<description>&lt;p&gt;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.&amp;nbsp;&lt;/p&gt;&lt;br&gt;&lt;p&gt;&lt;strong&gt;Mentioned in this podcast:&lt;/strong&gt;&lt;/p&gt;&lt;p&gt;&lt;a href="https://on.ft.com/4lS2pem" rel="noopener noreferrer" target="_blank"&gt;Big Oil braced for worst year since pandemic as bumper profits recede&lt;/a&gt;&lt;/p&gt;&lt;p&gt;&lt;a href="https://on.ft.com/42LawRa" rel="noopener noreferrer" target="_blank"&gt;Spain declares state of emergency in the wake of huge power outage&lt;/a&gt;&lt;/p&gt;&lt;p&gt;&lt;a href="https://on.ft.com/4lR61x2" rel="noopener noreferrer" target="_blank"&gt;Swiss franc surge sparks bets on return to negative interest rates&lt;/a&gt;&lt;/p&gt;&lt;br&gt;&lt;p&gt;The 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.&amp;nbsp;&lt;/p&gt;&lt;br&gt;&lt;p&gt;&lt;br&gt;&lt;/p&gt;&lt;hr&gt;&lt;p style='color:grey; font-size:0.75em;'&gt; Hosted on Acast. See &lt;a style='color:grey;' target='_blank' rel='noopener noreferrer' href='https://acast.com/privacy'&gt;acast.com/privacy&lt;/a&gt; for more information.&lt;/p&gt;</description>

Investors ask whether industry can afford the higher dividends on offer over recent years

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.&nbsp; Mentioned in this podcast:<a href="https://on.ft.com/4lS2pem" rel="noopener noreferrer" target="_blank">Big Oil braced for worst year since pandemic as bumper profits recede</a><a href="https://on.ft.com/42LawRa" rel="noopener noreferrer" target="_blank">Spain declares state of emergency in the wake of huge power outage</a><a href="https://on.ft.com/4lR61x2" rel="noopener noreferrer" target="_blank">Swiss franc surge sparks bets on return to negative interest rates</a> The 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.&nbsp; <hr> Hosted on Acast. See <a style='color:grey;' target='_blank' rel='noopener noreferrer' href='https://acast.com/privacy'>acast.com/privacy</a> for more information.

Big oil braces for a rough year

<description>&lt;p&gt;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.&amp;nbsp;&lt;/p&gt;&lt;br&gt;&lt;p&gt;&lt;strong&gt;Mentioned in this podcast:&lt;/strong&gt;&lt;/p&gt;&lt;p&gt;&lt;a href="https://on.ft.com/4lQtQ8m" rel="noopener noreferrer" target="_blank"&gt;Canadians head to the polls to elect new prime minister&lt;/a&gt;&lt;/p&gt;&lt;p&gt;&lt;a href="https://on.ft.com/44MoFQD" rel="noopener noreferrer" target="_blank"&gt;Putin and Trump envoy hold ‘constructive’ meeting, Russian official says&lt;/a&gt;&lt;/p&gt;&lt;p&gt;&lt;a href="https://on.ft.com/4jPbAdz" rel="noopener noreferrer" target="_blank"&gt;Trump and Zelenskyy hold ‘productive’ discussion at Pope’s funeral&lt;/a&gt;&lt;/p&gt;&lt;p&gt;&lt;a href="https://on.ft.com/3RF7IzX" rel="noopener noreferrer" target="_blank"&gt;Hungary accused of illegal subsidies for pro-government media&lt;/a&gt;&lt;/p&gt;&lt;p&gt;&lt;a href="https://on.ft.com/4cNgZ2o" rel="noopener noreferrer" target="_blank"&gt;Consumer giants ring warning bells over Donald Trump’s trade war&lt;/a&gt;&lt;/p&gt;&lt;br&gt;&lt;p&gt;The 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.&amp;nbsp;&lt;/p&gt;&lt;br&gt;&lt;p&gt;&lt;a href="https://www.ft.com/content/f01ef79c-7dd0-4798-bfdc-2bb98e31cdc8" rel="noopener noreferrer" target="_blank"&gt;&lt;strong&gt;Read a transcript of this episode on FT.com&lt;/strong&gt;&lt;/a&gt;&lt;/p&gt;&lt;br&gt;&lt;p&gt;&lt;br&gt;&lt;/p&gt;&lt;hr&gt;&lt;p style='color:grey; font-size:0.75em;'&gt; Hosted on Acast. See &lt;a style='color:grey;' target='_blank' rel='noopener noreferrer' href='https://acast.com/privacy'&gt;acast.com/privacy&lt;/a&gt; for more information.&lt;/p&gt;</description>

