Global equities reached new heights and Treasuries rallied sharply on Thursday on the back of upbeat economic data in the US, and Dubai has become the first city to sign a contract with an autonomous taxi manufacturer. Plus, US president Joe Biden imposed new sanctions on Moscow on Thursday. The FT’s markets editor, Katie Martin, explains how investors reacted. Global stocks hit record highs on strong economic datahttps://www.ft.com/content/c1ee361d-6ee6-4697-ba8a-865542bb4704Biden imposes tough new sanctions on Moscowhttps://www.ft.com/content/b2bf1be3-a10c-4963-9deb-8a6b319e9363Dubai strikes deal with Cruise to roll out self-driving taxishttps://www.ft.com/content/33f3f86b-2558-4344-98b0-5c3cd529e93fFlying cars finally prepare for take-offhttps://www.ft.com/content/3ca1338d-3c31-4c70-ac09-12a0870212e3?  See acast.com/privacy for privacy and opt-out information.

FT News Briefing

Markets rally on strong economic data, investors react to Biden’s sanctions on Russia

Three of the largest US banks beat profits expectations on Wednesday on the back of a strengthening US economy, and Egyptian authorities have seized the container ship that blocked the Suez Canal as they seek compensation of more than $900m from the Ever Given’s owners. Plus, the FT’s deputy editor, Patrick Jenkins, discusses Deutsche Bank’s turnaround after years as the “sick bank of Europe.” Boom on Wall Street powers US bank profitshttps://www.ft.com/content/5cc8f198-345f-4a21-997f-acc841c7b39bDeutsche Bank dodges bullets and goes mainstreamhttps://www.ft.com/content/0c478d11-6ed2-4c68-870d-3d0e97f76745?Ever Given seized as Egyptian authorities seek $900m compensationhttps://www.ft.com/content/25b347bc-4c03-464a-b6c3-ed72bacc12e2?Ponzi mastermind Bernard Madoff dies aged 82https://www.ft.com/content/e88fdde2-440a-4a77-8a20-d2116309d84a  See acast.com/privacy for privacy and opt-out information.

US bank profits surge, Deutsche Bank recovers, Suez Canal officials seize ship

Coinbase prepares to be the first leading cryptocurrency exchange to list on a US stock market, and the eurozone economy is showing signs of adapting to coronavirus lockdowns. Plus, the FT’s private capital correspondent, Kaye Wiggins, discusses the corporate drama surrounding the private equity bidding for Japan’s Toshiba. Coinbase listing set to capitalise on crypto bull runhttps://www.ft.com/content/06d98c02-f5da-45e8-a0f5-20e3bfd64879Eurozone’s economy shows signs of adapting to lockdownshttps://www.ft.com/content/b756bab9-43a7-49c6-a3de-c98e891a0aea?Resignation of Nobuaki Kurumatani comes as KKR also prepares to mount offer for Japanese conglomeratehttps://www.ft.com/content/65a3b3b0-c68e-4312-a29b-d0b90d8cf011LVMH benefits from demand for luxury goods in US and Chinahttps://www.ft.com/content/9c892b85-9ae2-4ef9-8e42-9a09baf3492b  See acast.com/privacy for privacy and opt-out information.

Eurozone’s economy proves resilient, Toshiba buyout battle

Boris Johnson has commissioned an independent inquiry into the lobbying scandal involving David Cameron and Greensill Capital, and the $5bn-valued cyber security technology company, Darktrace, has set out plans to float in London. Plus, the FT’s US sports business correspondent, Sara Germano, explains why US states have suddenly embraced online sports gambling. UK government to announce independent probe into Cameron and Greensillhttps://www.ft.com/content/ade87a61-b1e1-433a-a79f-25fc6b9a0aafMike Lynch-backed Darktrace sets out plans to list in Londonhttps://www.ft.com/content/01c49998-05d2-4ed4-b324-febfaef3a110‘The market is going bananas’: Governors back online betting to plug black holes in state budgetshttps://www.ft.com/content/bb04b14c-e215-4ae8-a655-2bf85fcb73c0?Virgin Atlantic boss warns on long-term hit to business travelhttps://www.ft.com/content/b8766e60-1a20-41ee-871d-6b97dbee71e8  See acast.com/privacy for privacy and opt-out information.

