From hostile takeovers to C-suite intrigue, Behind the Money takes you inside the business and financial stories of the moment with reporting from Financial Times journalists around the world. Hosted on Acast. See acast.com/privacy for more information.
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How oil traders called the Middle East war
When Iran attacked a US airbase in Qatar – a response to strikes on its nuclear facilities – many feared a global war may be imminent. But there was one market that didn’t break a sweat: oil. It’s typically a commodity that surges at the first sight of conflict in the Middle East. This time though, oil traders bet that the conflict involving Iran, Israel and the US would be short-lived. The FT’s energy editor Malcolm Moore explains how traders called the outcome correctly.
Clips from ABC News, Al Jazeera, Associated Press, CBS News, Fox 9 Minneapolis St Paul, ITV News, KTLA 5, NBC News
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For further reading:
How oil traders called the Middle East conflict
Fuel and fury: energy becomes a Middle East battlefield
Why oil traders are watching the Strait of Hormuz
Why is the oil price not surging?
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Follow Malcolm Moore (@MalcolmMoore) and Saffeya Ahmed on X (@saffeya_ahmed), or follow Saffeya on LinkedIn for updates about the show and more.
Read a transcript of this episode on FT.com
Hosted on Acast. See acast.com/privacy for more information.
The end of the UK’s ‘bailout era’
The Royal Bank of Scotland was once the biggest bank in the world. Then, hubris got the best of it. During the financial crisis the UK government spent £46bn to bail out the bank. Seventeen years and a rebrand to NatWest Group later, the government just sold its last shares in it and officially ended the country’s “bailout era”. The FT’s Akila Quinio analyses what this means for the economy and for NatWest.
Clips from ABC News, BBC, NBC
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For further reading:
The RBS story: how the world’s biggest bank was nationalised and then reborn
NatWest’s freedom dividend has already been cashed
NatWest must not forget its chequered past
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Follow Akila Quinio on X (@akilazoe). Michela Tindera is on X (@mtindera07) and Bluesky (@mtindera.ft.com), or follow her on LinkedIn for updates about the show and more.
Read a transcript of this episode on FT.com
Hosted on Acast. See acast.com/privacy for more information.
Inside Moët Hennessy’s crisis
LVMH’s wine and spirits division, Moët Hennessy, has long been a source of success – and cash – for the luxury goods behemoth. But more recently, that’s changed. The FT’s Paris correspondent Adrienne Klasa, found that certain strategic decisions made under the company’s former CEO have contributed to a change in its fortunes. She examines the missteps and whether the division can make a comeback.
Clips from Olympics
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For further reading:
Moët Hennessy’s crisis: dubious deals, soaring prices and hubris
Alcohol groups face a sobering cultural shift
Moët Hennessy to cut 10% of workforce as luxury slowdown bites
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Follow Adrienne Klasa on X (@AdrienneKlasa). Michela Tindera is on X (@mtindera07) and Bluesky (@mtindera.ft.com), or follow her on LinkedIn for updates about the show and more.
Read a transcript of this episode on FT.com
Hosted on Acast. See acast.com/privacy for more information.
How Indonesia cornered the nickel market
A decade ago, Indonesia produced only 6% of the world’s supply of refined nickel. Now, it has a de facto monopoly on the market. How did it happen? The FT’s Jakarta correspondent A. Anantha Lakshmi and FT’s commodities correspondent Camilla Hodgson examine what propelled this explosive growth and how China helped it happen.
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For further reading:
‘The Opec of nickel’: Indonesia’s control of a critical metal
‘Production first, safety later’: inside the world’s largest nickel site
Western miner Eramet sees no profits in nickel processing without Chinese partners
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Follow A. Anantha Lakshmi and Camilla Hodgson on X (@AnanthalakshmiA) (@CamillaHodgson). Michela Tindera is on X (@mtindera07) and Bluesky (@mtindera.ft.com), or follow her on LinkedIn for updates about the show and more.
Read a transcript of this episode on FT.com
Hosted on Acast. See acast.com/privacy for more information.
Coming soon: The Wolf-Krugman Exchange
In a special six-part series of The Economics Show, Martin Wolf, the FT’s chief economics commentator, and Nobel Prize-winning economist Paul Krugman discuss the economic events reshaping the world in the wake of US President Donald Trump’s election.
Subscribe and listen to this series on The Economics Show on Apple Podcasts, Spotify, Pocket Casts or wherever you listen to podcasts.
Episodes will also be available on the FT’s YouTube channel.
If you’d like to get in touch and ask Martin and Paul a question, please email economics.show@ft.com
Read Martin’s FT column here
Subscribe to Paul’s substack here
Hosted on Acast. See acast.com/privacy for more information.
Why Blackstone, KKR and Apollo are moving in different directions
Blackstone, Apollo and KKR. Although they have similar origins, these three top private capital groups are moving in different directions amid tumultuous markets. What do these approaches look like? And will they hold up in a potential downturn? The FT’s Antoine Gara, US private equity and deals editor, breaks down each approach and who’s most likely to perform best in the future.
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For further reading:
How Blackstone and its biggest rivals are drifting apart
Should ordinary US retirement accounts be investing in private assets?
Private equity industry shrinks for the first time in decades
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Follow Antoine Gara on X (@AntoineGara), or on Bluesky (@antoinegara.bsky.social). Michela Tindera is on X (@mtindera07) and Bluesky (@mtindera.ft.com), or follow her on LinkedIn for updates about the show and more.
Read a transcript of this episode on FT.com
Hosted on Acast. See acast.com/privacy for more information.
Swamp Notes: Trump’s next 100 days
This week, Swamp Notes goes to London for a live recording. Katie Martin, host of the Unhedged podcast, and Chris Giles, author of the FT’s Central Banks newsletter, discuss what Trump’s next few months might be like. Have markets truly recovered from the “liberation day” shock? What happens after the 90-day tariff pause is over? Our guests weigh in.
Subscribe to the new Swamp Notes feed here.
Mentioned in this podcast:
Read the latest Chris Giles on Central Banks column here
Listen to the Unhedged podcast here
Sign up for the FT’s Swamp Notes newsletter here
Swamp Notes is produced by Katya Kumkova. Topher Forhecz is the acting co-head of audio. Special thanks to Mischa Frankl-Duval and Pierre Nicholson.
Read a transcript of this episode on FT.com
Hosted on Acast. See acast.com/privacy for more information.
How Trump’s tariffs threaten Ireland’s pharma fortune
Ireland has become a major base for US pharma companies, including Pfizer, Eli Lilly and Johnson & Johnson. That’s bolstered the economies of individual towns and played a role in the country’s massive budget surplus. Now, US President Donald Trump’s tariff threats are bringing a dose of uncertainty. The FT’s Ireland correspondent Jude Webber traveled to the town where the world’s supply of Botox is produced to see what impact potential pharmaceutical tariffs might have on the country.
Clips from WKYC, The Journal, Bloomberg
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For further reading:
Trump tariffs bring furrowed brows to Ireland’s Botox town
Trump’s tariffs threaten Ireland’s pharma fortune
Ireland’s luxury problem: what to do with its €8.6bn surplus
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Follow Jude Webber on X (@jude_webber), or on Bluesky (@judewebber.bsky.social). Michela Tindera is on X (@mtindera07) and Bluesky (@mtindera.ft.com), or follow her on LinkedIn for updates about the show and more.
Read a transcript of this episode on FT.com
Hosted on Acast. See acast.com/privacy for more information.
GE Vernova tries to shake its parent’s problems
Massive conglomerates used to define corporate best practice. Think about a company like General Electric, known as “the everything company”. But today, there’s a new popular model: de-conglomeration. The FT’s former US energy reporter Amanda Chu examines whether this is working for a power business that GE spun off last year – or if it’s just another Wall Street fad.
Clips from BBC, Bloomberg, DW
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For further reading:
Rustbelt gamble: GE Vernova rides AI power boom into uncertain future
Is the US power grid ready to meet the demands of data centres?
Have America’s industrial giants forgotten what they are for?
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Follow Amanda Chu on X (@amandalanchu). Michela Tindera is on X (@mtindera07) and Bluesky (@mtindera.ft.com), or follow her on LinkedIn for updates about the show and more.
Read a transcript of this episode on FT.com
Hosted on Acast. See acast.com/privacy for more information.
The FTC commissioner fired by Trump
In March, Alvaro Bedoya and Rebecca Kelly Slaughter, two Democratic members of the Federal Trade Commission, were fired from their jobs by the Trump administration. They say this was done illegally and are challenging their dismissals. Michela talks with Bedoya about what happened, and why he thinks businesses should be concerned.
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For further reading:
Trump’s move to fire us is a terrible warning for the US economy
Two Democrats on US antitrust panel say they were ‘illegally fired’ by Donald Trump
Could Donald Trump fire Federal Reserve chair Jay Powell?
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Follow Alvaro Bedoya on X (@BedoyaFTC). Michela Tindera is on X (@mtindera07) and Bluesky (@mtindera.ft.com), or follow her on LinkedIn for updates about the show and more.
Read a transcript of this episode on FT.com
Hosted on Acast. See acast.com/privacy for more information.
Has Goldman Sachs already chosen its next CEO?
Goldman Sachs may have picked its next chief executive years before any planned handover. It has raised eyebrows on Wall Street and would break from the usual process, where multiple candidates typically compete for the top job down to the last second. But it also completes an incredible comeback by current Goldman Sachs CEO David Solomon. The FT’s US banking editor Joshua Franklin explains how Solomon reasserted his control over Goldman Sachs after a near rebellion and whether his potential successor is up to the task of running one of the world’s biggest banks.
Clips from CNBC, Goldman Sachs
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For further reading:
Has Goldman Sachs already chosen its next CEO?
Goldman Sachs has lost its way
Goldman Sachs hands chief David Solomon $80mn retention award
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Follow Joshua Franklin on X (@FTJFranklin). Michela Tindera is on X (@mtindera07) and Bluesky (@mtindera.ft.com), or follow her on LinkedIn for updates about the show and more.
Read a transcript of this episode on FT.com
Hosted on Acast. See acast.com/privacy for more information.
Lessons from the recent US Treasuries sell-off
Markets shook after US President Donald Trump announced his so-called reciprocal tariffs earlier this month. But there was one market in particular that got investors particularly worried: Treasuries. What’s usually a safe haven asset suddenly saw huge sell-offs. Trump managed to avoid further pain by pausing large chunks of his tariffs, but the sell-off prompts a discussion about significant structural flaws in the market. The FT’s US markets editor Kate Duguid explains which cracks in the US Treasuries market we can't ignore.
Clip from The Wall Street Journal
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For further reading:
Is the world losing faith in the almighty US dollar?
The debt-fuelled bet on US Treasuries that’s scaring regulators
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Follow Kate Duguid on X (@kateduguid). Michela Tindera is on X (@mtindera07) and Bluesky (@mtindera.ft.com), or follow her on LinkedIn for updates about the show and more.
Read a transcript of this episode on FT.com
Hosted on Acast. See acast.com/privacy for more information.
How China's global trade strategy could backfire
Over the past three decades, China has built itself into a manufacturing powerhouse. The plan was simple: use exports as a way to avoid becoming too dependent on the west. But with US President Donald Trump imposing 145 per cent tariffs on the country, this strategy now hangs in the balance. The FT’s Beijing bureau chief Joe Leahy explains how Beijing built its export machine and whether its plan to sell the world cheap goods could go wrong. Clip from European Commission.
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For further reading:
Will China’s manufacturing juggernaut run out of road?
How China’s record trade surplus helped spark Trump’s tariff war
China says ‘sky won’t fall’ as exports surge ahead of Donald Trump’s tariffs
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Follow Joe Leahy on X (@leahyjoseph). Michela Tindera is on X (@mtindera07) and Bluesky (@mtindera.ft.com), or follow her on LinkedIn for updates about the show and more.
Read a transcript of this episode on FT.com
Hosted on Acast. See acast.com/privacy for more information.
Apple navigates Trump’s tariffs
US President Donald Trump’s announcement of “reciprocal” tariffs caused havoc in the markets, notably hitting Big Tech stocks such as Apple. The company lost more than $300bn in market value the next day, and its path forward is complicated. The FT’s San Francisco correspondent Michael Acton explains why the iPhone maker is vulnerable, and what options it has to minimise the damage.
Clips from PBSNewshour, C-SPAN
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For further reading:
Apple loses more than $300bn in market value from Trump tariff hit
Apple and other US tech groups hit as Donald Trump targets suppliers
Fraying transatlantic ties will cost companies dearly
And for further listening:
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Follow Michael Acton on X (@MActon93). Michela Tindera is on X (@mtindera07) and Bluesky (@mtindera.ft.com), or follow her on LinkedIn for updates about the show and more.
Read a transcript of this episode on FT.com
Hosted on Acast. See acast.com/privacy for more information.
Why Islamic banking is taking off
A huge chunk of any typical bank’s profits comes from charging interest. But what happens when you can’t do that? This week, we’re traveling to Pakistan with the FT’s Humza Jilani, where the country has decided to make its entire banking sector align with Islamic law, which forbids charging interest. We’ll discuss how Islamic banks function and if this banking model can become Pakistan’s dominant system.
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For further reading:
Meezan Bank’s soaring shares herald rise of Islamic finance in Pakistan
Clerics’ rule change threatens to throw Islamic debt market into turmoil
World Bank approves 10-year $20bn Pakistan lending package
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Follow Humza Jilani (@humza_jilani) and Saffeya Ahmed on X (@saffeya-ahmed), or follow Saffeya on LinkedIn for updates about the show and more.
Read a transcript of this episode on FT.com
Hosted on Acast. See acast.com/privacy for more information.
Retail’s last barbarian takes on Walgreens Boots
Years ago, an ailing company like Walgreens Boots Alliance may have seemed like a prime acquisition target for deal-hungry private equity firms. But many have backed away from retail recently, leaving an opening for groups like Sycamore Partners who are willing to buck the trend. Sycamore announced this month that it would take the global pharmacy business private in a $23.7bn debt and equity deal. The FT’s Due Diligence reporter, Amelia Pollard, explains the well-worn playbook that Sycamore has used on past retail companies, and whether it will work this time with a chain that has its own share of unique problems.
Clips from Bloomberg, CNBC, CBS
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For further reading:
Retail’s last barbarian: the private equity group about to play hardball with Boots
What went wrong after Walgreens bought Boots?
Walgreens bondholders could be winners from its debt-laden buyout
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Follow Amelia Pollard (@ameliajpollard) on X or (@pollard.bsky.social) on Bluesky. Michela Tindera is on X (@mtindera07) and Bluesky (@mtindera.ft.com), or follow her on LinkedIn for updates about the show and more.
For more from Amelia and her team, sign up for the Due Diligence newsletter.
Read a transcript of this episode on FT.com
Hosted on Acast. See acast.com/privacy for more information.
How high gold prices are fueling a chocolate shortage
The surging price of gold is leading to some unexpected outcomes. The FT’s Aanu Adeoye traveled to Ghana to see how this is playing out among two of the country’s top commodities: gold and cocoa. Aanu and the FT’s Susannah Savage explain how the two commodities are linked and how it is impacting the people who live in the country.
Clips from NBC, ABC, CBS
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For further reading:
How illegal gold mining is fuelling a chocolate shortage
Food groups develop a taste for cocoa alternatives
From London to New York via Switzerland: the booming trade in gold bars
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Follow Aanu Adeoye (@aanuadeoye) and Susannah Savage (@SavageSusannah) on X. Michela Tindera is on X (@mtindera07) and Bluesky (@mtindera.ft.com), or follow her on LinkedIn for updates about the show and more.
Read a transcript of this episode on FT.com
Hosted on Acast. See acast.com/privacy for more information.
Inside an investment banking battle royale
Disputes over power and pay aren’t unusual at Wall Street’s top firms. What isn’t ordinary is when the conflict turns into a decade-long legal battle. That was the case for boutique investment firm Perella Weinberg Partners and their former star banker, Michael Kramer. After 10 years, their dispute recently went to trial in Manhattan. The FT’s Wall Street editor Sujeet Indap had a seat inside the courtroom, and tells us what he learned about the inner workings of the firm.
Clips from Bloomberg, Fox Business
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For further reading:
Perella Weinberg trial lifts veil on bitter feud among top bankers
Court brawl reveals fractious world of investment banking
Wall Street’s battle of the bankers
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Follow Sujeet Indap on X (@sindap) or on Bluesky (@sindap.bsky.social). Michela Tindera is on X (@mtindera07) and Bluesky (@mtindera.ft.com), or follow her on LinkedIn for updates about the show and more.
Read a transcript of this episode on FT.com
Hosted on Acast. See acast.com/privacy for more information.
Tracking Russia’s ‘shadow fleet’
Little is known about Russia’s “shadow fleet”. These ships have been used to move Russian oil around the globe and avoid restrictions put in place by western governments after Vladimir Putin launched a full-scale invasion of Ukraine in 2022.
The existence of the shadow fleet is worth billions of dollars a year to the Kremlin. But who owns these ships? How were they acquired? Who oversees their operations? Many of these questions went unanswered, until a recent FT investigation. Senior energy correspondent Tom Wilson explains what he found and what could happen next for the fleet as an end to the war is discussed among world leaders.
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For further reading:
How Russia’s ‘shadow fleet’ gets its ships
Shares in shipbroker Braemar fall after FT report on Russian ‘shadow fleet’
UK cracks down on Russia’s ‘shadow fleet’
EU agrees new Russia sanctions in the face of US push to end Ukraine war
To see some of the vessels mentioned in this episode, check out the Bosphorus Observer, the blog of ship spotter Yoruk Isik.
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Follow Tom Wilson on X (@thomas_m_wilson). Michela Tindera is on X (@mtindera07) and Bluesky (@mtindera.ft.com), or follow her on LinkedIn for updates about the show and more.
Read a transcript of this episode on FT.com
Hosted on Acast. See acast.com/privacy for more information.
Vanguard: can it keep playing disruptor?
Vanguard became a powerhouse money manager thanks to a commitment to the philosophy of founder Jack Bogle. Now, with a new chief executive, can the firm push into other areas of financial services and reshape those too? The FT’s US managing editor Brooke Masters explains how the company’s guiding mantra could help or hinder these plans. Clips from CNBC
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For further reading:
How Vanguard plans to play disruptor again
Vanguard puts pressure on rivals with large round of fee cuts
Vanguard plans fresh push into active fixed-income market
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Follow Brooke Masters on X (@brookeamasters), or on Bluesky (@brookeamasters.ft.com) Michela Tindera is on X (@mtindera07) and Bluesky (@mtindera.ft.com), or follow her on LinkedIn for updates about the show and more.
Read a transcript of this episode on FT.com
Hosted on Acast. See acast.com/privacy for more information.
The story behind DeepSeek’s breakthrough
This January, DeepSeek made an announcement that changed the artificial intelligence landscape. The Chinese start-up said that it had trained the latest in a series of competitive AI models, which appeared to be built much more cheaply than those of Silicon Valley competitors. The FT’s China technology correspondent, Eleanor Olcott, first wrote a story about the company last summer. She’s on today to discuss how DeepSeek’s founder Liang Wenfeng was able to finance and grow his company at a time when start-up funding is scarce in China, and often comes with too many strings attached.
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For further reading:
Liang Wenfeng, the DeepSeek founder panicking the tech world
The global AI race: is China catching up to the US?
Xi Jinping seizes DeepSeek moment to restore China tech chiefs to spotlight
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Follow Eleanor Olcott on X (@EleanorOlcott). Michela Tindera is on X (@mtindera07) and Bluesky (@mtindera.ft.com), or follow her on LinkedIn for updates about the show and more.
Read a transcript of this episode on FT.com
Hosted on Acast. See acast.com/privacy for more information.
Can NYSE stay up all night?
The New York Stock Exchange wants to get in on a growing trend amongst investors: overnight stock trading. The largest exchange in the world recently submitted a proposal to allow shares to trade for 22 hours a day. US markets editor Jennifer Hughes looks into the thorny questions this proposal raises about how equity markets function.
Clips from New York Stock Exchange
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For further reading:
Is Wall Street ready to stay up all night?
US regulators approve first round-the-clock stock exchange
What does Robinhood want to be when it grows up?
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Follow Jennifer Hughes on X (@jennhughes13). Michela Tindera is on X (@mtindera07) and Bluesky (@mtindera.ft.com), or follow her on LinkedIn for updates about the show and more.
Read a transcript of this episode on FT.com
Hosted on Acast. See acast.com/privacy for more information.
Why Big Oil is resisting Trump’s call to ‘drill, baby, drill'
US President Donald Trump wants energy producers to drill for more oil. He claims it will lower prices for consumers and tackle inflation. But oil companies have a different set of priorities — and those could send them on a collision course with Trump. Clips from C-Span, Fox, ABC
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For further reading:
When peak Chinese oil demand meets ‘drill, baby, drill’
A shale boom is not Donald Trump’s gift to give
Wall Street will stymie Donald Trump’s US oil surge plan, say shale bosses
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Follow Amanda Chu (@amandalanchu) and Jamie Smyth (@jamiesmythft.bsky.social). Michela Tindera is on X (@mtindera07) and Bluesky (@mtindera.bsky.social), or follow her on LinkedIn for updates about the show and more.
Read a transcript of this episode on FT.com
Hosted on Acast. See acast.com/privacy for more information.
Mexico faces a deficit – and Donald Trump
Mexico’s new president Claudia Sheinbaum is pursuing an ambitious agenda for her country. It promises a better standard of living for Mexicans. But investors in the country’s economy have their concerns – and now there’s a new threat on the horizon: US President Donald Trump. The FT’s Mexico and Central America correspondent Christine Murray explains how Sheinbaum will navigate the nation’s economic path forward.
Clip from Global News
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For further reading:
Mexico’s new president digs in with radical ideas as Trump threat looms
Mexico pledges to shrink trade deficit with China in nod to Donald Trump
Mexico’s first female president to take power under mentor’s shadow
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Follow Christine Murray on X (@chrissiemurray). Michela Tindera is on X (@mtindera07) and Bluesky (@mtindera.bsky.social), or follow her on LinkedIn for updates about the show and more.
Read a transcript of this episode on FT.com
Hosted on Acast. See acast.com/privacy for more information.
Inside Wall Street’s ‘SRT’ phenomenon
Every so often a cool new financial innovation springs up and gains popularity on Wall Street, promising juicy returns for investors. That’s why “synthetic risk transfers” or SRTs are in fashion. But ever since the financial crisis, trendy acronyms have also made some people nervous. And it’s recently caught the attention of organisations such as the IMF. The FT’s Alphaville editor Robin Wigglesworth explains why he’s been following this and whether regulators should be raising the alarm.
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For further reading:
Inside Wall Street’s booming $1tn ‘synthetic risk transfer’ phenomenon
Private credit is even larger than you think
Make Europe (securitisation) great again
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Follow Robin Wigglesworth on Bluesky (@robinwigglesworth.bsky.social) or on X (@RobinWigg). Michela Tindera is on X (@mtindera07) and Bluesky (@mtindera.bsky.social), or follow her on LinkedIn for updates about the show and more.
Read a transcript of this episode on FT.com
Hosted on Acast. See acast.com/privacy for more information.
Not everyone will win in Trump's M&A revival
Wall Street dealmakers are itching for an M&A revival during president-elect Donald Trump’s second term. But as he prepares to move back to the White House, the picture appears more complicated. The FT’s head of Lex, John Foley, explains what dealmaking over the next four years might look like and the surprising similarities it could share with Joe Biden’s administration.
Clips from Bloomberg, CNBC, DW News, FOX Business
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For further reading:
US Steel’s tortuous un-merger is a deal for the ages
Deals are back, baby (for real this time?)
Will Trump’s new antitrust enforcers help make M&A great again?
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Follow John Foley on Bluesky (@johnsfoley.bsky.social). Michela Tindera is on X (@mtindera07) and Bluesky (@mtindera.bsky.social), or follow Michela on LinkedIn for updates about the show and more.
