For over 40 years, Equinoor has been an energy partner to the UK.

During that time, we've played our part in the switch from coal to gas,

and we're working hard to help the UK's energy transition.

We may not have all the answers yet, but we're determined to find them.

Equinor, an energy company, searching for better.

99.6% of Equinor's energy output is oil and gas.

Our investment in renewables and low carbon solutions

has increased from 4% in 2020 to 27% in 2024. Find out more at equinor.com.uk.

Good morning from the Financial Times. Today is Monday, August 25th, and this is your FT News briefing.

An interest rate cut may be coming to the U.S. as soon as September.

And defense companies are exploring new ways to secure European airspace.

Plus, Spanish Bank Santander is joining the latest SPAC boom.

The real lucrative side of this stuff for them will be on the back end

if they're able to help these SPACs find a successful merger target.

I'm Josh Gabbard Duoyant, and here's the news you need to start your day. U.S. Federal Reserve Chair Jay Powell seems like he's ready to make a big change.

At the Jackson Hole Economic Symposium in Wyoming on Friday, Powell signaled he was open to the idea of lowering interest rates.

It's a big turnaround for Powell, who has resisted pressure from U.S. President Donald Trump

to cut interest rates for months.

And markets responded positively on Friday.

The FT's U.S. economics editor Claire Jones is in Jackson Hole, and she joins me now.

Hi, Claire.

Hi, Josh. Okay, Powell's statements weren't exactly glowing about the state of the economy. Here he is talking at Jackson Hole.

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