FT News Briefing

Goldman Sachs, JPMorgan Chase and Fidelity are the biggest winners from investors pouring cash into US money market funds over the past two weeks, senior EU and UK officials have stepped up discussions on potential plans for closer defence and security co-operation, the London Metal Exchange has found bags full of stones at one of its warehouses instead of the nickel they were supposed to contain in the latest drama to hit the scandal-stricken metals market, and crypto companies are heading to Hong Kong to try and capture demand from Mainland China Mentioned in this podcast:Money market funds swell by over $286bn as investors pull deposits from banksTrafigura: the 10-day unravelling of an alleged $500mn fraudLME finds bags of stones instead of nickel in metal warehouseEU and UK ramp up talks on defence cooperation  Crypto groups expand in Hong Kong in bid to tap mainland China demandDownload the FT Edit app here: ft.com/fteditThe FT News Briefing is produced by Fiona Symon, Sonja Hutson and Marc Filippino. The show’s editor is Jess Smith. Additional help by Peter Barber, Michael Lello, David da Silva and Gavin Kallmann. 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 Hosted on Acast. See acast.com/privacy for more information.

 In this episode, Tech Tonic dives into the science at the heart of quantum computing. How do technologists use unexplained subatomic phenomena to build powerful computers?FT artificial intelligence editor Madhumita Murgia tells the story of quantum physics with the help of Sean Carroll, a theoretical physicist at Johns Hopkins University and hears from University of New South Wales professor Michelle Simmons to understand how engineers exploit weird quantum physics.Presented by Madhumita Murgia and John Thornhill, produced by Josh Gabert-Doyon and Edwin Lane. Executive producer is Manuela Saragosa. Sound design by Breen Turner and Samantha Giovinco. The FT’s head of audio is Cheryl Brumley.We're keen to hear more from our listeners about this show and want to know what you'd like to hear more of, so we're running a survey which you can find at ft.com/techtonicsurvey. It takes about 10 minutes to complete and you will be in with a chance to win a pair of Bose QuietComfort Earbuds. Hosted on Acast. See acast.com/privacy for more information.

TikTok’s CEO faced bruising questioning in US Congress over the social media app’s links to its Chinese parent company ByteDance, short seller Hindenburg Research has accused payments group Block of artificially inflating its user numbers and facilitating fraudulent transactions, and the wipeout of $17bn of Credit Suisse bonds has sparked panic among rich Asian investors who had loaded up on the risky bank debt.Mentioned in this podcast:TikTok chief faces hostile Congress in bid to fight off US banHindenburg Research shorts Jack Dorsey’s payments group BlockAsia investors ‘gobsmacked’ by $17bn Credit Suisse bond wipeoutCrypto fugitive Do Kwon arrested in Montenegro, says interior ministerCredit: Cash App Music Video Compilation (Hindenburg Research)Download the FT Edit app here: ft.com/fteditThe FT News Briefing is produced by Fiona Symon, Sonja Hutson and Marc Filippino. The show’s editor is Jess Smith. Additional help by Peter Barber, Michael Lello, David da Silva and Gavin Kallmann. 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 Hosted on Acast. See acast.com/privacy for more information.

The US Federal Reserve pressed ahead with its monetary tightening campaign despite the recent turmoil in the banking sector and the FT’s Andrew Jack explains why the FT updated the criteria for its MBA rankings. Plus, UK inflation was unexpectedly high last month. Mentioned in this podcast:Fed presses ahead with quarter-point rate rise despite banking turmoilFT business school rankingsGlobal MBA Ranking 2023: change at the topDownload the FT Edit app here: ft.com/fteditThe FT News Briefing is produced by Fiona Symon, Sonja Hutson and Marc Filippino. The show’s editor is Jess Smith. Additional help by Peter Barber, Michael Lello, David da Silva and Gavin Kallmann. 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 Hosted on Acast. See acast.com/privacy for more information.

The IMF has struck a deal with Ukraine to provide a $15.6bn loan, some former central bankers say pausing rate increases because of the banking sector turmoil would be a mistake, shares of First Republic Bank rallied after US Treasury secretary Janet Yellen said the government stood ready to provide further support for smaller lenders, and China's leader Xi Jinping has backed Russian president Vladimir Putin’s stance on his war in Ukraine but refrained from endorsing his statements about a planned gas pipeline. Mentioned in this podcast:Ukraine clinches $15.6bn IMF loanFormer officials split on what central banks should do next Janet Yellen says US prepared to give more support to banksXi Jinping backs Vladimir Putin on Ukraine but holds out on Russian gas pipelineDownload the FT Edit app here: ft.com/fteditThe FT News Briefing is produced by Fiona Symon, Sonja Hutson and Marc Filippino. The show’s editor is Jess Smith. Additional help by Peter Barber, Michael Lello, David da Silva and Gavin Kallmann. 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 Hosted on Acast. See acast.com/privacy for more information.