Read a transcript of this episode on FT.com
Hosted on Acast. See acast.com/privacy for more information.
What crypto wants from Trump
Pro-crypto investors spent millions to re-elect Donald Trump to the US presidency, after he told voters he wanted to make America the “crypto capital of the planet”. As the second Trump administration begins, what does the crypto sector want most? And, what are the risks if they get it?
Clips from Sky News, Bitcoin Magazine
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For further reading:
Crypto industry dreams of a golden era under Trump
The crypto crown princes who could ‘win, win, win’ under Trump
The grim ghost of crypto future
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Follow Nikou Asgari (@nikasgari) and Michela Tindera (@mtindera07) on X, Bluesky (@mtindera.bsky.social) or follow Michela on LinkedIn for updates about the show and more.
Read a transcript of this episode on FT.com
Hosted on Acast. See acast.com/privacy for more information.
Business Book of the Year: Author Parmy Olson on the rise and risks of AI
In early December, the Financial Times and Schroders selected the 2024 winner of the Best Business Book of the Year. That book is called Supremacy: AI, ChatGPT and the race that will change the world, and it’s written by tech journalist Parmy Olson. In this special episode of Behind the Money, the FT’s senior business writer Andrew Hill interviews Parmy Olson about her book and the importance of oversight as artificial intelligence becomes more intertwined with our work and society.
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For further reading:
Winner Parmy Olson on AI: ‘It’s not uncontrollable’
FT and Schroders Business Book of the Year 2024 — the shortlist
Business Book of the Year Award 2024: winners pick their favourites
Read a transcript of this episode on FT.com
Hosted on Acast. See acast.com/privacy for more information.
Introducing Slate Money: The Week of Minor Apocalypses
From Slate Money: South Korea and France are the latest governments to fall apart. Felix Salmon, Emily Peck, and Elizabeth Spiers discuss the public conversation around the failures of the US healthcare system that was sparked by the shocking murder of UnitedHealthcare CEO Brian Thompson. Then, South Korea and France follow Germany in having a governmental meltdown. What’s going on with all of this political chaos? And finally, the hosts discuss a piece in The Ringer about why headlights are just way too bright and what, if anything, is being done about it.
This episode originally aired on December 7th. Podcast production by Jessamine Molli and Cheyna Roth.
Hosted on Acast. See acast.com/privacy for more information.
How the AI boom is reviving Three Mile Island
Tech companies such as Google, Amazon and Microsoft need loads of electricity to power their artificial intelligence goals, and they are looking into all options, including nuclear power, to achieve them. That’s why Microsoft has partnered with a utility company to restart a reactor at Three Mile Island, the site of the worst nuclear disaster in US history. The FT's US energy editor Jamie Smyth explains what challenges lie ahead with a 2028 deadline looming.
Clips from CBS News, ABC News, WNEP
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For further reading:
Restart of Three Mile Island tests US appetite for nuclear revival
Resurgent US electricity demand sparks power grid warnings
Big Tech’s dash for nuclear power
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Follow Jamie Smyth and Michela Tindera on X (@JamieSmythF) (@mtindera07), on Bluesky (@jamiesmythft.bsky.social), (@mtindera.bsky.social) or follow Michela on LinkedIn for updates about the show and more.
Read a transcript of this episode on FT.com
Hosted on Acast. See acast.com/privacy for more information.
What Trump’s presidency means for banking
This week, Michela joins live from the FT’s Global Banking Summit in London. She sits down with three reporters and editors to analyse how the banking industry will shape up during Donald Trump’s second term in the White House. She’s joined by the FT’s US financial editor Brooke Masters and banking editor Ortenca Aliaj alongside Michael Klimes, investment banking and capital markets editor at The Banker. They discuss what banks stand to gain and lose, and what the industry may look like four years from now.
The conversation was recorded on December 3 2024.
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For further reading:
A Wall Street giddy over Trump should remember history
In Donald Trump, Wall Street will get what it wanted — and what it did not
Trump 2.0: winners, losers and Elon
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Michela recently joined Bluesky, follow her there: @mtindera.bsky.social, Her guests are also on Bluesky: Brooke Masters (@brookeamasters.bsky.social) and Ortenca Aliaj (@ortenca.bsky.social), or follow Michael Klimes reporting at FT’s The Banker (@thebanker.bsky.social)
Read a transcript of this episode on FT.com
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Why Northvolt failed to become Europe’s battery champion
Not long ago, the Swedish battery maker Northvolt was seen as Europe's best hope for staying competitive with other global players during the green transition. Investors flocked to it, and it even became the continent’s best funded startup. But things look very different now. The company is fighting for survival and even filed for Chapter 11 bankruptcy in November. The FT’s Nordic and Baltic bureau chief Richard Milne spent years reporting on Northvolt and explains its meteoric rise and what its implosion means for Europe’s battery industry.
Clip from Aftonbladet
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For further reading:
How Europe’s battery champion descended into crisis
‘There was so much promise’: How Northvolt tumbled into bankruptcy
The Northvolt dilemma: can European EVs avoid relying on Asian batteries?
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On X, follow Richard Milne (@rmilneNordic) and Michela Tindera (@mtindera07), or follow Michela on LinkedIn for updates about the show and more.
Read a transcript of this episode on FT.com
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Best of: Berkshire after Warren Buffett
This week, we’re going back to Omaha, Nebraska. Behind the Money and the FT’s senior corporate finance correspondent travelled there this spring to attend Berkshire Hathaway’s annual shareholder meeting. America’s “last great” conglomerate is preparing for a leadership transition, and we examined what Warren Buffett’s empire will look like after he’s no longer at the helm.
Clips from CNBC
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For further reading:
Berkshire after Buffett: is Greg Abel up to the top job?
Berkshire after Buffett: prized energy business faces upheaval
Berkshire after Buffett: the risk ‘genius’ pulling the insurance strings
Berkshire after Buffett: can any stockpicker follow the Oracle?
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On X, follow Eric Platt (@ericgplatt) and Michela Tindera (@mtindera07), or follow Michela on LinkedIn for updates about the show and more.
Hosted on Acast. See acast.com/privacy for more information.
China’s economy braces for Trump
Lately, China’s economy has been in the doldrums, with the risk of a “deflationary spiral” lurking. Plus, toss in the election of Donald Trump in the US — and reaching the economic goals President Xi Jinping set more than a decade ago looks even more difficult. The FT’s China bureau chief Joe Leahy examines Beijing’s latest plans to fix the country’s economy and whether it will be enough to keep up with Xi’s long-term plans for growth.
Clips from Bloomberg, CBS, Yahoo Finance
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For further reading:
Why Xi Jinping changed his mind on China’s fiscal stimulus
Why China is betting on local governments to spur the economy
If China’s statistics can’t be scrutinised, doubts about the economy will only grow
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On X, follow Joe Leahy (@leahyjoseph) and Michela Tindera (@mtindera07), or follow Michela on LinkedIn for updates about the show and more.
Read a transcript of this episode on FT.com
Hosted on Acast. See acast.com/privacy for more information.
Wall Street, tech and energy during Trump’s second term
Who will corporate America's winners and losers be under four more years of Donald Trump? This week, the FT’s Brooke Masters, Stephen Morris and Jamie Smyth explain what changes a second Trump administration will bring to three crucial sectors: Wall Street, tech and energy.
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For further reading:
Can the renewables boom withstand Trump?
A Wall Street giddy over Trump should remember history
Who’s who in the Musk ‘A-team’ vying to shape Trump 2.0
Trump 2.0: winners, losers and Elon
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On X, follow Brooke Masters (@brookeamasters), Stephen Morris (@sjhmorris), Jamie Smyth (@JamieSmythF) and Michela Tindera (@mtindera07), or follow Michela on LinkedIn for updates about the show and more.
Read a transcript of this episode on FT.com
Hosted on Acast. See acast.com/privacy for more information.
Private equity’s experiment with worker ownership
Private equity earned a reputation as a ruthless and lucrative business. But over the past few years, large groups have been doing something that seems like the opposite of their cutthroat image: giving equity worth hundreds of thousands of dollars to the ordinary workers at the companies they own. Antoine Gara, the FT’s US private & institutional capital correspondent, explains how these payouts make business sense for private equity firms – and help soften their tough image.
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For further reading:
Workers getting share in windfalls as private equity firms soften image
Private equity groups’ assets struggling under hefty debt loads, Moody’s says
Blackstone plans to list some of its largest investments
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On X, follow Antoine Gara (@antoinegara) and Michela Tindera (@mtindera07), or follow Michela on LinkedIn for updates about the show and more.
Read a transcript of this episode on FT.com
Hosted on Acast. See acast.com/privacy for more information.
US election betting is on a roll
On November 5, voters in the US will head to the polls to decide who should be the next president: Donald Trump or Kamala Harris. But over the past several months, people from around the world have been placing millions of dollars on who will win that race. As interest in betting on US politics reaches a new high, the FT’s Oliver Roeder and Sam Learner explain how these markets work and what can (and can’t) be learned from them.
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For further reading:
Prediction markets can tell the future. Why is the US so afraid of them?
Take political betting markets literally, not seriously
What the polls can’t tell us about America’s election
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Attend the FT Global Banking Summit, December 3 and 4 in London: Enter BTM20 for a 20% discount (applicable on all ticket types), register here.
Read a transcript of this episode on FT.com
Hosted on Acast. See acast.com/privacy for more information.
An activist tried to take on Pfizer. Then things got messy
Activist investors tend to rely on an element of surprise to catch their target company off guard: quietly building up a stake and swooping in with a slide deck full of strategic changes at just the right moment. That’s not what happened at the beginning of a recent campaign led by the hedge fund Starboard Value against pharmaceutical giant Pfizer. The FT’s Oliver Barnes, US pharmaceutical and biotech correspondent, and Maria Heeter, US deals correspondent, examine what went awry and what happens next.
Clips from CBS, ABC, CNBC, NBC
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For further reading:
Starboard plotted a campaign against Pfizer’s chief. Then a blank email dropped in his inbox
Why Pfizer sorely needs the activist treatment
Starboard-Pfizer battle strains Guggenheim’s relationship with drugmaker
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On X, follow Oliver Barnes (@mroliverbarnes), Maria Heeter (@HeeterMaria) and Michela Tindera (@mtindera07), or follow Michela on LinkedIn for updates about the show and more.
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Attend the FT Global Banking Summit, December 3 and 4 in London: Enter BTM20 for a 20% discount (applicable on all ticket types), register here.
Read a transcript of this episode on FT.com
Hosted on Acast. See acast.com/privacy for more information.
Wall Street’s new trading titans
When it comes to trading, Wall Street’s investment banks are falling further behind. And independent trading firms, such as Jane Street and Citadel Securities, are taking the lead in everything from stocks and options to derivatives and crypto. The trading firms argue that they’ve made the process more efficient, but what risks does that carry? The FT’s US banking editor Joshua Franklin explains.
Clips from Lionsgate
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For further reading:
New titans of Wall Street: how trading firms stole a march on big banks
New titans of Wall Street: how Jane Street rode the ETF wave to ‘obscene’ riches
‘King of the geeks’: how Alex Gerko built a British trading titan
The limits of bond market electronification
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On X, follow Joshua Franklin (@FTJFranklin) and Michela Tindera (@mtindera07), or follow Michela on LinkedIn for updates about the show and more.
Read a transcript of this episode on FT.com
Hosted on Acast. See acast.com/privacy for more information.
Could Italy’s UniCredit reignite European banking?
After the financial crisis, dealmaking among banks in different countries in Europe fell to a standstill. But recently, Italian lender UniCredit revealed that it had built up a stake in Germany’s Commerzbank, prompting discussions of a possible tie-up. EU policymakers and politicians believe cross-border deals like this could unlock European banking and make it more competitive globally. So why is there resistance? The FT’s European banking correspondent Owen Walker explains.
Clips from Bloomberg, BBC
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For further reading:
Andrea Orcel plots UniCredit’s boldest move yet on Commerzbank
Andrea Orcel, Commerzbank and the redemption trade
Europe’s most notorious banking dealmaker returns
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On X, follow Owen Walker (@OwenWalker0) and Michela Tindera (@mtindera07), or follow Michela on LinkedIn for updates about the show and more.
Read a transcript of this episode on FT.com
Hosted on Acast. See acast.com/privacy for more information.
How Netflix is upending Hollywood
After mounting a comeback, Netflix shares recently hit all-time highs. But its success is in stark contrast to the rest of Hollywood, which is struggling to adapt in an industry that is becoming more and more dominated by tech companies. The FT’s Los Angeles bureau chief Chris Grimes explains how Netflix came out on top and how its dominance could change the rules of Hollywood.
Clips from AP Archive, CBS, Evening Standard, Reuters, NBC
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For further reading:
How Netflix won the streaming wars
Netflix profits surge after password-sharing crackdown
Streaming wars are over and Netflix won
Netflix faces tough battle in advertising wars
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On X, follow Chris Grimes (@grimes_ce) and Michela Tindera (@mtindera07), or follow Michela on LinkedIn for updates about the show and more.
Read a transcript of this episode on FT.com
Hosted on Acast. See acast.com/privacy for more information.
Why Volkswagen hit the skids
Volkswagen is facing a crisis. Often considered a symbol of Germany’s industrial power, it’s now reckoning with a difficult transition to electric vehicles, among other issues. And now, management is considering breaking a long-held taboo: closing German factories. Patricia Nilsson, the FT’s Frankfurt correspondent, heads to VW’s headquarters in Wolfsburg to examine the fallout and what’s next.
Clips from Bloomberg, DW News, CNN
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For further reading:
For European carmakers, EVs are a Catch-22
Why Volkswagen is seeking to break the taboo of closing German plants
VW audit of Xinjiang plant failed to meet international standards
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On X, follow Patricia Nilsson (@patricianilsson) and Michela Tindera (@mtindera07), or follow Michela on LinkedIn for updates about the show and more.
Read a transcript of this episode on FT.com
Hosted on Acast. See acast.com/privacy for more information.
How a 7-Eleven takeover could reshape corporate Japan
Companies in Japan have long avoided foreign acquisitions. But Canada-based Alimentation Couche-Tard’s recent unsolicited bid for the owner of the 7-Eleven convenience store chain is testing that premise. The FT’s Tokyo bureau chief Leo Lewis examines how these events could shape corporate Japan’s future.
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For further reading:
The takeover fight that could reshape Japan
After 7-Eleven, Japan’s M&A scene may never be the same again
7-Eleven bid is the next stage in revitalising corporate Japan
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On X, follow Leo Lewis (@urbandirt) and Michela Tindera (@mtindera07), or follow Michela on LinkedIn for updates about the show and more.
Read a transcript of this episode on FT.com
Hosted on Acast. See acast.com/privacy for more information.
Jay Powell – lucky or good?
As Jay Powell’s Federal Reserve contemplates making the first interest rate cut in more than two years, we’re taking a step back with the FT’s US financial commentator Robert Armstrong. How did Powell tame inflation without crashing the economy? And how might history judge his leadership?
Clips from Associated Press
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For further reading:
Martin Sandbu’s column: A self-congratulatory inflation narrative at Jackson Hole
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On X, follow Robert Armstrong (@rbrtrmstrng) and Michela Tindera (@mtindera07), or follow Michela on LinkedIn for updates about the show and more.
Want to hear more from Rob? Listen to the Unhedged podcast.
Read a transcript of this episode on FT.com
Hosted on Acast. See acast.com/privacy for more information.
Best Of: How Dubai is reshaping the global oil trade
This week, we’re revisiting an episode from last year. For decades, the global centre for oil trading has been Geneva, Switzerland. But Russia’s war in Ukraine changed that. Sanctions have made it harder for western traders to move Russian oil. Now, traders are flocking to a new trading hub that has no restrictions on oil from Russia: the United Arab Emirates. The FT’s Tom Wilson explains how this shift has helped the UAE replace Switzerland, and whether the global energy industry is shifting away from western economies.
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For further reading:
How Dubai became ‘the new Geneva’ for Russian oil trade
Switzerland questions oil trader over sidestep of Russian sanctions
Letter: Energy trading is opaque — and that suits Big Oil
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Register now for the FT Weekend Festival, and claim £24 off your pass using promo code FTPodcast at: ft.com/festival
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On X, follow Tom Wilson (@thomas_m_wilson) and Michela Tindera (@mtindera07), or follow Michela on LinkedIn for updates about the show and more.
Read the transcript of this episode which was first aired in August 2023
Hosted on Acast. See acast.com/privacy for more information.
Private credit’s ‘golden era’ shows signs of tarnish
Private credit took Wall Street by storm. But at a software company called Pluralsight, recent loan troubles are now highlighting risks that could be hidden in the sector. The FT’s senior US corporate finance correspondent Eric Platt and Due Diligence reporter Amelia Pollard walk through what went wrong with Pluralsight, and how that could shape private credit’s future.
Clips from Bloomberg, CNBC
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For further reading:
A messy loan restructuring highlights risk lurking in private credit
Private credit is even larger than you think
A buyout gone wrong creates fireworks in the private credit market
Vista and co-investors lose $4bn in Pluralsight restructuring
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On X, follow Eric Platt (@ericgplatt), Amelia Pollard (@ameliajpollard) and Michela Tindera (@mtindera07), or follow Michela on LinkedIn for updates about the show and more.
Register now for the FT Weekend Festival, and claim £24 off your pass using promo code FTPodcast at: ft.com/festival
Read a transcript of this episode on FT.com
Hosted on Acast. See acast.com/privacy for more information.
Is business better in Texas?
Hundreds of companies have moved their headquarters to Texas in recent years, including big names like Tesla, HP and Charles Schwab. They’ve been enticed by low taxes, light regulation and the promise to run their businesses on their own terms. But the FT’s Houston correspondent Myles McCormick explains that there might be limits to that message of economic freedom.
Clips from ABC News, CBS, Fox 26, KHOU 11
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For further reading:
Will US companies keep faith in the ‘Texas miracle’?
Beware the Texas advance on Wall Street
Texas group plans stock exchange to compete with NYSE and Nasdaq
For further listening:
Why Elon Musk is breaking up with Delaware
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On X, follow Myles McCormick (@mylesmccormick_) and Michela Tindera (@mtindera07), or follow Michela on LinkedIn for updates about the show and more.
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Register now for the FT Weekend Festival, and claim £24 off your pass using promo code FTPodcast at: ft.com/festival
Read a transcript of this episode on FT.com
Hosted on Acast. See acast.com/privacy for more information.
Is there a bubble waiting to burst in India?
Indian equities are soaring right now. The country’s benchmark Nifty 50 index has doubled in just five years, beating out the pace of Japan, China and even the US. And it’s all being driven by millions of domestic investors who are piling into the market for the first time. But this boom has regulators sounding the alarm. The FT’s Mumbai correspondent Chris Kay explains why a bubble might be forming and what could happen to these first-time investors if it bursts.
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For further reading:
The young investors gambling on Indian stocks
Investors bet an election win by Narendra Modi will extend India’s stock market boom
India closes in on China as largest emerging market
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On X, follow Chris Kay (@christopherkay) and Saffeya Ahmed (@saffeya_ahmed).
Read a transcript of this episode on FT.com
Hosted on Acast. See acast.com/privacy for more information.
The Economics Show with Soumaya Keynes: What’s wrong with economics?
This week, we’re bringing you something from our fellow FT podcast, The Economics Show with Soumaya Keynes.
Sir Angus Deaton won the Nobel Prize in Economics in 2015. So when he says he is rethinking many of his assumptions about the field, it matters. Today on the show, Soumaya discusses what we are getting wrong about everything from inequality to immigration to the role of globalisation in the reduction of poverty.
Soumaya Keynes writes a column each week for the Financial Times. You can find it here.
Subscribe to Soumaya's show on Apple, Spotify, Pocket Casts or wherever you listen.
Read a transcript of this episode on FT.com
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Plus, tell us what you think about Behind the Money! Complete this survey before August 29 for a chance to win a pair of Bose QuietComfort 35 Wireless headphones (terms and conditions can be found here).
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Why executive pay is skyrocketing
Remuneration among CEOs in the US is rising quickly. It’s been hard to miss recent examples of massive pay packages, like for Tesla’s Elon Musk. But that growth is far outpacing that of wages for everyday workers in the US. The FT’s corporate governance reporter Patrick Temple-West outlines some reasons this is happening and looks at whether change is afoot.
Clips from Associated Press, CNBC, BBC News
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For further reading:
US executive pay rises at fastest rate in 14 years
Business school teaching case study: executive pay and shareholder democracy
UK-US CEO pay gap widens as FTSE bosses’ remuneration stagnates
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Plus, tell us what you think about Behind the Money! Complete this survey before August 29 for a chance to win a pair of Bose QuietComfort 35 Wireless headphones (terms and conditions can be found here).
And, send us a question: Behind the Money is teaming up with the FT’s Moral Money newsletter to answer your questions about what “responsible” business and finance really looks like in the 21st century. That means topics like sustainability, ESG, diversity and inclusion and clean energy investment. We might read out, or play the question from your voicemail with your name, on the show. To get in touch, record a voice message here: sayhi.chat/0humz, or send us an email with your question to michela.tindera@ft.com.
On X, follow Patrick Temple-West (@temple_west) and Michela Tindera (@mtindera07), or follow Michela on LinkedIn for updates about the show and more.
Read a transcript of this episode on FT.com
Hosted on Acast. See acast.com/privacy for more information.
Less regulation, more problems?
Two recent Supreme Court decisions have taken a lot of rulemaking power away from federal agencies. And it could shake up how businesses in the US operate. Many chief executives are happy about these decisions — the less regulation, the better. But could these rulings come with their own risks? Clips from Bloomberg, CBS News, CNBC
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For further reading:
US businesses may soon find that deregulation comes with risks
Supreme Court EPA ruling puts regulators in handcuffs
The abortion pill case is a disaster for innovation everywhere
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Plus, tell us what you think about Behind the Money! Complete this survey before August 29 for a chance to win a pair of Bose QuietComfort 35 Wireless headphones (terms and conditions can be found here).
On X, follow Brooke Masters (@brookeamasters) and Saffeya Ahmed (@saffeya_ahmed).
Read a transcript of this episode on FT.com
Hosted on Acast. See acast.com/privacy for more information.
What the City of London wants from Labour
The Labour Party has come back into power in the UK after 14 years. For the City of London, this brings hope for some stability amid the rise of competing financial sectors around the world. But will efforts to revitalize markets and the economy work out? The FT’s chief UK business correspondent Michael O’Dwyer analyzes the expectations of City of London executives from the newly elected government.
Clips from BBC, Today, NBC News, CNN
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For further reading:
How will Rachel Reeves run the UK’s finances?
The City of London’s wish list for the new Labour government
The club of City executives plotting a revival for the UK’s capital markets
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Plus, tell us what you think about Behind the Money! Complete this survey before August 29 for a chance to win a pair of Bose QuietComfort 35 Wireless headphones (terms and conditions can be found here).
And, send us a question: Behind the Money is teaming up with the FT’s Moral Money newsletter to answer your questions about what “responsible” business and finance really looks like in the 21st century.
That means topics like sustainability, ESG, diversity and inclusion and clean energy investment. We might read out, or play the question from your voicemail with your name, on the show. To get in touch, record a voice message here: sayhi.chat/0humz, or send us an email with your question to michela.tindera@ft.com.
On X, follow Michael O’Dwyer (@_MODwyer) and Michela Tindera (@mtindera07), or follow Michela on LinkedIn for updates about the show and more.
Read a transcript of this episode on FT.com
Hosted on Acast. See acast.com/privacy for more information.
F1’s American test drive
The owner of motor racing giant Formula One is racing to capture the American sports audience. Thanks, in part, to efforts like the Netflix series Drive to Survive, it has caught the attention of many new fans. But FT sports business reporter Samuel Agini examines whether this league’s push into the US will stick — and keep growing.
