PwC plans overhaul of consulting business

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.

Ships are altering course as the US Navy’s blockade of the Strait of Hormuz continues into its third day, and PwC plans to overhaul its global consulting business. Plus, insurers are turning to catastrophe bonds to cover data centres, and AI chatbots aren’t a substitute for doctors when it comes to medical diagnoses. Mentioned in this podcast:Strait of Hormuz tankers stop or turn around amid US blockadeIran war could slow global growth to weakest since pandemic, IMF warnsUS pushing Iran to agree 20-year moratorium on nuclear activityPwC plans overhaul of global consulting businessInsurers turn to catastrophe bonds to offload data centre risksAI chatbots misdiagnose in over 80% of early medical cases, study findsNote: 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 Sam Giovinco. Additional help from 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.

A key UK government official says Britain’s leaders have shown a “corrosive complacency” towards defence, OpenAI’s $852bn valuation is under increasing scrutiny from its own backers and fixed-income traders at Goldman Sachs suffered an unexpected drop in revenues at the start of 2026. Plus, the FT’s Raya Jalabi explains how Lebanon has become a sticking point in US-Iran negotiations.  Mentioned in this podcast:Starmer accused of ‘corrosive complacency’ on UK defence by former Nato chiefOpenAI investors question $852bn valuation as strategy shiftsGoldman bond traders take shine off bumper quarterThe 10 minutes that set Lebanon ablazeNote: 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. 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.

Hungary’s prime minister Viktor Orbán concedes, US President Donald Trump says America will launch a naval blockade of the Strait of Hormuz after peace talks with Iran failed, and Wall Street banks are set to report trading revenues of more than $40bn for the first quarter. Plus, Meta is building an AI version of its CEO Mark Zuckerberg. Mentioned in this podcast:Hungary’s Orbán concedes defeat as opposition heads for landslide winTrump announces naval blockade of Strait of Hormuz as Iran peace talks failFees for seas: a history of taxing waterwaysWall Street banks set to report $40bn trading haul as war rekindles volatilityMeta builds AI version of Mark Zuckerberg to interact with staffCredit: DWS News Note: 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 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.

Shipping through the Strait of Hormuz remains at a standstill, sales of used electric vehicles are surging in the US, and the International Monetary Fund is warning that the war’s shocks will be felt by the global economy for a while. Plus, the FT’s Marton Dunai gives a rundown of the upcoming Hungarian elections.  Mentioned in this podcast:OECD urges governments to rapidly unwind costly fuel duty cutsRefineries rush to secure oil cargoes as Iran maintains grip on HormuzSales of used EVs surge in US as petrol prices pass $4 a gallonWho is Péter Magyar, Viktor Orbán’s nemesis?Donald Trump and JD Vance back Viktor Orbán ahead of Hungary’s electionCredit: AP Archive, C-SPAN, Reuters Note: 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 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.

The Middle East ceasefire is strained, the FT’s Jamie Smyth explains how the uncertainty is hitting oil markets and Pakistan has become a mediator between the US and Iran. Plus, the data chief of the NHS has vowed to ignore controversy about Palantir while setting out plans to deeper embed the US company’s technology.Mentioned in this podcast:Middle East ceasefire under pressure over Israeli strikes on LebanonSaudi Arabia’s key east-west oil pipeline hit as Middle East energy attacks continueIran demands crypto fees for ships passing Hormuz during ceasefireWhite House pushed Pakistan to broker temporary Iran ceasefireNHS data chief pushes for deeper rollout of Palantir technology despite outcryNote: 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, 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.

US President Donald Trump said he would “suspend the bombing and attack of Iran for a period of two weeks” subject to Iran reopening the Strait of Hormuz, hedge funds made record bets against European stocks, Turkey has sold or loaned out $20bn of gold since the outbreak of the Iran war, and a project for a German warship has turned into a defence procurement disaster. Plus, four astronauts made a historic trip around the Moon.Mentioned in this podcast:Middle East live blogHedge funds make record bets against European stocksEurope’s rearmament meets reality: the story of a failed frigate projectTurkey’s gold sales deepen bullion slumpArtemis II astronauts head back to Earth after record-breaking Moon tripCredit: CNN, NBC New York 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, Victoria Craig, 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.

The US and Iran rejected each other’s peace proposals, EU officials are urging governments to avoid excessive support to offset surging energy prices, and the value of buyouts by private equity groups fell by more than a third in the first quarter of the year. Plus, Cuba is offsetting power blackouts and shortages with the help of soaring imports of solar technology from China.Mentioned in this podcast:US and Iran reject each other’s proposals to end warEU warns capitals against turning energy crunch into fiscal crisisPrivate equity buyouts slump as AI fears and war dent dealmakingPower-starved Cuba deepens reliance on Chinese solar techNote: 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. 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.

In a special edition of the FT News Briefing, reporter Guy Chazan explains the cost of US President Donald Trump’s immigration crackdown. We hear from business owners and people affected by the policies in the Rio Grande Valley of south Texas.Mentioned in this podcast:The economic cost of Trump’s migrant crackdownSources: White House, Fox, ABCNote: 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. Our show was mixed by Alex Higgins. 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.

America’s tariff regime affected all aspects of life from the global economy to the day-to-day of average business owners. In this special episode, the FT’s US Economics Editor Claire Jones explains what changed, and what didn’t, because of those tariffs. Mentioned in this podcast:Listen to the rest of our Liberation Day series Listen to Swamp Notes 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 Henry Larson.  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.  Hosted on Acast. See acast.com/privacy for more information.