Russian annexation of Crimea is a “red line” for Ukraine’s Zelenskyy

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.&nbsp; Mentioned in this podcast:<a href="https://on.ft.com/4lQtQ8m" rel="noopener noreferrer" target="_blank">Canadians head to the polls to elect new prime minister</a><a href="https://on.ft.com/44MoFQD" rel="noopener noreferrer" target="_blank">Putin and Trump envoy hold ‘constructive’ meeting, Russian official says</a><a href="https://on.ft.com/4jPbAdz" rel="noopener noreferrer" target="_blank">Trump and Zelenskyy hold ‘productive’ discussion at Pope’s funeral</a><a href="https://on.ft.com/3RF7IzX" rel="noopener noreferrer" target="_blank">Hungary accused of illegal subsidies for pro-government media</a><a href="https://on.ft.com/4cNgZ2o" rel="noopener noreferrer" target="_blank">Consumer giants ring warning bells over Donald Trump’s trade war</a> The 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.&nbsp; <a href="https://www.ft.com/content/f01ef79c-7dd0-4798-bfdc-2bb98e31cdc8" rel="noopener noreferrer" target="_blank">Read a transcript of this episode on FT.com</a> <hr> Hosted on Acast. See <a style='color:grey;' target='_blank' rel='noopener noreferrer' href='https://acast.com/privacy'>acast.com/privacy</a> for more information.

The elusive Ukraine peace deal

<description>&lt;p&gt;Just a few weeks ago, US President Donald Trump was ready to levy tariffs on basically every nation. Today, many of those tariffs have been paused or tempered. Additionally, this week he promised he will not be firing Federal Reserve chair Jay Powell, despite his earlier criticism. Should we expect more backstepping from Trump in the face of economic data? And what do the voters think of it all? FT economics editor Sam Fleming joins alongside Jon McHenry, vice-president of the conservative pollster North Star Opinion Research.&amp;nbsp;&lt;/p&gt;&lt;br&gt;&lt;p&gt;&lt;strong&gt;Mentioned in this podcast:&lt;/strong&gt;&lt;/p&gt;&lt;p&gt;&lt;a href="https://on.ft.com/3EGfqH0" rel="noopener noreferrer" target="_blank"&gt;Trump claims to have received call from Xi Jinping and to have cut ‘200 deals’ on trade&lt;/a&gt;&lt;/p&gt;&lt;p&gt;&lt;a href="https://on.ft.com/3EFJsL8" rel="noopener noreferrer" target="_blank"&gt;Donald Trump says he has ‘no intention’ of firing Jay Powell&lt;/a&gt;&lt;/p&gt;&lt;p&gt;&lt;a href="https://ep.ft.com/newsletters/56a64b704f693a0300dfab7e/subscribe" rel="noopener noreferrer" target="_blank"&gt;Sign up for the FT’s Swamp Notes newsletter here&lt;/a&gt;&lt;/p&gt;&lt;br&gt;&lt;p&gt;Swamp 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.&amp;nbsp;&lt;/p&gt;&lt;br&gt;&lt;p&gt;&lt;a href="https://www.ft.com/content/6defe77d-87e5-42aa-a36e-7f68e84cc99a" rel="noopener noreferrer" target="_blank"&gt;&lt;strong&gt;Read a transcript of this episode on FT.com&lt;/strong&gt;&lt;/a&gt;&lt;/p&gt;&lt;hr&gt;&lt;p style='color:grey; font-size:0.75em;'&gt; Hosted on Acast. See &lt;a style='color:grey;' target='_blank' rel='noopener noreferrer' href='https://acast.com/privacy'&gt;acast.com/privacy&lt;/a&gt; for more information.&lt;/p&gt;</description>

Donald Trump may be retreating from the trade war he started a month ago during his so-called 'liberation day' 

Just a few weeks ago, US President Donald Trump was ready to levy tariffs on basically every nation. Today, many of those tariffs have been paused or tempered. Additionally, this week he promised he will not be firing Federal Reserve chair Jay Powell, despite his earlier criticism. Should we expect more backstepping from Trump in the face of economic data? And what do the voters think of it all? FT economics editor Sam Fleming joins alongside Jon McHenry, vice-president of the conservative pollster North Star Opinion Research.&nbsp; Mentioned in this podcast:<a href="https://on.ft.com/3EGfqH0" rel="noopener noreferrer" target="_blank">Trump claims to have received call from Xi Jinping and to have cut ‘200 deals’ on trade</a><a href="https://on.ft.com/3EFJsL8" rel="noopener noreferrer" target="_blank">Donald Trump says he has ‘no intention’ of firing Jay Powell</a><a href="https://ep.ft.com/newsletters/56a64b704f693a0300dfab7e/subscribe" rel="noopener noreferrer" target="_blank">Sign up for the FT’s Swamp Notes newsletter here</a> Swamp 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.&nbsp; <a href="https://www.ft.com/content/6defe77d-87e5-42aa-a36e-7f68e84cc99a" rel="noopener noreferrer" target="_blank">Read a transcript of this episode on FT.com</a><hr> Hosted on Acast. See <a style='color:grey;' target='_blank' rel='noopener noreferrer' href='https://acast.com/privacy'>acast.com/privacy</a> for more information.

