Conflict puts Pakistan’s economy at risk

The US scraps rule that aimed to limit exports of artificial intelligence chips, Pakistan vowed to retaliate after India launched air strikes against its neighbour, and the Federal Reserve held interest rates steady once again yesterday. Plus, Doordash’s expected acquisition of Deliveroo renewed questions about the UK’s ability to attract and retain listings. Mentioned in this podcast:US scraps Biden-era rule that aimed to limit exports of AI chipsPakistan vows to retaliate after India launches military strikes Federal Reserve holds rates steady as it balances risks from Donald Trump’s tariffsDoorDash’s grab for Deliveroo puts brakes on London’s tech hopesThe FT News Briefing is produced by Fiona Symon, Sonja Hutson, Kasia Broussalian, Ethan Plotkin, Lulu Smyth, and Marc Filippino. Additional help from Katie McMurran, Breen Turner, Sam Giovinco, 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.

India said it had carried out “precision strikes” on “terrorist infrastructure” at nine sites in Pakistan, Friederich Merz suffered a stinging defeat in the German Bundestag before being voted in as chancellor, and Washington and Beijing will this week hold their first trade talks since US President Donald Trump launched a trade war against China. Plus, Argentina is on the cusp of a copper mining boom that might cause problems for the country’s wine industry. Mentioned in this podcast:India launches military strikes on PakistanArgentina’s wine heartland eyes copper riches US and China to launch formal trade talksChancellor on pause: Bundestag stings Friedrich Merz on day oneThe FT News Briefing is produced by Fiona Symon, Sonja Hutson, Kasia Broussalian, Ethan Plotkin, Lulu Smyth, and Marc Filippino. Additional help from Katie McMurran, Breen Turner, Sam Giovinco, 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.

OpenAI will remain under the control of the group’s non-profit arm, US stocks have wiped out the steep losses that followed US President Donald Trump’s tariff announcement, and the Bank of England is expected to cut interest rates on Tuesday. Plus, Meta’s AI ambitions face a legal test in one of the first trials over copyright infringement.Mentioned in this podcast:OpenAI ditches plan to convert to for-profit businessMeta lawsuit poses first big test of AI copyright battleBank of England expected to cut rates as US trade war hits growthUS stocks wipe out steep losses that followed Trump’s ‘liberation day’The FT News Briefing is produced by Fiona Symon, Sonja Hutson, Kasia Broussalian, Ethan Plotkin, Lulu Smyth, and Marc Filippino. Additional help from Michela Tindera, Katie McMurran, Breen Turner, Sam Giovinco, 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 most famous investor says he plans to step down after six decades leading Berkshire Hathaway, and Chinese exporters are turning to third countries to get around 145 per cent US tariffs. Plus, local Nigerian oil companies are starting to replace foreign majors, and Israel calls up reservists to support its expanded operations in Gaza. Mentioned in this podcast:Warren Buffett to step down from Berkshire Hathaway after six decadesChinese exporters ‘wash’ products in third countries to avoid Donald Trump’s tariffsIsrael vows to hit back against Iran and Houthis after airport attackCredit: CNBCThe FT News Briefing is produced by Fiona Symon, Sonja Hutson, Kasia Broussalian, Ethan Plotkin, Lulu Smyth, and Marc Filippino. Additional help from Katie McMurran, Breen Turner, Sam Giovinco, 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.

US President Donald Trump has garnered a lot of criticism since he enacted his trade war. But there are people who still defend the tariffs, including Oren Cass, chief economist of the conservative thinktank American Compass. Cass is a contributor to the FT’s opinion pages, and he joins the FT’s US national editor and columnist Edward Luce to discuss why some conservatives still find value in tariffs. Mentioned in this podcast:Trump has no idea what he has unleashedEurope must choose between America and ChinaSign up for the FT’s Swamp Notes newsletter hereSwamp Notes is produced by Katya Kumkova. 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 Hosted on Acast. See acast.com/privacy for more information.

