Mark Filipino hosts the Financial Times News briefing covering major developments in French politics, Disney's CEO succession, U.S.-India trade relations, and European banking.

The episode features insights from FT correspondents Chris Grimes in Los Angeles on Disney's leadership transition and Sarah White in Paris on Société Générale's remarkable turnaround under new leadership.

France Passes Budget After Political Drama

Prime Minister Sébastien Le Cornu survived a no-confidence vote and passed France's 2026 deficit-cutting budget using constitutional powers that bypass parliamentary support.

Le Cornu is President Emmanuel Macron's seventh prime minister, with the revolving door partly caused by inability to cut France's deficit - the third widest in the Eurozone.

French political instability threw the country's bond market into disarray last year but recovered over recent weeks on budget expectations.

Disney CEO Search Narrows to Two Candidates

Josh DeMaro leads Disney's Experiences Division (theme parks and cruise ships) with a $60 billion budget overseeing rapid cruise line expansion.

Dana Walden, longtime TV executive, oversees Disney Plus and Hulu (which posted strong growth) plus the declining linear TV business.

Bob Iger has been CEO since 2005, briefly handed control to Bob Chapek in 2022, but returned after Chapek was ousted in November 2022.

The next CEO faces decisions about whether to spin off traditional TV assets like Warner Brothers and Comcast have done with their cable businesses.

Trump Cuts India Tariffs After Oil Deal

President Trump lowered U.S. tariffs on India from 50% to 18% after India agreed to stop buying Russian oil.

India imports about 90% of its oil from Russia, which Trump says 'fuels Moscow's war machine against Ukraine.'

Despite the reduction, U.S. tariffs on India remain at 18%, but down from one of the highest levels in the world.

Société Générale's Remarkable Banking Turnaround

SocGen's stock price tripled over two years under CEO Slavomir Krupa, who took over in 2023 from 15-year CEO Frederic Oudea.

The bank had been the 'problem child of European banking' since a 2008 rogue trader scandal caused billions in losses and 15 years of cutbacks.

Krupa projected 'very minimal, 0% revenue growth' initially but consistently delivered on realistic targets, rebuilding capital and cutting costs.

While other French banks like BNP struggled with instability and internal issues, SocGen emerged as the standout performer despite being France's third biggest bank.

Future growth depends on assets like Bourso Bank online platform and defining SocGen's identity - 'what is it exactly? Like, how do you define them?' - Krupa