Swamp Notes: Trump’s ‘you break it, you buy it’ moment

<description>&lt;p&gt;Apple plans to shift the assembly of all US-sold iPhones to India as soon as next year, factories in China have begun slowing production and furloughing some workers in the aftermath of US tariffs, and Alphabet shares rose after it reported first-quarter profit surged 46 per cent. Plus, the Trump administration wants to stamp out one of America’s enduring financial pastimes: writing paper cheques.&lt;/p&gt;&lt;br&gt;&lt;p&gt;&lt;strong&gt;Mentioned in this podcast:&lt;/strong&gt;&lt;/p&gt;&lt;p&gt;&lt;a href="https://www.ft.com/content/168e9ba3-e2ff-4c63-97a3-8d7c78802d40" rel="noopener noreferrer" target="_blank"&gt;Alphabet shares jump as Google search boosts profits&lt;/a&gt;&lt;/p&gt;&lt;p&gt;&lt;a href="https://www.ft.com/content/5c4b2bc9-f0ac-46f3-a93b-cfa6273428f9" rel="noopener noreferrer" target="_blank"&gt;Apple aims to source all US iPhones from India in pivot from China&lt;/a&gt;&lt;/p&gt;&lt;p&gt;&lt;a href="https://www.ft.com/content/6958ec27-9ec4-491f-81c8-950ce4772249" rel="noopener noreferrer" target="_blank"&gt;A crucial earnings season&lt;/a&gt;&lt;/p&gt;&lt;p&gt;&lt;a href="https://www.ft.com/content/b4ec8298-6977-498a-bec5-5db63a4f8850" rel="noopener noreferrer" target="_blank"&gt;Is Trump’s drive to kill the paper cheque a ‘no brainer’?&lt;/a&gt;&lt;/p&gt;&lt;p&gt;&lt;a href="https://www.ft.com/content/d5784258-4de3-44a1-94ae-6f763857b034" rel="noopener noreferrer" target="_blank"&gt;Chinese factories slow production and send workers home as US tariffs bite&lt;/a&gt;&lt;/p&gt;&lt;br&gt;&lt;p&gt;The 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.&amp;nbsp;&lt;/p&gt;&lt;br&gt;&lt;p&gt;&lt;a href="https://www.ft.com/content/9b0e6412-6d48-4322-9c06-5d9a89627e57" rel="noopener noreferrer" target="_blank"&gt;&lt;strong&gt;Read a transcript of this episode on FT.com&lt;/strong&gt;&lt;/a&gt;&lt;/p&gt;&lt;hr&gt;&lt;p style='color:grey; font-size:0.75em;'&gt; Hosted on Acast. See &lt;a style='color:grey;' target='_blank' rel='noopener noreferrer' href='https://acast.com/privacy'&gt;acast.com/privacy&lt;/a&gt; for more information.&lt;/p&gt;</description>

Factory owners say American customers have cancelled or suspended orders

Apple plans to shift the assembly of all US-sold iPhones to India as soon as next year, factories in China have begun slowing production and furloughing some workers in the aftermath of US tariffs, and Alphabet shares rose after it reported first-quarter profit surged 46 per cent. Plus, the Trump administration wants to stamp out one of America’s enduring financial pastimes: writing paper cheques. Mentioned in this podcast:<a href="https://www.ft.com/content/168e9ba3-e2ff-4c63-97a3-8d7c78802d40" rel="noopener noreferrer" target="_blank">Alphabet shares jump as Google search boosts profits</a><a href="https://www.ft.com/content/5c4b2bc9-f0ac-46f3-a93b-cfa6273428f9" rel="noopener noreferrer" target="_blank">Apple aims to source all US iPhones from India in pivot from China</a><a href="https://www.ft.com/content/6958ec27-9ec4-491f-81c8-950ce4772249" rel="noopener noreferrer" target="_blank">A crucial earnings season</a><a href="https://www.ft.com/content/b4ec8298-6977-498a-bec5-5db63a4f8850" rel="noopener noreferrer" target="_blank">Is Trump’s drive to kill the paper cheque a ‘no brainer’?</a><a href="https://www.ft.com/content/d5784258-4de3-44a1-94ae-6f763857b034" rel="noopener noreferrer" target="_blank">Chinese factories slow production and send workers home as US tariffs bite</a> The 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.&nbsp; <a href="https://www.ft.com/content/9b0e6412-6d48-4322-9c06-5d9a89627e57" rel="noopener noreferrer" target="_blank">Read a transcript of this episode on FT.com</a><hr> Hosted on Acast. See <a style='color:grey;' target='_blank' rel='noopener noreferrer' href='https://acast.com/privacy'>acast.com/privacy</a> for more information.

