top earners and promised to slash drug prices by up to 70 per cent. It’s a platform that echoes former presidential candidate Bernie Sanders and others on the political left. So why are we hearing it from Trump, and why now? FT’s Washington bureau chief James Politi and global business columnist Rana Foroohar are on the show to discuss.Subscribe to the new Swamp Notes feed here. Mentioned in this podcast:Trump leans left in bid to revive flagging poll numbersWhy ‘Make Hollywood Great Again’ makes senseSign up for the FT’s Swamp Notes newsletter hereSwamp Notes is produced by Katya Kumkova. Topher Forhecz is the acting co-head of audio. Special thanks to Sonja Hutson and Pierre Nicholson. CREDIT: clip from Forbes

Japan has signalled it is prepared to hold out for a better deal with US President Donald Trump over trade tariffs, and investor Bill Ackman is trying to create a rival to Berkshire Hathaway. Plus, Poland’s election this weekend is shaping up to be a turning point, not only for domestic politics, but also for the war in Ukraine. Mentioned in this podcast:Japan to hold out for better trade deal with USCan Bill Ackman create a ‘modern-day’ Berkshire Hathaway?Polish women turn on Donald Tusk over abortion rightsVladimir Putin and Donald Trump cast shadow over Poland’s electionToday’s FT News Briefing was produced by Sonja Hutson, Kasia Broussalian, Lulu Smyth, and Marc Filippino. Additional help from Simon Panayi, Michael Lello, David da Silva and Gavin Kallmann. Topher Forhecz is the FT’s acting co-head of audio. The show’s theme song is by Metaphor Music. Read a transcript of this episode on FT.com

CoreWeave reported a 420% rise in revenue in its first quarter as a listed company and the furious rally in US assets has caught big investors off guard. Plus, the Kurdistan Workers’ party, the militant group that has been in conflict with the Turkish state for more than 40 years, said it would disband. Note: This episode has been edited from its original version to remove an incorrect segment.Mentioned in this podcast:CoreWeave beats estimates in first results as a listed companyWall Street’s sudden rebound catches investors ‘offside’Kurdish militant group PKK says it will disband and end Turkey conflictToday’s FT News Briefing was produced by Sonja Hutson, Kasia Broussalian, Lulu Smyth, and Marc Filippino. Additional help from Sam Giovinco, and Michael Lello. Topher Forhecz is the FT’s acting co-head of audio. The show’s theme song is by Metaphor Music.

The White House unveiled what it says is $600bn worth of defence and artificial intelligence deals with Saudi Arabia, UnitedHealth Group shares sink to the lowest level in more than four years, and US inflation fell to 2.3 per cent in April. Plus, Nissan plans to axe 15 per cent of its global workforce and almost halve its number of plants.Mentioned in this podcast:Donald Trump lauds Saudi Arabia as he unveils AI and defence dealsUnitedHealth chief Andrew Witty steps down as shares plungeUS inflation falls to 2.3% in April as tariff effect loomsNissan to axe 15% of global workforce and almost halve number of plantsToday’s FT News Briefing was produced by Sonja Hutson, Kasia Broussalian, Lulu Smyth, and Marc Filippino. Additional help from Simon Panayi, Michael Lello, David da Silva and Gavin Kallmann. Topher Forhecz is the FT’s co-head of audio. The show’s theme song is by Metaphor Music.Read a transcript of this episode on FT.com

Global stocks surged after the US and China slashed tariffs for 90 days, and Brussels is preparing to use capital controls and tariffs against Russia. Plus, OpenAI and Microsoft are rewriting the terms of their multibillion-dollar partnership in a high-stakes negotiation. Mentioned in this podcast:Who blinked first? How the US and China broke their trade deadlockWall Street stocks soar on US-China tariff reprieveEU readies capital controls and tariffs to safeguard Russia sanctionsOpenAI negotiates with Microsoft to unlock new funding and future IPOToday’s FT News Briefing was produced by Fiona Symon, Sonja Hutson, Kasia Broussalian, Ethan Plotkin, Lulu Smyth, and Marc Filippino. Additional help from Simon Panayi, Breen Turner, Sam Giovinco, 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

US officials say they made “substantial progress” on trade talks with China, and trade optimism has driven German stocks to record highs. Plus, US President Donald Trump will visit Saudi Arabia, Qatar, and the United Arab Emirates for the first foreign trip of his second term, and the FT’s Christopher Grimes explains why Disney has bounced back amidst a struggling stock price. Mentioned in this podcast:Donald Trump seeks bromance and billions as he heads to GulfGerman stocks hit record high as trade optimism buoys marketsUS claims ‘substantial progress’ after two days of trade talks with ChinaDisney plans first Middle East theme park in Abu DhabiToday’s FT News Briefing is produced by Fiona Symon, Sonja Hutson, Kasia Broussalian, Ethan Plotkin, and Marc Filippino. Additional help from Katie McMurran and Peter Barber. Topher Forhecz is the FT’s acting co-head of audio. The show’s theme song is by Metaphor Music. Read a transcript of this episode on FT.com

Description: US President Donald Trump is in an ongoing standoff with America’s top universities. Harvard lost $2.3bn in federal funding after it refused to comply with the administration’s demands on admissions and diversity, equity and inclusion. Columbia complied with a similar set of demands, but still lost $400mn. The FT’s global education editor Andrew Jack and acting Washington correspondent Myles McCormick join to discuss the issues at hand and why other universities could be next. Mentioned in this podcast:Trump to block Harvard from federal grantsHarvard sues Trump administration over funding freeze Sign up for the FT’s Swamp Notes newsletter hereSwamp Notes is produced by Katya Kumkova. Topher Forhecz is our acting co-head of audio. Special thanks to Pierre Nicholson. Read a transcript of this episode on FT.com

The US and the UK agreed to a trade deal, and the Bank of England cut interest rates by a quarter point. Plus, we hear from an FTC commissioner who was fired by US President Donald Trump and is challenging his dismissal.Mentioned in this podcast:US and UK seal first deal of Trump’s trade warRobert Prevost becomes first American popeBoE cuts interest rates by a quarter point to 4.25%Behind the Money: The FTC commissioner fired by TrumpAudio credit: White House and NBCThe FT News Briefing is produced by Sonja Hutson, Lulu Smyth, Ethan Plotkin, Kasia Broussalian and Marc Filippino. Additional help from Katie McMurran, Michela Tindera, Katya Kumkova, Michael Lello, Peter Barber and Gavin Kallmann. Our acting co-head of audio is Topher Forhecz. The show’s theme song is by Metaphor Music.Read a transcript of this episode on FT.com