The Story of Money

The economist John Kenneth Galbraith once quipped that “there can be few fields of human endeavour in which history counts for so little as in the world of finance.” This show sets out to prove the opposite. Each week, FT columnist Gillian Tett and FT Alphaville editor Robin Wigglesworth dig into the ideas, personalities and institutions that have shaped global finance. From unregulated banking in 19th-century frontier America to institutionalised debt jubilees in ancient Mesopotamia, and from the birth of credit derivatives to the great market meltdowns of the past, Robin and Gillian uncover the story of money because time and again, the same manias and mistakes resurface. Tune in and you might just understand where the next financial opportunities and disasters could be hiding.  Subscribe to The Story of Money wherever you get your podcasts and watch the show on YouTube. Find out more about Gillian Tett here and Robin Wigglesworth here Follow FT Alphaville here Hosts: Gillian Tett and Robin Wigglesworth Producer: Lulu Smyth Senior Producer: Michela Tindera Executive Producers: Flo Phillips and Manuela Saragosa Original music and sound engineering: Breen Turner Podcast Development: Laura Clarke Global Head of Audio: Cheryl Brumley Hosted on Acast. See acast.com/privacy for more information.

For our final episode: Education start-up Byju’s quickly became the pride of India during the Covid-19 pandemic. But almost as fast as the company rose, it collapsed. The fallout has already resulted in millions of dollars’ worth of US court sanctions and allegations of witness tampering. The FT’s Mumbai bureau chief Chris Kay has been following the legal drama and examines what Byju’s demise means for India’s burgeoning technology sector.  Clips from Byju’s, US Bankruptcy Court - District of Delaware  The FT does not use generative AI to voice its podcasts. - - - - - - - - - - - - - - - - - - - - - - - - - -  Thank you for listening to Behind the Money!  You can stay in touch with host Michela Tindera on X (@mtindera07) and Bluesky (@mtindera.ft.com), follow her on LinkedIn, or email her at [email protected].    - - - - - - - - - - - - - - - - - - - - - - - - - -  For further reading on this episode: A fallen Indian tech star and the hunt for its missing millions ‘Screaming into a hurricane’: the fall of India’s most valuable start-up Byju’s  How a teaching app feted by Silicon Valley was left chasing the Indian dream  Read a transcript of this episode on FT.com Hosted on Acast. See acast.com/privacy for more information.

After years of fast-paced growth, private credit is facing intense scrutiny. In recent months, investors have made requests to withdraw billions of dollars from the $2tn sector’s funds. The FT’s US private equity and deals editor Antoine Gara and US investment editor Eric Platt explain how we got to this critical moment, and what may be next for this pocket of Wall Street.     Clips from Bloomberg, CNBC, Fox Business, JPMorgan, US Federal Reserve  The FT does not use generative AI to voice its podcasts. - - - - - - - - - - - - - - - - - - - - - - - - - -  For further reading: Retail investors pull billions from private capital’s credit gold mine Wall St underestimates private capital problems, says top credit hedge fund Private credit’s game of footsie is getting riskier  - - - - - - - - - - - - - - - - - - - - - - - - - -  Follow Antoine Gara on X (@AntoineGara) and Bluesky (@antoinegara.bsky.social). Eric Platt is on X (@ericgplatt) and Bluesky (@ericgplatt.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.

This week, we are revisiting a favorite episode. The natural diamond industry is facing an existential threat: lab-grown diamonds. They are chemically and physically identical to natural stones but they are a fraction of the price. Eleanor Olcott, the FT’s China technology correspondent, travelled to the epicentre of lab-grown diamond production in the central Chinese province of Henan to see how they are made. While the FT’s natural resources editor, Leslie Hook, explores what the sale of De Beers, the natural diamond producer, could mean for the future of the sector. This episode originally aired on September 10 2025.   Clip from Arnold Worldwide  The FT does not use generative AI to voice its podcasts. - - - - - - - - - - - - - - - - - - - - - - - - - -  For further reading (updated): How the diamond industry lost its sparkle  The sparkle is fading in Africa’s diamond heartland De Beers likely to be sold to consortium, Anglo chief says - - - - - - - - - - - - - - - - - - - - - - - - - -  Follow Leslie Hook on X (@lesliehook) and 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.

Introducing Opus Dei, a new season of Untold from the Financial Times. Host Antonia Cundy uncovers the cultural and political influence of a controversial Catholic organisation in America. Opus Dei exists to help people get closer to God, but some members say they found other agendas – and unexpected harm – entangled in that spiritual mission. The first episode of Untold: Opus Dei launches March 25.  Listen on Apple Podcasts, Spotify, Pocket Casts or wherever you get your podcasts. Hosted on Acast. See acast.com/privacy for more information.

US President Donald Trump handed crypto companies a huge win last year when he signed a piece of legislation to regulate an important part of the digital currency world: stablecoins. But ever since then, Wall Street banks have been fighting to change parts of the law. The FT’s digital markets correspondent Nikou Asgari explains what’s provoked US banks and who might have the upper hand in this conflict. Clips from Bank of America, CBS News, CNBC, CNN, Forbes, Fox 5 Atlanta, JPMorgan Chase, The White House The FT does not use generative AI to voice its podcasts. - - - - - - - - - - - - - - - - - - - - - - - - - -  For further reading: The stablecoin war: Wall Street vs crypto over the future of money Bitcoin and crypto stocks surge amid relief rally for risky assets Global crypto assets hit $4tn as industry wins backing of US lawmakers - - - - - - - - - - - - - - - - - - - - - - - - - -  Vote for us! Behind the Money has been nominated for an NYC Podcast Award in the Best Interview Podcast category. It’s an Audience Choice award, which means we need your help to win. Vote for us here. We appreciate your support! - - - - - - - - - - - - - - - - - - - - - - - - - - Follow Nikou Asgari on X (@nikasgari), or on Bluesky (@nikasgari.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.

Behind the Money has been nominated for an NYC Podcast Award in the Best Interview Podcast category. It’s an Audience Choice award, which means we need your help to win. Vote for us here.  And while you’re at it, vote for some other FT podcasts that have also been nominated. Our Tech Tonic podcast was nominated for Best Science & Tech Podcast. And our Swamp Notes podcast was nominated for Best News, Politics & Public Service Podcast.  We appreciate your support! Hosted on Acast. See acast.com/privacy for more information.

