Private equity dealmaking around the world slowed down in the second quarter of 2025, and South Korea holds elections on Tuesday after months of political instability. Plus, office space construction in the UK has reached a ten-year low, and Wall Street is warning that a little-publicised foreign tax provision in Donald Trump’s budget bill could upend markets. 

Mentioned in this podcast:

Trump tariffs cut off recovery in private equity dealmaking

Leftwing ‘brawler’ on verge of South Korea presidency

The ‘quiet’ crisis brewing between the US and South Korea

Foreign tax provision in Trump budget bill spooks Wall Street

UK office construction drops to 10-year low

Today’s FT News Briefing was produced by Sonja Hutson, Ethan Plotkin, Kasia Broussalian, Henry Larson, and Marc Filippino. Additional help from Peter Barber. Topher Forhecz is the FT’s acting co-head of audio. The show’s theme song is by Metaphor Music.

Read a transcript of this episode on FT.com

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