Clips from Netflix, Formula 1, KVVU
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For further reading:
Beauty mogul Charlotte Tilbury wants to give F1 a makeover
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Plus, tell us what you think about Behind the Money! Complete this survey before August 29 2024 for a chance to win a pair of Bose QuietComfort 35 Wireless headphones (terms and conditions can be found here).
And, send us a question! Behind the Money is teaming up with the FT’s Moral Money newsletter to answer your questions about what “responsible” business and finance really looks like in the 21st century.
That means topics like sustainability, ESG, diversity and inclusion and clean energy investment. We might read out, or play the question from your voicemail with your name, on the show. To get in touch, record a voice message here: sayhi.chat/0humz
On X, follow Samuel Agini (@SamuelAgini), Madison Darbyshire (@MADarbyshire) and Michela Tindera (@mtindera07), or follow Michela on LinkedIn for updates about the show and more.
Read a transcript of this episode on FT.com
Hosted on Acast. See acast.com/privacy for more information.
Best Of: BlackRock goes all in on infrastructure
This week, we’re revisiting an episode from earlier this year. BlackRock chief executive Larry Fink has been on the hunt for the money manager’s next “transformational” deal. In January, Fink revealed that he had finally found it with the acquisition of a private capital firm, Global Infrastructure Partners. The FT’s US financial editor Brooke Masters and US private capital correspondent Antoine Gara explain why BlackRock wanted GIP, and how this deal sets the agenda for Wall Street this year. Clips from CNBC
Plus, send us a question! Behind the Money is teaming up with the FT’s Moral Money newsletter to answer your questions about what “responsible” business and finance really looks like in the 21st century.
That means topics like sustainability, ESG, diversity and inclusion and clean energy investment. These have become hot-button issues that have recently faced a huge backlash.
Tell us, what are the questions you have? To get in touch, record a voice message here: sayhi.chat/0humz
We might read out, or play the question from your voicemail with your name, on the show.
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For further reading:
Infrastructure: from investment backwater to a $1tn asset class
How the $12.5bn BlackRock-GIP deal is set to shake up investment management
How Adebayo Ogunlesi’s contrarian bet led to $12.5bn BlackRock tie-up
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On X, follow Antoine Gara (@AntoineGara), Brooke Masters (@brookeamasters) and Michela Tindera (@mtindera07), or follow Michela on LinkedIn for updates about the show and more.
Read a transcript of this episode on FT.com
Hosted on Acast. See acast.com/privacy for more information.
Will Exxon make or break Guyana?
Exxon Mobil struck black gold in 2015 when it discovered a massive oil reserve off the coast of Guyana in South America. It’s poised to make Guyana the fourth-largest offshore oil developer in the world, and it's already jump-started a transformation within the developing economy. But will this oil bonanza benefit Guyana’s people? The FT’s US energy editor Jamie Smyth travels to Guyana’s capital to understand Exxon’s impact first-hand.
Clip from NBC News
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For further reading:
The giant Exxon project that could create the world’s last petrostate
Oil-rich Guyana tries to tap another source of cash: carbon credits
Exxon’s exit marks reversal of fortune for Equatorial Guinea
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On X, follow Jamie Smyth (@JamieSmythF) and Michela Tindera (@mtindera07), or follow Michela on LinkedIn for updates about the show and more.
Read a transcript of this episode on FT.com
Hosted on Acast. See acast.com/privacy for more information.
Bankers vs the Fed: ‘Endgame’
Banks in the US are locked in a bitter fight with regulators. It’s all about a proposed set of rules with an unusual name, Basel III Endgame. Regulators say the rules will help avoid future banking crises. Banks say they’re overkill and could hurt everyday Americans. The FT’s US banking editor Joshua Franklin explains how the industry is pushing back.
Clips from Bloomberg, CNBC
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For further reading:
The US pushback against ‘Basel Endgame’
The bank argument on the Basel III endgame is bunk
EU to delay Basel bank trading reforms as US revisits plans
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On X, follow Joshua Franklin (@FTJFranklin) and Michela Tindera (@mtindera07), or follow Michela on LinkedIn for updates about the show and more.
Read a transcript of this episode on FT.com
Hosted on Acast. See acast.com/privacy for more information.
The wrinkle in Shein’s IPO plans
In November, online fast-fashion giant Shein filed paperwork to go public in the US. Since then the process has not moved forward at all — and it looks like Shein’s ties to Beijing could be to blame. The FT’s China tech correspondent Eleanor Olcott explains how Shein has tried to distance itself from China to appease US regulators, and where it might go public instead.
Clips from Reuters, Bloomberg, Yahoo Finance
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For further reading:
Shein switches focus to London after New York IPO stalls
Shein profits double to over $2bn ahead of planned listing
Fund managers give cool reception to prospect of Shein London IPO
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On X, follow Eleanor Olcott (@EleanorOlcott) and Saffeya Ahmed (@saffeya_ahmed).
Read a transcript of this episode on FT.com
Hosted on Acast. See acast.com/privacy for more information.
Can anyone afford an NBA team?
The 2024 NBA Playoffs are in full swing, but eyes are still on a team that was knocked out last week. The Minnesota Timberwolves are caught up in an ownership dispute that’s gone south pretty fast, after two prospective buyers attempted to finance their purchase of the team in an unconventional way. The FT’s US sports business correspondent Sara Germano breaks down how the deal came together, fell apart, and the can of worms it’s since opened about owning US sports teams.
Clips from Bleacher Report, FOX 9 Minneapolis-St. Paul, KARE 11, House of Highlights, The Dane Moore NBA Podcast
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For further reading:
The off-the-court fight for one of the NBA’s hottest teams
Private equity gears up for potential National Football League investments
Michael Jordan agrees to sell majority stake in NBA’s Charlotte Hornets
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On X, follow Sara Germano (@germanotes) and Saffeya Ahmed (@saffeya_ahmed).
Read a transcript of this episode on FT.com
Hosted on Acast. See acast.com/privacy for more information.
Best Of: Inside a hedge fund disaster
This week, we’re revisiting an episode from last November, about a Wall Street saga that lost shareholders more than $10bn. In 2007, when Dan Och took his hedge fund public, he was making a bet that his company would stand the test of time. More than 15 years, a bribery scandal, and a feud with his protégé later, the FT’s Ortenca Aliaj and Sujeet Indap explain how things did not work out as planned.
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For further reading:
Sculptor Capital: grey areas cause grey hairs in messy bidding war
Fight over Sculptor hedge fund sale entwined in Daniel Och’s tax affairs
Sale of Sculptor Capital on cusp of approval after hedge fund brawl
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On X, follow Ortenca Aliaj (@OrtencaAl), Sujeet Indap (@sindap) and Michela Tindera (@mtindera07), or follow Michela on LinkedIn for updates about the show and more.
Read a transcript of this episode on FT.com
Hosted on Acast. See acast.com/privacy for more information.
Why auditors are missing red flags
Audit firms are supposed to put a company’s books under the microscope. But these days, regulators are finding an increasing number of flaws in the audits that they inspect. The FT’s US accounting editor Stephen Foley explains what’s going wrong, and how regulators around the world plan to fix these shortcomings.
Clips from CNN, NBC News
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For further reading:
Why don’t auditors find fraud?
Auditors failed to raise alarm before 75% of UK corporate collapses
Big Four firms rethink governance after year of mis-steps and scandals
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On X, follow Stephen Foley (@stephenfoley) and Michela Tindera (@mtindera07), or follow Michela on LinkedIn for updates about the show and more.
Read a transcript of this episode on FT.com
Hosted on Acast. See acast.com/privacy for more information.
Introducing Untold: Power for Sale
Introducing Power for Sale, a new season of Untold from the Financial Times. In Untold: Power for Sale, host Valentina Pop and a team of FT correspondents from all over Europe investigate what happened in the Qatargate scandal, where EU lawmakers were accused of accepting payments from Qatar to whitewash its image.
Subscribe and listen on: Apple Podcasts, Spotify or wherever you get your podcasts.
Hosted on Acast. See acast.com/privacy for more information.
Dispatch from Omaha: Berkshire after Warren Buffett
Late last year, Warren Buffett’s close business confidant Charlie Munger died at 99. Munger’s death and Buffett’s upcoming 94th birthday have renewed questions about the future of Berkshire Hathaway. What will the empire he’s built look like after he’s no longer at the helm?
Behind the Money and the FT’s senior corporate finance correspondent Eric Platt travel to Omaha, Nebraska for Berkshire Hathaway’s annual shareholder meeting, to get a better sense of how the next generation will lead America’s “last great” conglomerate.
Clips from CNBC
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For further reading:
Berkshire after Buffett: is Greg Abel up to the top job?
Berkshire after Buffett: prized energy business faces upheaval
Berkshire after Buffett: the risk ‘genius’ pulling the insurance strings
Berkshire after Buffett: can any stockpicker follow the Oracle?
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On X, follow Eric Platt (@ericgplatt) and Michela Tindera (@mtindera07), or follow Michela on LinkedIn for updates about the show and more.
Read a transcript of this episode on FT.com
Hosted on Acast. See acast.com/privacy for more information.
Coming soon: China, the new tech superpower
In a new season of Tech Tonic, longtime FT China reporter Jame Kynge travels around the world to see how China is pushing towards tech supremacy. Will China be able to get an edge in crucial technological areas? What does China’s attempt to leapfrog the west look like on the ground? A 6-part series looking at China’s tech industry.
Presented by James Kynge. Edwin Lane is the senior producer. The producer is Josh Gabert-Doyon. Executive producer is Manuela Saragosa. Sound design by Breen Turner and Samantha Giovinco, with original music from Metaphor Music. The FT’s head of audio is Cheryl Brumley.
Hosted on Acast. See acast.com/privacy for more information.
Was the Archegos implosion illegal?
Three years ago, chaos struck Wall Street. Companies saw their share prices tumble, seemingly out of nowhere. Major banks lost billions of dollars in the fallout. Eventually, that chaos was linked to a family office, Archegos Capital Management, and its founder Bill Hwang.
This week, Hwang heads to trial in New York, where he faces charges including racketeering, and securities and wire fraud. The FT’s US legal correspondent Joe Miller examines the “novel” case prosecutors plan to pursue.
Clips from CNBC, Fox Business
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For further reading:
‘To what end?’: the murky question of Bill Hwang’s motive in Archegos trial
Archegos founder’s charity was financial ‘escape pod’, suit alleges
Hedge funds and brokers take aim at post-Archegos trading reforms
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On X, follow Joe Miller (@JoeMillerJr) and Michela Tindera (@mtindera07), or follow Michela on LinkedIn for updates about the show and more.
Read a transcript of this episode on FT.com
Hosted on Acast. See acast.com/privacy for more information.
How shale rewrote the global oil order
For decades, countries in the Middle East have dominated the oil market, pumping large quantities of the world’s supply. Along with that has come a pattern: when there’s conflict in the region, oil prices rise. The pattern seems to be breaking though, mainly because of one thing: US shale. The FT’s Myles McCormick explains how production in the country shifted oil’s epicentre away from the Middle East, and how long that may last.
Clips from Al Jazeera, CBS, CNN
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For further reading:
How US shale keeps sheltering America from the next oil price surge
On markets and geopolitics, it is a mistake to forget about shale
Why oil prices remain steady even as Middle East tensions escalate
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On X, follow Myles McCormick (@mylesmccormick_) and Michela Tindera (@mtindera07), or follow Michela on LinkedIn for updates about the show and more.
Read a transcript of this episode on FT.com
Hosted on Acast. See acast.com/privacy for more information.
When M&A goes wrong
When a company is sold there tends to be a standard playbook: There’s some tough negotiations. Then, the buyer gets a business and the seller gets a check. Everyone’s happy. That’s not what happened when a private equity firm recently bought a California grocery store chain. The FT’s Wall Street editor Sujeet Indap explains how the deal went off the rails, and how the supermarket’s owners might end up paying millions of dollars to sell their company.
Clip from KCRA
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For further reading:
The inequity method of accounting
Opposition shadows Cerberus windfall from Albertsons supermarket deal
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On X, follow Sujeet Indap (@sindap) and Michela Tindera (@mtindera07), or follow Michela on LinkedIn for updates about the show and more.
Read a transcript of this episode on FT.com
Hosted on Acast. See acast.com/privacy for more information.
Inside the battle for America’s West
A few years ago, four men went on a hunting trip to Wyoming. That trip would end up changing their lives — and possibly, the future of the public’s access to millions of acres of land in America's western states. The FT’s Oliver Roeder expands on the saga that’s played out since 2021 inside courtrooms and within thousands of pages of legal documents.
Clips from KGWN, Ludlow Music and The Richmond Organisation
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For further reading:
Seven states, 3,000 miles: a trip across the US energy divide
Wyoming’s Carbon Valley aims to turn ‘coal into gold’
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On X, follow Oliver Roeder (@ollie) and Michela Tindera (@mtindera07), or follow Michela on LinkedIn for updates about the show and more.
Read a transcript of this episode on FT.com
Hosted on Acast. See acast.com/privacy for more information.
Coming soon: The Five Minute Investor from Money Clinic
Hosted on Acast. See acast.com/privacy for more information.
Can WeightWatchers survive the Wegovy era?
WeightWatchers is struggling. Launched in the early 1960s, the brand grew by helping members shed pounds through behavioural change programmes. Then, GLP-1 anti-obesity drugs hit the market, long-time spokesperson and board member Oprah Winfrey announced her departure, and the company’s credit rating was downgraded. FT reporter Anna Mutoh examines whether WeightWatchers’ latest strategy can produce the turnaround investors are hoping for.
Clip from Lionsgate Television
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For further reading:
WeightWatchers faces an era when weight loss comes in a syringe
Behold the Ozempic effect on business
The race to develop the next generation of weight-loss drugs
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On X, follow Anna Mutoh (@anna_mutoh) and Michela Tindera (@mtindera07), or follow Michela on LinkedIn for updates about the show and more.
Read a transcript of this episode on FT.com
Hosted on Acast. See acast.com/privacy for more information.
A surprising winner in the US-China chip wars
The US and China’s battle for dominance in the semiconductor industry is having some surprising knock-on effects: Companies are looking to insulate their supply chains from rising geopolitical tensions. And many from around the world are setting their sights on Malaysia to set up or expand their chip factories. FT correspondent Mercedes Ruehl explains how the country earned a prized spot in the supply chain, and what it needs to do to keep hold of it.
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For further reading:
Malaysia: the surprise winner from US-China chip wars
Vietnam dangles semiconductor incentives to draw foreign companies
AI boom broadens out across Wall Street
Plus, sign up for the FT’s Alphaville pub quiz on April 9 in New York.
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On X, follow Mercedes Ruehl (@mjruehl) and Michela Tindera (@mtindera07), or follow Michela on LinkedIn for updates about the show and more.
Read a transcript of this episode on FT.com
Hosted on Acast. See acast.com/privacy for more information.
A radical change for the US Treasury market
The past several years in the US Treasury market have not been what you’d call smooth sailing. Three crises in a decade recently pushed regulators to introduce important changes to the world’s largest and most liquid market. The Securities and Exchange Commission passed the most significant reform a few months ago. The FT’s capital markets correspondent Kate Duguid examines that change — plus the potential pitfalls and promise that come with it.
Clips from CNBC, Bloomberg
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For further reading:
The radical changes coming to the world’s biggest bond market
Has Gensler’s SEC pushed Wall Street too far?
SEC tussles with shadow trades in the US Treasury market
Ransomware attack on ICBC disrupts trades in US Treasury market
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On X, follow Kate Duguid (@kateduguid) and Michela Tindera (@mtindera07), or follow Michela on LinkedIn for updates about the show and more.
Read a transcript of this episode on FT.com
Hosted on Acast. See acast.com/privacy for more information.
Listener mailbag with the Unhedged podcast
More questions — more answers! We’ve partnered with the FT’s Unhedged podcast for a special two-part episode, fielding questions you have submitted about markets and finance. The host of Unhedged, Ethan Wu, plus the FT’s US financial commentator Rob Armstrong and markets editor Katie Martin join Michela to traverse topics ranging from the longevity of the Magnificent Seven stocks to Japan’s economic outlook.
To listen to the other part of the episode, visit the Unhedged podcast feed.
Clips from The Magnificent Seven, The Mirisch Company/United Artists, music by Elmer Bernstein
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For further reading:
Japan’s market rally lacks solid backing
How fatalistic should we be on AI?
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On X, follow Ethan Wu (@EthanYWu), Robert Armstrong (@rbrtrmstrng), Katie Martin (@katie_martin_fx) and Michela Tindera (@mtindera07), or follow Michela on LinkedIn for updates about the show and more.
Read a transcript of this episode on FT.com
Hosted on Acast. See acast.com/privacy for more information.
Are penny stocks getting the memestock treatment?
Penny stocks are having a moment. In recent months, little-known companies with names such as Bit Brother and Phunware have been among the most traded stocks in America’s public markets, surpassing companies like Tesla and popular exchange traded funds. The FT’s US markets editor Jennifer Hughes explores why this is happening, and whether retail investors should think twice before diving in.
Clip from Paramount Movies
Plus, a note on next week’s show: Look for Behind the Money in your feed a day early, on Tuesday, March 19.
We’re doing a special 2-part episode with the Unhedged podcast. One part will be in Unhedged’s feed and the other part will be right here, in Behind the Money’s feed.
We’ll be back to our regular Wednesday schedule the following week.
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For further reading:
The tiny Chinese tea seller whose shares trade more than Tesla’s
Stock markets undergo ‘risk reset’ as indices notch new records
Retail investors are in no rush to join the latest stock market rally
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On X, follow Jennifer Hughes (@jennhughes13) and Michela Tindera (@mtindera07), or follow Michela on LinkedIn for updates about the show and more.
Read a transcript of this episode on FT.com
Hosted on Acast. See acast.com/privacy for more information.
How JPMorgan thrived amid a banking crisis
It’s been a year since Silicon Valley Bank’s collapse left everyone worried that the US’s banking sector sat on shaky ground. Despite that turmoil, one bank stands out: JPMorgan Chase. The largest bank in the country, JPMorgan took home record profits in 2023, and its dominance looks set to continue. The FT’s US banking editor Joshua Franklin walks through the reasons why JPMorgan flew past its competitors, and what threat its size could pose to smaller banks.
Clips from AP, CNBC, KTVU, KPIX
Plus, do you have a question about markets, finance or economics? Get in touch with Michela, and we may use it in an upcoming joint show with Unhedged.
Email Michela at michela.tindera@ft.com, or message her on X at @mtindera07.
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For further reading:
JPMorgan takes almost a fifth of total US bank profits
US regional banks hope for profit revival as pain from SVB fallout eases
JPMorgan: the bank that never lets a crisis go to waste
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On X, follow Joshua Franklin (@FTJFranklin) and Michela Tindera (@mtindera07), or follow Michela on LinkedIn for updates about the show and more.
Read a transcript of this episode on FT.com
Hosted on Acast. See acast.com/privacy for more information.
Is OpenAI’s business model sustainable?
OpenAI is one of the fastest-growing companies ever, thanks to its artificial intelligence chatbot, ChatGPT. But costs to train and run the models that underpin that technology are steep. And chief executive Sam Altman has said he has even bigger aims. The FT’s Madhumita Murgia and George Hammond examine whether the start-up’s existing business model can achieve its long-term goals.
Plus, do you have a question about markets, finance or economics? Get in touch with Michela, and we may use it in an upcoming joint show with Unhedged.
Email Michela at michela.tindera@ft.com, or message her on X at @mtindera07.
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For further reading:
Can OpenAI create superintelligence before it runs out of cash?
OpenAI on track to hit $2bn revenue milestone as growth rockets
OpenAI’s Sam Altman in talks with Middle East backers over chip venture
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On X, follow Madhumita Murgia (@madhumita29), George Hammond (@GeorgeNHammond) and Michela Tindera (@mtindera07), or follow Michela on LinkedIn for updates about the show and more.
Read a transcript of this episode on FT.com
Hosted on Acast. See acast.com/privacy for more information.
Hedge fund pioneers face signs of a reckoning
Billionaire financiers such as Ken Griffin pioneered what’s known as the multi-manager model for hedge funds, where big spending begets big returns. In 2022, Griffin’s Citadel became the best-performing hedge fund of all time. But now, cracks in the sector are beginning to form. The FT’s Harriet Agnew and Ortenca Aliaj examine what a downturn could mean for investors and the broader financial sector.
Plus, do you have a question about markets, finance or economics? Get in touch with Michela, and we may use it in an upcoming joint show with Unhedged.
Email Michela at michela.tindera@ft.com, or message her on X at @mtindera07.
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For further reading:
Are hedge fund pioneers facing the end of a golden era?
Bobby Jain’s hedge fund launch falls short of $8bn-$10bn target
How Ken Griffin rebuilt Citadel’s ramparts
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On X, follow Harriet Agnew (@HarrietAgnew), Ortenca Aliaj (@OrtencaAl) and Michela Tindera (@mtindera07), or follow Michela on LinkedIn for updates about the show and more.
Read a transcript of this episode on FT.com
Hosted on Acast. See acast.com/privacy for more information.
Why Elon Musk is breaking up with Delaware
A Delaware court recently struck down Elon Musk’s $56 billion Tesla pay package. Soon after, Musk took to his social network X and offered some advice: “Never incorporate your company in the state of Delaware.” But will anyone take it? The FT’s Wall Street editor Sujeet Indap explains how Delaware became the favourite place for big companies to incorporate and why that’s unlikely to change.
Clips from BBC, WFAA
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For further reading:
Can Elon Musk derail Delaware?
Texas is throwing down a legal challenge to Delaware
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On X, follow Sujeet Indap (@sindap) and Michela Tindera (@mtindera07), or follow Michela on LinkedIn for updates about the show and more.
Read a transcript of this episode on FT.com
Hosted on Acast. See acast.com/privacy for more information.
Baidu’s ‘do-or-die’ bet on AI
Baidu made it big as China’s go-to search engine. But in the past decade the tech giant has struggled, while competitors such as Alibaba and Tencent have soared ahead. The FT’s China tech correspondent Ryan McMorrow looks at chief executive Robin Li’s latest venture, in artificial intelligence, and whether this will be enough to turn the company around.
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For further reading:
Baidu’s bet on AI could make or break China’s fallen tech group
Tightened US rules throttle Alibaba and Baidu’s AI chip development
Baidu shares fall after Ernie AI chatbot demo disappoints
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On X, follow Ryan McMorrow (@rwmcmorrow) and Michela Tindera (@mtindera07), or follow Michela on LinkedIn for updates about the show and more.
Read a transcript of this episode on FT.com
Hosted on Acast. See acast.com/privacy for more information.
Is this nuclear power’s moment?
The nuclear power industry is receiving a lot of attention recently thanks in part to new technological advancements. That’s excited venture capital groups and private investors, such as Bill Gates and OpenAI’s Sam Altman. But the industry is also known for its boom-and-bust cycles. The FT’s US energy editor Jamie Smyth explains there are many challenges that lie ahead for an industry, which has long been plagued by controversy.
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For further reading:
The US plan to break Russia’s grip on nuclear fuel
US nuclear start-ups battle funding challenge in race to curb emissions
Nuclear fission start-up backed by Sam Altman to go public
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On X, follow Jamie Smyth (@JamieSmythF) and Michela Tindera (@mtindera07), or follow Michela on LinkedIn for updates about the show and more.
Read a transcript of this episode on FT.com
Hosted on Acast. See acast.com/privacy for more information.
Introducing: Swamp Notes from The FT News Briefing
If you have questions about this year's US presidential election, we have answers.
Swamp Notes is a new podcast from the FT News Briefing. Listen every Saturday morning as our journalists analyse and discuss the latest happenings in US politics. We’ll go beyond the horse race for the White House and offer a global perspective on the election.
You can subscribe to Swamp Notes here or wherever you get your podcasts.
Hosted on Acast. See acast.com/privacy for more information.
