FT News Briefing

Wall Street banks are set to report their biggest haul from investment banking fees in four and a half years, while Citigroup boss Jane Fraser has ruthlessly rebuilt the bank to get it back to its pre-financial crisis glory. The US launched another round of strikes against Iran, and trustees at the World Economic Forum are clashing over leadership reforms.Mentioned in this podcast:Wall Street feasts on fees from SpaceX IPO and mega-mergersJane Fraser’s ruthless remake of CitigroupIran bets Trump will blink firstUS and Iran exchange fresh strikes in battle over Strait of HormuzWorld Economic Forum trustees clash over leadership reformsWant 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, Katya Kumkova, and Fiona Symon. 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

OpenAI and Google are selling their advanced AI models to Chinese tech giants blacklisted by the Pentagon, and South Korea's SK Hynix is listing in the US on Friday in what could be the biggest share sale in America by a foreign company. Plus, the World Cup has led to match-ups with a lot of history: former colonised nations versus their colonisers. Mentioned in this podcast:OpenAI and Google sell AI models to blacklisted China groupsSK Hynix’s jumbo share sale a sign of overheated timesFrance’s diverse football factory and the struggle for national unityListen to episodes of Tech Tonic 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, Katya Kumkova, and Fiona Symon. Our editor is Marc Filippino. Our show is mixed by Kelly Garry 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

The US struck Iran for the second night in a row, and the IMF warned that renewed conflict in the Middle East would drive up global inflation. Plus, US oil producers and refiners are set to post record profits from the Iran war. Mentioned in this podcast:Nato summit live news: Trump says ceasefire with Iran is overIMF warns inflation threat looms large over global economyUS oil on collision course with Trump over Iran windfallsWant 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, Katya Kumkova, and Fiona Symon. Our editor is Marc Filippino. Our show is mixed by Kelly Garry 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

US President Donald Trump threatened to remove all American troops from Europe and is reviving his calls to take over Greenland, French far-right leader Marine Le Pen said she will run for president, and Reform UK leader Nigel Farage resigned as an MP to force a by-election in which he’ll stand again. Plus, Meta is testing “super sensing” AI glasses that can record everything that you see and hear.Mentioned in this podcast:Trump threatens to remove all US troops from EuropeMarine Le Pen speaks after court ruling Nigel Farage quits as MP to force Clacton by-electionMeta tests ‘super sensing’ AI glasses that can record every moment Listen to Political Fix on Apple Podcasts, Pocket Casts or Spotify.CREDIT: BBC 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, Katya Kumkova, and Fiona Symon. Our editor is Marc Filippino. Our show is mixed by Kelly Garry 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

Greek shipping companies have made at least $3.8bn transporting Russian oil over the past three years, Turkey wants its booming defence sector to arm Europe, and large institutional investors are committing billions of dollars to private credit funds. Plus, the Big 4 consulting firms are struggling with their credibility in Australia after a series of scandals.Mentioned in this podcast:Greek shipping companies made almost $4bn shipping Russian oil in past three yearsErdoğan rival shuttled between trials as Nato meets in TurkeyTurkey’s defence industry is booming. Europe is in its sightsBig investors commit billions to private credit despite turmoil‘The brakes failed and they’ve crashed the car’: how the Big Four’s wheels fell off Down UnderWant 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, Katya Kumkova, and Fiona Symon. Our editor is Marc Filippino. Our show is mixed by Kelly Garry 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

The tech industry is having a renaissance in London. It's home to the main foreign outposts for giants such as Google and Meta, as well as their well-funded AI challengers including OpenAI and Anthropic. But all those companies are American. Now there's a push to launch a homegrown competitor so the UK can have more sovereignty over its tech.Mentioned in this podcast:How the DeepMind mafia brought the AI boom to LondonTell us your thoughts to enter a prize draw for a chance to win a pair of Bose QuietComfort Headphones worth £229. https://www.feedback.ft.com/c/a/6f9bJBvxsxaEBSIB5esBISOver 18s only. Find full T&Cs herePrize Draw winners’ surnames and regions may be made available upon request, as required by the Advertising Standards Authority. If you do not want your information to be made available, please email Privacy.Officer@ft.com upon entry. For more information on your rights and how we use your data, please read our Privacy Policy.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, Katya Kumkova, and Fiona Symon. Our editor is Marc Filippino. Our show is mixed by Kelly Garry 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

The US economy fell short of Wall Street expectations by adding only 57,000 jobs in June, South Koreans are pouring AI stock windfalls into an overheated property market and investors in Blue Owl Capital tried to pull $4.7bn from the firm’s private credit funds in the second quarter. Plus, the FT’s sports editor Josh Noble and Berlin correspondent Laura Pitel explain how Germany’s shock exit from the World Cup pairs with wider discontent over the country’s economic woes.Mentioned in this podcast:US economy undershoots forecasts with 57,000 jobs added in JuneSouth Koreans pour AI stock windfalls into overheated property marketBlue Owl hit by $4.7bn of redemption requests as investor exodus persistsGermany’s shock World Cup exit sparks reckoningFriedrich Merz unveils €10bn tax cuts to revive German growthTell us your thoughts to enter a prize draw for a chance to win a pair of Bose QuietComfort Headphones worth £229. https://www.feedback.ft.com/c/a/6f9bJBvxsxaEBSIB5esBISOver 18s only. Find full T&Cs here Prize Draw winners’ surnames and regions may be made available upon request, as required by the Advertising Standards Authority. If you do not want your information to be made available, please email Privacy.Officer@ft.com upon entry. For more information on your rights and how we use your data, please read our Privacy Policy.Want to get in touch? Email us at podcasts@ft.comNote: The FT does not use generative AI to voice its podcasts CREDIT: FOX Sports, FOX OneThe FT News Briefing is produced by Victoria Craig, Sonja Hutson, Saffeya Ahmed, Katya Kumkova, and Fiona Symon. Our editor is Marc Filippino. Our show is mixed by Kelly Garry 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

OpenAI has discussed giving a 5 per cent stake to the US government, UBS will start trialling everyday banking services for its American employees within months, and dealmaking hit record levels in the first half of the year. Plus, many Russians are angry that the Ukraine war is now playing out on their territory.Mentioned in this podcast:OpenAI proposes handing Trump administration 5% stakeUBS to trial US banking services in push for wealthy American clientsMega takeovers drive record $2.8tn in dealmakingPutin admits Ukrainian drones are causing ‘problems’Putin ties himself to ruling party as war fatigue bitesListen to the Rachman Review on Apple Podcasts, Pocket Casts or Spotify.Tell us your thoughts to enter a prize draw for a chance to win a pair of Bose QuietComfort Headphones worth £229. https://www.feedback.ft.com/c/a/6f9bJBvxsxaEBSIB5esBISOver 18s only. Find full T&Cs here Prize Draw winners’ surnames and regions may be made available upon request, as required by the Advertising Standards Authority. If you do not want your information to be made available, please email Privacy.Officer@ft.com upon entry. For more information on your rights and how we use your data, please read our Privacy Policy.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, Katya Kumkova, and Fiona Symon. Our editor is Marc Filippino. Our show is mixed by Kelly Garry 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