UK to launch probe into Cameron and Greensill, US states turn to online betting for tax revenue

Former British prime minister David Cameron has admitted he made mistakes over his government lobbying for Greensill Capital, leading Chinese smartphone maker Xiaomi is expanding its investment in chips, and Microsoft is on the verge of acquiring the voice technology pioneer, Nuance. Plus, the FT’s US equities correspondent, Aziza Kasumov, discusses US equities investors’ concerns about US president Joe Biden’s tax proposals. Cameron admits mistakes as he breaks silence on Greensillhttps://www.ft.com/content/da2a2686-1efa-4fd4-bee4-79cc9d9a89a2Huawei rival Xiaomi steps up chip ambitions amid US pressurehttps://www.ft.com/content/2fadf021-91c5-4553-aecd-33e4439e99ab?Wall Street investors look warily at gathering tax ‘storm’https://www.ft.com/content/02f874f8-f5e3-4deb-908c-c709633821bbMicrosoft nears deal to buy voice tech pioneer Nuance for $16bnhttps://www.ft.com/content/a36dd469-e521-4ce7-9351-ddc8f6b5cb42?  See acast.com/privacy for privacy and opt-out information.

David Cameron breaks Greensill silence, investors brace for corporate tax hikes

Amazon looked on course to defeat a historic effort by workers to unionise an Alabama warehouse, and companies and countries around the world are weighing the Biden administration’s global corporate tax plan. Plus, the FT’s markets editor, Katie Martin, explains Goldman Sachs’ purchase of £75m of Deliveroo shares after the UK food delivery group’s disappointing initial public offering last month.  Amazon vote count shows Alabama unionisation effort trailinghttps://www.ft.com/content/df3eeb04-d03e-4048-ab81-248c7a9fce4eGoldman Sachs bought £75m of Deliveroo shares to prop up IPO pricehttps://www.ft.com/content/bf75f260-33d8-42ea-85c3-6482aa1fb2ffA grand bargain: how the radical US corporate tax plan would workhttps://www.ft.com/content/b358ebca-4097-4cd6-bc7f-8e9d8f069250  See acast.com/privacy for privacy and opt-out information.

Amazon on course to defeat union effort, Goldman’s Deliveroo move

The start-up that owns the biotechnology behind the Oxford/AstraZeneca vaccine has confidentially filed for an initial public offering in the US, Indian social media group ShareChat has raised more than $500m to grow its popular short-video app Moj, and Austrian activist Max Schrems has filed a privacy complaint against Google in France. Plus, the FT’s Washington bureau chief James Politi has details on the US’s offer to the rest of the world to tax multinational companies. US offers new plan in global corporate tax talkshttps://www.ft.com/content/847c5f77-f0af-4787-8c8e-070ac6a7c74fBiotech start-up behind AstraZeneca vaccine files for US listing https://www.ft.com/content/ff260c57-66f9-474b-9643-7640dc918009ShareChat valued at $2bn in wake of TikTok ban https://www.ft.com/content/3a5e44e2-b2c0-4f37-9c4a-f51c6ef46eb6?Max Schrems accuses Google of illegally tracking Android users https://www.ft.com/content/4617cc99-3ed2-49e1-b97f-db4f1b45b5db?  See acast.com/privacy for privacy and opt-out information.