BlackRock goes all in on infrastructure
BlackRock chief executive Larry Fink has been on the hunt for the money manager’s next “transformational” deal. Earlier this month, Fink revealed that he had finally found it with the acquisition of a private capital firm, Global Infrastructure Partners. The FT’s US financial editor Brooke Masters and US private capital correspondent Antoine Gara explain why BlackRock wanted GIP, and how this deal sets the agenda for Wall Street this year.
Clips from CNBC
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For further reading:
How the $12.5bn BlackRock-GIP deal is set to shake up investment management
How Adebayo Ogunlesi’s contrarian bet led to $12.5bn BlackRock tie-up
Infrastructure funds draw billions of dollars as energy and supply chains shift
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On X, follow Antoine Gara (@AntoineGara), Brooke Masters (@brookeamasters) and Michela Tindera (@mtindera07), or follow Michela on LinkedIn for updates about the show and more.
Read a transcript of this episode on FT.com
Hosted on Acast. See acast.com/privacy for more information.
An IPO drought pushes investors to a murky marketplace
In Silicon Valley, the promise of a massive payday for a start-up’s early employees and investors has hinged on those companies eventually going public or being sold off. But with the slowdown in initial public offerings and acquisitions, a different marketplace is set to heat up this year. It is called the venture secondary market, and it’s where both investors and early employees can trade their stakes in privately-held companies. The FT’s venture capital correspondent George Hammond explains the potential pitfalls of this opaque marketplace and why investors will be rushing to it in 2024.
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For further reading:
Investors raise billions to buy discounted stakes in start-ups
Carta customers say platform tried to trade their shares without consent
Carta shuts trading platform after data privacy breach allegations
Staying private: the booming market for shares in the hottest start-ups
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On X, follow George Hammond (@GeorgeNHammond) and Michela Tindera (@mtindera07), or follow Michela on LinkedIn for updates about the show and more.
Read a transcript of this episode on FT.com
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Introducing Untold: The Retreat
Introducing Untold, a new podcast from the special investigations team at the Financial Times. In its first series, The Retreat, host Madison Marriage examines the world of the Goenka network, which promotes a type of intensive meditation known as Vipassana. Thousands of people go on Goenka retreats every year. People rave about them. But some people go to these meditation retreats, and they suffer. They might feel a deep sense of terror, or a break with reality. And on the other side, they’re not themselves anymore. Untold: The Retreat launches Jan. 24.
Subscribe and listen on: Apple Podcasts, Spotify or wherever you get your podcasts.
Hosted on Acast. See acast.com/privacy for more information.
Ozempic’s unconventional origins
The runaway success of diabetes and weight-loss drugs Ozempic and Wegovy have turned their maker, Novo Nordisk, into a juggernaut. Last year the Danish drugmaker claimed the title of Europe’s most valuable company. But the development of these drugs was a long, uphill battle.The FT’s global pharmaceutical editor Hannah Kuchler explains how the company’s unique ownership structure played a critical role in the company’s achievements and looks at the challenges ahead.
Clips from CNBC, CBS, Reuters
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Subscribe and listen to Untold: The Retreat on Apple Podcasts, Spotify or wherever you get your podcasts.
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For further reading:
FT Person of the Year: Lars Fruergaard Jørgensen of Novo Nordisk
How anti-obesity drugs built the world’s largest charitable foundation
Obesity drugs: broadly good for investors, with some strictures
Covid-19 vaccine winners suffer reversal of fortune
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On X, follow Hannah Kuchler (@hannahkuchler) and Michela Tindera (@mtindera07), or follow Michela on LinkedIn for updates about the show and more.
Read a transcript of this episode on FT.com
Hosted on Acast. See acast.com/privacy for more information.
Listener mailbag with Martin Wolf & more
You asked us questions, we’ve got your answers. FT columnists and editors such as Martin Wolf and Robert Armstrong respond to listener questions about everything from finance to markets to the economy.
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For further reading:
The region at the heart of Germany’s economic stagnation
FT writers’ predictions for the world in 2024
Overheard in the newsroom: what does the next year hold?
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On X, follow Martin Wolf (@martinwolf), Rob Armstrong (@rbrtrmstrng), Robin Wigglesworth (@RobinWigg), Colby Smith (@colbyLsmith) and Guy Chazan (@GuyChazan)
Want to see Behind the Money cover a certain topic? Send your thoughts to Michela Tindera on X (@mtindera07), LinkedIn or via email: michela.tindera@ft.com.
Read a transcript of this episode on FT.com
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TED Talks Daily: The next global superpower isn’t who you think
Who runs the world? Political scientist Ian Bremmer argues it’s not as simple as it used to be. With some eye-opening questions about the nature of influence, he asks us to consider the impact of the evolving global order — and our choices as participants in the future of democracy.
This is an episode from TED Talks Daily. Every weekday, TED Talks Daily goes beyond the headlines and explores a new idea shaping the future in 20 minutes or less. Join host and journalist Elise Hu and hear thought-provoking TED talks on every subject imaginable – from AI to zoology. You can find TED Talks Daily wherever you listen to podcasts.
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Author Amy Edmondson on ‘intelligent failure’
Every year, the Financial Times selects the most outstanding business book of the year. For 2023, the top pick is a book about failure. The FT’s senior business writer Andrew Hill sits down with the winner, Amy Edmondson, the author of Right Kind of Wrong and “the world’s most influential organisational psychologist”. Edmondson’s book explores the value in failure, what we can learn from it and what’s wrong with Silicon Valley’s “fail fast, fail often” mantra.
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For further reading and listening:
Working It podcast: What was the best business book of 2023?
Psychological safety: the art of encouraging teams to be open
FT and Schroders Business Book of the Year 2023
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On X, follow Andrew Hill (@andrewtghill) and Michela Tindera (@mtindera07), or follow Michela on LinkedIn for updates about the show and more.
Read a transcript of this episode on FT.com
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The ‘Ponzi scheme’ behind Lebanon’s economic collapse
For years, Riad Salameh was praised for his revolutionary financial policies as head of Lebanon’s central bank. But suddenly, the country plunged into an economic crisis. And Salameh left the central bank with a disgraced reputation and, investigators believe, a massive personal fortune. So what happened? The FT’s Middle East correspondent Raya Jalabi walks us through the storm of allegations Salameh faces, and the decisions he made that economists think sparked the entire crisis.
Clips from Associated Press, CNN, TRT World, DW News, Al Jazeera English, France 24, Asharq News, Annahar News
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For further reading:
‘The magician’: Riad Salameh and the plundering of Lebanon
‘It’s cool to have money again’: wealthy Lebanese party out the crisis
Long-awaited auditor report slams governance at Lebanon central bank
Lebanon’s ex-central bank chief hit with international sanctions for alleged graft
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On X, follow Raya Jalabi (@rayajalabi) and Saffeya Ahmed (@saffeya_ahmed)
Read a transcript of this episode on FT.com
Hosted on Acast. See acast.com/privacy for more information.
Could COP28 catapult the carbon credit market?
The UN climate conference COP28 is in full swing, and officials from around the world are discussing ways to combat climate change. The agenda includes questions around how to regulate a market that could soon take off — carbon credits. Right now, these credits serve as a way for private buyers, such as companies and individuals, to offset their emissions. But countries may be able to start using these too. FT climate reporter Kenza Bryan explains the risks that could come with this market expanding.
Clips from CNBC, The National
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For further reading:
The looming land grab in Africa for carbon credits
The cheque book COP: UAE’s $200bn bid for climate influence
Scandal bares the problems of the Amazon carbon credit market
Special report: Decarbonisation
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On X, follow Kenza Bryan (@KenzaBryan) and Michela Tindera (@mtindera07), or follow Michela on LinkedIn for updates about the show and more.
Read a transcript of this episode on FT.com
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Inside a hedge fund disaster
In 2007, when Dan Och took his hedge fund public, he was making a bet that his company would stand the test of time. More than 15 years, a bribery scandal, and a feud with his protégé later, things have not worked out as planned. The FT’s Ortenca Aliaj and Sujeet Indap go inside the saga that lost shareholders more than $10bn.
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For further reading:
Sculptor Capital: grey areas cause grey hairs in messy bidding war
Fight over Sculptor hedge fund sale entwined in Daniel Och’s tax affairs
Sale of Sculptor Capital on cusp of approval after hedge fund brawl
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On X, follow Ortenca Aliaj (@OrtencaAl), Sujeet Indap (@sindap) and Michela Tindera (@mtindera07), or follow Michela on LinkedIn for updates about the show and more.
Read a transcript of this episode on FT.com
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Best Of: Why companies don't want to list in the UK anymore
This week we’re revisiting an episode from earlier this year about the London Stock Exchange’s decline. The exchange once held the top spot in global financial markets, but that’s changed completely in recent years. The FT’s Harriet Agnew and Katie Martin explain how a yacht floating off the Canary Islands 30 years ago played a critical role in changing the stock market.
Clips from CBS, Thames News
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For further reading:
Britain’s ‘capitalism without capital’: the pension funds that shun risk
‘There are no domestic equity investors’: why companies are fleeing London’s stock market
Why Europe’s stock markets are failing to challenge the US
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On X, follow Harriet Agnew (@HarrietAgnew), Katie Martin (@katie_martin_fx) and Michela Tindera (@mtindera07), or follow Michela on LinkedIn for updates about the show and more.
Read a transcript of this episode on FT.com
Hosted on Acast. See acast.com/privacy for more information.
Introducing: Life and Art, from FT Weekend
Introducing Life and Art, from FT Weekend. It's a new twice-weekly culture podcast from the Financial Times. On Monday, we talk about life, and how to live a good one, in a one-on-one conversation that explores everything from food and travel to philosophy and creativity. On Friday, we talk about “art” – in a chat show! Three FT journalists come together to discuss a new cultural release across film, TV, music and books. Hosted by Lilah Raptopoulos, together with the FT’s award-winning writers and editors, and special guests.
Click here to follow Life and Art, from FT Weekend.
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Citigroup reboots
In its early days Citigroup styled itself as a “financial supermarket”, a one-stop shop for all kinds of banking services around the world. But that plan has backfired in recent years. Stepping up to the challenge of repairing the bank is chief executive Jane Fraser, who announced her restructuring plan in September. The FT’s US banking correspondent Stephen Gandel and US banking editor Joshua Franklin discuss whether Fraser can turn the bank around, and if not, what happens to Citi.
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For further reading:
‘Get off the train’: Citi’s Jane Fraser sends tough message on big overhaul
Jane Fraser: the woman trying to turn Citi around
Citi: Fraser the Razor needs sharper edge in her battle with The Blob
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On X, follow Stephen Gandel, (@stephengandel), Joshua Franklin (@FTJFranklin) and Michela Tindera (@mtindera07), or follow Michela on LinkedIn for updates about the show and more.
Read a transcript of this episode on FT.com
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Coming soon: Superintelligent AI
In a new series of Tech Tonic, FT journalists Madhumita Murgia and John Thornhill look at the concerns around the rise of artificial intelligence. Will superintelligent AI bring existential risk, or a new renaissance? Would it be ethical to build conscious AI? How intelligent are these machines anyway? The new season of Tech Tonic from the Financial Times, drops mid-November.
Presented by Madhumita Murgia and John Thornhill. Senior producer is Edwin Lane and producer Josh Gabert-Doyon. Executive produced by Manuela Saragosa. Sound design by Breen Turner and Samantha Giovinco. Original music by Metaphor Music. The FT’s head of audio is Cheryl Brumley.
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Will the union ‘renaissance’ last?
In the US, nearly half a million people have gone on strike this year demanding better pay, working conditions and job security. With the FT’s US labour and equality correspondent Taylor Nicole Rogers, we’re zooming in on the strategies that three major labour movements have used in recent months to try and secure new contracts, and whether their efforts could signal a new era of power for unions in America.
Clips from Associated Press
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For further reading:
US carworkers suspend strike after reaching tentative deal with GM
How ‘true believer’ Shawn Fain reignited pro-union fervour in Detroit
Hollywood strikes take $5bn bite out of California economy
Teamsters boss vows tougher line in US labour talks
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On X, follow Taylor Nicole Rogers (@TaylorNRogers) and Michela Tindera (@mtindera07), or follow Michela on LinkedIn for updates about the show and more.
Read a transcript of this episode on FT.com
Hosted on Acast. See acast.com/privacy for more information.
Big Oil’s big bet
In October two US oil and gas giants announced massive deals: Chevron bought Hess, and ExxonMobil acquired Pioneer Natural Resources. These deals expand each company’s operations and secure their access to more oil for decades to come. But recent forecasts say global demand for fossil fuels will soon reach its peak. The FT’s Myles McCormick looks at why these companies are betting oil demand will stick around and whether that bet will pay off.
Clips from Yahoo Finance, Reuters, CNBC, Bloomberg
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For further reading:
Oil megadeals usher in an age of energy uncertainty
Dealmakers see Chevron-Hess tie-up as the start of oil ‘arms race’
The race to be last man standing in Big Oil
‘Jewel in the crown’: Chevron follows Exxon to Guyana’s oil riches
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On X, follow Myles McCormick (@mylesmccormick_) and Michela Tindera (@mtindera07), or follow Michela on LinkedIn for updates about the show and more.
Read a transcript of this episode on FT.com
Hosted on Acast. See acast.com/privacy for more information.
How Microsoft bagged Activision Blizzard
In the 1990s, Microsoft was seen as a tech industry bully. Once viewed as combative and ruthless in the eyes of regulators, the company underwent an image makeover in the decades since. Now, the FT’s Richard Waters explains how Microsoft’s transformation pushed their $75bn acquisition of video game publisher Activision Blizzard over the line earlier this month.
Clips from Activision Blizzard
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For further reading:
How Brad Smith used Microsoft’s $1bn law and lobbying machine to win Activision battle
The newfound influence of the UK’s competition watchdog
US v Microsoft: who really won?
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On X, follow Richard Waters (@RichardWaters) and Michela Tindera (@mtindera07), or follow Michela on LinkedIn for updates about the show and more.
Read a transcript of this episode on FT.com
Hosted on Acast. See acast.com/privacy for more information.
‘Dumb Money’ writers on the GameStop saga
It has been more than two years since GameStop’s stock caught fire on social media, at one point rising 135% in one day. The new film Dumb Money chronicles how the GameStop saga played out. The FT’s Ethan Wu sits down with the movie’s writers, Rebecca Angelo and Lauren Schuker Blum, to get a behind-the-scenes look at everything that went into the film.
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For further reading:
Well, actually: Our ‘Dumb Money’ movie review
Dumb Money film review —GameStop short-selling comedy hedges its bets
GameStop: from YouTube to Wall Street to Hollywood in Dumb Money
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On Twitter, follow Ethan Wu (@ethanywu) & listen to Unhedged here!
Read a transcript of this episode on FT.com
Hosted on Acast. See acast.com/privacy for more information.
Bonus: Michael Lewis on FTX & Sam Bankman-Fried
This week, we have a bonus episode for you, live from the FT Due Diligence Forum in London. FT chief features writer Henry Mance sits down with author Michael Lewis to discuss his new book, Going Infinite: The Rise and Fall of a New Tycoon, an all-access account of Sam Bankman-Fried before his crypto exchange FTX collapsed. This conversation was recorded on October 11 2023.
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For further reading:
What Michael Lewis got wrong about FTX
Michael Lewis on how Sam Bankman-Fried and FTX fell — book review
How to beat Sam Bankman-Fried at trading when you’ve already lost
The SBF trial is a reminder that crypto is a rotten business
Many people longed to believe in Sam Bankman-Fried
Read a transcript of this episode on FT.com
Hosted on Acast. See acast.com/privacy for more information.
FTC versus Amazon
In its latest fight to curb the power of Big Tech, the US Federal Trade Commission has sued Amazon. The regulator says the e-commerce giant has become such a big monopoly that its practices are hurting consumers and the third-party sellers that rely on its services. The FT’s San Francisco correspondent Camilla Hodgson explains what this case could mean for the company’s future.
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For further reading:
Amazon’s most prominent antitrust critic makes her case
What Lina Khan’s antitrust case could mean for Amazon
Amazon offers concessions over third-party sales to appease UK antitrust watchdog
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On Twitter, follow Camilla Hodgson (@CamillaHodgson) and Topher Forhecz (@ForheczT)
Read a transcript of this episode on FT.com
Hosted on Acast. See acast.com/privacy for more information.
Argentina’s $16bn saga with a US court
When Argentina’s president announced plans to nationalise an oil company in 2012, it was presented as a way to grow the country’s wealth. Eleven years on, a court in New York City decided that the country owes some of the oil company shareholders $16bn. The FT’s Joe Miller and Ciara Nugent explain why this has happened. And, we look at what this means for Argentina, as it grapples with skyrocketing inflation and an important presidential election later this month.
Clips from CNN, NBC News, Reuters, Televisión Pública
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For further reading:
After $16bn judgment, Burford’s next battle will be making Argentina pay
Argentina radical rightwinger shakes up presidential race with primary win
Burford chief executive fears Argentine reprisals
Love listening to Behind the Money? Show your support and vote for us! We’re competing for the Signal Listener’s Choice Award. Vote here.
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On X, follow Joe Miller (@JoeMillerJr), Ciara Nugent (@ciaraCnugent) and Michela Tindera (@mtindera07), or follow Michela on LinkedIn for updates about the show and more.
Read a transcript of this episode on FT.com
Hosted on Acast. See acast.com/privacy for more information.
Best Of: Why Apple can’t leave China
This week, we’re revisiting an episode from earlier this year. Apple has spent two decades and billions of dollars building a massive supply chain for its products. At the centre of that operation is China. But as Beijing has become more authoritarian and relations with the US sour, it has become harder for Apple to do business there. The company has been signalling recently that it will diversify away from the country, but the FT’s Patrick McGee explains why cutting ties will be extremely difficult.
Clips from Fox News, CGTN, Yahoo, ABC
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For further reading:
How Apple tied its fortunes to China
What it would take for Apple to disentangle itself from China
‘A shot across the bow’: how geopolitics threatens Apple’s dependence on China
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On X, follow Patrick McGee (@PatrickMcGee_) and Michela Tindera (@mtindera07)
Hosted on Acast. See acast.com/privacy for more information.
The push to dominate the battery supply chain
As the world transitions away from fossil fuels and the electric vehicle market grows, competition to control a piece of a new source of energy is brewing. From rival carmakers to raw materials miners, different groups are racing to carve out their spots in the supply chain of one important technology: lithium-ion batteries. How will it shake out? The FT’s commodities correspondent Harry Dempsey explains who’s likely to succeed, and what that could mean for the future of corporate and national power.
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For further reading:
Rival battery technologies race to dominate electric car market
The search for winners in the new battery era
Can anyone challenge China’s EV battery dominance?
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On X, follow Harry Dempsey (@harrydemps) and Michela Tindera (@mtindera07)
Read a transcript of this episode on FT.com
Hosted on Acast. See acast.com/privacy for more information.
Coming soon: Can AI help us speak to animals?
Subscribe now to the FT's Tech Tonic podcast: Some scientists believe that rapid advances in artificial intelligence may also hold the key to decoding animal sounds, allowing us to ‘translate’ them into human language. In a new season of Tech Tonic, FT innovation editor John Thornhill and series producer Persis Love explore how the same technology that powers ChatGPT is being applied to research in animal communication. Could we one day learn to ‘speak whale’ or even chat with bats? And if so, can we trust ourselves to do so responsibly?
Presented by John Thornhill, produced by Persis Love, sound design by Breen Turner and Sam Giovinco. The executive producer is Manuela Saragosa and Cheryl Brumley is the FT’s head of audio.
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The Russian Banker, Part 3: Asylum
Critics argue Russia has a playbook for people who become its targets. On the final episode of the Russian Banker, we explore how Sergei Leontiev saw his fights with Russian President Vladimir Putin as a full-blown war in which seeking US asylum would become just another battle. But how does the US decide who deserves asylum?
Note: This episode was updated to clarify that Russia is responsible for forty percent of all publicly disclosed red notices to Interpol. A previous version stated it is responsible for forty percent of all red notices total.
Read a transcript of this episode on FT.com
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Bonus: Arm’s race to IPO
This week, we have a bonus episode for you, live from the FT Weekend Festival in London. Michela sat down with two experts on Arm, the British chip designer, to discuss its imminent initial public offering. Tim Bradshaw, the FT’s global tech correspondent and James Ashton, author of The Everything Blueprint, talk about where Arm stands as a company, and what its chances for growth are when it goes public later this month. This conversation was recorded on September 2, 2023.
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For further reading:
Arm searches for growth beyond smartphones
Arm: IPO valuation climb down does not go far enough
SoftBank seeks to build investment war chest on back of Arm IPO
When SoftBank is selling, why are you buying?
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On Twitter, follow Tim Bradshaw (@tim) and Michela Tindera (@mtindera07)
Hosted on Acast. See acast.com/privacy for more information.
The Russian Banker, Part 2: The Whistleblower
Sergei Leontiev says he was a political victim of the Putin regime. But when we tracked down other people who used to work at the bank they had a different story about Leontiev — and the extent of his ties to Alexei Navalny.
Read a transcript of this episode on FT.com
Hosted on Acast. See acast.com/privacy for more information.
The Russian Banker, Part 1: The Raid
In 2015, Sergei Leontiev's life's work — a Russian banking business — was taken away from him overnight. Why were he and the bank being targeted? This is the first episode of The Russian Banker, a new three-part series from the Financial Times. The remaining episodes will air the following two Wednesdays on Behind the Money.
Read a transcript of this episode on FT.com
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Introducing: The Russian Banker
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Did Binance miss its chance to rule crypto?
The collapse of FTX sent shockwaves through the crypto ecosystem last year. But it gave rival crypto exchange Binance, the biggest in the world, a chance to dominate the markets. The FT’s digital assets correspondent Scott Chipolina explains why Binance has struggled to capitalise on that moment.
Clips from CNBC, CBS News and Good Morning America
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The FT Weekend Festival is back on Saturday, September 2 at Kenwood House Gardens in London! It’ll be a day of debates, performances and more — including a live recording of Behind the Money. As a podcast listener, claim £20 off your festival pass using promo code FTPodcast. Get your pass here: http://ft.com/festival
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For further reading:
Has Binance blown its chance to rule the crypto markets?
Small crypto exchanges take advantage of Binance’s decline
When tackling crypto, the SEC should be wary of overreach
Changpeng ‘CZ’ Zhao, crypto’s ‘corporate raider’
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On Twitter, follow Scott Chipolina (@ScottChipolina) and Michela Tindera (@mtindera07)
Read a transcript of this episode on FT.com
Hosted on Acast. See acast.com/privacy for more information.
The controversy around share buybacks
Share buybacks are a strategy companies use to return excess cash to their shareholders. But recently, they’ve exploded in popularity, and that’s sparked strong discussions inside financial circles. The FT’s US financial editor Brooke Masters explains why share buybacks have become so hotly debated.
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For further reading:
If companies are going to buy back shares, they should pay a fair price
Share buybacks need less hate and more scrutiny
Record buyback spree attracts shareholder complaints
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On Twitter, follow Brooke Masters (@brookeamasters) and Michela Tindera (@mtindera07)
Read a transcript of this episode on FT.com
Hosted on Acast. See acast.com/privacy for more information.
How Dubai is reshaping the global oil trade
For decades, the global centre for oil trading has been Geneva, Switzerland. But Russia’s war in Ukraine changed that. Sanctions have made it harder for western traders to move Russian oil. Now, traders are flocking to a new trading hub that has no restrictions on oil from Russia: the United Arab Emirates. The FT’s energy correspondent Tom Wilson explains how this shift has helped the UAE replace Switzerland, and whether the global energy industry is shifting away from western economies.
Plus, do you have your own burning questions about business or finance? Send us your questions and we may use them in a future show. Record a voice message here and we may even play it on the show: https://sayhi.chat/rmc2b Or, email Michela at michela.tindera@ft.com, or message her on Twitter at @mtindera07
Update: A new version of this episode was uploaded on August 9, 2023 to correct that Fujairah is roughly an hour’s drive east from Dubai, not west.
