Big Pharma’s China gamble

Meta’s shares jumped more than 10 per cent off the back of better than expected second-quarter earnings, and the Federal Reserve held rates steady despite calls to lower borrowing rates by US President Donald Trump. Plus, American copper prices fell after Trump exempted refined materials from a 50 per cent tariff on the metal, and HSBC profits declined by 29 per cent. Mentioned in this podcast:Meta shares jump on strong results as Zuckerberg sets out ‘superintelligence’ goalsFed holds rates steady despite Trump’s calls for lower borrowing costsUS copper prices fall after Trump exempts refined metals from tariffs HSBC profits slide 29% on hit from China and restructuringToday’s FT News Briefing was produced by Henry Larson, Sonja Hutson, and Marc Filippino. Additional help from Blake Maples, Michael Lello, David da Silva and Gavin Kallmann. 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 Hosted on Acast. See acast.com/privacy for more information.

The potential US-China trade war truce depends on US President Donald Trump’s approval, and a UN-backed food security group says a famine is unfolding in Gaza. Plus, China’s AI expo gives the international community an alternative to American technology, and the IMF’s new global growth forecast reflects that the fall of the dollar has lessened the impact of Trump’s trade war. Mentioned in this podcast:US says extended trade war truce with Beijing hinges on Trump approval‘Worst-case scenario’ of famine unfolding in Gaza, says global hunger monitorChina lays out its AI vision in foil to Donald Trump’s ‘America First’ plan IMF upgrades global growth forecast as weaker dollar aids world economyCredit: FoxToday’s FT News Briefing was produced by Sonja Hutson, Fiona Symon, Mischa Frankl-Duval, and Marc Filippino. Additional help from Blake Maples, Michael Lello, and Gavin Kallmann. 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 Hosted on Acast. See acast.com/privacy for more information.

Bank of England governor Andrew Bailey and UK chancellor Rachel Reeves are at odds, and EU politicians are grumbling over the bloc’s trade deal with the US. Plus, the US economy is defying expectations and Bain & Co is to shut down its consulting business in South Africa after a corruption scandal. Mentioned in this podcast:Rachel Reeves and Andrew Bailey clash over Revolut meetingWhat have the US and EU agreed on trade?Merz says trade deal will cause ‘considerable damage’ to German economyHow the EU succumbed to Trump’s tariff steamrollerBain & Co shuts South Africa consulting business after corruption scandalHow long can the US economy defy expectations?Today’s FT News Briefing was produced by Fiona Symon Sonja Hutson, and Marc Filippino. Additional help from Blake Maples, Michael Lello, and Gavin Kallmann. 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 Hosted on Acast. See acast.com/privacy for more information.

The European Union struck a deal to limit the rate of US tariffs, and public companies are filling their coffers with cryptocurrencies. Plus, the share of goods in total UK exports has fallen to a record low, and China is moving to fill the void left by the US at the United Nations.Mentioned in this podcast:US and EU strike trade deal, says TrumpCompanies load up on niche crypto tokens to boost share pricesTrump left a power vacuum at the UN. China saw an opportunityThe share of goods in total UK exports has fallen to a record lowChina’s Shaolin Temple says its head is facing a criminal investigationToday’s FT News Briefing was produced by Jess Smith, Ethan Plotkin, Sonja Hutson, Katya Kumkova, and Marc Filippino. Additional help from Alex 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. CREDITS: Shaolin Temple (1982)/Chung Yuen Motion Picture CompanyRead a transcript of this episode on FT.com Hosted on Acast. See acast.com/privacy for more information.

US President Donald Trump is set to visit the UK and Krispy Kreme and GoPro stocks rise after becoming meme stocks. Plus, the ECB keeps rates at 2% and how AI is affecting the job market for new-grads. Mentioned in this podcast:Keir Starmer to press Donald Trump over deal to cut tariffs on UK steel importsECB holds rates steady at 2%Is AI killing graduate jobs?Meme stock mania returns as Krispy Kreme and GoPro shares soarFT Weekend Fest Promo code: FTPodcastsToday’s FT News Briefing was produced by Josh Gabert-Doyon, Sonja Hutson, Katya Kumkova, and Marc Filippino. Additional help from Kent Militzer and Gavin Kallmann. 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 Hosted on Acast. See acast.com/privacy for more information.

