FT News Briefing

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.

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

In our extended interview, US Senator Elizabeth Warren discusses SpaceX’s initial public offering and what she sees as its potential risk to investors.Mentioned in this podcast:SpaceX leapfrogs Amazon to become world’s fifth-most valuable companyhttps://www.banking.senate.gov/newsroom/minority/warren-calls-on-sec-to-delay-spacex-ipoWant 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

Global equities rallied and oil prices fell after an agreement to reopen the Strait of Hormuz, and hedge funds are betting against the debt and equity of some of Europe’s largest carmakers. Plus, a Russian online sabotage network was behind a series of arson attacks on Sir Keir Starmer’s family home and other targets linked to the UK prime minister.Mentioned in this podcast:Stocks surge as US-Iran deal ignites global rallyHedge funds bet against European carmakers on Chinese competition fearsArson targeting Keir Starmer properties originated in RussiaWant 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 leaders of the US and Iran will sign an agreement on Friday to reopen the Strait of Hormuz, and the annual G7 summit kicks off today. SpaceX’s blockbuster IPO tells us a lot about Wall Street’s appetite for tech listings, and the New York Knicks won the NBA championship for the first time since 1973. Mentioned in this podcast:Trump says Iran and US agree deal to open Strait of Hormuz and extend ceasefireEmmanuel Macron and Donald Trump test their bruised bromance at G7 summitWall Street digests record fundraising haul as AI race intensifiesSpaceX’s surge on debut makes Elon Musk world’s first trillionaireNew York Knicks’ winning streak should rub off on its owner tooRegister for FT Weekend Festival hereWant 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 was mixed by Alex Higgins and Kelly Garry. Additional help from Peter Barber, Gavin Kallmann, Michael Lello 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

With a week to go until Makerfield heads to the polls in what may turn out to be the most consequential by-election in British history, host Lucy Fisher, northern England correspondent Jen Williams and deputy political editor Jim Pickard are on the ground hearing from voters in the seat. Polls and bookmakers confidently predict an Andy Burnham victory but they discuss whether that narrative is too neat and what issues are really shaping voters’ choices. The result could determine not just who represents Makerfield, but also the future of the country if Burnham wins and successfully challenges Sir Keir Starmer for the premiership. Plus, they weigh up the shock resignation of defence secretary John Healey who has blasted Starmer’s government for being “unwilling” to commit sufficient resources to protecting the country.Follow: Lucy @LOS_Fisher or @lucyfisher.ft.com; Jen @JenWilliams_FT or @jenwilliamsft.bskyb.social; Jim on @PickardJE or @pickardje.bskyb.socialWant more?  John Healey: the ex-trade unionist who privately battled the TreasuryAndy Burnham rules out cash for Waspi women after Labour backlash‘Pure racism’: East Belfast reels from riots led by masked young menKeir Starmer weakened by John Healey’s scathing resignation  The joke that deepened Keir Starmer and Andy Burnham’s toxic riftSign up here for Stephen Bush’s morning newsletter Inside Politics for straight-talking insight into the stories that matter, plus puns and tongue (mostly) in cheek views. Get 30 days free.Political Fix was presented by Lucy Fisher and produced by Persis Love and Nisha Patel. Manuela Saragosa is the executive producer. Original music and sound engineering by Breen Turner. The FT’s global head of audio is Flo Phillips.Read a transcript of this episode on FT.com