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For further reading:
How Dubai became ‘the new Geneva’ for Russian oil trade
Switzerland questions oil trader over sidestep of Russian sanctions
Letter: Energy trading is opaque — and that suits Big Oil
Switzerland/Paramount: block loopholes which swerve oil sanctions
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On Twitter, follow Tom Wilson (@thomas_m_wilson) and Michela Tindera (@mtindera07)
Read a transcript of this episode on FT.com
Hosted on Acast. See acast.com/privacy for more information.
Institutional investors take to the pitch
There’s a new club coming to women’s professional football in the United States. Next season will see the debut of Bay FC, out of northern California. Aly Wagner, a former player on the US women’s national team, explains how she helped get the club off the ground with an investment model that has never been used in US professional sports before. We explore how this funding model could change the landscape for American sports. You’ll also hear from the FT’s US sports business correspondent Sara Germano about whether this very European model is moving across the pond.
Plus, do you have your own burning questions about business or finance? Send us your questions and we may use them in a future show.
Record a voice message here: https://sayhi.chat/rmc2b
Or, email Michela at michela.tindera@ft.com, or message her on Twitter at @mtindera07
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For further reading:
Sixth Street commits $125mn to buy new US women’s football club
Why investors are cashing in on women’s sport
What private equity means for football
UK women’s football needs ‘strategic’ investor to sustain growth
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On Twitter, follow Sara Germano (@germanotes), Saffeya Ahmed (@saffeya-ahmed) and Michela Tindera (@mtindera07)
Read a transcript of this episode on FT.com
Hosted on Acast. See acast.com/privacy for more information.
A different way to understand the US economy
Under “normal” circumstances, economists and analysts study a variety of specific indicators to understand what’s happening with the US economy. But lately, those indicators have been sending mixed signals. The FT’s US financial commentator Robert Armstrong explains why they’re wonky and how that’s led him to a different data source to help him understand the economy.
Plus, have your own burning questions about business or finance? Send us your questions and we may use them in a future show!
Record a voice message here: https://sayhi.chat/rmc2b
Or, email Michela at michela.tindera@ft.com, or message her on Twitter at @mtindera07
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For further reading:
There is more slack in labour markets than we think
An ‘immaculate disinflation’ in the US is not guaranteed
Stocks rise on robust US bank earnings and ECB rates signal
Listen to the Unhedged podcast
Read a transcript of this episode on FT.com
Hosted on Acast. See acast.com/privacy for more information.
Macquarie’s grip on global infrastructure
About 30 years ago, an Australian investment company called Macquarie figured out how to turn public utilities into lucrative assets. This strategy helped catapult the company into the biggest infrastructure investor in the world. Now, its services range from delivering tap water to London to transporting gas across the United States. But recently it has emerged that one of Macquarie’s former assets, Thames Water, is struggling, and the utility’s consumers are feeling the consequences. We sit down with the FT’s infrastructure correspondent Gill Plimmer to discuss what we can learn from Thames Water’s troubles and what happens when private investments meet a public necessity.
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For further reading:
Managed by Macquarie: the Australian group with a grip on global infrastructure
The dangers of asset managers when it comes to long-term infrastructure
How the Thames Water-gate burst
Thames Water travails threaten to plunge privatised sector into crisis
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On Twitter, follow Gill Plimmer (@gillplimmer1) and Topher Forhecz (@ForheczT)
Read a transcript of this episode on FT.com
Hosted on Acast. See acast.com/privacy for more information.
Frances Haugen’s lessons as a Facebook whistleblower
Frances Haugen was just another Silicon Valley tech worker until she decided to speak up about what was happening inside Facebook. Now she’s written a book about her experience titled The Power of One: How I Found the Strength to Tell the Truth and Why I Blew the Whistle on Facebook. Frances talks to Michela about what she’s learned.
Clips from CBS, CNBC
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For further reading:
Who is Facebook whistleblower Frances Haugen?
Facebook after the whistleblower: can Zuckerberg reboot the social network?
The FT’s 25 most influential women of 2021
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On Twitter, follow Michela Tindera (@mtindera07)
Read a transcript of this episode on FT.com
Hosted on Acast. See acast.com/privacy for more information.
Best Of: Tracking the mysterious rise of a UAE company
This week, we are revisiting an episode from earlier this year about an obscure firm from the United Arab Emirates: International Holding Company’s share price has jumped 40,000 per cent in just a few years. But little is known about the business, which has investments in everything from Elon Musk’s SpaceX to India’s Adani Group. The FT’s Middle East editor Andrew England travelled to Abu Dhabi to get answers about its rapid growth and its connections to some of the most powerful people in the Gulf.
Clips from MSNBC, CBS
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For further reading:
The UAE business that went from obscurity to a $240bn valuation in 3 years
The sheikh’s empire driving Abu Dhabi’s meteoric stock market rise
The Abu Dhabi royal at the nexus of UAE business and national security
Groovy girls, typing pools and labour camps: the complicated world of IHC
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On Twitter, follow Andrew England (@cornishft) and Michela Tindera (@mtindera07)
Read a transcript of this episode on FT.com
Hosted on Acast. See acast.com/privacy for more information.
How a big biotech’s start-up gamble went wrong
Illumina, the world’s biggest gene sequencing company, announced plans to buy cancer detection start-up Grail for $8bn while the biotech boom was in full swing. To Illumina, Grail looked like a potential gold mine. Until reality — and regulators — entered the picture. Three years and an activist investor campaign waged by Carl Icahn later, the FT’s US pharmaceutical correspondent Jamie Smyth explains the problems that have cropped up and what it means for both companies and their shareholders.
Clips from Illumina Inc / Seeking Alpha, Yahoo
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For further reading:
Carl Icahn takes aim at genome sequencer Illumina over Grail deal
Has Illumina taken the wrong path in its Grail quest?
Quick blood tests to spot cancer: will they help or harm patients?
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On Twitter, follow Jamie Smyth (@JamieSmythF) and Michela Tindera (@mtindera07)
Read a transcript of this episode on FT.com
Hosted on Acast. See acast.com/privacy for more information.
The downfall of a UK hedge fund titan
For decades, Crispin Odey sat atop the UK’s hedge fund scene. Lauded by many in financial circles as a charismatic maverick and known for taking high-risk bets on the market, he seemed untouchable. Until two weeks ago. The FT published a scathing investigation detailing the accounts of more than a dozen women accusing Odey of sexual misconduct. Madison Marriage and Antonia Cundy, from the FT’s special investigations team, look at the fallout from these allegations, and explain whether they think this is the start of a reckoning in UK finance.
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For further reading:
How Crispin Odey evaded sexual assault allegations for decades
The week the City ditched Crispin Odey
When it comes to harassment, the City must stop protecting its wallet
The fallout from the FT’s Crispin Odey investigation
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On Twitter, follow Madison Marriage (@miss_marriage), Antonia Cundy (@antoniacundy) and Michela Tindera (@mtindera07). You can contact Madison and Antonia directly here: madison.marriage@ft.com and antonia.cundy@ft.com
Read a transcript of this episode on FT.com
Hosted on Acast. See acast.com/privacy for more information.
Is crypto a security, bro?
Crypto is at a crossroads. As exchanges and currencies blow up, the US Securities and Exchange Commission is ready to step in. But is crypto a security, like a stock? Or a tradable item of speculation, like a Beanie Baby? Today on the show, Robert Armstrong and Ethan Wu argue about the benefits and risks of regulating crypto. Also, we go short home prices, and long … the bone trade.
Subscribe to the Unhedged newsletter
Follow Ethan Wu (@ethanywu) and Katie Martin (@katie_martin_fx) on Twitter
Read a transcript of this episode on FT.com
Hosted on Acast. See acast.com/privacy for more information.
Is Africa’s debt cycle unbreakable?
Ghana was once considered a success story and a model for African development. But after suffering several economic shocks, the west African country is now struggling to pay off its debts. The FT’s west Africa correspondent Aanu Adeoye and Africa editor David Pilling explain how Ghana exemplifies the debt cycle that many African countries find themselves stuck in, and what has to change to break it.
Clip from GhanaWeb TV
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For further reading:
How Ghana’s economy became a cautionary tale for Africa
Africa needs international help to avoid a lost decade
Ghana default puts domestic debt ‘can of worms’ in the spotlight
Ghana secures $3bn IMF deal after creditors agree to debt restructuring
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On Twitter, follow Aanu Adeoye (@aanuadeoye), David Pilling (@davidpilling) and Michela Tindera (@mtindera07)
Read a transcript of this episode on FT.com
Hosted on Acast. See acast.com/privacy for more information.
Introducing Unhedged
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Libor's long goodbye
At one time not that long ago, you could find Libor in everything: mortgages, corporate loans, credits cards and more. Now, its days are numbered. The FT’s Harriet Clarfelt and Philip Stafford take us back to the 1980s origins of the scandal-ridden benchmark rate, how its reputation came apart and why, with just weeks to go before a June 30 deadline, one part of the financial world is still racing to leave it behind.
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For further reading:
Loan market braced for rush to Libor finish line
The pain and SOFRing are almost over
‘Litigation will take over’: US lawmakers warned of Libor chaos
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On Twitter, follow Harriet Clarfelt (@HClarfelt), Philip Stafford (@staffordphilip) and Michela Tindera (@mtindera07)
Read a transcript of this episode on FT.com
Hosted on Acast. See acast.com/privacy for more information.
Best Of: Inside Johnson & Johnson’s bankruptcy two-step
This week, we’re revisiting an episode from last year. Johnson & Johnson, one of the world’s largest healthcare companies, is facing thousands of lawsuits from people alleging they got cancer from using one of their oldest products: talc-based baby powder. To manage the growing liability, J&J deployed a controversial bankruptcy manoeuvre known as the Texas two-step. The FT’s US pharmaceutical correspondent Jamie Smyth helps us explore whether J&J’s use of this manoeuvre is setting a precedent for corporations to evade accountability in America. Plus, stick around for an update on what’s happened to the Texas two-step since this episode first aired.
Clip from NBC
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For further reading:
Johnson & Johnson’s ‘Texas-two-step’ sparks outcry over US bankruptcy regime
Talc ruling a blow to J&J and the ‘Texas two-step’ bankruptcy jig
Talcum powder cancer claims target J&J’s new consumer carve-out
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On Twitter, follow Jamie Smyth (@JamieSmythF) and Michela Tindera (@mtindera07)
Read a transcript of this episode on FT.com
Hosted on Acast. See acast.com/privacy for more information.
Does anyone want a digital euro?
As cryptocurrencies have grown in popularity and people use cash less and less, central banks have been put on the defensive. Their solution to stay relevant and maintain control? A central bank digital currency. Institutions such as the European Central Bank see it as their way to leap into the digital age. But as the ECB is pushing forward with its agenda, it’s facing criticism from the very people and banks who would help keep it alive. The FT’s Martin Arnold takes a closer look at the digital euro — its promises, pitfalls and why people took to the streets to protest against it earlier this year.
Clips from CNBC, Council on Foreign Relations, Meta, NBC
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For further reading:
The digital euro: a solution seeking a problem?
Central banks’ digital currency plans face public backlash
Facebook Libra: the inside story of how the company’s cryptocurrency dream died
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On Twitter, follow Martin Arnold (@MAmdorsky) and Michela Tindera (@mtindera07)
Read a transcript of this episode on FT.com
Hosted on Acast. See acast.com/privacy for more information.
Why companies don't want to list in the UK anymore
The London Stock Exchange once held the top spot in global financial markets. In recent years, that’s changed drastically. The FT’s Harriet Agnew and Katie Martin explain how a yacht floating off the Canary Islands 30 years ago played a critical role in changing the stock market.
Clips from CBS, Thames News
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For further reading:
Britain’s ‘capitalism without capital’: the pension funds that shun risk
‘There are no domestic equity investors’: why companies are fleeing London’s stock market
Why Europe’s stock markets are failing to challenge the US
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On Twitter, follow Harriet Agnew (@HarrietAgnew), Katie Martin (@katie_martin_fx) and Michela Tindera (@mtindera07)
Read a transcript of this episode on FT.com
Hosted on Acast. See acast.com/privacy for more information.
Night School, Class 5: How to read the markets
On the final episode of BTM Night School, we're talking markets: from stocks to bonds to commodities. We're joined by the FT's Markets editor Katie Martin and Ethan Wu, a member of the FT’s Wall Street team. Katie and Ethan unpack why last year was terrible for stocks, what bonds can tell you about inflation, and which market gives us the clearest picture into the “real” economy. This series is made in collaboration with Blinkist. To hear more conversations like this, check out the Blinkist app.
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Interested in pursuing a Master of Business Administration? Sign up for our newsletter course MBA 101 for your guide to applying and getting into business school.
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Read a transcript of this episode on FT.com
Hosted on Acast. See acast.com/privacy for more information.
Can Intel bounce back?
Silicon Valley legend Intel was the semiconductor chip industry’s global leader for decades. Lately it’s fallen behind, just as the US is recognising the importance of chips to economic and national security. Now, Intel is trying to turn itself round. The FT’s Richard Waters explains its plans and the many challenges it will face in order to reclaim that stature.
Clip from CNN
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For further reading:
Can Intel become the chip champion the US needs?
Intel: Chips Act subsidies may impede a return to former glory
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On Twitter, follow Richard Waters (@RichardWaters) and Michela Tindera (@mtindera07)
Read a transcript of this episode on FT.com
Hosted on Acast. See acast.com/privacy for more information.
Night School, Class 4: ESG reshapes the boardroom
ESG has become a buzzword within public companies and among asset managers. Central banks and big asset managers such as BlackRock have been championing these standards, asking companies to consider climate change and corporate governance. But ESG is also seeing a backlash. Gillian Tett, founding editor of the Financial Times’ Moral Money newsletter, explains how it is changing the corporate boardroom and how much of an effect the pushback against ESG is having. This series is made in collaboration with Blinkist. To hear more conversations like this, check out the Blinkist app.
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Interested in pursuing a Master of Business Administration? Sign up for our newsletter course MBA 101 for your guide to applying and getting into business school.
Read a transcript of this episode on FT.com
Hosted on Acast. See acast.com/privacy for more information.
How EY’s Project Everest collapsed
When news broke last year that EY was planning to split its businesses, it was seen as a move that could reshape the accounting industry. The bold plan was given an equally grand name, “Project Everest”. But after months of negotiations from within the firm, and despite the support of the global leadership, the plan recently fell apart. FT’s US accounting editor Stephen Foley and accountancy correspondent Michael O’Dwyer explain why that shakeup didn’t happen.
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For further reading:
EY risks paralysis and a power vacuum after break-up failure
Julie Boland: the EY leader in the middle of a ‘civil war’
EY to cut 3,000 jobs in US to eliminate ‘overcapacity’
EY: embarrassing climbdown calls future strategy into question
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On Twitter, follow Stephen Foley (@stephenfoley) and Michael O’Dwyer (@_MODwyer)
Read a transcript of this episode on FT.com
Hosted on Acast. See acast.com/privacy for more information.
Night School, Class 3: Big Tech vs the insurgents
From the rise of ChatGPT to job cuts at companies such as Meta and Amazon, tech has dominated the headlines in 2023. On this episode of Night School, the Financial Times’ innovation editor, John Thornhill, breaks down the biggest tech stories of the year so far. He tells US managing editor Peter Spiegel how artificial intelligence will revolutionise healthcare, who is winning in the global tech race, and what’s in store for blockchain’s future. This series is made in collaboration with Blinkist. To hear more conversations like this, check out the Blinkist app.
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Interested in pursuing a Master of Business Administration? Sign up for our newsletter course MBA 101 for your guide to applying and getting into business school.
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Read a transcript of this episode on FT.com
Hosted on Acast. See acast.com/privacy for more information.
FT Weekend: The secret gamblers using AI to hack horse racing
This week, we’re bringing you something from our fellow podcast, FT Weekend. The show travels to Miami, Florida, to drink some beers, place some bets, and discover how AI is changing the sport of horse racing. FT data journalist Oliver Roeder joins FTW host Lilah Raptopoulos to talk about how the ancient sport is being upended by anonymous computer-assisted bets. These secretive gamblers are injecting billions of dollars into the pools, and aggressively tipping the odds, and it’s putting the whole sport at risk.
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For further reading:
I used AI to bet on horse-racing. Here’s what happened
Stake.com: the Aussie gambling minnow that made it big on crypto
How English football became hooked on gambling
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On Twitter, follow Oliver Roeder (@ollie) and Lilah Raptopoulos (@lilahrap)
Read a transcript of this episode on FT.com
Hosted on Acast. See acast.com/privacy for more information.
Night School, Class 2: Why high inflation persists
Inflation remains stubbornly high in the US. In this week’s episode of BTM: Night School, US managing editor Peter Spiegel talks to US economics editor Colby Smith about how we got here and what the Federal Reserve can do to tamp down inflation. This series is made in collaboration with Blinkist. To hear more conversations like this, check out the Blinkist app.
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Interested in pursuing a Master of Business Administration? Sign up for our newsletter course MBA 101 for your guide to applying and getting into business school.
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Hosted on Acast. See acast.com/privacy for more information.
Why Apple can’t leave China
Apple has spent two decades and billions of dollars building a massive supply chain for its products. At the centre of that operation is China. But as Beijing has become more authoritarian and relations with the US sour, it has become harder for Apple to do business there. The company has been signalling recently that it will diversify away from the country, but the FT’s Patrick McGee tells Michela why cutting ties will be extremely difficult.
Clips from Fox News, CGTN, Yahoo, ABC
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For further reading:
How Apple tied its fortunes to China
What it would take for Apple to disentangle itself from China
Tim Cook praises Apple’s ‘symbiotic’ relationship with China
Apple and Foxconn win labour reforms to advance Indian production plans
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On Twitter, follow Patrick McGee (@PatrickMcGee_) and Michela Tindera (@mtindera07)
Read a transcript of this episode on FT.com
Hosted on Acast. See acast.com/privacy for more information.
Night School, Class 1: Green energy’s big year
It’s time to hit the books with Behind the Money: Night School. This series will serve as a primer to the biggest economic stories of 2023.
On today’s episode, US Managing Editor Peter Spiegel talks with Derek Brower about energy policy. They discuss how the United States became almost energy independent, President Biden’s about-face on oil and gas, and why the Inflation Reduction Act might just transform America’s economy into a hub of green innovation.
This series is made in collaboration with Blinkist. To hear more conversations like this, check out the Blinkist app.
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Interested in pursuing Masters of Business Administration? Sign up for our newsletter course MBA 101 for your guide to applying and getting into business school.
Read a transcript of this episode on FT.com
Hosted on Acast. See acast.com/privacy for more information.
Introducing Behind the Money: Night School
There’s been a lot of big finance and economics news in 2023. Whether it's stories about rising interest rates, tech industry layoffs or bank runs, it can almost feel like you need an MBA just to make sense of it all. That’s why the Financial Times is launching a bonus series on this feed called Behind the Money: Night School.
Over the next five weeks, this show will help you understand the concepts behind the biggest economic stories of this year. U.S. managing editor Peter Spiegel chats with FT journalists as they unpack the basics around things like energy markets, inflation and the rise of artificial intelligence. This series is supported by Blinkist. If you want to find out more about conversations like this, check out the Blinkist app.
Behind the Money: Night School debuts on Monday, April 17. And, you can find it right here, on the Behind the Money podcast feed.
Hosted on Acast. See acast.com/privacy for more information.
Best Of: How Russia loots grain from Ukraine
This week, we’re revisiting an important episode from last year. Russia’s full-scale invasion of Ukraine in 2022 triggered a global food crisis. Months later, FT correspondents Polina Ivanova, Chris Cook and Laura Pitel found out how Russia aims to profit from this.
Ivanova explains how she and her colleagues used satellite photos, transponder data and a document trail to track a Russian company’s shipment of 2,675 metric tonnes of milling wheat out of the occupied Ukrainian port of Berdyansk, across the Black Sea and over to a port in Turkey.
Clips from CNN, PBS
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For further reading:
How Russia secretly takes grain from occupied Ukraine
Russian exit from Ukraine grain deal ‘catastrophic’ for poor nations
Ships going dark: Russia’s grain smuggling in the Black Sea
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On Twitter, follow Polina Ivanova (@polinaivanovva) and Michela Tindera (@mtindera07)
Read a transcript of this episode on FT.com
Hosted on Acast. See acast.com/privacy for more information.
Climate crisis: Who should pay to rebuild Pakistan?
Climate disasters are becoming more and more common, and the countries most vulnerable to them are often the ones emitting the least pollution. That imbalance has sparked a debate on whether rich, polluting nations have a responsibility to contribute more when there are climate catastrophes. In today’s episode, we’re looking at one country that serves as an example: Pakistan. We’ll discuss how it plans to fund its recovery after record-breaking floods – worsened by climate change – submerged much of the south Asian country last year.
Clips from Sky News Australia, Al Jazeera, Channel 4 News
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For further reading:
Rebuilding Pakistan: how much should rich nations help?
‘It’s the fault of climate change’: Pakistan seeks ‘justice’ after floods
Debt burden traps global south in a vicious circle
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On Twitter, follow Ben Parkin (@b_parkyn), Camilla Hodgson (@CamillaHodgson), and Michela Tindera (@mtindera07)
Read a transcript of this episode on FT.com
Hosted on Acast. See acast.com/privacy for more information.
Inside UBS’s takeover of Credit Suisse
After the collapse of Silicon Valley Bank, markets were anxious, and the prestigious, yet scandal-ridden Credit Suisse looked as if it could be next to fall. But over the span of a single weekend, the Swiss government and Credit Suisse’s crosstown rival, UBS, raced against the clock to avert disaster. The FT’s banking editor Stephen Morris provides a front row look at how the deal came together.
Clips from Bloomberg, CNBC, BBC
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For further reading:
How the Swiss ‘trinity’ forced UBS to save Credit Suisse
Credit Suisse: the rise and fall of the bank that built modern Switzerland
Saudi National Bank chair resigns following Credit Suisse comments
And further listening:
Behind the Money's December 2022 episode, Credit Suisse's last chance
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On Twitter, follow Stephen Morris (@sjhmorris) and Michela Tindera (@mtindera07)
Read a transcript of this episode on FT.com
Hosted on Acast. See acast.com/privacy for more information.
Martin Wolf on why banks fail and what to do about it
Credit Suisse… Silicon Valley Bank… Signature Bank… First Republic… After weeks of breaking headlines about banks in crisis, we are taking a big picture look at the sector with the FT’s chief economics commentator, Martin Wolf. In this episode, he explains why banks fail, and lays out the four paths that banking reform could take in the future.
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For further reading:
Banks are designed to fail — and they do
US capitalism is ‘breaking down before our eyes’, says Ken Griffin
How the Swiss ‘trinity’ forced UBS to save Credit Suisse
Four ways to fix the bank problem
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On Twitter, follow Martin Wolf (@martinwolf_) and Michela Tindera (@mtindera07)
Read a transcript of this episode on FT.com
Hosted on Acast. See acast.com/privacy for more information.
Why SVB’s collapse is not a 2008 repeat
The collapse of Silicon Valley Bank last week raised questions about the strength of the United States’ banking system, and whether we’re headed for another financial crisis. The FT’s US financial commentator Robert Armstrong tells us why he’s not freaking out.
Clips from CBS, NBC, CNN, DW
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For further reading:
SVB was only a little bit insolvent, luckily
SVB’s collapse is not a harbinger of another 2008
The weekend US officials hatched a plan to stave off a banking crisis
Silicon Valley Bank shows the perils of regulators fighting the last war
For further discussion:
Join an FT subscriber-only webinar on SVB’s collapse and the fallout, featuring Robert Armstrong and other FT journalists and guests, on Thursday March 16 1600-1700 GMT (1200-1300 ET). Register here.
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On Twitter, follow Robert Armstrong (@rbrtrmstrng) and Michela Tindera (@mtindera07)
Read a transcript of this episode on FT.com
Hosted on Acast. See acast.com/privacy for more information.