This week Michela and the FT’s US banking editor, Joshua Franklin, interview the co-creators of the hit television show, Industry. In its fourth season, the show follows the lives of ambitious young people making their way in London's financial centre. The season finale aired earlier this week, and in this episode, Michela and Joshua discuss with the creators, Mickey Down and Konrad Kay, the overlap between their show's storylines and real world finance.  The FT does not use generative AI to voice its podcasts. - - - - - - - - - - - - - - - - - - - - - - - - - -  For further reading:  The ONS vs Industry  How I won a starring role — OK, bit part — in HBO’s ‘Industry’ Inside Wirecard  For further listening: How Wirecard’s Jan Marsalek went from fraudster to spy  HBO’s 'Industry', and Esther Perel  - - - - - - - - - - - - - - - - - - - - - - - - - -  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.

Raids by the US Immigration and Customs Enforcement have made national headlines. But behind ICE’s operations, a sprawling web of private companies – from global powerhouses to niche family-run businesses – have secured hundreds of millions of dollars in government contracts. Peter Andringa from the FT’s visual investigations team spent months crawling through federal documents and data sets to put together a picture of the companies that make up this web.  Clips from ABC7 News Bay Area, CBS 6 Albany, C-SPAN, Donald J Trump, Fox 26 Houston, Fox Nashville, Fox News, NBC Connecticut, The New York Times The FT does not use generative AI to voice its podcasts. - - - - - - - - - - - - - - - - - - - - - - - - - -  For further reading:  Companies reap $22bn from Trump’s immigration crackdown Trump’s immigration data dragnet The booming business of Trump’s deportation flights For further listening: Palantir’s relentless rise US uses private data to track immigrants - - - - - - - - - - - - - - - - - - - - - - - - - -  Follow Peter Andringa on X (@peterjandringa), or on Bluesky (@peter.andringa.me) 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.

Partners Group pursued an innovative approach to private equity: The firm built a business serving a market of individual investors. Now, a recent executive order from US President Donald Trump is set to unlock that marketplace on an even grander scale. The only thing is, Partners might not be the one to reap the rewards. The FT’s US private equity and deals editor Antoine Gara and private capital reporter Alexandra Heal explain how the pioneer is struggling to keep up with its rivals.  Clips from CBS, CBS19   The FT does not use generative AI to voice its podcasts - - - - - - - - - - - - - - - - - - - - - - - - - -  For further reading: How private equity’s pioneer in tapping retail money lost its edge Donald Trump exposes US retirees to new world of risk with 401k order Buyout executive warns private equity push into US savings risks bailouts  - - - - - - - - - - - - - - - - - - - - - - - - - -  Follow Antoine Gara on X (@AntoineGara) and Bluesky (@antoinegara.bsky.social). Alexandra Heal is on X (@alexandraheal) and Bluesky (@alexandraheal.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.

When the hedge fund Elliott Management pursued the acquisition of the oil refinery business Citgo a few years ago, the deal was already a complicated one. A US court had ordered its current owner, Venezuela, to sell the business, and the country was not happy about it. But, things only got thornier after the US President Donald Trump removed the Caribbean nation’s leader Nicolás Maduro. The FT’s US investment correspondent Amelia Pollard and hedge fund correspondent Costas Mourselas explain how Elliott often thrives pursuing complex deals, and how they might navigate closing this one.     Clips from Citgo, CNN, Norges Bank Investment Management, The White House, VTV    The FT does not use generative AI to voice its podcasts. - - - - - - - - - - - - - - - - - - - - - - - - - -  For further reading: Donald Trump’s removal of Maduro clouds fate of Elliott’s Citgo deal How Venezuela lost Citgo Hedge funds hunt for Venezuela’s unpaid financial claims - - - - - - - - - - - - - - - - - - - - - - - - - -  Follow Costas Mourselas on X (@CostasMourselas) and Bluesky (@costasmourselas.bsky.social). Amelia Pollard is on X (@ameliajpollard) and Bluesky (@pollard.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.

US President Donald Trump on Friday made his pick to lead the Federal Reserve: Kevin Warsh. The former central bank governor with ties to Wall Street is seen as a mainstream pick. Still, some economists say if Warsh is confirmed, he will trigger a sweeping rethink of the Fed’s role at the centre of the world’s biggest economy. The FT’s US economics editor Claire Jones explains who Warsh is, what he wants to do at the Fed, and how it might go. Clips from Fox Business, Group of Thirty  The FT does not use generative AI to voice its podcasts. - - - - - - - - - - - - - - - - - - - - - - - - - -  For further reading: Kevin Warsh’s nomination as Fed chair to spark rethink of bank’s role Kevin Warsh, the Fed chair nominee shaped by the 2008 financial crisis How Kevin Warsh won the race to become Donald Trump’s new Federal Reserve chair - - - - - - - - - - - - - - - - - - - - - - - - - -  Follow Claire Jones on X (@senoj_erialc). 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.

For more than 170 years, Wells Fargo built a reputation as an all-American Main Street lender. Now, it is charting a new path and pushing into investment banking, something that many other banks have tried and failed to do. The FT’s US banking editor Joshua Franklin and US banking correspondent Akila Quinio discuss what Wells Fargo does — and doesn’t have — going for it as it pursues this strategy. Clips from, CNN, CBS News, CNBC, CNN, HBO, KPIX, KRON4, NBC News, Wells Fargo The FT does not use generative AI to voice its podcasts. - - - - - - - - - - - - - - - - - - - - - - - - - -  For further reading: Wells Fargo wants to be taken seriously as an investment bank. Will it succeed?  Wells Fargo has finally shed its dunce cap Netflix leans on $59bn bank loan to fund Warner Bros takeover  - - - - - - - - - - - - - - - - - - - - - - - - - -  Follow Joshua Franklin on X (@ftjfranklin). Akila Quinio is 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.

Saks Global, the parent company of the historic luxury department store Saks Fifth Avenue, recently filed for Chapter 11 bankruptcy protection. The move occurred a little more than a year after the company purchased Neiman Marcus and Bergdorf Goodman in a debt-fuelled takeover. The FT’s Wall Street editor Sujeet Indap and the US investment editor Eric Platt walk through how that acquisition played a role in the bankruptcy and whether more highly leveraged companies will seek bankruptcy protection in 2026.  Clips from ABC, Bloomberg, CNBC, Warner Brothers   The FT does not use generative AI to voice its podcasts. - - - - - - - - - - - - - - - - - - - - - - - - - -  For further reading: Death of a dream: Saks’ crisis exposes luxury department store woes  Leveraged luxury: fall of Saks Global to scorch US business stars  Saks divisive debt reshuffle shows a retail sector under strain  - - - - - - - - - - - - - - - - - - - - - - - - - -  Follow Sujeet Indap on X (@sindap), or on Bluesky (@sindap.bsky.social). Eric Platt is on X (@EricGPlatt), or on Bluesky (@ericgplatt.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.

