Why the energy crisis won’t save western oil refineries

Investors have warned that Treasury secretary Scott Bessent’s attempts to slash long-term US borrowing costs are doomed to fail, and European oil refinery capacity is set to shrink by a fifth over the next decade. Plus, Shanghai’s answer to the Nasdaq index is benefiting from an investor frenzy for Chinese technology stocks, and a Chinese court has sentenced Evergrande founder Hui Ka Yan to life in prison.Mentioned in this podcast:Scott Bessent takes on the bond vigilantesWestern oil refinery closures set to continue despite war shockShanghai’s answer to Nasdaq outstrips Hong Kong amid Chinese tech frenzyFounder of collapsed Chinese property giant given life sentenceCredit: CNBC 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, and Katya Kumkova. 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 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.

Shares in vaccine-maker Moderna lept after it reported successful trial results for an experimental cancer vaccine, and the US Treasury department will at least double the size of its buyback of long-term government debt. Plus, top US legal firms are sparking controversy for hiring students in their first few months of law school and Irish pubs are disappearing. Mentioned in this podcast:US Treasury to double buybacks of long-term government debtModerna shares double on melanoma vaccine trial successTop US law firms hit by backlash over ‘crazy’ hiring of first-year studentsDeath stalks the Irish pubWant 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, and Katya Kumkova. 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 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.

Iran has weighed attacking US military targets in Europe should Donald Trump escalate the war, according to people close to the regime. Long-term borrowing costs across major economies hit multi-decade highs, and Revolut has proposed increasing the amount chief executive Nik Storonsky can borrow against his stake in the fintech fivefold. Plus, US President Donald Trump is presiding over an unlikely clean energy boom. Mentioned in this podcast:Iran eyes targets in Europe if US escalates war, insiders sayGovernment borrowing costs hit multi-decade highsRevolut to let Nik Storonsky borrow up to $250mn against his stake Trump’s renewables boomVenomous sea creatures plague Europe’s warming beachesWant 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, and Saffeya Ahmed. Our show is mixed by Sam Giovinco and Alex Higgins. Additional help from Gavin Kallmann, Michael Lello, Peter Barber and David da Silva. 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.

Airlines are locked in a “stand-off” over whether to cut ticket prices, and Mark Carney is making a last ditch bid to avert Donald Trump’s latest tariff threat. Plus, the Ebola epidemic in the Democratic Republic of Congo has become the deadliest in the country’s history and Malaysia has been an unassuming AI winner.Mentioned in this podcast:Mark Carney in last-ditch effort to avoid Donald Trump’s latest tariffsAirlines in ‘stand-off’ over price cuts as jet fuel costs easeEbola outbreak becomes DR Congo’s deadliestMalaysia profits from data centre boomWant 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, and Saffeya Ahmed. Our show is mixed by Sam Giovinco and Alex Higgins. Additional help from Gavin Kallmann, Michael Lello, Peter Barber and David da Silva. 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.

Private credit is under strain as troubled loans swell, JPMorgan boss Jamie Dimon warned Britain’s chancellor against higher bank taxes, and the cost of shipping through many global maritime chokepoints are hitting record highs. Plus, the US is sitting on a mountain of debt – can anyone fix it? Mentioned in this podcast:Private credit under strain as troubled loans swellJamie Dimon warns UK chancellor against higher bank taxesWar and climate change drive surge in cost of shipping through global chokepointsUS sells 30-year bonds at highest borrowing costs since 2001How Ralph Lauren won the workwear wars as America returned to the officeThe mother of all professional wardrobes Style war: inside Wall Street’s battle to revive J Crew 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, and Katya Kumkova. 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 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.

Leading US AI labs are releasing cheaper models to compete with cut-price alternatives from Chinese rivals. Venezuela’s government and opposition unite to demand $4bn in gold reserves back from the Bank of England. A flood of foreign currency bond issuance by Big Tech groups is shaking up the world’s smaller credit markets. Zambia’s President Hakainde Hichilema is running for a second term amid growing discontent that citizens aren’t seeing the results of the country’s economic rebound. Mentioned in this podcast:OpenAI and Anthropic in price war as Chinese AI rivals gain groundVenezuela and its opposition want gold back from Bank of EnglandHyperscaler AI borrowing binge shakes up foreign credit marketsZambia’s election becomes battle over copper windfallWant to get in touch? Email us at [email protected] subscription finder: https://find-your-subscription.ft.com/?segmentId=288f5dc5-4a4b-0745-84da-8f07c7202cd4   Note: The FT does not use generative AI to voice its podcasts The FT News Briefing is produced by Victoria Craig, Sonja Hutson, Saffeya Ahmed, and Katya Kumkova. 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 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.