Tracking the mysterious rise of a UAE company
Over just a few years, the share price of an obscure company from the United Arab Emirates has jumped 40,000%. But little is known about International Holding Company, which has investments in everything from Elon Musk’s SpaceX to India’s Adani Group. The FT’s Middle East editor travelled to Abu Dhabi to get answers about its rapid growth and its connections to some of the most powerful people in the Gulf.
Clips from MSNBC, CBS
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For further reading:
The UAE business that went from obscurity to a $240bn valuation in 3 years
The sheikh’s empire driving Abu Dhabi’s meteoric stock market rise
The Abu Dhabi royal at the nexus of UAE business and national security
Groovy girls, typing pools and labour camps: the complicated world of IHC
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On Twitter, follow Andrew England (@cornishft) and Michela Tindera (@mtindera07)
Read a transcript of this episode on FT.com
Hosted on Acast. See acast.com/privacy for more information.
What’s causing the US airline chaos?
Recently, flying in the US seems to be more chaotic than calm. And while it may seem like this all started recently, the FT’s Chicago Correspondent Claire Bushey takes us back to a decision that happened in the 1970s that got us to where we are now.
Clips from NBC, PBS, CBS
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For further reading:
How the US fell out of love with flying
Passengers to keep ‘paying the price’ of aviation chaos, says United CEO
Hyper-efficiency is bad business
US airlines: higher fares and (hopefully) better service
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On Twitter, follow Claire Bushey (@Claire_Bushey) and Michela Tindera (@mtindera07)
Read a transcript of this episode on FT.com
Hosted on Acast. See acast.com/privacy for more information.
The costs of Russia’s invasion of Ukraine
It’s been one year since Russia launched its full-scale invasion of Ukraine. We’re spending this episode talking to FT reporters and Ukrainian entrepreneurs about the costs of this war: How individuals' lives have been uprooted, how the country’s economy has been turned upside down, and how global markets such as food and energy have been transformed.
Clips from CNN, BBC, NBC, PBS, Al Jazeera English
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For further reading:
Conflict with Russia hangs over Ukraine’s recovery
Something for the weekend: the year of Ukraine
Marking a year in the Ukraine war
He wanted an adventure. He ended up in Ukraine’s most brutal war zone
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On Twitter, follow Ben Hall, (@hallbenjamin) Emiko Terazono, (@EmikoTerazono) Tom Wilson (@thomas_m_wilson) and Michela Tindera (@mtindera07)
Read a transcript of this episode on FT.com
Hosted on Acast. See acast.com/privacy for more information.
Europe’s Big Tech trust buster
The EU’s executive branch is known for leading the way when it comes to regulating crucial industries, like Big Tech. But for now, one country appears to be further ahead in the race to keep competition alive for European entrepreneurs. The FT’s EU correspondent Javier Espinoza explains who is leading the pack and what it means for everyone else.
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For further reading:
How Germany became Europe’s leading Big Tech trust buster
Brussels re-energised for Big Tech battles
EU braced for legal challenges to rules designed to tackle Big Tech
Fight breaks out between Ireland and Germany over Big Tech regulation
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On Twitter, follow Javier Espinoza (@JavierespFT) and Michela Tindera (@mtindera07)
Read a transcript of this episode on FT.com
Hosted on Acast. See acast.com/privacy for more information.
The US dollar loses its crown
The dollar dominated last year as the US Federal Reserve raised interest rates quicker than other countries to tame inflation. But the so-called “king dollar” has shifted recently. FT Capital Markets Correspondent Kate Duguid dives into how the greenback has been toppled from its throne and what that means for the rest of the world.
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For further reading:
US dollar hits reverse gear as Fed cedes rate-rise ‘driver’s seat’
Dollar touches 7-month low as Fed rate rise expectations slide
The downturn in the dollar is not just about rates
Emerging market governments raise $40bn in January borrowing binge
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On Twitter, follow Kate Duguid (@kateduguid) and Michela Tindera (@mtindera07)
Read a transcript of this episode on FT.com
Hosted on Acast. See acast.com/privacy for more information.
What’s behind the job cuts in Big Tech?
Several Big Tech companies have recently announced job cuts - and they pinned their decisions on a pandemic-induced hiring spree. But is that actually what’s driving the cuts? We sat down with the FT’s US financial commentator Robert Armstrong to get the full picture.
Clips from Reuters, MSNBC, Yahoo Finance
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BTM listeners, we want to know what you think of the show and what you want to hear more of. Visit ft.com/btmsurvey to submit your feedback.
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For further reading:
Bye-bye massages and free food: Big Tech cuts back perks
The shock of mass lay-offs is only the beginning for companies
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On Twitter, follow Robert Armstrong (@rbrtmstrng) and Michela Tindera (@mtindera07)
Read a transcript of this episode on FT.com
Hosted on Acast. See acast.com/privacy for more information.
China's reset
Last year, we talked about China needing to find a mechanism to fix its economy. It looks like it may have found it - by abruptly ending its zero-Covid policies. The FT’s Shanghai correspondent Tom Hale and Global China Editor James Kynge break down what President Xi Jinping’s main goals are and whether it’s enough to jumpstart the country’s economy.
Clips from CNN, BBC
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BTM listeners, we want to know what you think of the show and what you want to hear more of. Visit ft.com/btmsurvey to submit your feedback.
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For further reading:
Xi Jinping’s plan to reset China’s economy and win back friends
China’s economy begins to reopen after 3 years of Covid isolation
China’s Covid generation: the surging inequality behind Xi’s U-turn
I spent 10 days in a secret Chinese Covid detention centre
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On Twitter, follow Tom Hale (@TomHale_), James Kynge (@JKynge) and Michela Tindera (@mtindera07)
Read a transcript of this episode on FT.com
Hosted on Acast. See acast.com/privacy for more information.
A turning point for Tesla?
Electric vehicle giant Tesla took the automotive industry by storm with its innovative technology, but the company’s stock price has slid significantly since last year. And its chief executive Elon Musk has some Tesla fans rethinking their support given Musk’s moves as the new owner of Twitter. But the FT’s Richard Waters says that Tesla faces a challenge much bigger than Musk’s latest tweets.
Clips from CBS, ABC News, NBC, CNBC
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BTM listeners, we want to know what you think of the show and what you want to see more of. Visit ft.com/btmsurvey to submit your feedback.
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For further reading:
Trouble at Tesla: the end of a golden age of growth?
Tesla cuts electric car prices across Europe and US to bolster demand
OK, 2022 was a disaster for Tesla. What next?
Musk/multitasking: the cost of being thinly stretched
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On Twitter, follow Richard Waters (@RichardWaters) and Michela Tindera (@mtindera07)
Read a transcript of this episode on FT.com
Hosted on Acast. See acast.com/privacy for more information.
Indonesia’s secret to economic success
The global economy has been hit hard in the past few years by the Covid-19 pandemic, high inflation and Russia’s war in Ukraine. However, there’s one emerging economy that’s managed to succeed in spite of that - Indonesia. So, what’s its secret? We sat down with the FT’s Mercedes Ruehl to understand how the country got to where it is now, and whether that success will be permanent.
Clips from Associated Press
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For further reading:
Indonesia’s unexpected success story
Indonesia’s president steps on to world stage as G20 host
Bauxite: holding resources hostage will impede Indonesia’s growth
Indonesia’s growth outlook dims as Jokowi begins final term
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On Twitter, follow Mercedes Ruehl (@mjruehl) and Michela Tindera (@mtindera07)
Read a transcript of this episode on FT.com
Hosted on Acast. See acast.com/privacy for more information.
What we can learn from 300-year-old bubbles
Welcome back to a new year with Behind the Money! We’re starting off by paying a visit to the New York Public Library to take a peek into the past. Some 300 years ago parts of Europe were in the middle of a financial revolution that quickly turned into a financial frenzy and then — a fallout. With help from the FT’s US markets editor Jennifer Hughes, we’ll learn more about the Mississippi and South Sea Company Bubbles, and what they tell us about today.
Clips from: NBC, CNBC, CBS News
Music: Georg Philipp Telemann’s Overture-Suite in B-flat Major performed by Tempesta di Mare / The Philadelphia Baroque Orchestra
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Learn how to visit the New York Public Library’s exhibit, Fortune and Folly in 1720.
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Further reading:
Business trends, risks and people to watch in 2023
FT writers’ predictions for the world in 2023
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On Twitter, follow Jennifer Hughes (@JennHughes13) and Michela Tindera (@mtindera07)
Read a transcript of this episode on FT.com
Hosted on Acast. See acast.com/privacy for more information.
Martin Wolf on the economy in 2023
It’s our last episode of the year, so that means we’re looking ahead to 2023 with the help of the FT’s chief economics commentator Martin Wolf. He sat down with Michela to discuss some of 2022’s biggest stories — inflation, the war in Ukraine, climate change — and how they might impact events in the new year.
Clips from NBC News, AP, Sky News, Channel 4 News, Al Jazeera, CNN, TRT World, Yahoo!
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For further reading:
How to think about policy in a polycrisis
Delay only makes climate action more urgent
Xi Jinping’s third term is a tragic error
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On Twitter, follow Martin Wolf (@martinwolf_) and Michela Tindera (@mtindera07)
Read a transcript of this episode on FT.com
Hosted on Acast. See acast.com/privacy for more information.
Credit Suisse's last chance
At one time, Credit Suisse was considered to be among the most respected banks in Europe. The FT’s European banking correspondent Owen Walker explains how the Swiss bank is trying to make a comeback after years of scandal and losses — and what might happen if it fails.
Clips from CNBC, DW News, Reuters
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For further reading:
Credit Suisse chair says outflows have reversed since ‘social media storm’
‘Radical surgery’: Will Credit Suisse’s gamble pay off?
Credit Suisse turns to ‘Uli the knife’ to cut bank loose from scandal
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On Twitter, follow Owen Walker (@OwenWalker0) and Michela Tindera (@mtindera07)
Read a transcript of this episode on FT.com
Hosted on Acast. See acast.com/privacy for more information.
Best Of: Why VC funding is drying up
This week, we revisit one of our favourite episodes. After years of mega-deals and mega-money gushing into start-ups, venture capital fundraising hit a record-high last year. Now, the FT’s Richard Waters says the fundraising bonanza is over and helps us explore what that means for the future of start-ups.
Clips from Looney Tunes: ⓒ Warner Bros.
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For further reading:
Venture capital’s silent crash: when the tech boom met reality
Klarna’s valuation crashes to under $7bn in tough funding round
Venture capital’s delayed rendezvous with reality
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On Twitter, follow Richard Waters (@RichardWaters) and Michela Tindera (@mtindera07)
Read a transcript of this episode on FT.com
Hosted on Acast. See acast.com/privacy for more information.
Qatar’s $200bn bet on the World Cup
Qatar is in the spotlight as the host of this year’s World Cup — and the small, oil-rich nation has had to confront a lengthy human rights record with the world watching. The FT’s Gulf correspondent Simeon Kerr breaks down Qatar’s larger goals due to hosting the tournament, and what changes it has — and hasn’t — made to see those through.
Clips from BBC, AP, PBS NewsHour, France24, The Guardian
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For further reading:
The ethical case for watching this possibly unethical World Cup
Qatar counts down to World Cup kick-off after $200bn soft power bet
How the unlikeliest World Cup ever came to be
Qatar 2022: the weirdest World Cup in history
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On Twitter, follow Simeon Kerr (@simeonkerr) and Michela Tindera (@mtindera07)
Read a transcript of this episode on FT.com
Hosted on Acast. See acast.com/privacy for more information.
What FTX’s collapse means for crypto
The crypto exchange FTX was supposed to be among the “credible” players operating in digital finance. But its swift descent into bankruptcy shocked the financial industry. The FT’s asset management correspondent Josh Oliver explains what went wrong, and markets editor Katie Martin tells us what it says about the future of crypto.
Clips from CBS, ABC
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For further reading:
How Sam Bankman-Fried seduced blue-chip investors
DD goes forensic on FTX: A deep dive into the crypto collapse that has stunned finance
FTX held less than $1bn in liquid assets against $9bn in liabilities
Hedge fund admits half its capital stuck on FTX exchange
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On Twitter, follow Josh Oliver (@joshckoliver), Katie Martin (@katie_martin_fx) and Michela Tindera (@mtindera07)
Read a transcript of this episode on FT.com
Hosted on Acast. See acast.com/privacy for more information.
Introducing Tech Tonic, Season 5: Climate tech to save the planet
Tech Tonic is back with a new season about climate tech.
As more people fly, aviation is on track to becoming a much bigger problem for climate change. Host Pilita Clark, FT columnist and climate journalist, looks at the potential for a more sustainable aviation industry, a sector that’s struggled to come up with new technology to cut its emissions. Could we end up being forced to cut back on flying altogether? Producer Josh Gabert-Doyon travels to Farnborough Airshow, and we hear from Zero Petroleum’s Paddy Lowe, Boom Supersonic’s Blake Scholl, and executives from Boeing, Airbus, ADS, United and EasyJet.
Follow Tech Tonic to hear the full season here.
Hosted on Acast. See acast.com/privacy for more information.
How Russia loots grain from Ukraine
Russia’s invasion of Ukraine earlier this year triggered a global food crisis. Recently, FT correspondents Polina Ivanova, Chris Cook and Laura Pitel found out how Russia aims to profit from this. Ivanova explains how they used satellite photos, transponder data and a document trail to track a Russian company’s shipment of 2,675 metric tonnes of milling wheat out of the occupied Ukrainian port of Berdyansk, across the Black Sea and over to a port in Turkey.
Clips from CNN, PBS
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For further reading:
How Russia secretly takes grain from occupied Ukraine
Russian exit from Ukraine grain deal ‘catastrophic’ for poor nations
Ships going dark: Russia’s grain smuggling in the Black Sea
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On Twitter, follow Polina Ivanova (@polinaivanovva) and Michela Tindera (@mtindera07)
Read a transcript of this episode on FT.com
Hosted on Acast. See acast.com/privacy for more information.
JPMorgan’s internal feud over wealthy clients
There’s some internal turmoil at JPMorgan Chase over who should manage the bank’s wealthiest clients. At the centre of the infighting is a top financial adviser who’s managed the accounts of some big names, including retired baseball player-turned-entrepreneur Alex Rodriguez. The FT’s US banking editor Joshua Franklin walks us through what led to this years-long legal battle at one of the world’s biggest banks.
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For further reading:
Glitz and Gladwell: the infighting over prized JPMorgan wealth clients
Baseball star Alex Rodriguez at centre of JPMorgan client poaching row
Asset Management: Growth investors adapt to new paradigm
Take our FT Podcast Listener Survey here.
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On Twitter, follow Joshua Franklin (@FTJFranklin) and Michela Tindera (@mtindera07)
Read a transcript of this episode on FT.com
Hosted on Acast. See acast.com/privacy for more information.
How Republicans weaponised climate investing
US Republicans are picking a fight with some major financial institutions over ESG, or environmental, social and governance investing. That means considering things such as climate risks, labour issues and board diversity when choosing investment funds. The FT’s corporate governance reporter Patrick Temple-West explains why Republicans are upset and what this backlash might mean for the future of ESG.
Clips from Fox News, CNBC
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For further reading:
US Republicans pull $1bn from BlackRock over ESG investing concerns
BlackRock: ESG tightrope is hard to navigate
Making funding flows fair: Must ESG be bad news for emerging markets?
Greenwashing faces fresh curbs in UK regulator’s crackdown
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On Twitter, follow Patrick Temple-West (@Temple_West) and Michela Tindera (@mtindera07)
Read a transcript of this episode on FT.com
Hosted on Acast. See acast.com/privacy for more information.
Did China miss its chance to fix its economy?
The spotlight is on China as the Communist party’s 20th National Congress takes place this week. At a critical moment when President Xi Jinping prepares to stay on for an unprecedented third term as leader, there’s an important problem: China’s economy is slowing down. The FT’s China correspondent Edward White explains why this has happened and whether or not it's too late for Xi to make the changes necessary to put the country on a path to strong growth again.
Clip from the South China Morning Post
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For further reading:
Xi Jinping’s last chance to revive the Chinese economy
China’s property crash: ‘a slow-motion financial crisis’
China growth to fall behind rest of Asia for first time since 1990
China delays key GDP data in middle of Communist party congress
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On Twitter, follow Edward White (@edwardwhitenz) and Michela Tindera (@mtindera07)
Read a transcript of this episode on FT.com
Hosted on Acast. See acast.com/privacy for more information.
An electric truck start-up founder goes to trial
Trevor Milton and his electric vehicle start-up Nikola became Spac darlings in 2020 with his plan to transform the trucking industry. Then it all came crashing down. The FT’s Claire Bushey explains the boom and bust of entrepreneur Trevor Milton’s career and what we can learn from his story.
Clips from Nikola
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For further reading:
Nikola founder Trevor Milton accused of misleading investors at fraud trial
Nikola: the clues in Trevor Milton’s past that investors missed or ignored
US justice department inquires into Nikola fraud claims
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On Twitter, follow Claire Bushey (@Claire_Bushey) and Michela Tindera (@mtindera07)
Read a transcript of this episode on FT.com
Hosted on Acast. See acast.com/privacy for more information.
How Wall Street became infatuated with the music industry
Years of low interest rates sent investors hunting for creative ways to generate returns. One unlikely place they found was inside the song catalogues of some of the top musicians and songwriters of the last few decades. But now, as interest rates rise and the possibility of a global recession looms, the FT’s Anna Nicolaou and Kaye Wiggins explain how one of the hottest recent trends on Wall Street could soon have to face the music.
Clip from Chevrolet
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For further reading:
How Wall Street stormed the music business
Blackstone-backed song rights machine suffers growing pains
Another brick in the Wall Street as Blackstone seeks Pink Floyd catalogue
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On Twitter, follow Anna Nicolaou (@annaknicolaou), Kaye Wiggins (@kayewiggins) and Michela Tindera (@mtindera07)
Read a transcript of this episode on FT.com
Hosted on Acast. See acast.com/privacy for more information.
Who will pay for the next Covid vaccines?
As the rollout of bivalent boosters for Covid-19 continues, experts are concerned that the US isn’t doing enough to support the development of the next wave of vaccines and treatments that the world needs. In this week’s episode, we hear from White House Covid coordinator Ashish Jha, professor of molecular medicine and cardiologist Eric Topol and the FT’s US pharmaceuticals correspondent Jamie Smyth on what the future of Covid vaccines could and should look like.
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For further reading:
Investors ditch vaccine stocks after Joe Biden says ‘pandemic is over’
Joe Biden’s Covid-19 tsar warns millions risk losing access to treatment
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On Twitter, follow Jamie Smyth (@JamieSmythF) and Michela Tindera (@mtindera07)
Read a transcript of this episode on FT.com
Hosted on Acast. See acast.com/privacy for more information.
The next hurdle for unions in the US
Over the last year, Starbucks baristas across the US banded together to form unions at the stores where they work. And workers at other big name companies like Amazon have joined in to organise their own workplaces, too. But the FT’s labour and equality correspondent Taylor Nicole Rogers explains how these and other new unions around the US are running up against a classic problem in labour. Can they convince their employers to come to the bargaining table to hash out a contract?
Clips from NBC, CBS
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For further reading:
US trade unions: Inside the revival brewing at Starbucks
Joe Biden secures deal to avert US rail strike
Howard Schultz vows Starbucks rebound after coffee chain ‘lost its way’
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On Twitter, follow Taylor Nicole Rogers (@TaylorNRogers) and Michela Tindera (@mtindera07)
Read a transcript of this episode on FT.com
Hosted on Acast. See acast.com/privacy for more information.
Inside the fight to stop an oil pipeline in Africa
Construction of a massive oil pipeline in east Africa is underway. For the governments of the countries it will run through, it promises new economic opportunities. But for many others, it could spell trouble. Like the fight over North America’s Keystone Pipeline, this one has become an important battleground for environmental groups around the world. The FT’s Leslie Hook explains the approach activists are taking to fight it.
Clips from UBC Television Uganda
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For further reading:
The oil giants drilling among the giraffes in Uganda
Marsh revealed in oil pipeline project shunned by leading banks and insurers
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On Twitter, follow Leslie Hook (@lesliehook) and Michela Tindera (@mtindera07)
Read a transcript of this episode on FT.com
Hosted on Acast. See acast.com/privacy for more information.
Introducing Tech Tonic, Season 4: A sceptic’s guide to crypto
Tech Tonic is back with a new season all about crypto!
We wanted to share with you the second episode of the latest season of Tech Tonic. FT columnist and host Jemima Kelly tries to understand why an influential Silicon Valley investment firm thinks that Web3 is a good bet. Will blockchain technology really be the foundation of a new internet era? Is Web3’s promise to decentralise the internet going to pose a challenge to companies such as Facebook and Twitter? The FT’s innovation editor John Thornhill interviews Chris Dixon, head of Andreessen Horowitz’s crypto fund, and Jemima talks to Molly White, author of the Web3 Is Going Just Great blog.
Follow Tech Tonic to hear the full season here.
Hosted on Acast. See acast.com/privacy for more information.
Blockchain seeks a role in fighting climate change
Buying carbon credits is a way for companies to show they’re serious about fighting climate change. But keeping track of these credits is tricky. Now, advocates of the blockchain - the technology that underpins cryptocurrency - say that its digital ledger could be a possible solution to bring transparency to the market. On today’s episode, the FT’s Camilla Hodgson explores whether this technology could help fight climate change or whether some supporters are just in it for their own benefit.
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For further reading:
Crypto and climate change: can web3 help get us to net zero?
Read a transcript of this episode on FT.com
Hosted on Acast. See acast.com/privacy for more information.
Is Goldman Sachs too big to change?
Early in his tenure the new Goldman Sachs CEO David Solomon presented a grand new vision for what the massive bank should become. How has it panned out since? And is there still time for Solomon to make the changes it needs? The FT’s US banking editor Joshua Franklin examines what Solomon has and hasn’t achieved in his four years at the helm.
Clips from CBS
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For further reading:
In era of quick-fire bosses, Wall Street embraces the ‘forever CEO’
The reinvention of Goldman Sachs: what has David Solomon achieved?
Goldman raises profitability target in effort to bridge valuation gap
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On Twitter, follow Joshua Franklin (@FTJFranklin) and Michela Tindera (@mtindera07)
Read a transcript of this episode on FT.com
Hosted on Acast. See acast.com/privacy for more information.
Afghanistan one year later
The FT’s south Asia correspondent Ben Parkin explains how Afghanistan’s economy has changed in the year since US forces left the country and the Taliban retook control of the government.
Clips from CBS, BBC
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For further reading:
The Taliban’s black gold: militants seize on coal to reboot economy
Life under the Taliban: ‘what matters is that we’re hungry’
The Taliban’s new order: ‘We’ll introduce a system for the world’
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On Twitter, follow Benjamin Parkin (@b_parkyn) and Michela Tindera (@mtindera07)
Read a transcript of this episode on FT.com
Hosted on Acast. See acast.com/privacy for more information.
Why central banks are baffling investors
The Federal Reserve has spent more than a decade buying up government debt as part of a post-2008 program to support the economy, also known as quantitative easing. Now with inflation reaching record highs, those days are over, and a new era of quantitative tightening is emerging. On this week’s episode, the FT’s markets editor Katie Martin explains how markets expect to grapple with the change.
Clips from ABC, CNBC, CBS
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For further reading:
The mystery of how quantitative tightening will affect markets
Did central bank balance sheets really need to get so big?
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On Twitter, follow Katie Martin (@katie_martin_fx) and Michela Tindera (@mtindera07)
Read a transcript of this episode on FT.com
Hosted on Acast. See acast.com/privacy for more information.
Why VC funding is drying up
Venture capital fundraising hit a record-high last year. There were more deals, and more money poured into startups last year than at any other time in history. Now, the FT’s Richard Waters says the fundraising bonanza is over. On this week’s episode, we explore what that means for the future of startups.
Clips from Looney Tunes: ⓒ Warner Bros.