Every January a collection of the world’s top business and political leaders head to the Swiss town of Davos for the annual meeting of the World Economic Forum. The event is a week of panels and networking meant to promote dialogue among elites. But a scandal last year threatened to overshadow the 2026 meeting, which begins in a few days. Critics have also questioned the event’s relevance in a changing world. The FT’s Switzerland and Austria correspondent, Mercedes Ruehl, explains the problems the WEF has faced and shares her reporting on how this year’s event is shaping up.    Clips from the World Economic Forum, Instagram: @christinelagarde The FT does not use generative AI to voice its podcasts. - - - - - - - - - - - - - - - - - - - - - - - - - -  For further reading: Microsoft and McKinsey pay up to $1mn each to back Donald Trump’s Davos hub  Davos assured Trump ‘woke’ topics were off the agenda The Davos set in decline: can the World Economic Forum save itself? ‘A family enterprise’: WEF founder Klaus Schwab on alleged wrongdoing at Davos  - - - - - - - - - - - - - - - - - - - - - - - - - -  Follow Mercedes Ruehl on X (@mjruehl), or on Bluesky (@mjruehl.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.

From the artificial intelligence bubble to trade policy, Michela asks Martin Wolf, the FT's chief economics commentator, how the biggest stories of last year will affect the economy in 2026.  The FT does not use generative AI to voice its podcasts. - - - - - - - - - - - - - - - - - - - - - - - - - -  For further reading: Forecasting the world in 2026  Why the world should worry about stablecoins Trump’s tariffs will damage the world - - - - - - - - - - - - - - - - - - - - - - - - - -  Follow Martin Wolf on X (@martinwolf_). 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 surge in scams, phishing attacks and digital fraud is raising serious liability questions. So who should be doing more? In this live recording from this year’s FT Global Banking Summit, Michela poses that question to executives from Citi, KPMG and Open Banking Excellence.   The conversation was recorded on December 2, 2025. The FT does not use generative AI to voice its podcasts. - - - - - - - - - - - - - - - - - - - - - - - - - -  For further reading: We have to be able to hold tech platforms accountable for fraud  The rise of deepfake scams — and how not to fall for one At Singapore’s anti-fraud convention, even the experts get scammed - - - - - - - - - - - - - - - - - - - - - - - - - -  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.

Economists like to model people as rational creatures who make self-interested decisions. But humans don’t act that way. Why do investors, politicians and ordinary people act against their best interests – and how can they be nudged into making better decisions? To find out, FT economics commentator Chris Giles speaks to Richard Thaler, the founding father of behavioural economics. Thaler is a professor at the University of Chicago who won the 2017 Nobel Prize in Economics for his work on how humans make (often irrational) decisions. This is a repeat of an episode published on The Economics Show, a sister podcast of Behind the Money, on November 7, 2025. Subscribe to The Economics Show on Apple, Spotify, Pocket Casts or wherever you listen. Presented by Chris Giles. Produced by Mischa Frankl-Duval. Manuela Saragosa is the executive producer. Original music by Breen Turner. Sound design by Breen Turner and Samantha Giovinco. Our broadcast engineer is Andrew Georgiades. Hosted on Acast. See acast.com/privacy for more information.

Despite its relatively low profile, Fidelity Investments is a sprawling beast when it comes to financial services. Last year, the firm’s revenues surpassed the world’s largest asset manager, BlackRock, by more than 50 per cent. The FT’s Emma Dunkley explains how Fidelity has come to dominate the sector, the secrets behind its success, and what hurdles it may have to jump through in the coming years as new challenges for asset managers arise.  The FT does not use generative AI to voice its podcasts. - - - - - - - - - - - - - - - - - - - - - - - - - -  For further reading: Can Fidelity keep its grip on America’s investments? The quiet queen of American finance How Fidelity’s Ned Johnson defied the curse of the boss’s son Trump opens US retirement plans to crypto and private equity investments - - - - - - - - - - - - - - - - - - - - - - - - - -  Follow Emma Dunkley on X (@EmDunks). 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.

In the UK, whistleblowers are encouraged to report wrongdoing, but often at cost to their livelihoods and careers. One solution would be to pay corporate whistleblowers for coming forward. However, many in government have held the idea for years that doing so is not very “British.” But now, longtime opposition to the idea seems to be shifting. Suzi Ring, the FT’s legal correspondent in London, explains how and why. Plus, we speak with Nick Ephgrave, the director of the UK’s Serious Fraud Office, who is taking inspiration from his decades spent with London’s Metropolitan Police Service to try to change the system.  Clips from ITV If you missed part one of this series, listen to it here.  The FT does not use generative AI to voice its podcasts. - - - - - - - - - - - - - - - - - - - - - - - - - -  For further reading: Should corporate whistleblowers get paid? Whistleblowers could earn millions as HMRC targets tax fraud UK SFO director pushes to pay whistleblowers and use covert tactics Corporate whistleblowing in the UK needs a shake-up  Read a transcript of this episode on FT.com - - - - - - - - - - - - - - - - - - - - - - - - - -  Behind the Money host Michela Tindera is on X (@mtindera07) and Bluesky (@mtindera.ft.com), or follow her on LinkedIn for updates about the show and more.  Hosted on Acast. See acast.com/privacy for more information.

In this special episode of Behind the Money, the FT’s senior business writer Andrew Hill interviews author Stephen Witt about his book The Thinking Machine: Jensen Huang, Nvidia, and the World’s Most Coveted Microchip. Witt and his book won the FT and Schroders Business Book of the Year for 2025.       The FT does not use generative AI to voice its podcasts. - - - - - - - - - - - - - - - - - - - - - - - - - -  For further reading: In future ‘books could respond’ says winning author Stephen Witt  FT and Schroders Business Book of the Year 2025 — the shortlist  FT and Schroders Business Book of the Year 2025 — the longlist  Read a transcript of this episode on FT.com - - - - - - - - - - - - - - - - - - - - - - - - - -  Follow Andrew Hill on X (@andrewtghill) or on Bluesky (@andrewtghill.ft.com) and Stephen Witt (@stephenwitt) 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.  Hosted on Acast. See acast.com/privacy for more information.

