Two senior Democratic lawmakers have warned the Federal Reserve that it would be a “grave error” to extend looser capital requirements for US banks. ExxonMobil appointed two new board directors on Monday to placate activist shareholders and the former French president Nicolas Sarkozy was sentenced to three years in prison on Monday. Plus, the FT’s global media editor Alex Barker looks back on Rupert Murdoch’s media empire and what succession looks like for the mogul. 
Democratic senators call for tougher capital requirements for US banks https://www.ft.com/conent/44792b80-c331-44e3-b02c-41a151f4cb6c?
Exxon adds two board directors in wake of activist pressure  https://www.ft.com/content/be866c6f-bbff-4500-927b-49e02b7b9023
Nicolas Sarkozy sentenced to jail for corruption https://www.ft.com/content/1f2fe078-34f7-4665-afd7-a829082c7874
Rupert Murdoch at 90: Fox, succession and ‘one more big play’ https://www.ft.com/content/d9719c27-5e95-49c3-a534-2796196c6af7 
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Dems warn against loosening bank capital requirements, Rupert Murdoch at 90

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Humza Yousaf is resigning as Scotland’s first minister, and WeWork’s senior creditors are poised to take control of the reorganised co-working space provider. Plus, an Africa-focused venture capital firm has steered one of the region’s biggest fundraising efforts of the past five months. 
Mentioned in this podcast: Humza Yousaf quits as Scotland’s first minister WeWork agrees restructuring deal that shuts out Adam Neumann’s comeback bid Africa-focused fund draws early investors to tech industry FT Life & Art podcast
The FT News Briefing is produced by Fiona Symon, Sonja Hutson, Kasia Broussalian and Marc Filippino. Additional help by Sam Giovinco, Peter Barber, Michael Lello, David da Silva and Gavin Kallmann. Our engineer is Monica Lopez. 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.

Scotland’s first minister resigns

Financial companies scramble to rework contracts after US Federal Trade Commission rule bans non-compete agreements, the largest western banks that remain in Russia paid the Kremlin hundreds of millions of euros in taxes last year, and Turkey is in talks with the US energy supermajor ExxonMobil over a multibillion-dollar deal to buy liquefied natural gas. Plus, the message from Big Tech companies to investors about when AI will be profitable: be patient. 
Mentioned in this podcast: Ban on non-compete agreements sends shockwave across Wall Street Microsoft and Alphabet enjoy AI-powered gains from cloud divisions Question of pay-off from AI hangs over Big Tech earnings Western banks in Russia paid €800mn in taxes to Kremlin last year Turkey in talks with ExxonMobil over multibillion-dollar LNG deal
The FT News Briefing is produced by Fiona Symon, Sonja Hutson, Kasia Broussalian and Marc Filippino. Additional help by Denise Guerra, Sam Giovinco, Peter Barber, Michael Lello, David da Silva and Gavin Kallmann. Our engineer is Monica Lopez. 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.

Big Tech investors question AI pay-off

The US Supreme Court set out to answer a big constitutional question on Thursday: can a president be charged for potential crimes committed while in office? The FT’s Washington bureau chief, James Politi, and US legal and enforcement correspondent, Stefania Palma, join this week’s Swamp Notes to explain why the answer could determine the outcome of Donald Trump’s federal trials and the future of the American presidency.
Mentioned in this podcast: US Supreme Court debates limits of presidential immunity in Donald Trump appeal Donald Trump prepares his final pitch on presidential immunity Sign up for the FT’s Swamp Notes newsletter here
Swamp Notes is produced by Ethan Plotkin, Sonja Hutson, Lauren Fedor and Marc Filippino. Topher Forhecz is the FT’s executive producer. The FT’s global head of audio is Cheryl Brumley. Special thanks to Pierre Nicholson. 
CREDIT: CNN
Read a transcript of this episode on FT.com 
 Hosted on Acast. See acast.com/privacy for more information.

Swamp Notes: The Supreme Court weighs presidential power

Microsoft beat expectations for revenue and cloud sales, Alphabet shares rise by double-digits after first-quarter earnings beat expectations, markets are no longer fully confident of a US interest rate cut before September, and the EU is turning to draconian tactics to curb migration. Plus, a merger between mining giants BHP and Anglo American could get investors excited about the industry again. 
Mentioned in this podcast: Alphabet shares surge past $2tn after search giant unveils first ever dividend Microsoft’s revenue and cloud sales beat expectations Biden dealt blow as investors scale back bets on pre-election rate cut Why is BHP bidding for Anglo American? BHP proposes £31bn takeover of Anglo American in mining mega-deal How Europe is paying other countries to police its borders
The FT News Briefing is produced by Fiona Symon, Sonja Hutson, Kasia Broussalian and Marc Filippino. Additional help by Denise Guerra, Sam Giovinco, Peter Barber, Michael Lello, David da Silva and Gavin Kallmann. Our engineer is Monica Lopez. 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.

A mining industry mega-deal

Meta’s revenues jumped by more than a quarter in the first three months of the year, Brussels raided the offices of a Chinese security equipment supplier, and earnings from Boeing reflected a slowdown of 737 Max production and compensation to customers. Plus, weapon shipments are heading to Ukraine after President Joe Biden signed a highly anticipated $95bn foreign aid bill. 
Mentioned in this podcast: Meta shares fall as it predicts higher expenditure on AI EU conducts ‘dawn raid’ on Chinese security equipment supplier Pentagon rushes $1bn in weapons to Kyiv after Biden signs aid bill Joe Biden tells Volodymyr Zelenskyy US weapons will arrive ‘quickly’ Boeing burns through $4bn in first quarter after door plug blowout
The FT News Briefing is produced by Fiona Symon, Sonja Hutson, Kasia Broussalian and Marc Filippino. Additional help by Sam Giovinco, Peter Barber, Michael Lello, David da Silva and Gavin Kallmann. Our engineer is Monica Lopez. 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.

Dems warn against loosening bank capital requirements, Rupert Murdoch at 90

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