The IMF’s board has finally backed a $3bn bailout for Sri Lanka to help relieve a ‘catastrophic’ economic and social crisis, shares in First Republic Bank tumbled 47 per cent on Monday despite a $30bn rescue deposit last week, and Credit Suisse bondholders were in uproar after the rescue deal by rival UBS wiped out $17bn of the failed Swiss bank’s bonds.Mentioned in this podcast:IMF approves $3bn bailout for Sri Lanka Wall Street chief executives try to come up with new plan for First RepublicCredit Suisse bondholders in uproar over $17bn debt wipeoutCredit Suisse AT1s: investors go loco after Coco no-noDownload the FT Edit app here: ft.com/fteditThe FT News Briefing is produced by Fiona Symon, Sonja Hutson and Marc Filippino. The show’s editor is Jess Smith. Additional help by Peter Barber, Michael Lello, David da Silva and Gavin Kallmann. 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 Hosted on Acast. See acast.com/privacy for more information.

UBS agreed to buy Credit Suisse for $3.25bn after a frantic weekend of negotiations brokered by Swiss regulators, leading central banks have taken fresh measures to improve global access to dollar liquidity, and the Biden administration is under pressure to call for an expansion of the federal guarantee on bank deposits. Plus, the FT’s Andrew Edgecliffe-Johnson explains what lessons start-ups are taking away from the collapse of Silicon Valley Bank. Mentioned in this podcast:UBS agrees to buy Credit Suisse for more than $3bnWhite House pressed to expand deposit guarantee to steady banksCentral banks announce dollar liquidity measures to ease banking crisisStart-ups learn the hard way how to manage cash after SVB’s collapseSign up for the FT’s Due Diligence newsletter: https://www.ft.com/due-diligenceDownload the FT Edit app here: ft.com/fteditRead a transcript of this episode on FT.com Hosted on Acast. See acast.com/privacy for more information.

Tech companies including Google, Microsoft and IBM are all working on plans for a commercially viable quantum computer. They say that these machines will be able to solve climate change, help develop new pharmaceutical drugs and transform our economy. But harnessing quantum physics requires overcoming massive challenges. As researchers tinker away on uber-sensitive, ultra-cold quantum computers and investors become increasingly interested in the potential commercial applications – some people in the quantum computing world aren’t buying the hype.In this episode of Tech Tonic, FT innovation editor John Thornhill travels to the West Coast to visit Julie Love and Krysta Svore, both of Microsoft’s quantum computing programme, and tours Google’s quantum computing lab with engineer Erik Lucero. We hear from Bessemer Venture Partners’ investor David Cowan, and FT artificial intelligence editor Madhumita Murgia talks to long-time quantum computing researcher Sankar Das Sarma.Presented by Madhumita Murgia and John Thornhill, produced by Josh Gabert-Doyon and Edwin Lane. Executive producer is Manuela Saragosa. Sound design by Breen Turner and Samantha Giovinco. The FT’s head of audio is Cheryl Brumley.We're keen to hear more from our listeners about this show and want to know what you'd like to hear more of, so we're running a survey which you can find at ft.com/techtonicsurvey. It takes about 10 minutes to complete and you will be in with a chance to win a pair of Bose QuietComfort Earbuds.Read a transcript of this episode on FT.com Hosted on Acast. See acast.com/privacy for more information.

The largest US banks have banded together to deposit $30bn into First Republic Bank in an attempt to bolster its finances, the European Central Bank has raised interest rates by half a percentage point, Emmanuel Macron failed a critical parliamentary test and chose to override lawmakers to pass his unpopular plan to raise France’s retirement age, and the FT’s Stephen Morris explains why HSBC took a chance on Silicon Valley Bank UK. Mentioned in this podcast:Wall Street banks to deposit $30bn into First RepublicECB increases rates by 0.5 percentage pointsMacron to pass pension reform by decree as protests sweep FranceWhy HSBC swooped on SVB UKDownload the FT Edit app here: ft.com/fteditThe FT News Briefing is produced by Fiona Symon, Sonja Hutson and Marc Filippino. The show’s editor is Jess Smith. Additional help by Peter Barber, Michael Lello, David da Silva and Gavin Kallmann. 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 Hosted on Acast. See acast.com/privacy for more information.

The Swiss central bank said it would provide a liquidity backstop to Credit Suisse, UK chancellor Jeremy Hunt unveiled a Budget that includes a £4bn expansion of free childcare, and Volkswagen is increasing its investments in electric vehicles.Mentioned in this podcast:Swiss central bank offers Credit Suisse liquidity backstop after share plungeJeremy Hunt’s “Budget for growth” boosts UK childcare VW ramps up investments in electric car transition with €180bn injectionDownload the FT Edit app here: ft.com/fteditThe FT News Briefing is produced by Fiona Symon, Sonja Hutson and Marc Filippino. The show’s editor is Jess Smith. Additional help by Peter Barber, Michael Lello, David da Silva and Gavin Kallmann. 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 Hosted on Acast. See acast.com/privacy for more information.