For years, corporate whistleblowers in the UK have found themselves in an unenviable predicament. They’re encouraged to report wrongdoing, but at the same time they often feel like they’ve risked everything: their careers and livelihoods in exchange for little. In this special two-part series, we explore why critics think this system is failing whistleblowers and what the UK can do to change things. In part one: We hear from two whistleblowers who share why they blew the whistle and what went wrong after. Plus, the FT’s financial regulation editor Martin Arnold and Mary Inman, the attorney who represented well-known whistleblowers such as Frances Haugen of Meta and Tyler Shultz of Theranos, discuss the systemic issues whistleblowers have faced in the UK.    Part two airs next Monday, December 15. The FT does not use generative AI to voice its podcasts. - - - - - - - - - - - - - - - - - - - - - - - - - -  For further reading: Should corporate whistleblowers get paid? Whistleblowers could earn millions as HMRC targets tax fraud Corporate whistleblowing in the UK needs a shake-up Asset management: inside the scandal that rocked GAM  - - - - - - - - - - - - - - - - - - - - - - - - - -  Behind the Money host 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.

For years, corporate whistleblowers in the UK have found themselves in an unenviable predicament. They’re encouraged to report wrongdoing, but at the same time they often feel like they’ve risked their livelihoods in exchange for very little in the end. The fallout from whistleblowing can cost them their careers or worse. Starting next Monday, Behind the Money is launching a two-part special series on what, if anything, the UK can do to change this. Listen every Monday on Behind the Money.  Hosted on Acast. See acast.com/privacy for more information.

This week we’re sharing an episode from Business History, a podcast from Pushkin Industries. Former Planet Money hosts Jacob Goldstein and Robert Smith explore what the businesses of the past can teach us about commerce today.  In this episode, Goldstein and Smith look at how Southwest Airlines developed a winning formula that forced its competitors to change how they did business — but then the Southwest model fell apart. Find Business History on YouTube or wherever you get your podcasts. Hosted on Acast. See acast.com/privacy for more information.

When international private equity groups first entered Japan at the turn of the 21st century, newspapers criticised them as vulture funds and politicians steered clear of public contact. Today, it’s a different story. Dozens of buyout groups have set up in the country and the establishment is courting them. The FT’s Tokyo correspondent David Keohane and Tokyo bureau chief Leo Lewis explain why there’s been a shift, and how private equity’s presence may rejuvenate Japanese corporates. Clips from Toho.  The FT does not use generative AI to voice its podcasts. - - - - - - - - - - - - - - - - - - - - - - - - - -  For further reading: Is Japan private equity’s next frontier? Buyout firms play the long game beyond Tokyo Investors sense this time is different for Japan KKR-owned auto parts supplier Marelli files for US bankruptcy protection  - - - - - - - - - - - - - - - - - - - - - - - - - -  Follow David Keohane (@DavidKeo) and Leo Lewis (@Urbandirt) 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.  - - - - - - - - - - - - - - - - - - - - - - - - - -   To sign up for free to the new FT Alphaville newsletter on substack, go to ftav.substack.com Read a transcript of this episode on FT.com Hosted on Acast. See acast.com/privacy for more information.

Investors are spending billions of dollars on novel ways to extend human life through inventive treatments, therapies, and even manipulating our genes. And increasingly, it seems as though anti-ageing efforts have moved from the super rich to a mass market consumer industry. In this series, we’re covering the past, present and future of the longevity movement. We’ll be looking at where the fixation on longevity is coming from, and trying to understand the practical and ethical issues at the heart of this cutting-edge field of research.  From Silicon Valley fantasies, to Singaporean health spas, to Colombian genetic clinics and beyond, the FT’s Hannah Kuchler and Michael Peel ask whether breakthroughs in science and technology can really help us live longer, and even stop us aging altogether. Free to read:  US ‘wellness’ industry scents opportunity to go mainstream The quest to make young blood into a drug This season of Tech Tonic was produced by Josh Gabert-Doyon. The senior producer is Edwin Lane. Flo Phillips is the executive producer. Sound design by Breen Turner and Samantha Giovinco. Fact checking by Simon Greaves, Lucy Baldwin and Tara Cromie. Original music by Metaphor Music. Manuela Saragosa is the FT’s acting co-head of audio. The FT does not use generative AI to voice its podcasts. Hosted on Acast. See acast.com/privacy for more information.

OpenAI is entering a new era. It's restructured to add a for-profit arm to its business and has signed more than a trillion dollars’ worth of deals to secure chips and build out data centres. But those huge financial commitments also raise massive questions: How will a heavily loss-making company fund $1.4tn worth of deals with some of the biggest publicly listed companies in the world? And what systemic risks could that come with? The FT's US west coast financial editor Tabby Kinder and venture capital correspondent George Hammond answer the questions everyone's asking. The FT does not use generative AI to voice its podcasts. Clips from Bg2 Pod, CNBC, Yahoo Finance - - - - - - - - - - - - - - - - - - - - - - - - - -  For further reading: How OpenAI put itself at the centre of a $1tn network of deals Who owns OpenAI? Blockbuster deals complicate investor payouts OpenAI shunned advisers on $1.5tn of deals How high are OpenAI’s compute costs? Possibly a lot higher than we thought - - - - - - - - - - - - - - - - - - - - - - - - - -  Attend the FT Global Banking Summit, December 2-4 in London: Enter SAVE20 for a 20% discount, register here. - - - - - - - - - - - - - - - - - - - - - - - - - -  Follow Tabby Kinder (@Tabby_Kinder) and George Hammond (@GeorgeNHammond) on X or on Bluesky (@tabbykinder.bsky.social), (@georgehammond.bsky.social). Behind the Money host 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.

