FT News Briefing

Defaults on US credit card loans have hit the highest level since the wake of the 2008 financial crisis, and as payment fraud rises, banks and tech companies disagree on who should cover consumer losses. Syria’s caretaker government has said it could take up to four years for the country to hold elections. Plus, how Hitachi’s plan to monetize industrial data has revived its fortunes. Mentioned in this podcast:US credit card defaults jump to highest level since 2010 Who should foot the bill for cyber scams?Syrian elections may not be held for 4 years, says de facto leader ‘Monetising data’: how Hitachi has soared with bets on AI futureThe FT News Briefing is produced by Niamh Rowe, Persis Love, Fiona Symon, Sonja Hutson, Kasia Broussalian and Marc Filippino. Additional help from Breen Turner, Sam Giovinco, Peter Barber, Michael Lello, David da Silva and Gavin Kallmann. Our engineer is Joseph Salcedo. Topher Forhecz is the FT’s executive producer. The FT’s global head of audio is Cheryl Brumley. The show’s theme song is by Metaphor Music.Read a transcript of this episode on FT.com

Are the Democrats doomed? Which world leaders are happiest to see Trump back in the White House? And why are investors flooding into American stocks? The FT’s US managing editor Peter Spiegel and global business columnist Rana Foroohar answer all of your questions after a wild year in US politics. Mentioned in this podcast:Trump team aims to bankrupt Iran with new ‘maximum pressure’ planHow ‘the mother of all bubbles’ will popSign up for the FT’s Swamp Notes newsletter hereSwamp Notes is produced by Ethan Plotkin, Sonja Hutson, Lauren Fedor and Marc Filippino. Topher Forhecz is the FT’s executive producer. The FT’s global head of audio is Cheryl Brumley. Special thanks to Pierre Nicholson. Read a transcript of this episode on FT.com

A number of cryptocurrency-focused hedge funds are outpacing their rivals, the Bank of England holds interest rates at 4.75 per cent, and Microsoft has partnered with a utility company to restart a controversial reactor at Three Mile Island.Mentioned in this podcast:Hedge funds cash in on Trump-fuelled crypto boom Bank of England holds interest rates at 4.75%Behind the Money: How the AI boom is reviving Three Mile IslandThe FT News Briefing is produced by Niamh Rowe, Fiona Symon, Sonja Hutson, Kasia Broussalian and Marc Filippino. Additional help from Breen Turner, Sam Giovinco, Peter Barber, Michael Lello, David da Silva and Gavin Kallmann. Our engineer is Joseph Salcedo. Topher Forhecz is the FT’s executive producer. The FT’s global head of audio is Cheryl Brumley. The show’s theme song is by Metaphor Music.Read a transcript of this episode on FT.com

The Federal Reserve cuts interest rates by a quarter-point but signals a slower pace of easing, and we look back at what central banks learned in 2024. The US Supreme Court says it will hear TikTok’s appeal against a divest-or-ban law, and Honda-Nissan talks aim to rescue Japan’s fragmented automotive industry.Mentioned in this podcast:Fed cuts rates by a quarter-point but signals slower pace of easing Five central banking lessons for 2024US Supreme Court to hear arguments challenging law that could ban TikTok Honda-Nissan merger talks mark Japan Inc’s new consolidate-to-survive moodThe FT News Briefing is produced by Niamh Rowe, Fiona Symon, Sonja Hutson, Kasia Broussalian and Marc Filippino. Additional help from Marine Saint, Breen Turner, Sam Giovinco, Peter Barber, Michael Lello, David da Silva and Gavin Kallmann. Our engineer is Joseph Salcedo. Topher Forhecz is the FT’s executive producer. The FT’s global head of audio is Cheryl Brumley. The show’s theme song is by Metaphor Music.Read a transcript of this episode on FT.com

Argentina emerged from a severe recession in the third quarter, Microsoft buys twice as many of Nvidia’s chips as any of its largest rivals, KPMG narrows the gap with the other Big Four firms, and Huawei sets sights on becoming a big supplier to the electric car industry. Plus, pub chains express frustration over shortages of Guinness in the run-up to Christmas.Mentioned in this podcast:Microsoft acquires twice as many Nvidia AI chips as tech rivals Argentina’s economy exits recession in milestone for Javier MileiKPMG outpaces Big Four rivals as audit and tax units shine ‘A different animal’: inside Huawei’s nascent EV business Diageo ‘better get brewing’, says Wetherspoons head amid Guinness shortage  The FT News Briefing is produced by Niamh Rowe, Fiona Symon, Sonja Hutson, Kasia Broussalian and Marc Filippino. Additional help from Breen Turner, Sam Giovinco, Peter Barber, Michael Lello, David da Silva and Gavin Kallmann. Our engineer is Joseph Salcedo. Topher Forhecz is the FT’s executive producer. The FT’s global head of audio is Cheryl Brumley. The show’s theme song is by Metaphor Music.Read a transcript of this episode on FT.com

