Logo

    Will Russia lead on an alternative to the dollar?

    enOctober 25, 2024
    1
    FT News Briefing

    1685 Episodes

    What was the main topic of the podcast episode?
    Summarise the key points discussed in the episode?
    Were there any notable quotes or insights from the speakers?
    Which popular books were mentioned in this episode?
    Were there any points particularly controversial or thought-provoking discussed in the episode?
    Were any current events or trending topics addressed in the episode?

    In this episode of the Financial Times News Briefing, host Sonia Hudson explores significant updates in financial markets and technology, focusing on three major topics: Tesla's impressive earnings report, Russia's proposal for an alternative to the US dollar during the BRICS summit, and the ongoing conflict within the open-source software community. The insights provided by experts in the fields help illuminate the implications of these developments.

    Key Highlights

    Tesla's Stock Surge

    • Tesla shares surged by 22%, buoyed by a stronger-than-expected quarterly earnings report.
    • CEO Elon Musk predicted a 30% increase in sales next year, citing expectations of cheaper prices and lower interest rates as catalysts for growth.
    • This rebound comes after several disappointing quarters for Tesla amid a global slowdown in electric vehicle (EV) demand.

    Russia's Challenge to the Dollar

    • Vladimir Putin proposed a new international payments framework at the recent BRICS summit, aiming to reduce reliance on the US dollar.
    • The initiative intends to create a parallel system for trade and finance using emerging technologies like blockchain and central bank digital currencies.
    • Despite initial excitement, BRICS leaders appeared hesitant, primarily due to concerns about US sanctions. Countries fear repercussions from the US if they support Russia's alternative, which is perceived as an effort to circumvent sanctions.

    Expert Opinions on Russia's Proposal

    • Charles Clover, FT’s foreign affairs correspondent, discussed the complexity of the current financial architecture and the challenges Russia faces in establishing its system.
      • He noted that the US dollar's dominance is deeply rooted due to existing financial institutions.
      • While countries such as Iran might be interested in alternatives, the potential risks associated with US penalties deter significant commitment.
    • Many nations within BRICS appear to look towards China for leadership in creating alternative payment systems, reducing reliance on the US dollar.

    The Open Source Technology Dispute

    • A significant battle is unfolding in the open-source community, particularly between WordPress and WP Engine.
    • The conflict stems from allegations that WP Engine has not sufficiently contributed to the open-source ecosystem revolving around WordPress.
      • WordPress co-founder Matt Mullenweg has demanded royalties from WP Engine and effectively blocked access to key resources.
      • In response, WP Engine has initiated a lawsuit, alleging extortion against Mullenweg.

    Implications of the Open Source Dispute

    • John Foley, writing for the FT’s Lex column, highlighted how this conflict raises crucial questions about the sustainability of open-source business models.
      • The definition of open-source involves freely available software that anyone can modify, which raises stakes when businesses build profitability around such models.
    • Future implications include:
      • Higher barriers to entry for new technologies, particularly if relying on closed models that limit access.
      • The shift may restrict innovation, asset value becoming concentrated with corporate investors instead of being democratized as seen with platforms like Android or Linux.

    Conclusion

    This episode of the Financial Times News Briefing reveals significant insights into troubling financial dynamics and emerging technologies. While Tesla's growth suggests optimism in the electric vehicle market, Russia's challenges in proposing a viable alternative to the dollar underscore the complexities of international finance. Furthermore, the tension in the open-source community reflects broader concerns about innovation and access in technology. As these stories unfold, they exemplify the ongoing shifts and challenges faced in today's fast-evolving market landscape.

    Was this summary helpful?

    Recent Episodes from FT News Briefing

    UK Budget spooks bond markets

    UK Budget spooks bond markets

    Apple reported solid revenue growth in the past quarter, and investors are worried about the additional borrowing set out in UK chancellor Rachel Reeves’ Budget. The US warned that North Korean troops are expected to enter combat alongside Russia’s army in the coming days, and Spain is set to become the world’s fastest-growing major advanced economy this year. 


    Mentioned in this podcast:

    Apple’s revenue beats Wall Street expectations on higher iPhone sales 

    UK borrowing costs hit highest level this year after Budget

    Ukraine and US warn Kyiv’s troops could face North Korean forces ‘in days’ 

    Spanish growth soars as Eurozone stumbles


    The FT News Briefing is produced by Niamh Rowe, Fiona Symon, Sonja Hutson, Kasia Broussalian and Marc Filippino. Additional help from Breen Turner, Sam Giovinco, Peter Barber, Michael Lello, David da Silva and Gavin Kallmann. Our engineer is Joseph Salcedo. 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.