Pharma juggernauts Pfizer and Novo Nordisk are struggling in the obesity drug race.The two companies are searching for their next moneymaker, and that search recently spun out into a ferocious, multibillion-dollar battle for control of biotech start-up Metsera. The FT’s US deals and activism correspondent Oliver Barnes walks through the tussle that’s involved lawsuits, public barbs and political drama. Clips from CNBC, Pfizer, Yahoo Finance - - - - - - - - - - - - - - - - - - - - - - - - - -  For further reading and listening: Weight-loss wars: $10bn hostile battle pits Pfizer against Novo Nordisk Pfizer shows hardball mettle needed to win in 2025 M&A There is only one winner in the Pfizer Novo Nordisk showdown Ozempic’s unconventional origins - - - - - - - - - - - - - - - - - - - - - - - - - -  Attend the FT Global Banking Summit, 2-4 December in London: Enter SAVE20 for a 20% discount, register here. - - - - - - - - - - - - - - - - - - - - - - - - - -  Follow Oliver Barnes on X (@mroliverbarnes), or on Bluesky (@mroliverbarnes.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.

Publicly-listed Oklo sits at the intersection of two hot areas for Wall Street: artificial intelligence and energy companies. This year alone, Oklo’s share price has jumped more than 400 per cent. But the business hasn’t generated any revenue. It hasn’t built a nuclear reactor, and it hasn’t secured any binding contracts with customers. The FT’s US energy editor Jamie Smyth explains the enthusiasm for Oklo, its links to the Trump administration and whether it can live up to the hype. Clips from New York Stock Exchange, The White House, a16z - - - - - - - - - - - - - - - - - - - - - - - - - -  For further reading: Inside Oklo: the $20bn nuclear start-up without any revenue US and investors gambling on unproven nuclear technology, warn experts Donald Trump’s assault on US nuclear watchdog raises safety concerns - - - - - - - - - - - - - - - - - - - - - - - - - -  Attend the FT Global Banking Summit, 2-4 December in London: Enter SAVE20 for a 20% discount, register here. - - - - - - - - - - - - - - - - - - - - - - - - - -  Follow Jamie Smyth on X (@JamieSmythF), or on Bluesky (@jamiesmythft.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.

Some of the world’s biggest financial institutions are reeling after the collapse of a little-known car parts supplier: First Brands Group. The company filed for bankruptcy last month, and since then, FT reporters have shone a spotlight on billions of dollars of hidden debt and a secretive founder whose borrowing habits left creditors exposed. The FT’s corporate finance editor Robert Smith and banking editor Ortenca Aliaj walk through their investigation and explain how this event has raised questions about potential cracks in private credit.   - - - - - - - - - - - - - - - - - - - - - - - - - -  For further reading: The secretive First Brands founder, his $12bn debt and the future of private credit First Brands Group: dude, where’s my cash? First Brands bankruptcy: the losers — and winners - - - - - - - - - - - - - - - - - - - - - - - - - -  Follow Robert Smith on X (@BondHack), or on Bluesky (@bondhack.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 world’s largest listed hedge fund manager, Man Group, is at a crossroads. After years of high flying thanks to its innovative quant trading strategies, the company’s hedge fund unit has been faltering. Recently, the performance of Man Group’s core business has been lacklustre, and some institutional investors have pulled their money. The FT’s hedge fund correspondent Costas Mourselas analyses which strategies Man Group may pursue to rebound.  - - - - - - - - - - - - - - - - - - - - - - - - - -  For further reading: Can the world’s largest listed hedge fund rebound? Man Group’s hedge fund blues Robyn Grew: the ‘force of nature’ named Man Group chief executive - - - - - - - - - - - - - - - - - - - - - - - - - -  Follow Costas Mourselas on X (@CostasMourselas). 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.

Introducing Toxic Legacy, a new season of Untold from the Financial Times. Host Laura Hughes uncovers a lead poisoning epidemic across the UK. You might be living with lead and not know it: the toxin is often invisible to the human eye, but wreaks havoc on our bodies once we’re exposed. The first episode of Untold: Toxic Legacy launches October 22.  Listen on Apple Podcasts, Spotify, Pocket Casts or wherever you get your podcasts. For information on how to live safely with lead, please visit the LEAPP Alliance website. Hosted on Acast. See acast.com/privacy for more information.

From KitKat candy bars to Perrier mineral water, Nestlé owns thousands of brands. But recently the world’s largest food and beverage company has severely underperformed its rivals in the wider consumer goods sector. The business is also emerging from a scandal involving its most recent chief executive. The FT’s consumer industries reporter Madeleine Speed explains how Nestlé’s challenges fit into an industry under pressure from shareholders, and what plans the group’s new leadership are considering.  Clips from TBS/YouTube and Nestlé - - - - - - - - - - - - - - - - - - - - - - - - - -  For further reading: The meltdown at Nestlé Nestlé’s CEO ousting makes case for corporate ‘veep’ Denials and defiance: Nestlé chief’s exit over relationship prompts investor unrest - - - - - - - - - - - - - - - - - - - - - - - - - -  Follow Madeleine Speed on X (@SpeedMaddie). 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.

In recent weeks, satellite business EchoStar has clinched multibillion-dollar deals with SpaceX and AT&T. It may sound like boom times for founder Charlie Ergen, but these deals illustrate something different: the abandoning of an ambitious, decades-long quest to build his own mobile phone network. The FT’s Wall Street editor Sujeet Indap and US trading and crypto correspondent Jill R Shah explain how Ergen’s fortunes changed, and the role Elon Musk and US President Donald Trump played in that.   Clips from CNBC, Reuters, Yahoo Finance, Echostar/Vimeo - - - - - - - - - - - - - - - - - - - - - - - - - -  For further reading: How a deal with Elon Musk helped a telecoms tycoon save his company from bankruptcy Trump forces billionaire to fold Charlie Ergen: Media mogul at a Sprint - - - - - - - - - - - - - - - - - - - - - - - - - -  Behind the Money has been nominated for a Signal Award in the Money & Finance category! It's a Listener Choice award, which means we need your help. Vote for us to win here. We appreciate your support! Follow Sujeet Indap on X (@sindap), or on Bluesky (@sindap.bsky.social). Follow Jill Shah on X (@jillrshah). 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.

US President Donald Trump has pledged to “plant the stars and stripes on the planet Mars”, China could send its first crewed mission to Mars within a decade, and Elon Musk wants people to actually settle on Mars, transforming the human race into an interplanetary species.  In a new series of Tech Tonic, the FT’s Peggy Hollinger asks if we’re really about to land, and even live, on the red planet.  Free to read: Musk’s mission to Mars Three days with America’s rocket chasers Tech Tonic is produced by Mischa Frankl-Duval. The senior producer is Edwin Lane. Flo Phillips is the executive producer. Sound design by Breen Turner and Samantha Giovinco. Original music by Metaphor Music. Manuela Saragosa is the FT’s acting co-head of audio. Hosted on Acast. See acast.com/privacy for more information.