US corporate tax offer to the world, ShareChat valued at $2.1bn, Vaccitech IPO

The EU drug regulator will launch an investigation next week into whether clinical trials of Russia’s Sputnik V Covid-19 vaccine contravened ethical standards, and Japan’s national champion, Renesas Electronics, is being forced to diversify due to the pressures brought on by the chip industry. Plus, the FT’s Latin America editor, Michael Stott, explains how president Jair Bolsonaro lost his grip of Brazil. EU regulator to probe ethical standards of Sputnik vaccine trialshttps://www.ft.com/content/50031165-1f46-446b-be9a-36d553805fec?Chip industry pressures spur Renesas to diversifyhttps://www.ft.com/content/c583fe71-4556-4ef9-9367-a175a2033767Brazil’s coronavirus nightmare: ‘Bolsonaro is more isolated than ever’https://www.ft.com/content/55713895-2423-4259-a222-f778f9587490Nematodes the latest casualty of post-Brexit trade glitcheshttps://www.ft.com/content/888658ea-9b33-454e-bac5-c9d4a59eb201?  See acast.com/privacy for privacy and opt-out information.

EMA to probe Sputnik vaccine, Renesas Electronics, Brazil crises

US Treasury secretary Janet Yellen is calling on other countries to join the US in setting a corporate global minimum tax, and bond investors who took big risks at the outset of the pandemic are enjoying big returns. Plus, the FT’s greater China correspondent, Kathrin Hille, discusses how a little-known chip company that dominates the global semiconductor industry is navigating political tensions.  Yellen calls for global minimum corporate taxhttps://www.ft.com/content/79023ff2-c629-429c-8a34-16bf68b4ea15Investors scoop up huge returns from companies’ crisis-era bondshttps://www.ft.com/content/2de01274-bf03-4788-ab94-c26189b9baea?TSMC: how a Taiwanese chipmaker became a linchpin of the global economyhttps://www.ft.com/content/05206915-fd73-4a3a-92a5-6760ce965bd9GameStop shares fall after it announces plan to sell $1bn in stockhttps://www.ft.com/content/ddc11198-f162-484c-9131-a7a0b0346178?  See acast.com/privacy for privacy and opt-out information.

Janet Yellen proposes global corporate minimum tax, the Taiwanese company at the heart of the global economy

The boom in Bitcoin mining is having an unintended consequence: it has driven up the cost of computer chips. Plus, the FT’s US-China correspondent, Demetri Sevastopulo, explains how China’s repressive treatment of its Uyghur Muslims is affecting Western brands who do business in the country.  Bitcoin mining boom adds to chip price inflationhttps://www.ft.com/content/d5c121c8-aefc-48d5-a3bf-6e581ccb5762Western brands caught between US and China over human rightshttps://www.ft.com/content/a0be4094-2aba-4275-a3ca-ec5e58cc5032?  See acast.com/privacy for privacy and opt-out information.

Computer chip shortage, corporate America caught between US and China

Wall Street touched a record high Wednesday as the White House released details of President Joe Biden’s multi trillion-dollar US stimulus plan, and the food delivery app, Deliveroo, closed down 26 per cent in its first day on the public market. Plus, the FT’s US labour and equalities correspondent, Taylor Nicole Rogers, explains why there are fewer black Americans in financial leadership positions than there were a decade ago. Tech stocks power Wall St to record ahead of Biden stimulus speechhttps://www.ft.com/content/d7a93cb5-f9f1-485a-8b39-1e7a12a97790Disaster strikes as Deliveroo becomes ‘worst IPO in London’s history’https://www.ft.com/content/bdf6ac6b-46b5-4f7a-90db-291d7fd2898dShare of Black employees in senior US finance roles falls despite diversity effortshttps://www.ft.com/content/887d064a-bd5e-4ce6-9671-9057e12bd5c7  See acast.com/privacy for privacy and opt-out information.

