FT News Briefing

The FT’s George Parker explains the winners and losers in UK chancellor Rachel Reeves’ spending review, the UK imposed the first western sanctions against Israeli government ministers,and Citigroup is poised to increase provisions for potential bad loans by hundreds of millions of dollars for the second quarter. Plus, US state and local governments are selling municipal bonds at a record pace on fears that Congress could partially pay for President Donald Trump’s “big, beautiful bill” by cutting a critical tax break. Mentioned in this podcast:What to expect in Rachel Reeves’ spending reviewUK sanctions Israeli ministers Smotrich and Ben-GvirMuni bonds set for record sales on fears US Congress could scrap tax breakCiti to boost provision for potential bad loans on US economic worriesToday’s FT News Briefing was produced by Sonja Hutson, Mischa Frankl-Duval, Kasia Broussalian, and Marc Filippino. Additional help from Blake Maples, Michael Lello, David da Silva and Gavin Kallmann. Our intern is Michaela Seah. 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

The head of the operator of the Panama Canal has warned that a $23bn global ports deal could put the waterway’s neutrality mandate at risk, Donald Trump is testing the limits of presidential power by sending troops to Los Angeles, and Warner Bros Discovery will split into two publicly traded companies. Plus, Brazil is hoping to sell its first sovereign debt in the Chinese market to strengthen trade and investment ties.Mentioned in this podcast:Panama Canal boss warns MSC ports deal threatens principle of neutralityTrump administration to deploy hundreds of Marines in Los AngelesDonald Trump tests limits of presidential authority by sending troops into Los AngelesWarner Bros Discovery to split its TV and streaming businessesBrazil plans panda bond as Lula looks to bolster ties with ChinaToday’s FT News Briefing was produced by Sonja Hutson, Kasia Broussalian, Mischa Frankl-Duval and Marc Filippino. Additional help from Blake Maples, David da Silva and Gavin Kallmann. Our intern is Michaela Seah. The show’s theme song is by Metaphor Music.Read a transcript of this episode on FT.com

Syria is preparing to rejoin the international banking system, and Italian Prime Minister Giorgia Meloni’s rightwing government is trying to prevent a change to the country’s citizenship rules. Plus, US junk bond sales are booming ahead of fresh tariff uncertainty, and a German fintech is trying to bring cheap retail investing to Europe.Mentioned in this podcast:Syria to reconnect to global economy after 14 years as pariah stateItaly’s vote on who gets to be ItalianItaly votes on speeding up citizenship for foreignersJunk bond sales surge as companies try to beat fresh tariff uncertaintyBlackRock-backed fintech raises funds to be ‘European Charles Schwab’Today’s FT News Briefing was produced by Josh Gabert-Doyon, Ethan Plotkin, Sonja Hutson, Kasia Broussalian, Lulu Smyth, and Marc Filippino. Additional help from Jake Fielding, 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

US President Donald Trump doubled tariffs on steel to 50 per cent this week. He’s also allowing Japan’s Nippon to buy the US Steel Corporation. The moves are meant to bring back manufacturing to America’s steel industry. But will they? FT senior trade writer Alan Beattie and Zehra Munir, the FT’s industrial reporter, discuss whether Trump can make good on a popular promise. Mentioned in this podcast:It’s always steel — tariffs provide Trump with a familiar trade weaponDonald Trump’s US Steel gamble: Pennsylvania workers warm to Nippon tie-upSign up for the FT’s Trade Secrets newsletter hereSign up for the FT’s Swamp Notes newsletter hereCredit: The White House YouTube channelSwamp Notes is produced by Katya Kumkova, Henry Larson and Lauren Fedor. The FT’s acting co head of audio is Topher Forhecz. Special thanks to Pierre Nicholson. Read a transcript of this episode on FT.com

