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Good morning from the newsroom of the Financial Times.

Today is Tuesday, May 21st, and this is your FT news briefing.

Federal Reserve Chair Jay Powell says hefty corporate debt is not a threat to the stability of the financial sector.

Prime Minister Victor Orban makes a final push for Hungary's right-wing Fidesh Party in the days leading up to the European parliamentary elections.

And the UK's financial watch stock says crypto and foreign exchange scams more than tripled

in the past financial year.

Plus, after Google said it would suspend Huawei's access to

Android software to comply with a U.S. equipment ban,

the Trump administration has granted a temporary license for U.S. equipment ban, the Trump administration has granted a temporary license for U.S. companies

to keep doing business with the Chinese telecoms equipment maker.

The F.T.'s global business columnist, Rana Far Faruhar, tells us why she thinks the rising

tensions between the US and China over Huawei means we're headed for a so-called

Splinternet.

I'm Mark Filipino, and here's the news you need to start your day.

Many commentators have observed with a sense of deja vu the buildup of risky business debt.

That's Federal Reserve Chair Jay Powell.

He was speaking at a financial markets conference in Florida last night.

The acronyms have changed a bit, CLOs instead of CDOs, but once again we see a category

of debt that is growing faster than the income of the borrowers even as lenders loosen underwriting standards.

Mr Powell told attendees that high levels of corporate debt could cause severe strains on U.S.

...