Tesla’s second-quarter profits fell 23 per cent as sales of its electric vehicles continued to slide, private equity firms made record use of a controversial tactic to cash out their clients this year, and McKinsey has stopped its China business from undertaking some generative artificial intelligence work. Plus, Taiwan will hold a recall election this weekend and the outcome could mean a lot for its relationship with China.Mentioned in this podcast:Elon Musk warns ‘rough quarters’ ahead for Tesla after Trump cancels EV incentivesPrivate equity firms flip assets to themselves in record numbersMcKinsey bars China practice from generative AI work amid geopolitical tensionsTaiwan’s once-dominant KMT falls ‘out of step’ with the electorateTaiwan launches unity drive as China threat loomsEmail Swamp Notes your questions: [email protected]’s FT News Briefing was produced by Henry Larson, Sonja Hutson, and Marc Filippino. Additional help from Blake Maples and Gavin Kallmann. 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 Hosted on Acast. See acast.com/privacy for more information.

US House Speaker Mike Johnson sent home Congress members early to avoid a vote on releasing files on Jeffery Epstein, Nigeria’s recalculated GDP reflects a 30 per cent growth of its economy, and US President Donald Trump’s tariffs have hit General Motors' profits. Plus, global pharma companies have spent a record amount on Chinese biotech this year and Coca-Cola is putting cane sugar back in Coke.Mentioned in this podcast:Mike Johnson shuts US House early to avoid Epstein voteNigeria’s economy 30% bigger after GDP recalculation Big Pharma is increasingly reliant on Chinese biotech advancesGM profits hit by Trump’s tariffs while EV sales more than doubleCoca-Cola to launch cane sugar-based Coke in US this autumnToday’s FT News Briefing was produced by Sonja Hutson, Katya Kumkova, and Marc Filippino. Additional help from Kelly Garry and Michael Lello. 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 Hosted on Acast. See acast.com/privacy for more information.

JPMorgan Chase explores lending against cryptocurrency, and the UK will have to pay in order to join the EU’s defence fund. Plus, UK chancellor Rachel Reeves blames regulation for lack of financial growth and a start-up in San Francisco might know how to create gold. Mentioned in this podcast:JPMorgan explores lending against clients’ cryptocurrencyEU will make UK pay to join €150bn defence fundWill a return to risk-taking rouse animal spirits?Fusion energy start-up claims to have cracked alchemy Today’s FT News Briefing was produced by Sonja Hutson, Katya Kumkova, and Marc Filippino. Additional help from Blake Maples, Michael Lello, David da Silva and Gavin Kallmann. 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 Hosted on Acast. See acast.com/privacy for more information.

Japan’s ruling coalition lost its majority in the country’s upper house of parliament, and the European Union is trying to break its dependency on American tech. Plus, the London Stock Exchange Group is weighing whether to launch 24-hour trading, and US President Donald Trump’s tariffs have raised nearly $50bn in extra customs revenues.Mentioned in this podcast:Japan’s Ishiba loses majority in election blowCan Europe break free of American tech supremacy?London Stock Exchange Group considers launch of 24-hour tradingDonald Trump reaps $50bn tariff haul as world ‘chickens out’Today’s FT News Briefing was produced by Sonja Hutson, Katya Kumkova, Ethan Plotkin, and Marc Filippino. Additional help from Peter Barber and Alexander Higgins. 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 Hosted on Acast. See acast.com/privacy for more information.

Ukrainian President Volodymyr Zelenskyy is accused of authoritarianism after favoring loyalists in anti-corruption raids, and the Meta board settles a multibillion-dollar lawsuit over failing to prevent data breaches. Plus, FT columnist Ruchir Sharma explains why investors are going all in on Israel. Mentioned in this podcast:Volodymyr Zelenskyy accused of authoritarian slide after anti-corruption raidsMeta board settles Delaware case over multibillion-dollar cost of data breachesThe markets are signalling a clear winner in the Middle EastFT Weekend Fest Promo code: FTPodcastsToday’s FT News Briefing was produced by Sonja Hutson, Katya Kumkova, and Marc Filippino. Additional help from Kelly Garry, Michael Lello and David da Silva. 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 Hosted on Acast. See acast.com/privacy for more information.