Anthropic investors expect the AI start-up to be the largest ever initial public offering, and US inflation edged lower to 3.4 per cent in July as petrol prices declined. Plus, Iranian businesses are increasingly resorting to “buy now, pay later” schemes as the cost of living spirals out of control.Note: This episode of the FT News Briefing has been updated. A segment was removed. Mentioned in this podcast:Anthropic investors bet on $2tn valuation in record IPOUS inflation falls to 3.4% in JulyIranians opt to ‘buy now, pay later’ as cost of living spiralsWant to get in touch? Email us at [email protected] subscription finder: https://find-your-subscription.ft.com/?segmentId=288f5dc5-4a4b-0745-84da-8f07c7202cd4   Note: The FT does not use generative AI to voice its podcasts.The FT News Briefing is produced by Victoria Craig, Sonja Hutson, and Saffeya Ahmed. Our show is mixed by Sam Giovinco and Alex Higgins. Additional help from Gavin Kallmann, Michael Lello, Peter Barber and David da Silva. 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 halted drone strikes on oil tankers using a critical Black Sea port after a request by the US, suspected Chinese hackers hit Taiwan with an autonomous AI cyber attack, and the head of the Boston Federal Reserve thinks policymakers may be forced to raise rates in September. Plus, measures of volatility in stocks and currencies have tumbled this summer despite the geopolitical uncertainty. Mentioned in this podcast:JD Vance asked Ukraine to halt strikes on tankers using Russian portChina-linked hackers hit Taiwan in unprecedented ‘autonomous’ AI cyber attackAmericans are struggling to make ‘ends meet’, top Fed official saysVolatility tumbles as markets shrug off Middle East risksCredit: White HouseWant to get in touch? Email us at [email protected] subscription finder: https://find-your-subscription.ft.com/?segmentId=288f5dc5-4a4b-0745-84da-8f07c7202cd4   Note: The FT does not use generative AI to voice its podcasts The FT News Briefing is produced by Victoria Craig, Sonja Hutson, and Saffeya Ahmed. Our show is mixed by Sam Giovinco and Alex Higgins. Additional help from Gavin Kallmann, Michael Lello, Peter Barber and David da Silva. 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.

Wall Street giants are partnering with Nvidia on a $500bn AI financing deal, the mega-merger between AstraZeneca and Bristol Myers Squibb has been put on ice, and queues at some EU airports have doubled because of border checks. Plus, the FT’s Malaika Kanaaneh Tapper explains why Morocco’s economy isn’t helping its young workers. Mentioned in this podcast:Wall Street giants partner with Nvidia on $500bn AI financing dealHow AstraZeneca’s pursuit of US rival Bristol Myers unravelledEU airport queues double due to border checks Hotel prices in Europe surge ahead of historic eclipseSpain’s migrant amnesty a ‘very bad idea’, says Swedish PMMorocco’s two-speed economy leaves young workers behindWant to get in touch? Email us at [email protected] subscription finder: https://find-your-subscription.ft.com/?segmentId=288f5dc5-4a4b-0745-84da-8f07c7202cd4   Note: The FT does not use generative AI to voice its podcasts The FT News Briefing is produced by Victoria Craig, Sonja Hutson, Saffeya Ahmed, and Katya Kumkova. 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 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.

China is bypassing shipping chokepoints with an “Ice Silk Road” route through the Arctic, dozens of people have been killed in election clashes in Pakistan-administered Kashmir, and Germany’s economy minister warned that growing support for a far-right political party could deter foreign investors. Plus, we take a look at the bank behind China’s AI listings bonanza, and how the UAE has won over Washington.Mentioned in this podcast:China bypasses shipping chokepoints with ‘Ice Silk Road’ through ArcticDeadly protests in Kashmir test Pakistan’s military rulersGerman economy minister warns AfD’s rise could deter investorsThe bank behind China’s AI listings bonanzaHow the UAE won over WashingtonFT subscription finder: https://find-your-subscription.ft.com/?segmentId=288f5dc5-4a4b-0745-84da-8f07c7202cd4 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, and Katya Kumkova. 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.Read a transcript of this episode on FT.com Hosted on Acast. See acast.com/privacy for more information.