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For further reading:
Venture capital’s silent crash: when the tech boom met reality
Klarna’s valuation crashes to under $7bn in tough funding round
Venture capital’s delayed rendezvous with reality
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On Twitter, follow Richard Waters (@RichardWaters) and Michela Tindera (@mtindera07)
Read a transcript of this episode on FT.com
Hosted on Acast. See acast.com/privacy for more information.
The rise of the ‘F@$K It’ investor
Since the 2008 financial crisis, it’s become more and more difficult for Americans to chart a path toward financial security. Things like buying a house and paying off student loans have become more challenging for young people to do. And that’s given rise to a new generation of investors the FT’s Madison Darbyshire calls “generation moonshot.”
Clips courtesy of NBC News, CNBC, ABC News, CBS
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For further reading:
Generation moonshot: why young investors are not ready to give up on risk
How retail investors can navigate the rough terrain of US equities
A year on, we haven’t absorbed the lessons of the GameStop saga
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On Twitter, follow Madison Darbyshire (@MADarbyshire) and Michela Tindera (@mtindera07)
Read a transcript of this episode on FT.com
Hosted on Acast. See acast.com/privacy for more information.
Is Sri Lanka’s economic crisis a canary in the coal mine?
Sri Lanka is facing dire fuel and food shortages amid ongoing economic and political crises. In this week’s episode, the FT’s Antoni Slodkowski shares what he’s seen after a week of reporting in Sri Lanka. And then, emerging markets correspondent Jonathan Wheatley explains how the crises in Sri Lanka may impact the rest of the world.
Clips courtesy of Voice of America
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For further reading:
No food, no fuel and no jobs: the economic catastrophe engulfing Sri Lanka
What Sri Lanka reveals about the risks in emerging markets
China reckons with its first overseas debt crisis
Debt sell-off intensifies strains for more than a dozen emerging markets
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On Twitter, follow Jonathan Wheatley (@Jonthn_Wheatley), Antoni Slodkowski (@slodek) and Michela Tindera (@mtindera07)
Read a transcript of this episode on FT.com
Hosted on Acast. See acast.com/privacy for more information.
Are big corporate profits to blame for inflation?
Greedflation. Price gouging. Pandemic profiteering. What happens when turning a profit is considered a bad thing? In this week’s episode, the FT’s US business editor Andrew Edgecliffe-Johnson explains how a new message around corporate profits is resonating with the American public and causing headaches for executives.
Clip courtesy of Bloomberg
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For further reading:
US companies face rising battle to fend off vilification over ‘excess’ profits
Joe Biden blasts Chevron chief as ‘sensitive’ after fuel-price criticism
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On Twitter, follow Andrew Edgecliffe-Johnson (@Edgecliffe) and Michela Tindera (@mtindera07)
Read a transcript of this episode on FT.com
Hosted on Acast. See acast.com/privacy for more information.
Why companies could soon pay for climate change
A few years ago a Peruvian farmer filed a lawsuit against a German utility company thousands of miles away. The reason? A glacier is melting near his hometown. If it melts enough, it could cause a flood that may catastrophically damage his city. He says that over years the company's pollution has contributed to climate change, and because of this, it should help pay for protections against the potential flood.
In this week’s episode, we’ll tell the story of a David vs. Goliath battle. How one man is taking on one of the world’s biggest polluters in a landmark case that could one day force companies to pay for damage they’ve done to the environment.
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For further reading:
Who pays for climate change? The Peruvian suing a German utility
The Climate Game: Can you reach net zero by 2050?
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On Twitter, follow Camilla Hodgson (@CamillaHodgson)
Read a transcript of this episode on FT.com
Hosted on Acast. See acast.com/privacy for more information.
How Spacs went splat
Spacs, or special purpose acquisition companies, were all the rage at the start of the pandemic. These shell companies raise cash by listing on the stock market, and then seek a merger with a private company. This created a novel way for companies to list on the stock market without having to go through the traditional initial public offering process.
Now, Spacs are floundering. The FT’s Ortenca Aliaj talks with guest host Jess Smith about how the Spac investment boom collided with rising interest rates and regulatory threats, and ultimately went bust.
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For further reading:
Spac boom dies as wary investors retreat
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On Twitter, follow Ortenca Aliaj (@OrtencaAl)
Read a transcript of this episode on FT.com
Hosted on Acast. See acast.com/privacy for more information.
How tea plantations are testing private equity
Late last year Unilever reached a $5 billion deal to sell part of its tea business, including brands like Lipton and PG Tips, to private equity giant CVC Capital. But the tea sector is a complicated one. With roots in colonialism, tea plantations around the world have faced many issues, including accusations of human rights abuses.
In this week’s episode, we’re hearing from one worker whose life was forever changed by violence on her plantation, and exploring how this deal represents a new challenge for PE as investors are increasing their scrutiny into the private equity industry’s ethics.
Clips courtesy of Unilever, Al Jazeera, AP
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For further reading:
How Unilever’s tea business became a test of private equity’s conscience
Bidders for Unilever’s tea business pulled out on plantation concerns
CVC pushes back IPO plans amid market turmoil
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Sign up here to get the Moral Money premium newsletter sent straight to your inbox every Monday, Wednesday and Friday.
On Twitter, follow Judith Evans (@JudithREvans), Kaye Wiggins (@kayewiggins) and Michela Tindera (@mtindera07)
Read a transcript of this episode on FT.com
Hosted on Acast. See acast.com/privacy for more information.
Introducing: Hot Money
When Financial Times reporter Patricia Nilsson started digging into the porn industry, she made a shocking discovery: nobody knew who controlled the biggest porn company in the world. Now, Nilsson and her editor, Alex Barker, reveal who is behind it and much more. This eight-part investigative podcast, published weekly, reveals the secret history of the adult business and the billionaires and financial institutions who shape it.
Subscribe and listen on: Apple Podcasts, Spotify, Pocket Casts, Stitcher or wherever you listen to podcasts.
Hosted on Acast. See acast.com/privacy for more information.
The Fed’s big swing at inflation
The Federal Reserve announced its largest interest rate increase since 1994. And it's the equivalent of the US central bank taking a baseball bat to the economy, according to the FT’s US financial commentator Robert Armstrong.
In this week’s episode, Armstrong is helping us to make sense of the Fed’s announcement. He’ll explain what the recent hike means for the economy and for investors, and tell us whether or not we should be freaking out.
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For further reading:
How fast is the US economy slowing?
Time for strong medicine: How central banks got tough on inflation
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Sign up here to get the Unhedged newsletter sent straight to your inbox every weekday.
On Twitter, follow Robert Armstrong (@rbrtrmstrng)
Read a transcript of this episode on FT.com
Hosted on Acast. See acast.com/privacy for more information.
Inside Johnson & Johnson’s bankruptcy two-step
Johnson & Johnson, one of the world’s largest healthcare companies, is facing thousands of lawsuits from people alleging they got cancer from using one of their oldest products: talc-based baby powder.
To manage the growing liability, J&J recently deployed a controversial new bankruptcy manoeuvre known as the Texas Two-Step.
In this week’s episode, we explore whether J&J’s use of this manoeuvre is setting a new precedent for corporations to evade accountability in America.
Update: A new version of this episode was uploaded on June 21, 2022 to update the number and outcome of trials 3M has faced related to one of its products.
Clip courtesy of NBC News
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For further reading:
Johnson & Johnson’s ‘Texas-two-step’ sparks outcry over US bankruptcy regime
Architects of ‘Texas two-step’ lambast J&J for its use of the manoeuvre
‘Texas two-step’ outcry risks ending fee bonanza for law firm Jones Day
J&J’s Texas two-step waltzes over its liabilities
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On Twitter, follow Jamie Smyth (@JamieSmythF) and Michela Tindera (@mtindera07)
Read a transcript of this episode on FT.com
Hosted on Acast. See acast.com/privacy for more information.
Blowing the whistle on ESG
Last week authorities raided the offices of Germany’s top asset manager DWS Group and its majority owner Deutsche Bank. The raid was spurred by allegations of greenwashing. That is, that DWS had made misleading claims about how sustainable or “green” some of its financial products were. DWS says it denies those allegations and has cooperated with regulators and authorities, but this move has prompted a larger reckoning throughout the financial industry.
At the centre of much of this is former DWS sustainability officer Desiree Fixler. In this week’s episode we hear from the whistleblower herself, and explore her allegations about her time at DWS. The FT’s Patrick Temple-West also explains what this moment means for the future of environmental, social and governance or ESG investing.
For further reading:
German police raid DWS and Deutsche Bank over greenwashing allegations
DWS chief resigns after police raid over greenwashing claims
Deutsche banker takes over asset manager in the eye of an ESG storm
On Twitter, follow Patrick Temple-West (@Temple_West)
Read a transcript of this episode on FT.com
Hosted on Acast. See acast.com/privacy for more information.
Tether’s path to the spotlight
We’re diving back into the world of stablecoins for part 2 of 2 in our miniseries on crypto. This time, it’s a story filled with troubled companies and a real life fire that sends a business up in smoke. With the help of FT reporters Kadhim Shubber and Siddharth Venkataramakrishnan, we dig into the professional histories of two executives who sit atop two of crypto’s most important businesses: stablecoin issuer Tether and exchange Bitfinex.
Clips courtesy CSPAN
For further reading:
Tether’s CEO: from IT sales to calling the shots in crypto land
Tether: the former plastic surgeon behind the crypto reserve currency
On Twitter, follow FT reporters Kadhim Shubber (@Kadhim), Siddharth Venkataramakrishnan (@SVR13) and Ethan Wu (@EthanYWu)
Read a transcript of this episode on FT.com
Hosted on Acast. See acast.com/privacy for more information.
A crypto vibe shift?
Behind the Money is back! Our first episode is part 1 of 2 in a miniseries on crypto. First up, we're wondering: is a crypto vibe shift underway? Bitcoin’s price has been dropping for weeks and earlier this month, a popular stablecoin collapsed. FT reporter Ethan Wu explains how the effects of that rippled into other areas of the crypto universe. Michela and Ethan will talk about what stablecoins are and why they matter — even for people who aren’t crypto investors.
For further reading:
Investors pull $7bn from Tether as stablecoin jitters intensify
Follow Ethan Wu on Twitter @EthanYWu
Read a transcript of this episode on FT.com
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We're back!
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Introducing Tech Tonic: The US/China Tech Race
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5 - Inside ESG: A sceptic vs a believer, our experts face off
The amount of money flowing into investment funds that claim to invest in sustainable businesses has surged in recent years. More companies than ever have embraced policies with environmental, social and corporate governance criteria as their central plank. But there's a debate over what ESG investing can achieve, particularly when it comes to cutting carbon emissions and addressing climate change.
In the final episode of our five-part series on ESG investing, we hear from two leading FT voices on opposite sides of the argument. Cheering the rise of ESG is Gillian Tett, the FT’s US editor-at-large and co-founder of Moral Money, the FT team that covers sustainable business and finance; and casting a sceptical eye is the FT’s US financial commentator Robert Armstrong, who also writes Unhedged, the FT newsletter on Wall Street.
The ESG investing industry is dangerous
A carbon price should be top of the wish list at the climate talks
The need to elevate developing countries at COP26
Check out stories and up-to-the-minute news from the Moral Money team here.
Get 30 days of the premium Moral Money newsletter free, together with complimentary access to FT.com for the same period, visit www.ft.com/insideesg
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Introducing Working It: Can wellness apps fix us and beat staff burnout?
This is the podcast about doing work differently. Join host Isabel Berwick every Wednesday for expert analysis and watercooler chat about ahead-of-the-curve workplace trends, the big ideas shaping work today — and the old habits we need to leave behind.
Subscribe on Apple https://podcasts.apple.com/gb/podcast/working-it/id1591925469 - On Spotify https://open.spotify.com/show/5vNDHxEOc1pI1acJS7He5e Or wherever you get your podcasts.
The wellness industry is a trillion-dollar business, and the pandemic has turbo-charged it. One of the biggest trends has been the rise in employers buying their staff access to meditation and fitness apps. But does this ‘quick fix’ approach work? And are there better ways to boost wellbeing ?
Isabel talks to Lorna Borenstein, chief executive of Grokker, a corporate wellness app about the reasons why she set up the platform and how clients and her own staff use it. It’s all part of a culture of taking care of employees - a topic Lorna has explored more deeply in her book It’s Personal, offering advice to other managers on how to help staff feel better [tl;dr: talk less, listen more].We also speak to FT colleague Emma Jacobs, about the corporate care culture. She is a little more skeptical.
We would love to hear from you - email us at workingit@ft.com. You can also follow @isabelberwick on Twitter and Instagram or reach out via email: isabel.berwick@ft.com. Thanks.
Mentioned in the podcast and other interesting reading:
- Emma Jacobs’ prophetic pre-pandemic guide to workplace wellness by app: https://www.ft.com/content/d1d58aae-437c-11ea-abea-0c7a29cd66fe
- FT series, Burnout: https://www.ft.com/burnout
- Deloitte report [2020] on employee mental health showing £5 benefit for every £1 spent: https://www2.deloitte.com/uk/en/pages/consulting/articles/mental-health-and-employers-refreshing-the-case-for-investment.html
- Video, Emma Jacobs on how to detox from your smartphone: https://www-ft-com.newman.richmond.edu/video/b4115321-b915-3a42-9814-ad0be4c0e7f5?playlist-name=section-0b83bc44-4a55-4958-882e-73ba6b2b0aa6&playlist-offset=206
Presented by Isabel Berwick. Editorial direction from Renée Kaplan. Assistant producer is Persis Love. Sound design is by Breen Turner, with original music from Metaphor Music. Produced by Novel.
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4 - Inside ESG: Sustainable finance and the threat to divest
If you want your investments to match your principles should a threat to divest be part of your long-term strategy?
In the fourth episode of our special five-part series on sustainable or ESG investing, produced in partnership with the FT’s Moral Money team, the story of the California State Teachers' Retirement System, or Calstrs, and why its decision to divest from the US private prisons industry prompted tears and passionate discussion on the board.
Joe Rennison, deputy US markets editor, assesses the long-term impact that divestment can have on companies, while Moral Money’s Patrick Temple-West, Attracta Mooney, the FT’s investment correspondent, and Lindsay Frost, a senior reporter at Agenda, an FT publication about the corporate board space, explain why divestment presents a conundrum for investors and whether passive investment funds are really compatible with ESG investing.
JPMorgan funds invested in CoreCivic debt after vow to stop financing private prisons
Bond funds wrestle with human rights dilemma
Divestment Concerns Creep In for More Industries
Check out stories and up-to-the-minute news from the Moral Money team here.
Get 30 days of the premium Moral Money newsletter free, together with complimentary access to FT.com for the same period, visit www.ft.com/insideesg
Review clips: Calstrs, NBC, Global News, PBS, AP, CBC News, The Guardian, CSPAN
Hosted on Acast. See acast.com/privacy for more information.
4 - Inside ESG: Sustainable finance and the threat to divest
If you want your investments to match your principles should a threat to divest be part of your long-term strategy?
In the fourth episode of our special five-part series on sustainable or ESG investing, produced in partnership with the FT’s Moral Money team, the story of the California State Teachers' Retirement System, or Calstrs, and why its decision to divest from the US private prisons industry prompted tears and passionate discussion on the board.
Joe Rennison, deputy US markets editor, assesses the long-term impact that divestment can have on companies, while Moral Money’s Patrick Temple-West, Attracta Mooney, the FT’s investment correspondent, and Lindsay Frost, a senior reporter at Agenda, an FT publication about the corporate board space, explain why divestment presents a conundrum for investors and whether passive investment funds are really compatible with ESG investing.
JPMorgan funds invested in CoreCivic debt after vow to stop financing private prisons
Bond funds wrestle with human rights dilemma
Divestment Concerns Creep In for More Industries
Check out stories and up-to-the-minute news from the Moral Money team here.
Get 30 days of the premium Moral Money newsletter free, together with complimentary access to FT.com for the same period, visit www.ft.com/insideesg
Review clips: Calstrs, NBC, Global News, PBS, AP, CBC News, The Guardian, CSPAN
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3 - Inside ESG: The tiny fund that took on a US giant and won
The story of how a tiny, unknown hedge fund took on a giant of corporate America over climate change - and won. Charlie Penner of Engine No 1 talks about the very public proxy campaign he launched against Exxon Mobil, forcing the oil major to prepare for a future free of fossil fuels.
In the third episode of our special five-part series on sustainable or ESG investing, produced in partnership with the FT’s Moral Money team, Derek Brower, US energy editor, and Attracta Mooney, the FT’s investment correspondent, reflect on whether the battle between Engine No 1 and Exxon marks the beginning of a new kind of activist investor.
Engine No 1, the giant-killing hedge fund, has big plans
DWS probes spark fears of greenwashing claims across investment industry
Check out stories and up-to-the-minute news from the Moral Money team here.
Get 30 days of the premium Moral Money newsletter free, together with complimentary access to FT.com for the same period, visit www.ft.com/insideesg
Review clips: The Sun, Channel 4 News, Euronews, PBS Newshour, GMA, CNN, CNBC, ExxonMobil
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2 - Inside ESG: Can businesses really marry profit and purpose?
Milton Friedman, the renowned American economist and spiritual mentor of many entrepreneurs, argued that the social responsibility of business was to increase profits. This has been the gospel since the early 1970s, but companies and investors are beginning to rethink the purpose of business. Has the sun really set on the Miltonian era?
In the second episode of our special five-part series produced in partnership with the Moral Money team, Leila Abboud, the FT’s Paris correspondent, and Gillian Tett, the FT’s US editor-at-large, tell the story of Emmanuel Faber, the former CEO of Danone who embraced environmental, social and governance (ESG) causes - and then was ousted eight years later. Turns out there was more to the story than first meets the eye.
The fall from favour of Danone’s purpose-driven chief
Check out stories and up-to-the-minute news from the Moral Money team here.
Get 30 days of the premium Moral Money newsletter free, together with complimentary access to FT.com for the same period, visit www.ft.com/insideesg
Review clips: CNBC, Danone, British Pathé, IMAGINE, France 24
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1 - Inside ESG: Is the $1.7tn wave of sustainable investing hope or hype?
When Tariq Fancy joined BlackRock as its first chief investment officer for sustainable investing in 2018, he was convinced that with companies around the world, including the world’s biggest asset manager, embracing environmental, social and governance (ESG) causes, the stage was set to reform capitalism. As a former Wall Street banker, he’d been hired by Blackrock after setting up his own digital learning non-profit group in Canada. But just two years after joining Blackrock, he left his job. So what went wrong?
In the first episode of our special five-part series produced in partnership with the FT’s Moral Money team, Gillian Tett, the FT’s US editor-at-large, and Andrew Edgecliffe-Johnson, the FT’s US business editor, explore the idea that the trillions of dollars that have flowed into ESG investments represent a once-in-a generation shift in the business consensus. Can it be true that ESG investing can address some of the world’s most-pressing problems, including climate change and inequality?
Check out stories and up-to-the-minute news from the Moral Money team here.
Get 30 days of the premium Moral Money newsletter free, together with complimentary access to FT.com for the same period, visit www.ft.com/insideesg
Review clips: AP, KPIX CBS, CNBC, CNN, The Telegraph, PayPal
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Trailer: Inside ESG
Behind the Money presents a special 5-part series produced in partnership with the FT’s Moral Money team that goes inside the colossal sums flowing into sustainable investing.
Trillions have flooded into funds that have made environmental, social and governance issues, or ESG, central to their investment strategies. As the world begins slowly to recover from the multiple shocks of the pandemic, we take listeners to the center of a loaded debate: Will a shift to more sustainable investments actually help create a more resilient and equitable future - or is ESG just a powerful marketing ploy?
Check out stories and up-to-the-minute news from the Moral Money team on the whole world of socially responsible business, sustainable finance, and ESG trends here.
Get 30 days of the premium Moral Money newsletter free, together with complimentary access to FT.com for the same period, visit www.ft.com/insideesg
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Introducing Tech Tonic: You Can’t Always Get What you Quant
Introducing the FT Tech Tonic podcast. You can subscribe and listen to the rest of the series here.
From picking the best stocks to listening in on earnings calls, AI-powered systems are changing finance. But how big are the rewards, really? And what are the risks? In this episode Robin Wigglesworth tells us how AI has been used in investing, what happens when programs must adapt to new risks and what the robots could learn from watching children play.
Alice Fordham is senior producer. Josh Gabert Doyon is assistant producer. Oluwakemi Aladesuyi and Liam Nolan are the development producers. Sound design and mixing by Breen Turner. Cheryl Brumley is the executive producer for this series. Original scoring composed by Metaphor Music.
Review clips: Alphabet, Netflix, Amazon, Man Group.
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Financial services after Brexit
The City of London is home to some of the world’s biggest banks and busiest exchanges but the UK is just weeks away from leaving the EU single market and many questions about access to the bloc are still unresolved. Philip Stafford, editor of FT Trading Room, and Stephen Morris, the FT’s banking editor, take a look at the future of financial services after Brexit.
Review clips: BBC News, CNBC, EU 27
Read more on the FT’s coverage of Brexit here:
Brexit trade talks: the three big sticking points explained
Europe’s finance sector hits ‘peak uncertainty’ over Brexit
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Moderna’s race to the vaccine
The Boston-based biotech eschewed a traditional approach to vaccine development, instead pitching its use of mRNA technology to investors. That pitch paid off this year as the company stands to be one of the first to bring a Covid-19 vaccine to market. Hannah Kuchler, the FT’s US pharma and biotech correspondent, reports on Moderna’s race to find an immunisation for the novel coronavirus.
The FT is making key coronavirus coverage free to read for everyone. Go to ft.com/coronavirusfree to read the latest.
Read more here: Moderna’s Covid vaccine offers vindication of its unconventional approach
Review clips: Yahoo Finance, CNBC
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Reckoning with a colonial past
As protests following the killing of George Floyd in the US reverberated around the world this summer, Belgium, like many other countries, experienced its own reckoning: with a brutal colonial past, with the systemic racism that inhibits its black citizens today and with the question of what exactly it owes to the Democratic Republic of Congo, which it exploited for 75 years. The FT's Neil Munshi reports on the company at the heart of Belgium's colonial pursuit, the Union Minière.
Read Neil's FT Magazine story here: https://www.ft.com/content/a17b87ec-207d-4aa7-a839-8e17153bcf51.
Special thanks to Heleen Debeuckelaere, Elli Fernandes, Mohamed Barrie and Jeroen Laporte.
Review clips: Deutsche Welle, CBS News, France 24, NBC News, Reuters, Al Jazeera English, Getty Images, British Pathé.
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The unravelling of the Ant IPO
The IPO of Jack Ma's Ant Group would have been the largest in history: it was expected to raise $37bn at a valuation of $316bn. But just days before the stock market listing, China called it off. The FT's Ryan McMorrow and Hudson Lockett report on what led to Beijing pulling the plug, and what it means for China's private sector. Further reading: 'The party is pushing back': why Beijing reined in Jack Ma and Ant.
Review clips: Reuters, World Economic Forum, CNA, Bloomberg, Yahoo Finance.
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An economic uncoupling
Tensions between Washington and Beijing are beginning to resemble a new cold war. Could the complex supply chains built up over a generation that produce Apple's iPhone and other electronics soon be untangled? In this episode Kathrin Hille, the FT’s greater China correspondent, and Richard Waters, the FT’s west coast editor, tell the story of how technology supply chains in the US and China became intertwined and the forces that are pulling them apart.
Review Clips: CNBC, CSPAN, Washington Post, The Guardian, Reuters, Dallas Morning News, ZDF “Looking for Freedom” WMG (1989)
Read more from Kathrin Hille
The great uncoupling: one supply chain for China, one for everywhere else
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US election programming note
There is no episode of Behind the Money this week. Here is a preview of what we are working on for next week.
Review Clips: C-SPAN, CNBC, Dallas Morning News
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Direct lending rush
The pandemic docked Carnival’s cruise ships and grounded Bombardier’s planes. But when the companies were in need of cash, one went to the bond market and the other to a direct lender. Robert Smith, FT capital market correspondent and Nikou Asgari, FT corporate finance reporter, tell the story of the billion dollar private debt deals shaping who has the capital to weather the crisis.
