FT News Briefing

UK Prime Minister Sir Keir Starmer’s chief of staff resigned amid controversy over the Mandelson scandal, and Japan’s conservative governing party have won a landslide victory in snap elections. Plus, top academics have dismissed Federal Reserve chair Kevin Warsh’s claim that an AI-induced productivity boom will create room for interest rate cuts. And, Syria has struck a deal that would give them control over major oil and gas fields offering a potential boost to its fragile economy. Mentioned in this podcast:Starmer battles to stay in Number 10 after dramatic exit of McSweeneySanae Takaichi’s LDP wins supermajority in Japan electionEconomists reject Kevin Warsh’s claim that AI boom will enable rate cutsSyria courts energy majors as it takes control of oilfieldsNote: The FT does not use generative AI to voice its podcasts Today’s FT News Briefing was hosted by Victoria Craig, and produced by Julia Webster. Our show was mixed by Alex Higgins. Additional help from Peter Barber. Our executive producer is Topher Forhecz. Cheryl Brumley 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

Amazon’s new AI spending blitz sent shares tumbling, chipmakers got swept up in a wider tech equities sell-off, Sir Keir Starmer has apologised to the victims of Jeffrey Epstein for appointing Peter Mandelson as Britain’s ambassador to the US, and American snack companies are lowering prices ahead of the Super Bowl. Plus, can Japanese Prime Minister Sanae Takaichi win this weekend’s election on star power alone? Mentioned in this podcast:Amazon stock slumps as it prepares $200bn AI spending blitzArm CEO says AI software sell-off is ‘micro-hysteria’Nvidia AI chip sales to China stalled by US security reviewKeir Starmer apologises to victims of Jeffrey EpsteinFood and drink companies suffer as US shopper sentiment sinksCan Sanae Takaichi govern Japan on star power alone?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 and Sonja Hutson. Our show was mixed by Kelly Garry. Additional help from Michael Lello. Our executive producer is Topher Forhecz. Cheryl Brumley 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

Google said it plans to spend at least $55bn more on capital expenditure this year than Wall Street had forecast, US tech stocks were hit by a fresh wave of selling on Wednesday, and the FT’s Chris Cook talks about the challenges of unpacking millions of documents on Jefferey Epstein. Plus, OpenAI senior staff are leaving because the company is prioritising ChatGPT. Mentioned in this podcast:Google adds $55bn to capex plans as it boosts AI spendingUS tech stocks hit with fresh wave of selling as chipmaker AMD tumblesPolice launch criminal investigation into Mandelson over Epstein scandalOpenAI’s ChatGPT push triggers senior staff exitsNote: The FT does not use generative AI to voice its podcasts Credit: NBC NewsToday’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. Our executive producer is Topher Forhecz. Cheryl Brumley 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

US tech stocks fell on Tuesday over AI concerns, Elon Musk is charting a new path for his “Muskverse” of companies, and the US military shot down an Iranian drone as Middle East tensions escalate. Plus, domestic energy companies in Argentina have benefitted from the country’s volatile economy, and Peter Mandelson is no longer a member of the House of Lords after Epstein scandal revelations.Mentioned in this podcast:US stocks drop on fears AI will hit software and analytics groupsTesla lurches into the Musk robotics eraSpaceX buys xAI in $1.25tn deal to unite crucial parts of Elon Musk’s empireUS shoots down Iranian drone as Middle East tensions escalatePolice launch criminal investigation into Mandelson over Epstein scandalNote: 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. Our executive producer is Topher Forhecz. Cheryl Brumley 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

France has adopted a deficit-cutting budget for 2026 after months of political wrangling, and the FT’s Christopher Grimes tells us about the front runner to be Disney’s next CEO. Plus, US President Donald Trump said he had struck a trade deal with India, and Société Générale is European banking’s latest comeback kid. Mentioned in this podcast:France adopts budget after premier survives no-confidence voteDisney warns of hit to US theme parks as foreign tourist numbers fallTrump to slash India tariffs after Modi ‘agrees’ to stop buying Russian oilHow SocGen dragged itself back from the brinkNote: 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 Sonja Hutson. Our show was mixed by Kelly Garry. Additional help from Gavin Kallmann and David da Silva. Our executive producer is Topher Forhecz. Cheryl Brumley 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

Europe’s largest oil companies are poised to curb share buybacks, and Kevin Warsh’s nomination to Fed chair could spark a rethink of how America’s central bank works. Plus, consumer giants deal with backlash over contaminated baby formula. And, a rollercoaster in precious metals prices triggers ‘pandemonium’ in New York’s Diamond District.Mentioned in this podcast:Europe’s oil majors prepare to cut billions in shareholder payoutsKevin Warsh’s nomination as Fed chair to spark rethink of bank’s roleNestlé and Danone hit by backlash over contaminated baby formulaGold and silver tumult triggers ‘pandemonium’ in New York’s Diamond DistrictNote: The FT does not use generative AI to voice its podcasts Today’s FT News Briefing was hosted by Victoria Craig, and produced by Fiona Symon and Julia Webster. Our show was mixed by Alex Higgins. Additional help from Peter Barber. Our executive producer is Topher Forhecz. Cheryl Brumley 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

Apple reported a blockbuster rise in revenue last quarter, and Blackstone is preparing to take a series of long-held investments public. Plus, Canada’s oil industry is thriving as it pushes into Asian markets. Plus, some US oil majors are reporting earnings, which could give us a window into whether they're preparing to invest in Venezuela.Mentioned in this podcast:Apple hails ‘remarkable’ $144bn quarter with best-ever iPhone salesBlackstone lines up ‘one of largest IPO pipelines in history’Canada’s oil industry thrives as sales to China soarNote: 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. Our executive producer is Topher Forhecz. Cheryl Brumley 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

Tesla on Wednesday reported its first-ever fall in annual revenue, Donald Trump has warned Iran that “time is running out” to reach a deal to avert US military action, and the Federal Reserve kept interest rates on hold. Plus, the world’s biggest mining companies have added close to half a trillion dollars to their valuations this year, triggered by heightened geopolitical tensions.Mentioned in this podcast:Tesla trims car line up in pivot to AI as annual revenue falls for first timeFederal Reserve signals no rush to cut interest rates as US economy powers aheadTrump warns Iran ‘time is running out’ for deal to avert US military actionMetals surge boosts value of mining groups by almost $500bnNote: 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 and David da Silva. Our executive producer is Topher Forhecz. Cheryl Brumley 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