Ares’ big play in private equity

Amazon reported accelerated cloud growth in the quarter to the end of June, and JPMorgan has walked into another football firestorm as it works on a plan with Fifa. Plus, Citadel bought Situational Awareness equity holdings after the hedge fund suffered steep AI losses, and DR Congo’s cobalt boom carries an unwanted cargo: uranium. Mentioned in this podcast:Amazon shares surge higher after cloud business grows 37%How JPMorgan walked into another football firestormEuropean nations to boycott World Cup in protest at Fifa’s plansCitadel buys Situational Awareness equity holdings after steep AI lossesDR Congo’s cobalt boom carries an unwanted cargo: uraniumSave 10% on tickets with the code FTPodcast. Visit ft.com/festival to find out more.Want to get in touch? Email us at [email protected]: 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 Sam Giovinco 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 Hosted on Acast. See acast.com/privacy for more information.

Meta and Microsoft reported quarterly earnings as investors raised concerns about AI spending, and the US Federal Reserve held interest rates steady. The Bank of Japan is also expected to leave rates unchanged at its meeting on Friday, and UK oil and gas companies are looking away from the North Sea in favour of foreign investment opportunities.Mentioned in this podcast:Microsoft’s cloud business boosts sales as AI investment climbs to $41bnMeta shares drop on falling profits and weak sales forecastUS central bank holds rates steady even as Iran war threatens fresh jolt of inflationUK North Sea oil companies look overseas for growthInvestors warn Bank of Japan faces test to inflation-fighting credibilityListen to Unhedged on Apple Podcasts, Pocket Casts or Spotify.Credit: Federal ReserveSave 10% on tickets with the code FTPodcast. Visit ft.com/festival to find out more.Want to get in touch? Email us at [email protected]: 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 Sam Giovinco 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 Hosted on Acast. See acast.com/privacy for more information.

Ukraine is shifting its long-range drone campaign to focus on critical Russian infrastructure, and Big Tech companies are facing an AI dilemma as they report quarterly earnings. Plus, Google DeepMind is leaving behind its Nobel-winning AlphaFold project for new ventures, and PwC published “thought leadership” reports containing AI-generated hallucinations.Mentioned in this podcast:Ukraine adapts strikes on Russian energy industry to hit critical componentsChip stocks tumble as AI sell-off deepensGoogle DeepMind dismantles Nobel-winning AlphaFold team in strategy shiftPwC published ‘thought leadership’ reports marred by AI hallucinations Listen to Unhedged on Apple Podcasts, Pocket Casts or Spotify.Save 10% on tickets to the FT Weekend Festival with the code FTPodcast. Visit ft.com/festival to find out more.Want to get in touch? Email us at [email protected]: 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 Sam Giovinco 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 Hosted on Acast. See acast.com/privacy for more information.

A crucial gauge of risk in holding the debt of companies at the centre of the AI boom has hit a record high, private capital group Ares Management has held talks to acquire Leonard Green & Partners, and French company TotalEnergies will be able to continue selling gas from its flagship Siberian project to Asia. Plus, institutional investors are snapping up bundles of UK homes at large discounts and sales at LVMH’s key fashion and handbags division returned to growth for the first time in two years.Mentioned in this podcast:Big Tech credit risks hit record highs as AI spending soarsAres Management has held talks to buy Leonard Green PartnersInvestors snap up bundles of UK properties as housebuilders offer discountsTotalEnergies benefits from EU sanctions reprieve on Russian gasDior rebound helps LVMH’s fashion business return to growthSave 10% on tickets with the code FTPodcast. Visit ft.com/festival to find out more.Want to get in touch? Email us at [email protected]: 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 Sam Giovinco 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 Hosted on Acast. See acast.com/privacy for more information.

Investors raised their bets the Federal Reserve will raise rates on Wednesday after this month’s jump in oil prices. And, firefighting efforts were boosted in France and Spain as “violent” wildfires raged. Plus, developing nations make plans for the next energy shock, and US artificial intelligence companies spend record amounts on lobbying. Mentioned in this podcast:Investors crank up bets on Federal Reserve rate rise after oil surge‘Violent’ wildfires rage close to French and Spanish citiesIndia and South Africa lead push to amass emergency fuel stockpilesAI companies spend record sums on Washington lobbyingThe new premium product: books written by peopleFT Weekend Festivalft.com/festival Want to get in touch? Email us at [email protected]: 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 Sam Giovinco 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 Hosted on Acast. See acast.com/privacy for more information.

