Brussels steps up its campaign against sweetheart corporate tax deals in the EU, TikTok has asked a federal judge to prevent the Trump administration from blocking downloads of the video-sharing app, and the pandemic caused workers around the globe to lose more than $3.5tn of income. Plus, Turkey’s lira is struggling despite the government’s best efforts to lift the currency. The FT’s Laura Pitel explains if the country’s central bank can do anything about it. 
Brussels ready to clamp down on sweetheart corporate tax deals ft.com/content/7c156756-57a1-4554-af78-d795a41d13f9?edit=true
TikTok requests injunction against ban deadline https://www.ft.com/content/e8c5cb67-f16b-4790-8617-f142f4dc013a
Pandemic knocks a tenth off incomes of workers worldwide https://www.ft.com/content/fabd4737-fa29-45ca-ad62-1b04c71d7b6a
Lira sinks even as Turkey spends billions of dollars to prop it up https://www.ft.com/content/737b5d1a-64d0-4e2d-8ca1-e7bcd4ff4487 Hosted on Acast. See acast.com/privacy for more information.

EU to crack down on sweetheart corporate tax deals, TikTok injunction, Turkey central bank

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. Hosted on Acast. See acast.com/privacy for more information.

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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.

What new US aid means for Ukraine

Tesla reported a 9 per cent decline in first-quarter revenue, Spotify kicked off a more mature era for its business after years of freer spending, and the US Federal Trade Commission banned non-compete clauses for employees. Plus, international investors have rushed into Egypt’s debt after the most populous Arab nation secured a $55bn bailout.
Mentioned in this podcast: Tesla revenue declines in first quarter as vehicle sales slow Spotify hits record quarterly profit as it enters ‘new phase’ US FTC bans non-compete agreements Demand for Egyptian debt surges after $55bn bailout and investment package Latin American cocoa farmers rush to expand planting as prices spike
The FT News Briefing is produced by Fiona Symon, Sonja Hutson, Kasia Broussalian and Marc Filippino. Additional help by Denise Guerra, Katya Kumkova, 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.

Spotify grows up

The New York Stock Exchange is polling market participants on the merits of trading stocks around the clock, ByteDance ready to ‘move to the courts’ after the US pushes ahead with a bill demanding the Chinese parent sell its viral app in the country, and traders have built up bets that the Federal Reserve could actually raise interest rates. Plus, Goldman Sachs has relocated its head of financial institutions group for Europe from London to Paris.
Mentioned in this podcast: Goldman Sachs moves senior banker to Paris in post-Brexit revamp TikTok gears up for legal fight in US to prevent ban Investors price in growing chance of further Fed rate rises New York Stock Exchange tests views on round-the-clock trading
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.

Taking the Byte out of TikTok

Tesla shareholders are bracing for the carmaker’s worst earnings performance in seven years, oil markets have remained steady as Middle East tensions rise, and China’s first-quarter GDP shows the effects of President Xi Jinping’s bet on manufacturing. 
Mentioned in this podcast: Tesla shareholders braced for worst results in 7 years Why oil prices remain steady even as Middle East tensions escalate Covid vaccine makers to clash in London over mRNA patent dispute China warns west of ‘survival of the fittest’ as manufacturing boosts economy Parisians struggle to cash in on Olympic Games rentals
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.

EU to crack down on sweetheart corporate tax deals, TikTok injunction, Turkey central bank

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