Biden’s $2tn infrastructure plan, Deliveroo’s IPO flop, Black Americans in finance

 The head of the IMF has warned that the world should be ready for an emerging market debt crisis as the global economy emerges from the coronavirus pandemic, and Russia is using the Suez Canal incident to promote its own Arctic shipping route. Plus, the FT’s Mexico and Central America correspondent, Jude Webber, explains why Mexico’s citizens are willing to give president Andrés Manuel López Obrador a second chance.  Prepare for emerging markets debt crisis, warns IMF headhttps://www.ft.com/content/487c30f4-7f21-4787-b519-dde52264d141?Russia seizes on Suez blockage to promote merits of Arctic routehttps://www.ft.com/content/47b4cca2-b673-4763-95b4-555bd03a948a‘In love with bad ideas’: López Obrador takes Mexico back to the futurehttps://www.ft.com/content/b2537ad5-d72e-4b72-885b-01ceb543c253Germany and Canada could host NFL games in 2022 seasonhttps://www.ft.com/content/12b7a706-cf5e-4623-997c-be0d04d68f27?  See acast.com/privacy for privacy and opt-out information.

IMF head issues warning, Russia’s Arctic trade route, Amlo’s progress

The Biden administration is sticking with a Trump administration policy that will make it easier for US diplomats to meet with Taiwanese officials, and US companies say they are feeling the bite of inflation. Plus, the FT’s global finance correspondent, Robin Wigglesworth, explains why banks might be more careful with hedge fund leverage after the meltdown of Archegos Capital Management. US to make it easier for diplomats to meet Taiwanese officialshttps://www.ft.com/content/05d67774-fdf7-41ae-b17e-a8f2fe8e9f6f?US companies sound inflation alarm https://www.ft.com/content/f0bbed31-bea8-4542-b953-096762d2e59fArchegos poses hard questions for Wall Streethttps://www.ft.com/content/89b560ec-212c-4e82-b52e-c3e1408a9e6b  Volvo Cars revamps parental leave as it aims to increase female manager https://www.ft.com/content/aea0105b-b432-4f5c-8425-9fe78bddb5f8?  See acast.com/privacy for privacy and opt-out information.

Biden’s Taiwan shift, US companies see inflation, Archegos hits big banks

The private investment firm Archegos Capital was behind billions of dollars worth of share sales that captivated Wall Street on Friday, the head of the Suez Canal Authority has warned that there is no timeline for freeing the 220,000-tonne container ship that has blocked one of the main arteries of global trade, and Amazon workers in Bessemer wrap up a potentially historic unionization vote. Traders brace after fire sale of stocks linked to Archegos https://www.ft.com/content/2542af81-9e93-4d05-a0b9-26c0f6aab6f3Suez Canal head warns stricken cargo ship may need unloading https://www.ft.com/content/d452362c-b38d-4786-a2fb-14254df49decThe ultimate David and Goliath story: the fight to open a union at Amazon https://www.ft.com/content/a7ee3ec0-f59d-4188-899f-34ceecf7f026?  See acast.com/privacy for privacy and opt-out information.

Mysterious trades, Suez Canal ripples, Amazon union vote

European leaders clash over vaccine distribution at a marathon virtual summit, holders of UK government bonds are suffering the worst quarter in at least two decades as Britain’s economic prospects brighten, Jack Ma’s Ant Group demands bigger fees to rebuild valuation after pulled IPO, and comfort foods like doughnuts and mac and cheese proved popular during the pandemic. EU leaders clash over vaccine distribution in tense summit https://www.ft.com/content/486a65fe-0608-4230-b9d5-c990f10d5be8Investors in UK government bonds suffer worst quarter for two decadeshttps://www.ft.com/content/0ea28218-7296-4b09-9cae-4b84a27a9e0cJack Ma’s Ant demands bigger fees to rebuild valuation after pulled IPOhttps://www.ft.com/content/e6d0dffe-a691-484e-9c3e-434d1553a3d6Pandemic comfort food offers too much solacehttps://www.ft.com/content/74497d5f-4bf4-4031-b424-b70a4547d23c?  See acast.com/privacy for privacy and opt-out information.

EU leaders clash over vaccines, UK debt, Ant Group fees

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.