FT News Briefing

Israel may not have big enough bombs to take down Iran’s most secure nuclear facility, and Nippon Steel’s bid to take over US Steel is finally moving forward. Plus, gold has surpassed the euro as the second most-popular reserve asset, and the UK’s overseas intelligence agency has appointed its first female chief. Mentioned in this podcast:Gold overtakes euro as global reserve asset, ECB saysSilver and platinum prices soar as investors seek ‘gold alternatives’ The nuclear mountain that haunts IsraelDonald Trump approves Nippon Steel’s $15bn takeover of US SteelBritain’s overseas spy agency MI6 promotes ‘Q’ to be first female head Today’s FT News Briefing was produced by Sonja Hutson, Ethan Plotkin, Kasia Broussalian, and Marc Filippino. Additional help from Alexander Higgins and Peter Barber. Our acting co-head of audio is Topher Forhecz. Our intern is Michaela Seah. The show’s theme song is by Metaphor Music. Read a transcript of this episode on FT.com

Today, we're bringing you the first episode from the new season of Hot Money. On Hot Money: Agent of Chaos, reporter Sam Jones investigates Wirecard’s chief operating officer — who vanished just as the high flying German fintech collapsed. It turned out he was a Russian spy. From an Ibizan sting operation to an attempted takeover of the Austrian intelligence service, Jones’ reporting spirals into a world of warlords, espionage and disinformation. All in an attempt to answer two questions: who is the real Jan Marsalek? And what does his secret life reveal about the powerful forces he serves?  Get ad-free access to the entire season of Hot Money: Agent of Chaos by subscribing to Pushkin+ on Apple Podcasts or Pushkin.fm. Access ad-free episodes, exclusive binges, full audiobooks, and bonus content for all Pushkin shows with Pushkin+.Subscribe on Apple: apple.co/pushkinSubscribe on Pushkin: pushkin.fm/plus

Israel has launched a strike against Iran, Argentina’s month-on-month inflation rate has fallen below 2 per cent, and Italian, Spanish and Greek sovereign bonds have rallied. Plus, investigators in India are looking into a fatal Boeing 787 crash and the US dollar sank to a three-year low. Mentioned in this podcast:Israel strikes Iran and braces for retaliationDollar sinks to three-year low on Trump tariff threatItaly, Greece and Spain emerge as winners in bond market anxietyMore than 240 dead after Air India flight to London crashesMilei brings Argentina’s monthly inflation below 2% for first time since 2020Subscribe to the Unhedged newsletterToday’s FT News Briefing was produced by Sonja Hutson, Kasia Broussalian, Fiona Symon, Henry Larson, and Marc Filippino. Additional help from Eli Meixler, Kelly Garry, 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 Pentagon has launched a review of the 2021 Aukus submarine deal with the UK and Australia, Donald Trump has said the US and China’s deal to restore their trade war truce is “done”, and US inflation rose less than expected to 2.4 per cent in May. Plus, European governments are braced for high-stakes negotiations with Trump that will put the continent’s defence, economy and security on the line. Mentioned in this podcast:Pentagon launches review of Aukus nuclear submarine dealDonald Trump says US-China deal ‘done’ as two sides restore trade war truceUS inflation rose less than expected to 2.4% in MayEurope confronts Trump’s triple threat on Ukraine, Nato and tradeToday’s FT News Briefing was produced by Fiona Symon, Sonja Hutson, 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 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

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