    FT News Briefing
    enNovember 01, 2024

    UK Labour’s Budget borrows big, taxes more

    UK Labour’s Budget borrows big, taxes more

    Microsoft’s quarterly revenue rose 16% on strong cloud computing demand, the UK’s Labour party reveals bold tax increases and borrowing, and the US economy grew at an annualised rate of 2.8% in the third quarter. Plus, critics cry foul over a proof of citizenship law in Arizona. 


    Mentioned in this podcast:

    Microsoft’s revenue beats estimates on strong cloud demand from AI boom 

    Rachel Reeves announces £40bn tax increase in UK Budget 

    Arizona’s proof of citizenship complicates voting in US swing state 

    US GDP rose at a 2.8% rate in third quarter on strong consumer spending 

    Play the FT’s Budget game: https://ig.ft.com/chancellor-game/ 


    The FT News Briefing is produced by Niamh Rowe, Fiona Symon, Sonja Hutson, Kasia Broussalian and Marc Filippino. Additional help from Michela Tindera, Katya Kumkova, Breen Turner, Sam Giovinco, Peter Barber, Michael Lello, David da Silva and Gavin Kallmann. Our engineer is Joseph Salcedo. 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.


    FT News Briefing
    enOctober 31, 2024

    Arm enters the AI race

    Arm enters the AI race

    Alphabet’s profit jumped 34 per cent in the third quarter, and Israel’s parliament approved legislation on Monday that will ban a UN agency for Palestinian refugees from operating within Israeli territory. The US and Taiwan are preparing to negotiate a new tax agreement, and mobile chip designer Arm may try to rival Nvidia. 


    Mentioned in this podcast:

    Google’s profits beat expectations on strong cloud computing growth

    Israeli parliament passes law banning UN Palestinian refugee agency 

    US and Taiwan set for talks to end double taxation for companies 

    The rise and rise of Arm 

    Giant African rats join crackdown against illegal wildlife trade


    The FT News Briefing is produced by Niamh Rowe, Fiona Symon, Sonja Hutson, Kasia Broussalian and Marc Filippino. Additional help from Breen Turner, Sam Giovinco, Peter Barber, Michael Lello, David da Silva and Gavin Kallmann. Our engineer is Joseph Salcedo. 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.


    FT News Briefing
    enOctober 30, 2024

    Boeing races to avoid credit downgrade

    Boeing races to avoid credit downgrade

    PwC’s business in Asia contracted sharply in the past year, Boeing announced a $19bn share sale to help avoid a credit rating downgrade, and Volkswagen plans a massive restructuring that includes shutting at least three German plants. Plus, fears of violence have left some US election boards struggling to hire poll workers. 


    Mentioned in this podcast:

    PwC loses market share in Asia 

    Boeing launches $19bn share sale to bolster finances and avoid downgrade 

    Volkswagen plans to close at least 3 German plants and cut thousands of jobs 

    US polling places struggle to find workers after surge in threats 


    The FT News Briefing is produced by Niamh Rowe, Fiona Symon, Sonja Hutson, Kasia Broussalian and Marc Filippino. Additional help from Breen Turner, Sam Giovinco, Peter Barber, Michael Lello, David da Silva and Gavin Kallmann. Our engineer is Joseph Salcedo. 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.


    FT News Briefing
    enOctober 29, 2024

    Georgia’s disputed election

    Georgia’s disputed election

    Iran has signalled that it will pursue a measured response to Israel’s latest strikes, and Georgia’s opposition has called for protests after the ruling Georgian Dream party claims victory. Plus, the possibility of Donald Trump’s trade war has hit the shares of export-sensitive European companies, and large investment funds are being forced to offload their shares in tech companies, or risk breaking US tax rules. 


    Mentioned in this podcast:

    Iran’s supreme leader signals measured response to Israel’s attack 

    Vladimir Putin’s battle to keep Georgia in Russia’s orbit

    Georgia’s opposition calls for protests as election outcome is disputed 

    European stocks hit by ‘Trump effect’ as odds tilt towards Republican win 

    Tech boom forces US funds to dump shares to avoid breach of tax rules 

     

    The FT News Briefing is produced by Niamh Rowe, Fiona Symon, Sonja Hutson, Kasia Broussalian and Marc Filippino. Additional help from Breen Turner, Sam Giovinco, Peter Barber, Michael Lello, David da Silva and Gavin Kallmann. Our engineer is Joseph Salcedo. 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.


    FT News Briefing
    enOctober 28, 2024

    Swamp Notes LIVE: A look back at the economy and the election

    Swamp Notes LIVE: A look back at the economy and the election

    With the election just over a week away, Swamp Notes visited the University of Michigan to recap the final FT-Michigan Ross poll. Swamp Notes host Sonja Hutson is joined by the FT’s US managing editor Peter Spiegel, and Erik Gordon and Francine Lafontaine of the University of Michigan’s Ross School of Business to examine the poll results and explain why the economy remains top-of-mind for voters. 