Japan’s SoftBank unveils $100bn US investment plans, fervour around Nvidia cools as investors look to AI’s next winners, and Europe launches its most ambitious space programme in a decade. Plus, in Syria, Kurdish groups fear they may be worse off under a rebel-led government.Mentioned in this podcast: Japan’s SoftBank pledges $100bn investment in US After Nvidia’s boom, what’s next for AI-related stocks?  Europe signs €10.6bn Iris² satellite deal in bid to rival Elon Musk’s Starlink Syria’s Kurds fear US betrayal under Donald Trump Credit: APSend us your questions for Swamp Notes! Write to ethan.plotkin@ft.com.The FT News Briefing is produced by Niamh Rowe, Fiona Symon, Sonja Hutson, Kasia Broussalian and Marc Filippino. Additional help from Marine Saint, Breen Turner, Sam Giovinco, Peter Barber, Michael Lello, David da Silva and Gavin Kallmann. Our engineer is Joseph Salcedo. Topher Forhecz is the FT’s executive producer. The FT’s global head of audio is Cheryl Brumley. The show’s theme song is by Metaphor Music.Read a transcript of this episode on FT.com

Germany’s Olaf Scholz is expected to lose a confidence vote in parliament on Monday, and Arm and Qualcomm’s bitter legal feud over chip design licensing is heading to trial. The London Stock Exchange is on course for its worst year for departures since the financial crisis. Plus, investors’ appetite for juicy returns has triggered a big boom on Wall Street in complex financial products. Mentioned in this podcast:Olaf Scholz faces confidence vote — and hopes to lose itWall Street’s complex debt bonanza hits fastest pace since 2007London Stock Exchange suffers biggest exodus since financial crisisChip groups Arm and Qualcomm square off in high-stakes US trial ‘No political authority’: South Korea’s interim leader faces daunting taskSend us your questions for Swamp Notes! Write to ethan.plotkin@ft.com.The FT News Briefing is produced by Niamh Rowe, Fiona Symon, Sonja Hutson, Kasia Broussalian and Marc Filippino. Additional help from Breen Turner, Sam Giovinco, Peter Barber, Michael Lello, David da Silva and Gavin Kallmann. Our engineer is Joseph Salcedo. Topher Forhecz is the FT’s executive producer. The FT’s global head of audio is Cheryl Brumley. The show’s theme song is by Metaphor Music.Read a transcript of this episode on FT.com

Europe has been able to predictably lean on the US for decades. But Donald Trump used tariffs and other economic threats to test those assumptions in his first term, and he looks set to do so again. The FT’s EU correspondent Andy Bounds and US climate correspondent Aime Williams join to discuss how the EU is preparing (again) for a more confrontational America. Mentioned in this podcast:EU strikes blockbuster trade deal with MercosurEU commissioner pitches ‘Europe first’ in response to Donald TrumpSign up for the FT’s Swamp Notes newsletter hereQuestions about US politics for next week’s Swamp Notes? Email them to ethan.plotkin@ft.com. Swamp Notes is produced by Ethan Plotkin, Sonja Hutson, Lauren Fedor and Marc Filippino. Topher Forhecz is the FT’s executive producer. The FT’s global head of audio is Cheryl Brumley. Special thanks to Pierre Nicholson. Read a transcript of this episode on FT.com

HSBC is reviewing its retail banking operations outside the UK and Hong Kong, and the European Central Bank cut interest rates by a quarter-point to 3 per cent. The FT’s markets columnist Katie Martin provides a few insights for investing in 2025. Plus, human referees are set to be increasingly phased out as machines become more efficient at making critical decisions in sport.  Mentioned in this podcast:HSBC reviews retail banking outside UK and Hong KongDonald Trump election win sparks trading surge for banks and brokers​​ECB lowers rates to 3% and paves way for more cutsIn sport, the race is on to let technology decide who winsSend us your questions for Swamp Notes! Write to ethan.plotkin@ft.com.The FT News Briefing is produced by Niamh Rowe, Fiona Symon, Sonja Hutson, Kasia Broussalian and Marc Filippino. Additional help from Breen Turner, Sam Giovinco, Peter Barber, Michael Lello, David da Silva and Gavin Kallmann. Our engineer is Joseph Salcedo. Topher Forhecz is the FT’s executive producer. The FT’s global head of audio is Cheryl Brumley. The show’s theme song is by Metaphor Music.Read a transcript of this episode on FT.com