FT News Briefing

It’s been a dreadful night for Labour as council seats across the country have turned from red to turquoise. The Conservatives have not fared much better with Reform UK the big winner so far. With results still coming in, host Lucy Fisher discusses the fracturing of the vote and the future for beleaguered Prime Minister Sir Keir Starmer with the FT’s deputy political editor Jim Pickard, Northern England correspondent Jen Williams and political columnist Stephen Bush.Have a question for the panel? We’re planning a question and answer episode on Monday May 11. Email your questions to politicalfix@ft.comFollow Lucy on X: @LOS_Fisher, and Bluesky: @lucyfisher.ft.com; Jim @PickardJE; Stephen @stephenkb & @stephenkb.bsky.social and Jen @JenWilliamsMEN and @jenwilliamsft.bsky.socialWant more? UK elections: Labour suffers heavy losses as Reform surgesFour things we learnt in the UK electionsScale of defeat should shake ‘big two’ parties into serious actionKeir Starmer defies calls to quit after heavy Labour council lossesUK local and devolved elections: Hour-by-hour guide to key resultsIn Labour’s bleak moment, Andy Burnham relishes his ownSign 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. Get 30 days free.Presented by Lucy Fisher. Produced by Clare Williamson. Manuela Saragosa is the executive producer. Original music and mix by Breen Turner. The broadcast engineers were Andrew Giorgiades and Petros Gioumpasis. Cheryl Brumley is the FT’s global head of Audio. Hosted on Acast. See acast.com/privacy for more information.

Big Tech groups are expected to generate the smallest amount of cash in more than a decade this year, and investors are dumping Indian assets. Plus, GameStop CEO Ryan Cohen, has set his sights on his next project: a huge leveraged buyout of eBay.Mentioned in this podcast:Big Tech’s $725bn AI spending spree sends cash flows to decade lowInvestors dump Indian assets as energy shock sends rupee slidingCan the meme stock king pull off audacious eBay swoop?Political Fix podcastNote: The FT does not use generative AI to voice its podcasts Today’s FT News Briefing was hosted and edited by Marc Filippino, and produced by Katya Kumkova, Saffeya Ahmed, and Victoria Craig. Our show was mixed by Sam Giovinco. Additional help from Michael Lello and David da Silva. Our executive producer is Topher Forhecz. Cheryl Brumley is the FT’s Global Head of Audio. The show’s theme music is by Metaphor Music. Credit: CNBCRead a transcript of this episode on FT.com Hosted on Acast. See acast.com/privacy for more information.

US fuel exports have surged to a record level, and hedge funds had their best month since 2020. Plus, Samsung Electronics is locked in a feud with its workers over how to share the spoils of the AI-driven semiconductor boom, and LVMH is considering selling some of its iconic brands. Mentioned in this podcast:US fuel exports hit record in boon for oil companies and threat to TrumpLVMH goes from buyer to seller as luxury’s winter drags onTech rally hands hedge funds biggest gains since 2020Samsung workers demand bigger slice of surging AI profitsNote: The FT does not use generative AI to voice its podcasts Today’s FT News Briefing was hosted and edited by Marc Filippino, and produced by Katya Kumkova, Saffeya Ahmed, and Sonja Hutson. Our show was mixed by Kelly Garry. Additional help from Gavin Kallmann, Michael Lello and David da Silva. Our executive producer is Topher Forhecz. Cheryl Brumley 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 Hosted on Acast. See acast.com/privacy for more information.

Global oil reserves plunged at a record pace in April and the SEC said it was proposing to allow public companies to file earnings reports every six months. Plus, the US will start reviewing some AI models over national security concerns and HSBC’s profits took a major hit from “fraud-related” exposure. Mentioned in this podcast:SEC moves to scrap quarterly reporting requirementGlobal oil reserves plunge at record pace as Middle East war strains suppliesHSBC profits hit by $400mn ‘fraud-related’ exposureGoogle, xAI and Microsoft agree to US national security reviews of new AI modelsNote: The FT does not use generative AI to voice its podcasts Today’s FT News Briefing was hosted and edited by Marc Filippino, and produced by Katya Kumkova, Saffeya Ahmed, Fiona Symon, and Sonja Hutson. Our show was mixed by Sam Giovinco. Additional help from Michael Lello and David da Silva. Our executive producer is Topher Forhecz. Cheryl Brumley 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 Hosted on Acast. See acast.com/privacy for more information.