US President Donald Trump and China’s leader Xi Jinping agreed to launch a new round of high-level trade talks, the European Central Bank cut interest rates by a quarter point and Europe is being flooded with steel diverted from the US because of high tariffs. Plus, the FT’s Aanu Adeoye explains how a Russia-backed junta leader in Burkina Faso became an icon across Africa. Mentioned in this podcast:Donald Trump and Xi Jinping agree to launch new round of trade talksChristine Lagarde signals ECB rate-cutting ‘nearly concluded’‘The cult of Saint Traoré’: how a Russia-backed junta leader became an iconEU hit by surge in steel imports as US tariffs divert shipmentsToday’s FT News Briefing was produced by Sonja Hutson, Kasia Broussalian, Henry Larson, Fiona Symon, and Marc Filippino. Additional help from Sam Giovinco, Michael Lello and David da Silva. Our intern is Michaela Seah. The show’s theme song is by Metaphor Music. Read a transcript of this episode on FT.com

Apple’s rollout of artificial intelligence services in China with Alibaba is being held up, Wells Fargo faces an uphill battle to catch up with its rivals after asset cap was lifted, and US President Donald Trump says Russian President Vladimir Putin is not ready for “immediate peace” with Ukraine. Plus, the European Commission has finally given Bulgaria the green light to join the Eurozone in 2026.Mentioned in this podcast:Apple and Alibaba’s AI rollout in China delayed by Trump trade warWells Fargo has finally shed its dunce capWells Fargo asset cap lifted after ‘fake accounts’ scandalPutin planning to retaliate for Ukraine drone attack, says TrumpBulgaria to join Eurozone in 2026Today’s FT News Briefing was produced by Sonja Hutson, Kasia Broussalian, Lulu Smyth, and Marc Filippino. Additional help from Blake Maples, 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

Dutch Prime Minister Dick Schoof resigned after far-right leader Geert Wilders walked out of his coalition government, Mexico’s new supreme court is set to solely contain judges nominated by the ruling coalition, and Eurozone inflation fell below the European Central Bank’s 2 per cent target. Plus, the FT’s Akila Quinio explains how the Royal Bank of Scotland was nationalised in the wake of the 2008 financial crisis and then reborn. Mentioned in this podcast:Far-right Dutch leader Geert Wilders quits governmentTiny slice of Mexicans elect supreme court closely tied to ruling partyEurozone inflation falls below target to 1.9%The RBS story: how the world’s biggest bank was nationalised and then rebornSouth Korean leftwinger Lee Jae-myung wins presidential electionToday’s FT News Briefing was produced by Sonja Hutson, Kasia Broussalian, Ethan Plotkin, Fiona Symon, Mischa Frankl-Duval, and Marc Filippino. Additional help from Blake Maples, Michael Lello, and Gavin Kallmann. Our intern is Michaela Seah. 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

Elon Musk’s xAI is launching a $300mn share sale that values the group at $113bn, and China’s property sector woes are compounded by tariff worries. Plus, Poland’s new president is going to make life hard for the country’s prime minister, and the FT’s Amelia Pollard explains why US president Donald Trump wants to take mortgage giants Fannie Mae and Freddie Mac private. Mentioned in this podcast:EU companies more concerned about China slowdown than tariffsDonald Trump’s plans for Fannie and Freddie would mean payday for hedge fundsNationalist candidate Karol Nawrocki wins knife-edge Poland presidential electionElon Musk’s xAI seeks $113bn valuation in $300mn share saleToday’s FT News Briefing was produced by Sonja Hutson, Ethan Plotkin, Kasia Broussalian, Fiona Symon, Mischa Frankl-Duval, and Marc Filippino. Additional help from Blake Maples, David da Silva and Gavin Kallmann. Our intern is Michaela Seah. 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

Private equity dealmaking around the world slowed down in the second quarter of 2025, and South Korea holds elections on Tuesday after months of political instability. Plus, office space construction in the UK has reached a ten-year low, and Wall Street is warning that a little-publicised foreign tax provision in Donald Trump’s budget bill could upend markets. Mentioned in this podcast:Trump tariffs cut off recovery in private equity dealmakingLeftwing ‘brawler’ on verge of South Korea presidencyThe ‘quiet’ crisis brewing between the US and South KoreaForeign tax provision in Trump budget bill spooks Wall StreetUK office construction drops to 10-year lowToday’s FT News Briefing was produced by Sonja Hutson, Ethan Plotkin, Kasia Broussalian, Henry Larson, and Marc Filippino. Additional help from 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