US tariffs bite Chinese industry

<description>&lt;p&gt;Sir Keir Starmer and Ursula von der Leyen will on Thursday finalise plans for a new defence pact, US Treasury secretary Scott Bessent has accused the IMF and World Bank of “mission creep” and Boeing reported lower than expected losses. Plus, Tesla chief executive Elon Musk looks to right the electric-car company by reducing his role in the Trump administration.&lt;/p&gt;&lt;br&gt;&lt;p&gt;&lt;strong&gt;Mentioned in this podcast:&lt;/strong&gt;&lt;/p&gt;&lt;p&gt;&lt;a href="https://on.ft.com/42vhpaw" rel="noopener noreferrer" target="_blank"&gt;UK and EU finalise plans for defence pact&lt;/a&gt;&lt;/p&gt;&lt;p&gt;&lt;a href="https://on.ft.com/42FgEdC" rel="noopener noreferrer" target="_blank"&gt;Musk drives Tesla calmly through investors’ red lights&lt;/a&gt;&lt;/p&gt;&lt;p&gt;&lt;a href="https://on.ft.com/44CoWpa" rel="noopener noreferrer" target="_blank"&gt;Scott Bessent accuses IMF and World Bank of ‘mission creep’&lt;/a&gt;&lt;/p&gt;&lt;p&gt;&lt;a href="https://on.ft.com/3Yca7Wq" rel="noopener noreferrer" target="_blank"&gt;Boeing prepared to redirect orders destined for Chinese carriers&lt;/a&gt;&lt;/p&gt;&lt;p&gt;Credit: Associated Press&lt;/p&gt;&lt;br&gt;&lt;p&gt;The 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.&amp;nbsp;&lt;/p&gt;&lt;br&gt;&lt;p&gt;&lt;a href="https://www.ft.com/content/f2131ef0-fdda-472a-9f11-f4aad48f57bb" rel="noopener noreferrer" target="_blank"&gt;&lt;strong&gt;Read a transcript of this episode on FT.com&lt;/strong&gt;&lt;/a&gt;&lt;/p&gt;&lt;hr&gt;&lt;p style='color:grey; font-size:0.75em;'&gt; Hosted on Acast. See &lt;a style='color:grey;' target='_blank' rel='noopener noreferrer' href='https://acast.com/privacy'&gt;acast.com/privacy&lt;/a&gt; for more information.&lt;/p&gt;</description>

Sir Keir Starmer and Ursula von der Leyen will on Thursday finalise plans for a new defence pact, US Treasury secretary Scott Bessent has accused the IMF and World Bank of “mission creep” and Boeing reported lower than expected losses. Plus, Tesla chief executive Elon Musk looks to right the electric-car company by reducing his role in the Trump administration. Mentioned in this podcast:<a href="https://on.ft.com/42vhpaw" rel="noopener noreferrer" target="_blank">UK and EU finalise plans for defence pact</a><a href="https://on.ft.com/42FgEdC" rel="noopener noreferrer" target="_blank">Musk drives Tesla calmly through investors’ red lights</a><a href="https://on.ft.com/44CoWpa" rel="noopener noreferrer" target="_blank">Scott Bessent accuses IMF and World Bank of ‘mission creep’</a><a href="https://on.ft.com/3Yca7Wq" rel="noopener noreferrer" target="_blank">Boeing prepared to redirect orders destined for Chinese carriers</a>Credit: Associated Press The 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.&nbsp; <a href="https://www.ft.com/content/f2131ef0-fdda-472a-9f11-f4aad48f57bb" rel="noopener noreferrer" target="_blank">Read a transcript of this episode on FT.com</a><hr> Hosted on Acast. See <a style='color:grey;' target='_blank' rel='noopener noreferrer' href='https://acast.com/privacy'>acast.com/privacy</a> for more information.

Bessent takes aim at the IMF

A rundown of the most important global business stories you need to know for the coming day, from the newsroom of the Financial Times. Available every weekday morning.<hr> Hosted on Acast. See <a style='color:grey;' target='_blank' rel='noopener noreferrer' href='https://acast.com/privacy'>acast.com/privacy</a> for more information.

A rundown of the most important global business stories you need to know for the coming day, from the newsroom of the Financial Times. Available every weekday morning.

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