The US and Iran traded fire in the Strait of Hormuz, and Anthropic formed a more than $1.5bn joint venture with Wall Street groups including Blackstone, Hellman & Friedman and Goldman Sachs. Plus, the FT’s Anna Nicolaou explains whether Disney’s chief executive can handle the latest challenge thrown by the Trump administration.Mentioned in this podcast:US to ‘guide’ stranded ships out of Strait of Hormuz, says TrumpBlackstone and Goldman among backers for $1.5bn JV with AnthropicTrump vs Kimmel: inside Disney chief Josh D’Amaro’s baptism of fire‘Plastic shock’ hits Asia as Iran oil crisis strangles suppliesNote: The FT does not use generative AI to voice its podcasts Today’s FT News Briefing was hosted and edited by Marc Filippino, and produced by Katya Kumkova and Saffeya Ahmed. Our show was mixed by Sam Giovinco. Additional help from Michael Lello. Our executive producer is Topher Forhecz. Cheryl Brumley 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 Hosted on Acast. See acast.com/privacy for more information.

We tally the impact of war on industries around the globe as the conflict in Iran stretches into its third month. Plus, Britain braces for voters to deliver a potentially seismic change to the political system. And, though many industries are preparing to deal with shortages caused by the Strait of Hormuz closure, the US and Europe have a glut of milk.Mentioned in this podcast:Airlines slash flights as fuel shortage fears mountUAE fertiliser giant resorts to trucks to shift product out of GulfDetroit carmakers warn of $5bn commodities shock due to Iran warExxon and Chevron defy Trump pressure to boost oil productionOil market one month from crunch point as global stockpiles dwindleTrump’s war in Iran leaves US with sharpest fuel shock in G7Political Fix: Labour braces for ballot box bloodbathThe land of milk and no money: UK farmers are in a fixNote: The FT does not use generative AI to voice its podcasts Today’s FT News Briefing was hosted by Victoria Craig and produced by Marc Filippino and Saffeya Ahmed. Our show was mixed by Alex Higgins. Additional help from Peter Barber. Our executive producer is Topher Forhecz. Cheryl Brumley 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 Hosted on Acast. See acast.com/privacy for more information.

Introducing a new video podcast from the FT: Does scientific, artistic or political brilliance translate into investing success? It’s a topical question with hedge funds today accused of sucking talent away from the rest of the economy. So, the FT’s Gillian Tett and Robin Wigglesworth sat down with reporter Toby Nangle, who has dug into the archives to assess the investment portfolios of Isaac Newton, Charles Darwin, Winston Churchill, John Maynard Keynes and other widely regarded geniuses of the past. What Toby found may surprise you, as will the historical wildcard he’s unearthed.To enjoy future episodes, be sure to subscribe to The Story of Money wherever you get your podcasts, also on the show's dedicated YouTube channel here.Learn more at ft.com/tsom Want more?Read Toby’s full FT article here.Toby’s sources:On Churchill: https://www.amazon.co.uk/No-More-Champagne-Churchill-Money/dp/1784081817 On J.M.W. Turner: https://papers.ssrn.com/sol3/papers.cfm?abstract_id=5718586 On John Maynard Keynes: https://papers.ssrn.com/sol3/papers.cfm?abstract_id=2023011 https://papers.ssrn.com/sol3/papers.cfm?abstract_id=2287262 On Einstein: https://einstein-website.de/en/what-happened-to-the-nobel-prize-money/#:~:text=By%20May%201924%2C%20Mileva%20had,visible%20result%20of%20my%20musings%E2%80%9D On Jane Austen: https://jasna.org/publications-2/persuasions-online/vol36no1/toran/ Hosts: Gillian Tett and Robin WigglesworthGuest: Toby NangleProducer: Lulu SmythSenior Producers: Michela Tindera and Laurence KnightExecutive Producers: Flo Phillips and Manuela SaragosaOriginal music: Breen TurnerBroadcast engineers: Bianca Wakeman and Petros GiuompasisPodcast Development: Laura ClarkeFT Global Head of Audio: Cheryl BrumleyVideo editor: Josh Divney at Podcast Discovery Hosted on Acast. See acast.com/privacy for more information.