The world’s largest private investment firms are exploring the purchase of loans from the remains of Silicon Valley Bank, the Federal Reserve is caught between high inflation and financial instability, and US regulators are facing questions over whether they missed signs of mounting problems at SVB. Plus, Australia, the US and the UK announced details of a long-term plan to supply Australia with nuclear-powered submarines.Mentioned in this podcast:Buyout titans weigh purchases from Silicon Valley Bank loan bookUS consumer prices rise 6% at tricky time for Fed amid SVB falloutRegulators face questions over missed warning signs at Silicon Valley BankAukus defence pact’s political pay-off will be a jobs bonanzaSilicon Valley Bank Webinar: Register HereDownload the FT Edit app here: ft.com/fteditThe FT News Briefing is produced by Fiona Symon, Sonja Hutson and Marc Filippino. The show’s editor is Jess Smith. Additional help by Peter Barber, Michael Lello, David da Silva and Gavin Kallmann. 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 Hosted on Acast. See acast.com/privacy for more information.

The collapse of Silicon Valley bank rattled global markets, investors continue to worry about banks, US regional banks were hit hard by a sell-off, and venture capitalists are pointing fingers at each other for their role in the bank run on SVB that precipitated its demise. Mentioned in this podcast:California bank failure shakes global financial stocksUS and European bank stocks tumble as investors fret over SVB falloutFirst Republic and other US regional banks tumble over fears of deposit flightRecriminations fly as venture capitalists contemplate Silicon Valley Bank’s collapseBiden audio credit: C-SpanDownload the FT Edit app here: ft.com/fteditThe FT News Briefing is produced by Fiona Symon, Sonja Hutson and Marc Filippino. The show’s editor is Jess Smith. Additional help by Peter Barber, Michael Lello, David da Silva and Gavin Kallmann. 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 Hosted on Acast. See acast.com/privacy for more information.

The Federal Deposit Insurance Corporation is leading an auction to find a potential buyer for Silicon Valley Bank after the US government said it would help depositors in its efforts to stop contagion across the banking sector. Plus, the boom in disposable vaping devices is not just adding to health concerns but leading to tonnes of electronic waste. Mentioned in this podcast:Silicon Valley Bank: the spectacular unravelling of the tech industry’s bankerUK government tried to find buyer for SVB unit UK chancellor prepares lifeline for UK companies hit by SVB collapseThe environmental cost of single-use vapes Download the FT Edit app here: ft.com/fteditThe FT News Briefing is produced by Fiona Symon, Sonja Hutson and Marc Filippino. The show’s editor is Jess Smith. Additional help by Peter Barber, Michael Lello, David da Silva and Gavin Kallmann. 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 Hosted on Acast. See acast.com/privacy for more information.

In the cybersecurity world they call it Q-Day, the day when a quantum computer will be built that can break the encryption of the internet.John Thornhill and Madhumita Murgia speak to cybersecurity expert and former professional hacker Mark Carney about password cracking, and why quantum computers would be so good at it.Renowned mathematician Peter Shor recounts how he became the first person to discover that quantum computers could upturn the encryption that underpins much of the internet. Jack Hidary, boss of the quantum technology company Sandbox AQ, tells us how quantum computers already pose a threat today, even if it’s decades before one powerful enough to threaten encryption will be built. And cryptographer Dan Bernstein explains why protecting ourselves from the quantum threat might just be down to better maths.Presented by Madhumita Murgia and John Thornhill, produced by Josh Gabert-Doyon and Edwin Lane. Executive producer is Manuela Saragosa. Sound design by Breen Turner and Samantha Giovinco. The FT’s head of audio is Cheryl Brumley.We're keen to hear more from our listeners about this show and want to know what you'd like to hear more of, so we're running a survey which you can find at ft.com/techtonicsurvey. It takes about 10 minutes to complete and you will be in with a chance to win a pair of Bose QuietComfort Earbuds.Read a transcript of this episode on FT.com Hosted on Acast. See acast.com/privacy for more information.

A US bank index suffered the worst one-day fall in market value since June 2020, the first France-UK summit in five years will focus on resetting relations, Mexico’s currency hit a five-year high this week despite its struggling economy, and former Goldman Sachs banker Roger Ng was sentenced to 10 years in prison for fraud.Mentioned in this podcast:Investors dump US bank shares amid fears over value of bond portfoliosMexico’s peso hits five-year high on interest rates and US benefitsFrance and UK aim to draw a line under post-Brexit tensionsFormer Goldman Sachs banker Roger Ng sentenced to 10 years for 1MDB fraudDownload the FT Edit app here: ft.com/fteditThe FT News Briefing is produced by Fiona Symon, Sonja Hutson and Marc Filippino. The show’s editor is Jess Smith. Additional help by Peter Barber, Michael Lello, David da Silva and Gavin Kallmann. 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 Hosted on Acast. See acast.com/privacy for more information.