India’s tech hub Bangalore has experienced huge growth of companies and employees in the past two decades. But the city’s infrastructure is not keeping up with such rapid growth. With the tech sector contributing more than $300bn to the nation’s economy, what happens to the country’s growth if Bangalore can’t solve its issues? The FT’s Mumbai bureau chief Chris Kay and Mumbai correspondent Krishn Kaushik travelled to Bangalore to try to find out. - - - - - - - - - - - - - - - - - - - - - - - - - -  For further reading: The unsustainable boom in India’s Silicon Valley Multinationals turn to India’s back offices for AI engineers Indian IT shares fall over fears from Trump’s $100,000 H-1B visa fee - - - - - - - - - - - - - - - - - - - - - - - - - -  Behind the Money has been nominated for a Signal Award in the Money & Finance category! It's a Listener Choice award, which means we need your help. Vote for us to win here. We appreciate your support! Follow Chris Kay on X (@christopherkay) or on Bluesky (@christopherkay.ft.com), and Krishn Kaushik on X (@Krishn_) 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.

Behind the Money has been nominated for a Signal Award in the Money & Finance category! It's a Listener Choice award, which means we need your help. Vote for us to win here. We appreciate your support! And while you're at it, vote for some other FT podcasts that have also been nominated. The FT News Briefing podcast was nominated for best daily podcast category. Vote here. And our Tech Tonic podcast was nominated for best technology podcast. Vote here. Hosted on Acast. See acast.com/privacy for more information.

The recent collapse of Tricolor Holdings, a subprime auto lender in Texas, has left a trail of losses and questions from Wall Street to low-income immigrant communities throughout the American south-west. The FT’s US banking correspondent Akila Quinio, and Amelia Pollard, US investment correspondent, explain what they’ve found. Clip from Fifth Third - - - - - - - - - - - - - - - - - - - - - - - - - -  For further reading: Tricolor collapse sparks concern about health of US subprime auto sector Debt linked to collapsed subprime auto lender Tricolor tumbles JPMorgan and Fifth Third face losses tied to collapsed subprime car lender - - - - - - - - - - - - - - - - - - - - - - - - - -  Follow Amelia Pollard on X (@ameliajpollard) and Bluesky (@pollard.bsky.social) and 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.

Ecommerce start-up Jumia was supposed to become the “Amazon of Africa”. Its prospects seemed promising after raising close to $800mn prior to its IPO in 2019 — more than any African start-up. But in the years since, things haven’t gone the way investors probably hoped. The FT’s west and central Africa correspondent Aanu Adeoye explains Jumia’s plans to turn the business around, and what its challenges say about applying western business models in Africa.  Clip from New York Stock Exchange  - - - - - - - - - - - - - - - - - - - - - - - - - -  For further reading: Is there a future for the ‘Amazon of Africa’? ‘Amazon of Africa’ Jumia fights to rebuild investor trust   Complaints that Jumia is not African ring hollow - - - - - - - - - - - - - - - - - - - - - - - - - -  Follow Aanu Adeoye on X (@aanuadeoye). 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 natural diamond industry is facing an existential threat: lab-grown diamonds. They’re chemically and physically identical to natural stones, and they're just a fraction of the price. Eleanor Olcott, the FT’s China technology correspondent, travelled to the epicentre of lab-grown diamond production in the central Chinese province of Henan to see how they’re made. While the FT’s natural resources editor, Leslie Hook, explores what the sale of leading natural diamond producer, De Beers, could mean for the future of the sector.   Clip from Arnold Worldwide  - - - - - - - - - - - - - - - - - - - - - - - - - -  For further reading: How the diamond industry lost its sparkle  The sparkle is fading in Africa’s diamond heartland Taylor Swift hands diamonds a moment to shine - - - - - - - - - - - - - - - - - - - - - - - - - -  Follow Leslie Hook on X (@lesliehook) and 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.

Earlier this summer, energy supermajor Chevron secured access to one of the most valuable oilfields in the world. It was the culmination of a months-long battle that pitted America’s second-largest oil company against the largest, ExxonMobil. The FT’s US energy editor, Jamie Smyth, looks at what Chevron aims to do next, and how it plans to take on its larger rival.    Clips from CNBC, Bloomberg - - - - - - - - - - - - - - - - - - - - - - - - - -   Sign up for the FT Weekend Festival at ft.com/festival and use the promo code “FTPodcasts” for 10 per cent off. - - - - - - - - - - - - - - - - - - - - - - - - - -  For further reading: Chevron prepares for US oil supermajor battle with Exxon  Chevron seals $53bn Hess takeover after Exxon fails to torpedo deal For further listening … Our Behind the Money episode on Guyana from 2024:  Will Exxon make or break Guyana? - - - - - - - - - - - - - - - - - - - - - - - - - -  Follow Jamie Smyth on X (@JamieSmythF) and Bluesky (‪@jamiesmythft.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.

AI music generators - platforms that use artificial intelligence to create new, original music from scratch - can make songs that are almost indistinguishable from human creations. For some musicians, they’re the next frontier in music-making technology. But for others, they represent a grave threat, flooding the world with low-grade AI music, stealing the jobs of working musicians, and even spelling the end of the creative process as we know it. Is this just technophobia, or is music facing AI annihilation? In a new two-part series of Tech Tonic, the FT’s pop critic Ludovic Hunter-Tilney explores the emerging world of AI music, and the impact it could have on the industry. Tech Tonic is presented by Ludovic Hunter-Tilney. The producers are Lulu Smyth and Josh Gabert-Doyon. Edwin Lane is the senior producer, Flo Phillips is the executive producer. Sound design by Breen Turner and Samantha Giovinco. Original Music by Metaphor Music. Manuela Saragosa and Topher Forhecz are the FT’s acting co-heads of audio. Hosted on Acast. See acast.com/privacy for more information.

This week we're sharing an episode from, Unhedged, another podcast from the FT network. The annual meeting of central bankers in Jackson Hole, Wyoming, is supposed to be an intellectual retreat. Instead, it was overshadowed by personal and political attacks on US Federal Reserve board member Lisa Cook. Today on the show, Katie Martin talks to US economics editor Claire Jones about her reporting from Jackson Hole and what might happen if the central bank falls under the president’s control. Also, we attempt to go long and short but are interrupted by a fire alarm.  For a free 30-day trial to the Unhedged newsletter go to: https://www.ft.com/unhedgedoffer. You can email Robert Armstrong and Katie Martin at [email protected]. Read a transcript of this episode on FT.com Hosted on Acast. See acast.com/privacy for more information.