Amazon warned of the impact of Donald Trump’s global trade war and issued weaker-than-expected guidance for the second quarter, and Australians head to the polls this weekend caught in the crossfire of the US-China trade war. Plus, European banks had a great first quarter thanks to global market volatility. Mentioned in this podcast:Amazon falls after profit forecast misses expectationsAustralia: caught between a slowing China and a chaotic USUBS, Barclays and SocGen reap trading windfall from market turmoilThe FT News Briefing is produced by Fiona Symon, Sonja Hutson, Kasia Broussalian, Ethan Plotkin, Lulu Smyth, and Marc Filippino. Additional help from Michela Tindera, Josh Gabert-Doyon, Persis Love Katie McMurran, Breen Turner, Sam Giovinco, 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.

Microsoft posted better than expected quarterly earnings on Wednesday, Spain is trying to figure out what caused a massive power outage, and the Conservatives are bracing for heavy losses in local England elections. Plus, the FT’s Claire Jones explains what we can take away from the latest US GDP reading. Mentioned in this podcast:US and Ukraine sign natural resources dealMicrosoft shares jump after software giant’s earnings top forecastsUS economy contracts at 0.3% rate as Trump tariffs prompt import surgeLocal elections: Tories braced for losses as England votes in five-party raceHow did Spain’s electricity grid collapse?The FT News Briefing is produced by Fiona Symon, Sonja Hutson, Kasia Broussalian, Ethan Plotkin, Lulu Smyth, and Marc Filippino. Additional help from Michela Tindera, Katie McMurran, Breen Turner, Sam Giovinco, 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.

Donald Trump unveiled more tariff relief for some carmakers, and shares in a number of companies surged in Tokyo after a plan for carmaker Toyota Motor to take one of its subsidiaries private. Plus, Wall Street economists forecast that US GDP shrank in the first quarter, and contrary to some stereotypes, Generation Z is leading the charge back to the office. Mentioned in this podcast:Wall Street banks predict GDP contraction after US trade deficit hits recordDonald Trump set to announce new car tariff climbdown in MichiganJapan shares surge after Toyota spurs hopes for wider corporate shake-upGen Z is leading the charge back to the officeThe FT News Briefing is produced by Fiona Symon, Sonja Hutson, Kasia Broussalian, Ethan Plotkin, Lulu Smyth, and Marc Filippino. Additional help from Katie McMurran, Breen Turner, Sam Giovinco, 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 oil industry is bracing for its worst year since the pandemic, and Spain and Portugal are reeling from a massive power outage. Plus, the FT’s Emily Herbert explains why the flight into the Swiss franc is causing a headache for the country’s central bank. Mentioned in this podcast:Big Oil braced for worst year since pandemic as bumper profits recedeSpain declares state of emergency in the wake of huge power outageSwiss franc surge sparks bets on return to negative interest ratesThe FT News Briefing is produced by Fiona Symon, Sonja Hutson, Kasia Broussalian, Ethan Plotkin, Lulu Smyth, and Marc Filippino. Additional help from Flo Phillips, Katie McMurran, Breen Turner, Sam Giovinco, 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.  Hosted on Acast. See acast.com/privacy for more information.

Canadians will head to the polls Monday to pick a prime minister, and a new US proposal to end the War in Ukraine would allow Russia to keep some of the territory it’s conquered. Plus, Hungary’s government may be funneling money to friendly news outlets, and major American companies are starting to speak up about Donald Trump’s trade war. Mentioned in this podcast:Canadians head to the polls to elect new prime ministerPutin and Trump envoy hold ‘constructive’ meeting, Russian official saysTrump and Zelenskyy hold ‘productive’ discussion at Pope’s funeralHungary accused of illegal subsidies for pro-government mediaConsumer giants ring warning bells over Donald Trump’s trade warThe FT News Briefing is produced by Fiona Symon, Sonja Hutson, Kasia Broussalian, Ethan Plotkin, Lulu Smyth, and Marc Filippino. Additional help from Katie McMurran, Breen Turner, Sam Giovinco, 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.