Facebook has defied Australia’s push to make Big Tech pay for news by banning the sharing of content on its platform in the country, the oil and gas industry in Texas has buckled under the strain of a blast of Arctic weather, and three North Korean computer programmers have been charged over a cyber-hack spree. Plus, the FT’s global China editor, James Kynge, explains how Beijing’s digital currency is doubling as a surveillance tool for the state.
News Corp agrees deal with Google on payments for its journalism  https://www.ft.com/content/cec5d055-c2d1-4d5f-a392-a6343beb0b01
Oil and gas industry in Texas buckles under strain of Arctic blast https://www.ft.com/content/9b7cdaf2-f43b-49c3-b8b8-b4840f95ebbd
Virtual control: the agenda behind China’s new digital currency https://www.ft.com/content/7511809e-827e-4526-81ad-ae83f405f623 
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Facebook bans content sharing in Australia, Texas battles cold, China’s digital currency

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.

News & Politics

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Daily News

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.

Beijing bets on manufacturing

Both Donald Trump and Joe Biden made campaign stops last week in Pennsylvania, whose 19 electoral votes could decide the outcome of the 2024 election. But in a state with such a range of demographic groups, how can each find a message that will stick? The FT’s deputy Washington bureau chief, Lauren Fedor, and US political editor Derek Brower join to discuss. Credit: The Independent, The Times and the Sunday Times
Mentioned in this podcast: Joe Biden’s speech to steel workers underscores union’s burgeoning influence Joe Biden calls for tripling of tariffs on Chinese steel Josh Shapiro warns Joe Biden gas stance could hurt election hopes 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. 
Read a transcript of this episode on FT.com Hosted on Acast. See acast.com/privacy for more information.

Swamp Notes: How do you win Pennsylvania?

Netflix profits surged during the first quarter, global markets had a rocky week due to worries over US inflation, and India’s prime minister is getting a big boost from the business class in his re-election campaign. 
Mentioned in this podcast: Netflix profits surge on strong subscriber growth The great bet on rate cuts is off European stocks suffer worst day in nine months US to grow at double the rate of G7 peers this year, says IMF Jay Powell says US inflation ‘taking longer than expected’ to hit target Businesses bank on Narendra Modi election win to ease India’s bottlenecks Luxury automakers hit by Korea’s new neon green licence plate rule for company cars
The FT News Briefing is produced by Fiona Symon, Sonja Hutson, Kasia Broussalian and Marc Filippino. Additional help by Denise Guerra, Cara Shillenn, 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.

Facebook bans content sharing in Australia, Texas battles cold, China’s digital currency

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