Apple delivered another quarter of strong sales growth driven by what the tech giant called its “most popular” iPhone model ever, and we explore how some of the world’s biggest central banks are dealing with the energy shock from the Iran war. Plus, can Tinder win women back to its platform, and why the UK’s local elections next week will be a big test for the Labour government. Mentioned in this podcast:Apple credits ‘most popular’ ever iPhone for booming sales​​ECB and BoE warn of rate rises as they grapple with Middle East shockCan Tinder win back women?What Labour’s likely meltdown means for the UKNote: The FT does not use generative AI to voice its podcasts Today’s FT News Briefing was hosted and edited by Marc Filippino, and produced by Victoria Craig, Fiona Symon, and Sonja Hutson. Our show was mixed by Sam Giovinco. Additional help from Gavin Kallmann, Michael Lello and David da Silva. Our executive producer is Topher Forhecz. Cheryl Brumley 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 Hosted on Acast. See acast.com/privacy for more information.

Meta said it would boost its spending on AI this year, and Jay Powell says he will stay on as a Federal Reserve governor once his term as chair ends. Plus, the special relationship between the UK and US held up under intense pressure, and defence stocks are struggling despite the US and Israel's war in Iran. Oil jumps to almost $120 as Trump signals extended Hormuz stand-offFed chair nominee Kevin Warsh secures Senate committee approvalOil surge divides US central bank as Jay Powell’s term at helm draws to a closeAmerica’s special relationship is ‘probably Israel’, says UK ambassador to USKing Charles defends transatlantic relationship in speech to CongressDefence stocks give back gains as investors buy rumour but sell warPolitical Fix podcastCredit: C-SPAN, Federal ReserveNote: The FT does not use generative AI to voice its podcasts Today’s FT News Briefing was hosted and edited by Marc Filippino, and produced by Saffeya Ahmed, Victoria Craig, and Sonja Hutson. Our show was mixed by Sam Giovinco. Additional help from Gavin Kallmann, Michael Lello. Our executive producer is Topher Forhecz. Cheryl Brumley 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 Hosted on Acast. See acast.com/privacy for more information.

Federal regulators launched a probe into all Disney-owned TV stations after a late-night comedian made a joke about First Lady Melania Trump, and emerging market stocks have recovered all of their losses from the early stages of the Iran war to hit an all-time high, and the United Arab Emirates is leaving Opec after 60 years. Plus, the FT’s Bita Ghaffari in Tehran details life inside Iran’s blackout that’s been in place since the US and Israel attacked at the end of February. Mentioned in this podcast:Trump administration launches Disney probe after Jimmy Kimmel’s Melania jokeEmerging market stocks hit record high as Asian chipmakers surgeUAE to leave Opec in blow to oil cartelLife inside Iran’s internet blackoutCredit: Jimmy Kimmel Live!Note: The FT does not use generative AI to voice its podcasts Today’s FT News Briefing was hosted and edited by Marc Filippino, and produced by Victoria Craig, Saffeya Ahmed, and Fiona Symon. Our show was mixed by Sam Giovinco. Additional help from Gavin Kallmann. Our executive producer is Topher Forhecz. Cheryl Brumley 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 Hosted on Acast. See acast.com/privacy for more information.

The number of countries cutting energy taxes in response to the Iran war has doubled over the past month, and China blocked Meta’s $2bn purchase of the AI group Manus. Plus, big private equity backers have raised concerns that some firms may be waving through controversial deals. Mentioned in this podcast:Energy tax cuts spread across 39 economies as prices jumpChina blocks Meta’s $2bn purchase of AI group ManusPrivate equity backers raise new conflict concerns over sweetheart dealsNote: The FT does not use generative AI to voice its podcasts Today’s FT News Briefing was hosted and edited by Marc Filippino, and produced by Saffeya Ahmed, Fiona Symon, and Sonja Hutson. Our show was mixed by Sam Giovinco. Additional help from Gavin Kallmann, Michael Lello and David da Silva. Our executive producer is Topher Forhecz. Cheryl Brumley 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 Hosted on Acast. See acast.com/privacy for more information.

Alleged Trump shooter is set to be charged in federal court Monday, Republican Senator Thom Tillis said he will allow confirmation of Fed nominee Kevin Warsh to proceed, and the world’s leading central banks are widely expected to hold off on inflation-fighting interest rate rises this week. Plus, Anthropic’s cybersecurity AI model could be so effective it actually backfires. Mentioned in this podcast:Alleged Trump shooter was targeting US officials, authorities sayUS prosecutors drop criminal probe into Federal Reserve chair Jay PowellLeading central banks play for time on interest rate risesAnthropic investigating unauthorised access of powerful Mythos AI modelNote: The FT does not use generative AI to voice its podcasts Today’s FT News Briefing was hosted by Sonja Hutson and produced by Saffeya Ahmed and Julia Webster. Our show was mixed by Alex Higgins. Additional help from Peter Barber. Our executive producer is Topher Forhecz. Cheryl Brumley 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 Hosted on Acast. See acast.com/privacy for more information.