Review Clips: CNBC, Reuters, ABC News
Read more from Nikou, Rob and the rest of the corporate finance team
Covid-linked debt rush ignites direct lending market
Asset managers in $300bn drive to build private lending funds
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Bank profits in a recession
The market volatility of the past few months has been a boon for the trading divisions of many Wall Street banks, including Morgan Stanley. Laura Noonan, the FT’s US banking editor, explains how success in trading, and a focus on wealth management has positioned Morgan Stanley to make gains during the pandemic - and whether this trend is likely to last.
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Review clips: CNBC, PBS, Federal Reserve
Read more on Laura’s Noonan reporting on Morgan Stanley - https://www.ft.com/content/22d7c870-870d-4423-bd6f-6e384961f997
Find out what the latest polls say about U.S. voter sentiment towards the economy with FT Washington correspondent Lauren Fedor, Peter Spiegel, the FT’s US managing editor and Michael Peterson of the Peter G. Peterson Foundation. The event takes place Monday, October 26 at 12 pm ET. Register here - https://nerpreelectioneconomy.live.ft.com/?segmentId=8f3615ce-4cbc-7122-a54d-8ed636f79675
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LVMH, Tiffany and a case of buyer’s remorse
Bernard Arnault built a €210bn luxury empire through an unflinching acquisition strategy that earned him the “wolf in cashmere” moniker. Tiffany, famous for its robin-egg blue boxes and diamond engagement rings, was meant to be the jewel atop his LVMH luxury group. The takeover would have been the largest-ever in the luxury sector, until the pandemic hit. The FT’s Leila Abboud, Arash Massoudi and James Fontanella-Khan unwind the saga of how the $16.6bn deal has hit rocky ground and how the pandemic and the forthcoming legal battle could change the terms of M&A engagement globally.
Review clips: CNBC, PBS, Viva Technology
Read more from Leila, Arash and James - https://www.ft.com/content/72af09b4-12a4-45ad-86ca-919d38e279e8
Find the FT’s Due Diligence newsletter - https://www.ft.com/due-diligence
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Mafia high finance
While reporting on the coronavirus crisis in northern Italy this year, Rome correspondent Miles Johnson discovered an equally concerning story in the country’s south. Italy’s most powerful organised crime group, the ‘Ndrangheta, had infiltrated local hospitals and packaged millions of plundered euros into global investment funds and portfolios. In the first episode of Behind the Money’s fourth season, Miles follows the money trail in a cautionary tale for the era of ultra-low interest rates.
Read Miles’ full investigation here: https://www.ft.com/content/8850581c-176e-4c5c-8b38-debb26b35c14.
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We're back with a new season
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Wirecard: how to find a €2bn hole
In September 2014, the FT’s Dan McCrum received a tip about a fast-growing German fintech group, Wirecard. Over the next couple of years Dan and his colleagues uncovered the secret behind the payment company’s meteoric growth: many of the customers listed in company documents did not exist. In this episode Dan tells the story of the whistleblowers, shoe-leather reporting, hacking, suspected surveillance and legal threats that led to Wirecard’s downfall.
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Review clips: CNBC, Deutsche Welle
Further reading:
The double life of Wirecard’s Jan Marsalek https://www.ft.com/content/511ecf86-ab40-486c-8f76-b8ebda4cc669
Inside Wirecard
Dan’s 2015 story for Alphaville
https://ftalphaville.ft.com/2015/04/27/2127427/the-house-of-wirecard/
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Rent, real estate and the commercial mortgage market in the age of coronavirus
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A history of police funding
When a Minneapolis police officer killed George Floyd, it was as if a fire was ignited. His death, along with the killings of Breonna Taylor and Ahmaud Arbery have sparked the most widespread protests in the US since 1968. Hundreds of thousands of people have marched under banners such as “Black Lives Matter”, “No Justice, No Peace” and “Say Their Names”. Now, the voices of activists are converging around a call to “defund the police”. In this episode, we hear from Rachel Harmon, a professor of law at the University of Virginia, and Vesla M Weaver, a professor of political science and sociology at Johns Hopkins University, about the role the federal government, and federal funding, have played in transforming policing in the US.
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To get free access to the FT’s Coronavirus Business Update newsletter for 30 days, visit ft.com/behindthemoneycovid or https://www.ft.com/newsletter-signup/coronavirus?segmentId=12f1abd6-6f16-e2df-e4ff-7aaa9346f98e.
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A programming note
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The private equity bet that coronavirus cut short
Last December executives at the Carlyle Group worked into the night to sign what they imagined would be one of the private equity firm’s most enduring deals. In 2020, however, there may be no such thing as a stable business. Carlyle is now trying to walk away from a deal with American Express Global Business Travel before any money has changed hands. Our US private capital correspondent, Mark Vandevelde, reports on the ensuing legal row, and what it could mean for dealmaking during the pandemic.
To get free access to the FT’s Coronavirus Business Update newsletter for 30 days, visit ft.com/behindthemoneycovid or https://www.ft.com/newsletter-signup/coronavirus?segmentId=12f1abd6-6f16-e2df-e4ff-7aaa9346f98e.
A few stories for further reading:
- Inside Carlyle’s ‘long-term’ Amex bet that coronavirus cut short (paywall): https://www.ft.com/content/e710b3dc-3eba-4227-9258-6a678d66f6e1
- Apollo: how a private equity giant is navigating the crisis (paywall): https://www.ft.com/content/6fce9808-84ab-11ea-b555-37a289098206
- Coronavirus: private equity’s bailout moment (paywall): https://www.ft.com/content/f7cc82d7-70b9-40c3-b4a0-815ebc5d99d5
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When coronavirus hit America's meat industry
This was supposed to be a record year for the US meat industry. But when coronavirus hit the meat-packing plants, it exposed a vulnerable link in the supply chain. We take a look at how our meat gets from the farm to the supermarket, and ask what the fall in production could mean for the US-China trade truce. With the FT’s Gregory Meyer.
To get free access to the FT’s Coronavirus Business Update newsletter for 30 days, visit ft.com/behindthemoneycovid.
Further reading:
Coronavirus: return to work divides US meat industry (paywall)
https://www.ft.com/content/f6e2b4ad-4a62-4c6f-8348-38704e3e81f6
Tyson Foods warns of sales declines and rising costs (paywall)
https://www.ft.com/content/f0b4f894-cd46-44f2-b7b0-10707de449db
John Tyson laments breakdown of meat system his family pioneered (paywall)
https://www.ft.com/content/82c2f5fa-1070-4388-853b-a2ed430fbf04
Pandemic accelerates shift to meat substitutes (paywall)
https://www.ft.com/content/0127984a-6def-4040-9bca-002b6ffd4e0a
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On 12-14 May, the Financial Times, in partnership with TNW, will gather the most senior global decision makers and leading minds in policy, business, tech and finance for three days of online conversations with top FT journalists, analysing the impact of the pandemic across global economies, industries and markets, and outlining what is required to shape the optimal conditions for recovery at this most challenging of times. Register at globalboardroom.ft.com.
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Missing out on the US small business rescue
The Trump administration’s small business bailout programme has been plagued by problems from the start, with complaints that large companies crowded out the kinds of small enterprises and independent contractors it was designed to help. With a fresh round of funding on offer from Washington, we hear from several business owners trying to get their share, as well as the FT’s Laura Noonan who has been reporting on the programme since it launched.
To get free access to the FT’s Coronavirus Business Update newsletter for 30 days, visit ft.com/behindthemoneycovid.
A few stories for further reading:
US small business rescue fund strained by rush of claims
https://www.ft.com/content/0467d0e1-6814-4cc4-ad4b-e25c80169466
Can Congress save US small businesses? FT reporters answer your questions
https://www.ft.com/content/55b0f191-5ea2-4762-bf8c-13d6a11e61ed
‘Where is my loan?’ Small businesses miss out on US rescue funds
https://www.ft.com/content/e6a06f94-5d2f-43a0-8aac-c7adddca0b0e
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You might also be interested in a three-day digital conference hosted by the Financial Times. On 12-14 May, the FT, in partnership with TNW, will gather the most senior global decision makers and leading minds in policy, business, tech and finance for three days of online conversations with top FT journalists, analysing the impact of the pandemic across global economies, industries and markets, and outlining what is required to shape the optimal conditions for recovery at this most challenging of times. Register at globalboardroom.ft.com.
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Running a small business during a global pandemic
Mauren Pereira's drapery business was on track for its most financially successful year to date. That was until the coronavirus outbreak reached Virginia. Behind the Money reports on how one small business owner is navigating the current economic crisis. With Brendan Greeley, US economics editor for the Financial Times.
We want to hear from you. Please go to ft.com/behindthemoneysurvey and fill out our survey for a chance to win a pair of Bose QuietComfort Noise Cancelling headphones.
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Ford, GM and the corporate dash for cash
When credit markets seized up earlier in March, more than 130 companies rushed to their lenders to draw down at least $124bn of emergency credit lines to shore up cash, with Ford and General Motors drawing the largest amounts. We look at how the auto industry is preparing for the economic uncertainty that lies ahead. With the FT's Peter Campbell and Gillian Tett.
We want to hear from you. Please go to ft.com/behindthemoneysurvey and fill out our survey for a chance to win a pair of Bose QuietComfort Noise Cancelling headphones.
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We want to hear from you
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Barclays and the legal fight over a company’s ‘controlling mind’
A costly investigation into the conduct of senior UK bankers during the financial crisis has raised questions about what it means to prosecute allegations of corporate crime, and whether Britain’s fraud laws need overhauling. With the FT’s Caroline Binham and Jane Croft.
We want to hear from you. Please go to ft.com/behindthemoneysurvey and fill out our survey for a chance to win a pair of Bose QuietComfort Noise Cancelling headphones.
Read more from Jane and Caroline here:
Barclays: the legal fight over a company’s ‘controlling mind’
https://www.ft.com/content/f666b592-5a4b-11ea-abe5-8e03987b7b20 (paywall)
Review clip: Sky News
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Shale's looming credit crunch
More than 10 years on from the early days of the US shale boom, bankruptcy risks are rising across the sector. The FT's US energy editor, Derek Brower, reports on what weak oil prices and tightening access to credit are doing to the outlook for some producers.
Further reading:
Bankruptcy risks rise for US shale (paywall)
https://www.ft.com/content/76c15898-52a2-11ea-90ad-25e377c0ee1f
US energy sector, shunned by investors, has ‘Pearl Harbor’ moment (paywall)
https://www.ft.com/content/254bf634-5677-11ea-abe5-8e03987b7b20
Chesapeake Energy raises doubt over its ability to survive (paywall)
https://www.ft.com/content/46ffa4fc-ffe6-11e9-be59-e49b2a136b8d
The US shale revolution (paywall)
https://www.ft.com/content/2ded7416-e930-11e4-a71a-00144feab7de
The clip of Aubrey McClendon is credited to the Switch Energy Alliance.
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How Boeing plans to return the Max to the skies
Nearly one year after the grounding of Boeing's 737 Max jet, more than 700 of these planes remain on the ground, with costs to the US manufacturing giant estimated to reach nearly $20bn. The FT's Claire Bushey reports on how the crisis unfolded, and what it will take for the aerospace company to return business as usual.
Further reading:
Boeing tightens its belt as Max crisis drains cash (paywall)
https://www.ft.com/content/949eea64-3e44-11ea-a01a-bae547046735
Boeing faces Max hurdle as pilot confidence crumbles (paywall)
https://www.ft.com/content/2c0419cc-3983-11ea-a6d3-9a26f8c3cba4
Aviation: Boeing parks its 737 aspirations (paywall)
https://www.ft.com/content/ad45dd3e-2314-11ea-92da-f0c92e957a96
Grounding a global fleet: Boeing faces its greatest challenge (paywall)
https://www.ft.com/content/53b2142a-4711-11e9-b168-96a37d002cd3
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Season 3 coming in 2020
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The state of the Libra project
Earlier this year, Facebook announced its digital currency project, Libra, to great fanfare. Just a few months later, the project has stalled amid pressure from regulators and lawmakers around the world. With the FT's Hannah Murphy and Kiran Stacey.
Further reading:
Where it all went wrong for Facebook’s Libra: https://www.ft.com/content/6e29a1f0-ef1e-11e9-ad1e-4367d8281195
Zuckerberg warns blocking Libra will be boon to China tech: https://www.ft.com/content/28c600de-f5a1-11e9-9ef3-eca8fc8f2d65
Federal Reserve sets out regulatory challenges facing Facebook’s Libra: https://www.ft.com/content/ef650f9a-f052-11e9-ad1e-4367d8281195
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The repo market
A key short term lending market came under strain in September, raising concerns that the Federal Reserve's attempt to unwind post-financial crisis intervention may have gone too far. The FT's Joe Rennison explains what has been going on in the repo market.
Further reading:
How the Federal Reserve could fix the repo market:
https://www.ft.com/content/33674380-e4f4-11e9-9743-db5a370481bc
Fed wrestles with role of regulation in repo squeeze:
https://www.ft.com/content/45a9c196-e231-11e9-9743-db5a370481bc
New York Fed rejects Wall St criticism of response to repo turmoil:
https://www.ft.com/content/c267a2f4-dd3e-11e9-9743-db5a370481bc
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SoftBank’s Masa Son under pressure
WeWork was long considered one of the most anticipated IPOs of 2019. For SoftBank, WeWork’s biggest outside investor, the listing would be the moment it made a return on the nearly $11bn it poured into the shared-office provider. Now, as WeWork struggles to take the company public, the spotlight is on SoftBank’s Masa Son and his billion-dollar bets.
Further FT reading:
SoftBank investors brace for Vision Fund writedowns
https://www.ft.com/content/ccdaa9c6-d60d-11e9-8367-807ebd53ab77
WeWork postpones IPO after chilly response from investors
https://www.ft.com/content/b869bc42-d8d9-11e9-8f9b-77216ebe1f17
WeWork: the ‘hypothetical’ company at the heart of the property market
https://www.ft.com/content/0e426c90-8c45-11e9-a1c1-51bf8f989972
SoftBank: inside the ‘Wild West’ $100bn fund shaking up the tech world
https://www.ft.com/content/71ad7cda-6ef4-11e8-92d3-6c13e5c92914
Some of Aimee’s favourite FT reads:
Warren Buffett: ‘I’m having more fun than any 88-year-old int he world’
https://www.ft.com/content/40b9b356-661e-11e9-a79d-04f350474d62
The trillion-dollar taboo: why it’s time to stop ignoring mental health at work
https://www.ft.com/content/1e8293f4-a1db-11e9-974c-ad1c6ab5efd1
Finding my Armenia, a century after the genocide
https://www.ft.com/content/2e2f38b0-e7a1-11e8-8a85-04b8afea6ea3
How Purdue’s ‘one-two’ punch fuelled the market for opioids
https://www.ft.com/content/8e64ec9c-b133-11e8-8d14-6f049d06439c
Angola 3 inmate: from solitary cell to centre of the community
https://www.ft.com/content/72a0983a-9f7d-11e7-8cd4-932067fbf946
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Corporate America's new role
The purpose of the US corporation has evolved over time, from Henry Ford's mission to benefit the carmaker's employees to Milton Friedman's essay on shareholder primacy. The FT's US business editor, Andrew Edgecliffe-Johnson, reports on the latest thinking, this time from America's largest business lobby, the Business Roundtable.
Read more on the idea of sustainable investing at ft.com/moralmoney
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Disrupting Big Ag
Investors poured $17bn into agricultural food and technology startups in 2018, fuelled by threats to the world's food supply, including climate change and a growing global population. We visit one such startup, Indigo Ag, which is working with farmers to trial its microbial products for healthier crops. Indigo Ag provides microbial seed treatments to farmers for free in exchange for data. The company also sells the seed treatments through its standard commercial model.
With guests Emiko Terazono, FT commodities correspondent, Ben Riensche, owner and manager, Blue Diamond Farming Company and Geoffrey von Maltzahn, co-founder and chief innovation officer, Indigo Ag.
Read more from Emiko on agricultural food and technology at FT.com:
https://www.ft.com/content/ee6fb294-edc3-11e8-8180-9cf212677a57 (paywall)
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Luxury's resilient market
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Paying for the Caesars empire
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Renault, Nissan and Fiat Chrysler's quest for a deal
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Warren Buffett's cash dilemma
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The unicorn IPO
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Encore: how €200bn of ‘dirty money’ flowed through a Danish bank
How did Denmark’s Danske Bank find itself at the centre of one of the largest money-laundering scandals the world has ever seen? The FT’s Richard Milne explains. This episode was originally published on October 30, 2018.
Read the latest on the Nordic money-laundering scandal at FT.com.
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Encore: Huawei and the fight for 5G
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The long courtship between Sprint and T-Mobile
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Has the US bank consolidation wave begun?
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Suspected £40m fraud at Patisserie Valerie
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The leveraged loan market
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What next for Detroit's carmakers
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Pharma raises its bet on biotech
In the past month pharmaceutical companies have spent almost $100bn acquiring biotech companies. The FT's Sarah Neville explains why big pharma is raising its bet on the drug pipelines owned by biotechs, and why analysts expect more consolidation in 2019.
Read more from Sarah at FT.com.
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China's Didi adds finance to the mix
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Huawei and the fight for 5G
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IBM's next move
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The oil sell-off explained
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Investors fear 'peak iPhone'
Apple shares have taken a hit this month amid fears that demand for the iPhone has peaked. Tim Bradshaw explains what is worrying investors.
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How €200bn of ‘dirty money’ flowed through a Danish bank
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The future of dealmaking with Saudi Arabia
Some of the world’s most influential financiers and executives have spent the past three years courting Saudi Arabia’s dealmaker-in-chief Mohammed bin Salman and his $300bn state investment fund. But the disappearance of Saudi journalist Jamal Khashoggi has turned the pursuit of trophy deals into an exercise in crisis management. The FT's Arash Massoudi explains how the crown prince sought to modernise the Saudi economy with support of the global business elite, and what the future holds for dealmaking with the kingdom.
Review clips: CNBS, Bloomberg, Fox Business Network, France 24, WSJ.com.
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The rise and fall of General Electric
GE is one of the greatest names in American business. It was an original member of the Dow Jones Industrial Average, and at its peak the industrial conglomerate had a market capitalisation of nearly $600bn. But after decades of dealmaking, a weakening power sector is forcing the group's executives to consider radical changes. The FT's Ed Crooks explains.
Review clips: Bloomberg, CNBC, Fox Business Network, PBS News, Euro News.
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Tune in Wednesday
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Private equity's debt mountain (encore episode)
Private equity has flooded the deal market in recent years, in part due to an era of cheap debt and fund managers on the hunt for greater investment returns. Firms are scooping up stakes in oil pipelines and newspapers — and even dental clinics. With a record $1.8tn in pension and sovereign wealth fund money waiting to be invested, some analysts are asking when private equity’s winning run will come to an end. With the FT's Javier Espinoza. Read more here.
Review clips: CNBC, NBC, Bloomberg.
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Tilray and the cannabis trade
The Canadian company was the first cannabis producer to make an initial public offering on a US stock exchange, and, after a week of volatile trading, some analysts are asking if investor excitement has gotten ahead of reality. The FT's Nicole Bullock explains.
Review clips: Fox Business Network, ABC, CBS, BNN Bloomberg, CNBC, Bloomberg. Music by Podington Bear.
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On the front lines of the crisis
Nick was a regulator at the London Stock Exchange. Julia was an entrepreneur whose home was foreclosed. Ten years on from the collapse of Lehman Brothers we talk to two people with different perspectives on the lessons of the global financial crisis.
Review clips: AP, CBS.
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Purdue Pharma's 'one-two' punch
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Following the cannabis money trail (encore episode)
Medical marijuana is legal in 21 countries. In Canada, residents expect they will be able to buy cannabis from dispensaries and pharmacies across the country later this year. Some analysts have valued the legal business at anywhere between $7bn-$20bn, attracting a host of entrepreneurs and investors trying to get in on the action before the market takes off. We talk to two entrepreneurs with two very different plans to capitalise on the boom.
This episode was originally published on June 12, 2018. Read more about the cannabis sector on FT.com.
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Khosrowshahi's year at the wheel
A little more than a year ago, Uber's board was in search of a new chief executive. Co-founder Travis Kalanick had resigned from the top job amid allegations of a toxic and sexist company culture, and the board was looking for someone to fix the group's operations and ready it for what is expected to be the tech world's biggest public offering. Behind The Money looks at Dara Khosrowshahi's first year at the helm. With the FT's Shannon Bond.
Review clips: ABC News, WSJ, NBC News, CBS News, CNBC, Fox Business Network
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Digging into student debt
The amount of outstanding student debt in the US has hit a staggering $1.4tn, and many millennials say the education-related debt they've been saddled with has prevented them from doing things like buying a home, getting married and taking career risks. Who has been hit the hardest by student debt loads and what does it mean for the US economy? With guests Michael Ranalli, Judith Scott-Clayton and the FT's Sam Fleming. Read more of Sam's reporting at FT.com.
Review clips: Fox Business Network, CBS News, CNBC
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Taking Tesla private
What is behind Elon Musk's plan to take the electric carmaker private, and who will provide the funding? The FT's Arash Massoudi explains the story that has unfolded since the chief executive posted his "funding secured" tweet. Read more here.
Review clips: CityTV, CNBC, MSNBC, Bloomberg.
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Tesla’s rough ride
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Private equity's debt mountain
Private equity has flooded the deal market in recent years, in part due to an era of cheap debt and fund managers on the hunt for greater investment returns. Firms are scooping up stakes in oil pipelines and newspapers — and even dental clinics. With a record $1.8tn in pension and sovereign wealth fund money waiting to be invested, some analysts are asking when private equity’s winning run will come to an end. With the FT's Javier Espinoza. Read more here.
Review clips: CNBC, NBC, Bloomberg.
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Taking a short break
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The $100bn SoftBank vision
The man who built a $100bn fund has wooed investors with his vision for the future. But what is really behind the prowess of SoftBank's Masayoshi Son? With the FT's Arash Massoudi. Read Arash's story here.
Review clips: Fox News, CNN, CNBC, ABC News, PBS, Bloomberg, Fox Business Network, TechCrunch.
Contribute to our listener survey and enter our prize draw here.
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Trump, trade and the markets
After a week that began with a tense G7 summit and ended with the US imposing more tariffs on Chinese goods, many expected to see a big slide in financial markets. But stocks remained flat last week. Why aren't investors bracing for rockier times? With the FT's senior investment commentator John Authers.
Review clips: CTV News, PBS, CBS News, ABC News, CNN.
Contribute to our listener survey and enter our prize draw here.
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Following the cannabis money trail
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The hunt for Fox
Rupert Murdoch built a global media empire across newspaper, television and film companies. Why is now the time for him to sell many of the 21st Century Fox assets? And which media or telecoms giant will scoop them up? With the FT's Matt Garrahan and Arash Massoudi. Read more on FT.com.
Review clips: CNN, CNBC, BBC, Fox News, Fox Business Network, Al Jazeera English, PBS News and CBS News.
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The economic crisis in Argentina explained
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The dark side of fast fashion
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How WeWork really works
The co-working and office providing company set out to create the office of the future and has caught the attention of big investors, including SoftBank's Vision Fund. Will office subleasing open the door to profit for WeWork? With FT guests Dan Thomas and Alex Scaggs.
Read more from Dan and Alex at FT.com. Music by Podington Bear.
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How beauty is beating the rest of retail
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What happened at Qualcomm?
The Trump administration blocked chipmaker Broadcom's bid to acquire rival Qualcomm on the grounds of national security. But how did the San Diego-based company become the target in the first place? And who will ultimately own the mobile technology of the future?
With FT reporters James Fontanella-Khan and Tim Bradshaw.
News review clips: C-Span, Fox News.
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Coming soon
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