Palantir shares have soared this year, making the data analytics company one of the most valuable listed US tech groups. The FT’s Tabby Kinder explains how a paradigm shift in Silicon Valley helped propel Palantir to new heights and why many think it will be among the biggest winners of more US federal spending on national security, immigration and space exploration – even as others have started questioning its valuation. Clips from Bloomberg, CNBC, FOX Business, HBO, More Perfect Union, Newsweek, TechCrunch, Palantir Vision, The 92nd Street Y, New York  - - - - - - - - - - - - - - - - - - - - - - - - - -  For further reading: Palantir becomes a ‘Trump trade’ as investors bet on higher defence spending How Donald Trump’s spending bill will boost Silicon Valley’s defence companies Palantir lifts outlook as AI boom sends quarterly revenue to $1bn Palantir’s ‘revolving door’ with government spurs huge growth - - - - - - - - - - - - - - - - - - - - - - - - - -  Follow Tabby Kinder on X (@Tabby_Kinder) 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.

This is a revised version of an earlier episode and clarifies the position of Zyn in the US market. As the popularity of cigarettes has slid in the past couple decades, Big Tobacco has been searching for a new hit product. Now, they think they’ve found it: nicotine pouches. FT reporters Clara Murray and Mari Novik explain how nicotine pouches became popular, and whether they’ll become the sector’s newest addiction or if they will be snuffed out.  Clips from ABC News, ABC4 Utah, CBS Mornings, Theo Von Podcast, Time, TikTok - - - - - - - - - - - - - - - - - - - - - - - - - -  For further reading: The new nicotine hit that could save Big Tobacco Big Tobacco stock rally reveals uncomfortable truth Big Tobacco will take heat on its smokeless transformation - - - - - - - - - - - - - - - - - - - - - - - - - -  Follow Clara Murray on X (@clara__murray) and Bluesky (‪@claradoodle.bsky.social‬). Follow Mari Novik on X (@marinoevik) and Bluesky(@marinovik.bsky.social‬). Saffeya Ahmed is on X (@saffeya_ahmed), or you can 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.

Two summers ago, hedge fund manager Bobby Jain set out with a huge goal: build a hedge fund that can rival the likes of industry giants Citadel and Millennium. But in the year since his firm started trading, Jain has found the going tough. FT hedge fund correspondents Amelia Pollard and Costas Mourselas explain what difficulties he has encountered, and whether building a true rival in this space is possible.  Clip from Bloomberg TV - - - - - - - - - - - - - - - - - - - - - - - - - -  For further reading & listening: Big launch, small gains: Bobby Jain struggles to match hedge fund giants The next Millennium’s slow start  Citadel and Millennium outshone by smaller hedge fund rivals after trade war turmoil 🎧 Hedge fund pioneers face signs of a reckoning - - - - - - - - - - - - - - - - - - - - - - - - - -  Follow Amelia Pollard (@ameliajpollard), Costas Mourselas (@CostasMourselas) and Saffeya Ahmed (@saffeya-ahmed) on X, 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.

This week we’re sharing an episode from Fixable, a podcast from TED. In it, hear about the resurrection of Barnes & Noble.  Chief revival architect and CEO James Daunt joins hosts Anne Morriss and Frances Frei to discuss the unconventional leadership strategies that helped him navigate through the pandemic and keep bookstores alive in the age of Amazon and e-books. Anne and Frances explore James’s non-hierarchical approach to team building, dive into the challenges he faced on his mission to revitalise the company, and discover the principle at the heart of his strategy. Listen to Fixable wherever you get your podcasts. Hosted on Acast. See acast.com/privacy for more information.

The competition for junior talent between private equity and Wall Street banks reached a new peak this summer. That’s thanks to a controversial recruiting practice that is causing both industries to find talent earlier and earlier. Now, powerful figures such as JP Morgan Chase CEO Jamie Dimon are publicly decrying the strategy. The FT’s Wall Street editor Sujeet Indap and banking editor Ortenca Aliaj explain the origins of this friction and what it says about the future of Wall Street and private equity’s top firms.   Clip from the Psaros Center for Financial Markets and Policy   - - - - - - - - - - - - - - - - - - - - - - - - - -  For further reading: Wall Street vs private equity: can anyone stop the grad recruitment creep? Is investment banking still a jewel in Wall Street’s crown? Private equity abandons early recruiting after Jamie Dimon fightback - - - - - - - - - - - - - - - - - - - - - - - - - -  Follow Ortenca Aliaj on X (@OrtencaAl) and Bluesky (‪‬‪@ortenca.bsky.social‬), and Sujeet Indap on X (@sindap) and 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.

Can Tim Cook save Apple from the trade war? Has Mark Zuckerberg really been a fan of Donald Trump all along? And is the bromance between Elon Musk and the president really over?  In a new season of Tech Tonic, Murad Ahmed explores the relationships between Trump and some of the titans of the tech world. What is really driving those relationships, and what might they mean for the future of technology in the US and beyond? Free to read: ‘He is power’: billionaires line up for Donald Trump’s inauguration Donald Trump lashes out at Apple over plan to ship US iPhones from India How Jeff Bezos made peace with Donald Trump What has Elon Musk’s Doge actually achieved? How Joel Kaplan became Mark Zuckerberg’s most trusted political fixer How Peter Thiel and Silicon Valley funded the sudden rise of JD Vance This season of Tech Tonic is presented by Murad Ahmed and produced by Josh Gabert-Doyon. The senior producer is Edwin Lane and the executive producer is Flo Phillips. Sound design by Breen Turner and Samantha Giovinco. Original music by Metaphor Music, Manuela Saragosa and Topher Forhecz are the FT’s acting co-heads of audio. Hosted on Acast. See acast.com/privacy for more information.