Meta will cut 10% of its staff next month, BP suffered a heavy defeat at its annual shareholder meeting, and the Paramount–Warner Brothers Discovery deal is one step closer to being sealed. Plus, the Trump family’s crypto company is in hot water, and a US official is vying to get Italy into the football World Cup. Mentioned in this podcast:Meta to cut 10% of jobs to ‘offset’ Mark Zuckerberg’s AI spendingMicrosoft to offer 7% of US staff voluntary redundancy for the first timeBP suffers heavy defeat in investor climate voteCrypto billionaire Justin Sun sues Trump family’s World Liberty FinancialWarner Bros shareholders approve $111bn Paramount dealTrump envoy seeks to replace Iran with Italy in football World CupNote: The FT does not use generative AI to voice its podcasts Today’s FT News Briefing was hosted and edited by Marc Filippino, and produced by Saffeya Ahmed and Fiona Symon. Our show was mixed by Sam Giovinco. Additional help from Michela Tindera, Gavin Kallmann, and Michael Lello. Our executive producer is Topher Forhecz. Cheryl Brumley 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 Hosted on Acast. See acast.com/privacy for more information.

Tesla’s profits rebounded from last year’s lows, Brent crude jumped back above $100 a barrel on Wednesday after Iran’s navy said it seized two commercial ships in the Strait of Hormuz, and China’s new trade rules have concerned businesses operating in the country. Plus, the FT’s John Burn-Murdoch unpacks a survey that finds the highest-earning workers are adopting AI in their jobs far faster than others and Switzerland hit UBS with a proposed $20bn capital increase.Mentioned in this podcast:Tesla shares rally as profits rebound from last year’s lowsTrump’s ‘dirty ceasefire’ tested as Iran hits shippingUS allies in Gulf and Asia have requested swap lines, Scott Bessent saysChina links tough new trade rules to Iran war and Panama port disputeHigh earners race ahead on AI as workplace divide widensSwitzerland hits UBS with proposed $20bn capital increaseCredit: ReutersNote: The FT does not use generative AI to voice its podcasts Today’s FT News Briefing was hosted and edited by Marc Filippino, and produced by Saffeya Ahmed and Fiona Symon. Our show was mixed by Sam Giovinco. Additional help from Michael Lello. Our executive producer is Topher Forhecz. Cheryl Brumley 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 Hosted on Acast. See acast.com/privacy for more information.

US President Donald Trump extended the ceasefire with Iran until talks conclude, and Federal Reserve chair nominee Kevin Warsh sidestepped accusations that he would succumb to pressure from Trump to cut interest rates. Plus, a sneak peek at a new FT podcast on the lessons to learn in the history of finance. Mentioned in this podcast:Can Trump finally make a nuclear deal with Iran?Kevin Warsh sidesteps questions over Donald Trump’s influence on Fed rate policyIntroducing: The Story of MoneyCredit: C-SPAN Note: The FT does not use generative AI to voice its podcasts Today’s FT News Briefing was hosted and edited by Marc Filippino, and produced by Saffeya Ahmed and Sonja Hutson. Our show was mixed by Sam Giovinco. Additional help from Gavin Kallmann and Michael. Our executive producer is Topher Forhecz. Cheryl Brumley 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 Hosted on Acast. See acast.com/privacy for more information.

Tim Cook will step down as Apple’s chief executive in September, representatives for US President Donald Trump’s ‘Board of Peace’ held discussions with DP World about managing supply chains in Gaza, and UK Prime Minister Keir Starmer fended off calls for him to quit over the Peter Mandelson vetting affair. Plus, wealth advisers at banks and independent brokerages generated billions of dollars in fees by steering individual investors into private market funds.Mentioned in this podcast:Tim Cook to step aside as Apple chief executive in SeptemberDonald Trump’s ‘Board of Peace’ held talks with DP World over Gaza reconstructionKeir Starmer accused of scapegoating officials over Peter Mandelson scandalKeir Starmer was told to vet Peter Mandelson before appointing himWealth advisers made more than $2bn from private capital feesKevin Warsh: Trump’s next fall guy at the Fed?Credit: UK Parliament Note: The FT does not use generative AI to voice its podcasts Today’s FT News Briefing was hosted and edited by Marc Filippino, and produced by Saffeya Ahmed and Sonja Hutson. Our show was mixed by Sam Giovinco. Additional help from Gavin Kallmann, Michael Lello and David da Silva. Our executive producer is Topher Forhecz. Cheryl Brumley 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 Hosted on Acast. See acast.com/privacy for more information.