The US unveiled new tariffs to replace old ones, oil’s jump above $100 deepened a global bond sell-off, and thousands of supporters of the youth-led “Cockroach” movement in India continued protesting over problems in the education system. Plus, the European Central Bank held interest rates, but other central banks may not follow suit. Mentioned in this podcast:US hits 60 countries with new duties as Donald Trump rebuilds tariff wall Oil hits $100 for first time since May while US stocks slide Oil price surge drives global bond sell-offIndia’s Gen Z takes on ModiIndian police battle ‘Cockroach’ protesters with batons and tear gasEuropean Central Bank holds interest rates at 2.25% after debating riseCredits: ANI / ReutersWant to get in touch? Email us at [email protected]: 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 Sam Giovinco 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 Hosted on Acast. See acast.com/privacy for more information.

Tesla reported its first cash burn in more than two years in the second quarter, and US oil refineries are running at full tilt as wars in the Middle East and Ukraine choke global supplies of fuels such as diesel. Plus, the UK consumer price index dropped in June, and Deutsche Bank’s headquarters was raided for the third time this year.  Mentioned in this podcast:Tesla profits plunge as discounts on EV models weigh on results  US oil refineries run at breakneck speeds as wars choke fuel suppliesTrump threatens to destroy Iranian bridges and power plantsUK inflation falls more than expected to 2.6% in JuneDeutsche Bank headquarters raided for third time this yearWant to get in touch? Email us at [email protected]: 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 Sam Giovinco 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 Hosted on Acast. See acast.com/privacy for more information.

Ukraine has a new commander-in-chief after days of protests, and FT calculations show the US has collected more than $13bn in revenues from Venezuelan oil sales this year, but it's unclear what has happened to the money, and US President Donald Trump may unleash fresh tariffs on dozens of countries as soon as this week. Plus, Samsung is in talks to invest in French AI start-up Mistral, and investors are worried about betting big on Japanese bonds.Mentioned in this podcast:Zelenskyy replaces top Ukraine general in biggest military shake-up since 2024 The US has collected about $13bn of Venezuela’s oil money. Where is it?Donald Trump prepares fresh tariff barrage with 10% levies set to expireSamsung in talks to invest in Mistral at €20bn valuationInvestors fear Japanese bond bets risk becoming new ‘widow-maker trade’Want to get in touch? Email us at [email protected]: 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 Sam Giovinco 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 Hosted on Acast. See acast.com/privacy for more information.

The US has said it will hit Canada with tariffs of 50 per cent on a wide range of goods, Chinese regulators are considering tightening export controls on AI and semiconductor technologies, and UK Prime Minister Andy Burnham picked John Healey as Britain’s new chancellor. Plus, a US federal judge paused Paramount’s $110bn acquisition of Warner Bros Discovery and the London Stock Exchange will launch round-the-clock trading next year.Mentioned in this podcast:US to hit Canada with 50% tariffs on wide range of goodsChina weighs tighter export controls on AI models and chipsBurnham stuns Labour MPs by choosing Healey as new chancellorUS judge pauses Paramount’s $110bn Warner Bros acquisitionLondon Stock Exchange to launch round-the-clock trading next yearCredit: Reuters Want to get in touch? Email us at [email protected]: 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 Sam Giovinco 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 Hosted on Acast. See acast.com/privacy for more information.

Andy Burnham enters No 10 today as prime minister, the US continued trading fire with Iran over the weekend, and Morgan Stanley has become Wall Street's top bank for AI debt deals. Plus, Germany’s chancellor Friedrich Merz is pitching his country to investors as “Europe’s bedrock of stability”. Mentioned in this podcast:Andy Burnham urged to use flexibility in fiscal rules to boost investmentUS strikes Iran after American troops killed in JordanMerz pitches Germany as ‘Europe’s bedrock of stability’ to investorsMorgan Stanley becomes Wall Street’s top bank for AI debt dealsWant to get in touch? Email us at [email protected]: 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 Sam Giovinco 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 Hosted on Acast. See acast.com/privacy for more information.