EY employees were told that the plan to spin off the consulting business needs to be reworked, and Chinese president Xi Jinping is preparing to shore up financial stability at home while trying to keep up in an intense rivalry with the US over technology. Plus the FT’s Chris Giles explains just how bad a state the British economy is in.  Mentioned in this podcast:EY split paused amid partner infighting over fate of tax expertsWhat does Xi Jinping’s tighter regulatory grip on China mean for business?Cathie Wood’s flagship Ark fund tops $300mn in fees despite lossesThe UK economy has a London problem — but it’s not what you thinkDownload the FT Edit app here: ft.com/fteditThe FT News Briefing is produced by Fiona Symon, Sonja Hutson and Marc Filippino. The show’s editor is Jess Smith. Additional help by Peter Barber, Michael Lello, David da Silva and Gavin Kallmann. 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 Hosted on Acast. See acast.com/privacy for more information.

Jay Powell warned US lawmakers that the Federal Reserve is prepared to return to bigger interest rate rises to fight inflation, and the US gender pay gap has barely budged in the past two decades. Plus, the FT’s Ortenca Aliaj explains how Hindenburg Research may have shorted Adani stocks.Mentioned in this podcast:How did Hindenburg short Adani stock?Jay Powell warns Fed is prepared to return to bigger interest rate risesWomen still struggling to close corporate America’s gender gapCredit: C-SPAN Federal Reserve Chair Testifies on Monetary Policy and the EconomyDownload the FT Edit app here: ft.com/fteditThe FT News Briefing is produced by Fiona Symon, Sonja Hutson and Marc Filippino. The show’s editor is Jess Smith. Additional help by Peter Barber, Michael Lello, David da Silva and Gavin Kallmann. 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 Hosted on Acast. See acast.com/privacy for more information.

FTX affiliate Alameda has sued crypto investment company Grayscale and its owner over the structure of their large bitcoin and ethereum trusts, Chinese companies are flocking to Switzerland to raise capital, and incoming Bank of Japan governor Kazuo Ueda has hinted that ‘yield curve control’ is unlikely to survive in its existing form once he takes the helm. Mentioned in this podcast:FTX’s trading affiliate Alameda sues Grayscale over crypto investmentsChinese companies choose Switzerland over US and UK to raise money overseasDitching bond yield cap will be tricky task for new Bank of Japan governorDownload the FT Edit app here: ft.com/fteditThe FT News Briefing is produced by Fiona Symon, Sonja Hutson and Marc Filippino. The show’s editor is Jess Smith. Additional help by Peter Barber, Michael Lello, David da Silva and Gavin Kallmann. 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 Hosted on Acast. See acast.com/privacy for more information.

Huawei is lobbying to build the Malaysian government’s 5G network, China will aim for an economic expansion of “around 5 per cent” for 2023, Israel has been gripped by a bitter battle between supporters and opponents of proposed judicial reforms, and US President Joe Biden will soon issue his first presidential veto. Mentioned in this podcast:Huawei fights for role in Malaysia’s 5G rolloutChina’s military budget outpaces economic growth in shift to securityXi Jinping set to overhaul China’s economic policy team at watershed congressThe angry divide in Israel over the rule of law and religionJoe Biden expected to issue first presidential veto in anti-ESG voteCredit: SCMP Clips: China targets to boost gross domestic product by ‘around 5%’ in 2023  Credit: Reuters: Police in Israel use stun grenades on judicial reform protestersDownload the FT Edit app here: ft.com/fteditRead a transcript of this episode on FT.com Hosted on Acast. See acast.com/privacy for more information.

Tech companies and labs around the world are building a revolutionary new computer. Quantum computers harness the mysteries of quantum physics to perform calculations that seem impossible. The people building them say they’re going to change the world.In a new season of Tech Tonic, FT tech journalists Madhumita Murgia and John Thornhill investigate the race to build a quantum computer, the impact they could have on security, innovation and business, and the confounding physics of the quantum world.Are we really on the brink of a quantum revolution? And what will a future powered by quantum computing look like?Check out stories and up-to-the-minute news from the Technology team at ft.com/technologyPresented by Madhumita Murgia and John Thornhill, produced by Josh Gabert-Doyon and Edwin Lane. Executive producer is Manuela Saragosa. Sound design by Breen Turner and Samantha Giovinco. The FT’s head of audio is Cheryl Brumley. Hosted on Acast. See acast.com/privacy for more information.