US President Donald Trump said he’s sending senior officials to Pakistan for new negotiations with Iran, the European Commission will encourage remote working and public transport subsidies to cut fossil fuel use, and FTSE 100 companies boosted chief executives’ pay by almost a fifth in the past year. Plus, there’s a new craze hitting Wall Street: super-charged tax-loss harvesting. Mentioned in this podcast:Donald Trump to send US officials to Pakistan for fresh peace talks with IranBrussels pushes remote working to ease energy crisisFTSE bosses receive 18% pay bump this year in global fight for talentThe tax-focused hedge fund craze taking over Wall StreetNote: The FT does not use generative AI to voice its podcasts Today’s FT News Briefing was hosted by Sonja Hutson, and produced by Saffeya Ahmed and Victoria Craig. Our show was mixed by Alex Higgins. Additional help from Peter Barber. Our executive producer is Topher Forhecz. Cheryl Brumley 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 Hosted on Acast. See acast.com/privacy for more information.

Global oil markets have faced historic disruption since the Iran war began in February. The FT’s Jamie Smyth speaks with shale pioneer Scott Sheffield and his son Bryan about energy security and why the crisis could reshape the future for oil and gas. Correction April 23, 2026: While Mike Sommers, CEO of the American Petroleum Institute, stressed the importance of restoring traffic through the Strait of Hormuz. The API would like to clarify that the group does not have an opinion on the US government’s deployment of American troops to Iran.Mentioned in this podcast:Trump administration urges US oil bosses to increase drillingFracking pioneers look overseas as US shale revolution goes global ‘As big as Saudi Arabia’: the Permian oilman who sold Pioneer to Exxon Note: The FT does not use generative AI to voice its podcasts This episode was hosted and produced by Michela Tindera. It was edited by Victoria Craig. Our show was mixed by Sam Giovinco. Additional help from Gavin Kallman. Our executive producer is Topher Forhecz. Cheryl Brumley 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 Hosted on Acast. See acast.com/privacy for more information.

President Donald Trump said Lebanon and Israel had agreed to a 10-day ceasefire, the US Treasury’s status as the world’s lowest-cost dollar borrower is facing a fresh challenge, and Netflix’s chair and founder is stepping down. Plus, Iran secretly acquired a Chinese spy satellite that has helped it target US military bases across the Middle East during the war, and shares in the world’s biggest chocolate maker aren’t looking so sweet.Mentioned in this podcast:Israel and Lebanon agree 10-day ceasefire, Trump saysUS’s status as lowest-cost dollar borrower challenged as investors shun Trump riskNetflix founder Reed Hastings to step down from boardIran used Chinese spy satellite to target US basesShares at world’s biggest chocolate maker Barry Callebaut plunge as cocoa prices collapseCredit: BBCNote: The FT does not use generative AI to voice its podcasts Today’s FT News Briefing was hosted by Sonja Hutson, and produced by Saffeya Ahmed, Victoria Craig, and Fiona Symon. Our show was mixed by Sam Giovinco. Additional help from Gavin Kallmann, David da Silva, and Michela Tindera. Our executive producer is Topher Forhecz. Cheryl Brumley 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 Hosted on Acast. See acast.com/privacy for more information.

Gulf monarchies raised almost $10bn in private sales of bonds this month, oil shortages are coming if the Strait of Hormuz stays closed, and US President Donald Trump has renewed his threat to fire Federal Reserve chair Jay Powell. Plus, a second China shock is hitting the global economy, and Allbirds is pivoting from wool sneakers to AI. Mentioned in this podcast:Gulf states turn to private deals in $10bn wartime borrowing spreeOil shortages are coming, and with them some difficult questionsTrump threatens to fire Jay Powell and refuses to halt criminal probeChina shock 2.0: the flood of high-tech goods that will change the worldAllbirds is turning into an AI compute provider, because of course it isNote: The FT does not use generative AI to voice its podcasts Today’s FT News Briefing was hosted by Victoria Craig, and produced by Saffeya Ahmed, Fiona Simon and Sonja Hutson. Our show was mixed by Sam Giovinco. Additional help from Gavin Kallmann. Our executive producer is Topher Forhecz. Cheryl Brumley 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 Hosted on Acast. See acast.com/privacy for more information.