FT News Briefing

Bethlehem Steel was the lifeblood of Pennsylvanian town's economy, and a major contributor to American manufacturing during the 20th century. But when the local plant closed in the 1990s and the company went bankrupt in the early 2000s, Bethlehem’s economy didn’t crater. It pivoted to other industries such as transportation and healthcare. Host Sonja Hutson takes us through the rise and fall of Bethlehem Steel and introduces us to steelworker-turned-nurse, Bill Leiner. He’s a living example of how an economy can adapt and rebuild after a major disruption. Listen to all episodes of The Bethlehem Project here. The Bethlehem Project is hosted and produced by Sonja Hutson and edited by Marc Filippino. This episode was mixed by Breen Turner. Our executive producer is Topher Forhecz. The FT’s global head of audio is Flo Phillips. Special thanks to Pierre Nicholson.

The race to succeed JPMorgan Chase chief executive Jamie Dimon just got tighter, and the investment chief at insurance group Allianz is warning that the SpaceX bond sale signals markets are in ‘bubble territory’. Plus, the US Supreme Court shielded German pharmaceuticals group Bayer from thousands of lawsuits over its Roundup weedkiller.Mentioned in this podcast:Jamie Dimon promotes two potential successors at JPMorganSpaceX bond sale signals markets are in ‘bubble territory’, warns Allianz CIOBayer wins crucial US Supreme Court ruling over Roundup weedkillerTell us your thoughts to enter a prize draw for a chance to win a pair of Bose QuietComfort Headphones worth £229. Take our survey: 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

Anthropic accuses Alibaba of obtaining ‘illicit’ access to Claude, and concern is brewing over KNDS’s upcoming initial public offering after Germany scraps warship plans. Plus, Meta is turning to AI content moderators, and the FT’s John Plender breaks down Donald Trump’s contributions to the US national debt. Mentioned in this podcast:Anthropic accuses Alibaba of obtaining ‘illicit’ access to ClaudeMeta races to replace human moderation with AIBerlin warship U-turn hits defence sector as KNDS heads to marketTrump’s empire of debtTell us your thoughts to enter a prize draw for a chance to win a pair of Bose QuietComfort Headphones worth £229. Take our survey: 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

Venezuela is set to take on the largest sovereign debt restructuring in history. Plus, chip stocks led a sell-off on Wall Street, and Nvidia’s AI chips have more than doubled in price on China’s black market. Mentioned in this podcast:Venezuela to reveal $240bn debt pile in world’s largest restructuringUS chipmakers lead Wall Street slide on rising rate rise worriesNvidia’s banned AI chips double in price on China’s black marketTell 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 Michela Tindera, 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

Keir Starmer has resigned as British prime minister, private equity executives are borrowing against their future share of profits, and former US Federal Reserve chair Alan Greenspan died at the age of 100. Plus, the FT’s Andean correspondent Joe Daniels traveled to a rural part of Colombia to find out what’s driving the country’s new cocaine boom.Mentioned in this podcast:Political Fix: Exit Starmer, enter BurnhamBuyout bosses turn to carried interest loans as payouts stallWhat lies behind the new boom in Colombian cocaineAlan Greenspan dies aged 100CREDIT: Keir Starmer YouTube page 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 Michela Tindera, 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

UK Prime Minister Keir Starmer could be on his way out of Westminster, and the US and Iran held high-stakes talks in Switzerland to officially end the war. Venture capital funds are rushing into defense tech startups on the back of the world’s wars, and the FT’s Claire Jones explains why Wall Street sees more volatility ahead from changes to Federal Reserve communications.Mentioned in this podcast:Keir Starmer on brink of quitting as UK prime ministerWhat Andy Burnham’s Westminster past reveals about himUS and Iran hold crunch talks in SwitzerlandWars trigger $12bn venture capital rush into defence techKevin Warsh’s push to axe Fed guidance may lift US borrowing costs, investors warnTake our survey! Tell us your thoughts to enter a prize draw for a chance to win a pair of Bose QuietComfort Headphones worth £229. Over 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

Labour’s Andy Burnham has won the crucial Makerfield by-election in the UK, a resurgence in the dollar is reversing bets on the currencies of big emerging markets and major commodity producers, insurers are trying to define “war” as a type of risk, and the Bank of England held interest rates at 3.75 per cent yesterday. Plus, the FT’s Saffeya Ahmed explains how this World Cup is a complicated one for Iran’s diaspora as its national team competes on American soil.  Mentioned in this podcast:Makerfield by-election result: Andy Burnham wins crucial poll‘Hawkish shift’ in US rates upends global currency betsInsurers seek to define ‘war’ as risk rises of global power clashesBank of England holds interest rates at 3.75%Iranian football team told to return to Mexico after opening World Cup gameFor Iran’s diaspora, a tough World Cup call: To support the national team or protest – or both?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 Michela Tindera, 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 Federal Reserve has dropped its bias towards lowering rates in the central bank’s first meeting chaired by Kevin Warsh, President Donald Trump said the US would release frozen Iranian funds, and UK inflation held unexpectedly steady last month. Plus, Chinese tech giant Huawei is making a huge comeback after being written off seven years ago. Mentioned in this podcast:Federal Reserve drops bias for rate cuts as Kevin Warsh era beginsDonald Trump to release Iran’s frozen funds and ease sanctions when ‘they behave’Huawei’s big comeback tests limits of US chip controlsUK inflation unexpectedly holds steady at 2.8% in MayFive things to know about the high-stakes Makerfield by-electionCREDIT: C-SPANWant 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 Senator Elizabeth Warren discusses SpaceX’s initial public offering and what she sees as its potential risk to investors. Plus, traders are betting on AI to underpin the strength of the US dollar, and the FT’s Alice Hancock explains why ship traffic in the Strait of Hormuz may take weeks to reach pre-conflict levels.Mentioned in this podcast:SpaceX leapfrogs Amazon to become world’s fifth-most valuable companyShipping groups hit by Middle East conflict-induced fuel shortagesInvestors pile into bullish dollar bets as ‘US exceptionalism’ trade returnsOil falls on US-Iran deal but Hormuz backlog may last weeksWant 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 Michela Tindera, 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