    Mentioned in this podcast:

    Donald Trump takes lead over Kamala Harris on US economy in final FT poll

    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. 



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


    FT News Briefing
    enOctober 26, 2024

    Will Russia lead on an alternative to the dollar?

    Will Russia lead on an alternative to the dollar?

    Tesla shares leapt 22% after Elon Musk predicted an electric vehicle sales rebound, and Russia’s pitch for a US dollar alternative failed to excite Brics leaders. Plus, a major change to the open source technology model could be coming. 


    Mentioned in this podcast: 

    Tesla shares leap 22% after Elon Musk predicts sales rebound 

    Vladimir Putin’s alternative to ‘weaponised’ dollar fails to excite Brics partners 

    The bill is coming for tech’s open source free lunch 


    The FT News Briefing is produced by Niamh Rowe, Fiona Symon, Sonja Hutson, Kasia Broussalian and Marc Filippino. Additional help from Breen Turner, Sam Giovinco, Peter Barber, Michael Lello, David da Silva and Gavin Kallmann. Our engineer is Joseph Salcedo. 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.


    FT News Briefing
    enOctober 25, 2024

    AI that can control your computer

    AI that can control your computer

    Boeing’s machinists voted on Wednesday to reject the company’s latest offer and the US has finalised long-awaited ‘open banking’ rules, hoping it will inject more competition into the market. Plus, Deutsche Bank reported a record third-quarter profit and artificial intelligence start-up Anthropic has built a virtual agent that can perform tasks on a computer.


    Mentioned in this podcast:

    Striking Boeing machinists reject offer as stand-off nears 6 weeks

    US rolls out ‘open banking’ rules to make sharing financial data easier 

    Open banking challenges America’s cozy lenders’ club 

    Deutsche Bank warns of rising bad loan provisions 

    Anthropic says latest AI model can control users’ computers 


    The FT News Briefing is produced by Niamh Rowe, Fiona Symon, Sonja Hutson, Kasia Broussalian and Marc Filippino. Additional help from Breen Turner, Sam Giovinco, Peter Barber, Michael Lello, David da Silva and Gavin Kallmann. Our engineer is Joseph Salcedo. 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.


    FT News Briefing
    enOctober 24, 2024

    HSBC’s east-west split

    HSBC’s east-west split

    Deloitte has cut about 250 UK employees and HSBC’s chief executive has announced an overhaul of the bank. The IMF has warned global protectionism will endanger the world’s growth outlook, as a possible Donald Trump victory in the US election raises the prospect of tariff increases. Plus, South Korea has called on Russia to stop the deployment of North Korean troops to fight in Ukraine.


    Mentioned in this podcast:

    Deloitte axes 250 UK employees in performance-related cull 

    HSBC chief Georges Elhedery unveils sweeping overhaul of lender

    Tariff surge would damage global growth, IMF warns

    South Korea asks Russia to stop apparent North Korean troop deployment 

    Go to ft.com/briefingsale for 50% off a digital standard subscription


    The FT News Briefing is produced by Niamh Rowe, Fiona Symon, Sonja Hutson, Kasia Broussalian and Marc Filippino. Additional help from Breen Turner, Sam Giovinco, Peter Barber, Michael Lello, David da Silva and Gavin Kallmann. Our engineer is Joseph Salcedo. 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.


    FT News Briefing
    enOctober 23, 2024

    Three big economic ideas that explain the US election

    Three big economic ideas that explain the US election

    Share buybacks on mainland China’s biggest exchanges have soared to a record high this year, and Israel has attacked an Hizbollah-affiliated financial institution in Lebanon. Plus, Disney has appointed former Morgan Stanley boss James Gorman as its new chair, and a trip to America’s third-biggest shopping mall offers answers to what’s really going on in the US election. 


    Mentioned in this podcast:

    Israel strikes Hizbollah-linked lender in Lebanon

    Disney sets new timetable to replace Bob Iger as chief

    Four economic truths that explain the US’s bizarre election

    Chinese share buybacks hit record high as Beijing steps up support

    Chanel dips oar into sport with Oxford-Cambridge boat race tie-up


    The FT News Briefing is produced by Niamh Rowe, Fiona Symon, Sonja Hutson, Kasia Broussalian and Marc Filippino. Additional help from Breen Turner, Sam Giovinco, Peter Barber, Michael Lello, David da Silva and Gavin Kallmann. Our engineer is Joseph Salcedo. 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.


    FT News Briefing
    enOctober 22, 2024
    Logo

    © 2024 Podcastworld. All rights reserved

    Company

    Pricing

    Stay up to date

    For any inquiries, please email us at hello@podcastworld.io