Top consulting firms have repeatedly found themselves facing a reputational crisis. The most recent example was in early July, when a Financial Times investigation revealed that Boston Consulting Group had modelled a plan to ‘relocate’ Palestinians from Gaza after entering into a multimillion-dollar contract to help launch an aid scheme for the enclave. In this week’s episode, the FT’s US accounting editor, Stephen Foley, explains his reporting and examines what these events say about how effective the consulting industry’s ability to avoid reputational scandals is.    Clips from the UN   - - - - - - - - - - - - - - - - - - - - - - - - - -  For further reading: BCG modelled plan to ‘relocate’ Palestinians from Gaza Inside Gaza’s ‘death traps’ The little-known group poised to take over Gaza’s aid BCG gets caught up in a scandal in Gaza  - - - - - - - - - - - - - - - - - - - - - - - - - -  Follow Stephen Foley on X (@stephenfoley) and Bluesky (‪@stephenfoleyft.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.

It’s been exactly 90 days since US President Donald Trump paused most of his ‘reciprocal’ tariffs. With just a 10 per cent blanket tariff on all imports and a higher tariff on China, economists predicted the American economy would feel the heat pretty quickly. But the sky hasn’t fallen yet – the world’s largest economy is holding strong. The FT’s US economics editor Claire Jones explains why that is and when markets may start to feel the effects of Trump’s tariffs.  Clips from CBS News, CNBC, TODAY - - - - - - - - - - - - - - - - - - - - - - - - - -  For further reading: Donald Trump renews threat to hit trading partners with steep tariffs Tariffs on household goods bring home costs of Trump’s trade wars US tariff receipts surge in Donald Trump’s trade war US narrows trade focus to secure deals before Donald Trump’s tariff deadline - - - - - - - - - - - - - - - - - - - - - - - - - -  Follow Claire Jones on X (@senoj_erialc) 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.

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 - - - - - - - - - - - - - - - - - - - - - - - - - -  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? - - - - - - - - - - - - - - - - - - - - - - - - - -  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 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  - - - - - - - - - - - - - - - - - - - - - - - - - -  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 - - - - - - - - - - - - - - - - - - - - - - - - - -  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.

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 - - - - - - - - - - - - - - - - - - - - - - - - - -  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 - - - - - - - - - - - - - - - - - - - - - - - - - -  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.

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.  - - - - - - - - - - - - - - - - - - - - - - - - - -  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 - - - - - - - - - - - - - - - - - - - - - - - - - -  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.

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 [email protected]  Read Martin’s FT column here Subscribe to Paul’s substack here Hosted on Acast. See acast.com/privacy for more information.

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. - - - - - - - - - - - - - - - - - - - - - - - - - -  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   - - - - - - - - - - - - - - - - - - - - - - - - - -  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.

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.

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 - - - - - - - - - - - - - - - - - - - - - - - - - -  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 - - - - - - - - - - - - - - - - - - - - - - - - - -  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.

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  - - - - - - - - - - - - - - - - - - - - - - - - - -  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? - - - - - - - - - - - - - - - - - - - - - - - - - -  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.

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.   - - - - - - - - - - - - - - - - - - - - - - - - - -  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?  - - - - - - - - - - - - - - - - - - - - - - - - - -  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.

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 - - - - - - - - - - - - - - - - - - - - - - - - - -  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 - - - - - - - - - - - - - - - - - - - - - - - - - -  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.

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 - - - - - - - - - - - - - - - - - - - - - - - - - -  For further reading: Why did Donald Trump buckle? Is the world losing faith in the almighty US dollar? The debt-fuelled bet on US Treasuries that’s scaring regulators  - - - - - - - - - - - - - - - - - - - - - - - - - -  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.

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.  - - - - - - - - - - - - - - - - - - - - - - - - - -  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  - - - - - - - - - - - - - - - - - - - - - - - - - -  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.

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 - - - - - - - - - - - - - - - - - - - - - - - - - -  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:  Why Apple can’t leave China - - - - - - - - - - - - - - - - - - - - - - - - - -  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.

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.  - - - - - - - - - - - - - - - - - - - - - - - - - -  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 - - - - - - - - - - - - - - - - - - - - - - - - - -  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.

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 - - - - - - - - - - - - - - - - - - - - - - - - - -  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 - - - - - - - - - - - - - - - - - - - - - - - - - -  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.

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  - - - - - - - - - - - - - - - - - - - - - - - - - -  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 - - - - - - - - - - - - - - - - - - - - - - - - - -  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.

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 - - - - - - - - - - - - - - - - - - - - - - - - - -  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  - - - - - - - - - - - - - - - - - - - - - - - - - -  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.

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.  - - - - - - - - - - - - - - - - - - - - - - - - - -  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. - - - - - - - - - - - - - - - - - - - - - - - - - -  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 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  - - - - - - - - - - - - - - - - - - - - - - - - - -  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 - - - - - - - - - - - - - - - - - - - - - - - - - -  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.

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.  - - - - - - - - - - - - - - - - - - - - - - - - - -  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 - - - - - - - - - - - - - - - - - - - - - - - - - -  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.

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  - - - - - - - - - - - - - - - - - - - - - - - - - -  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? - - - - - - - - - - - - - - - - - - - - - - - - - -  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.

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  - - - - - - - - - - - - - - - - - - - - - - - - - -  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 - - - - - - - - - - - - - - - - - - - - - - - - - -  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’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  - - - - - - - - - - - - - - - - - - - - - - - - - -  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 - - - - - - - - - - - - - - - - - - - - - - - - - -  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.

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.  - - - - - - - - - - - - - - - - - - - - - - - - - -  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  - - - - - - - - - - - - - - - - - - - - - - - - - -  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.

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 - - - - - - - - - - - - - - - - - - - - - - - - - -  For further reading: US Steel’s tortuous un-merger is a deal for the ages Playing the M&A Trump card Deals are back, baby (for real this time?) Will Trump’s new antitrust enforcers help make M&A great again? - - - - - - - - - - - - - - - - - - - - - - - - - -  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.

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 - - - - - - - - - - - - - - - - - - - - - - - - - -  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 - - - - - - - - - - - - - - - - - - - - - - - - - -  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.

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.  - - - - - - - - - - - - - - - - - - - - - - - - - -  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.

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.

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 - - - - - - - - - - - - - - - - - - - - - - - - - -  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 - - - - - - - - - - - - - - - - - - - - - - - - - -  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.

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

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

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 - - - - - - - - - - - - - - - - - - - - - - - - - -  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? - - - - - - - - - - - - - - - - - - - - - - - - - -  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.

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  - - - - - - - - - - - - - - - - - - - - - - - - - -  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 - - - - - - - - - - - - - - - - - - - - - - - - - -  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.

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. - - - - - - - - - - - - - - - - - - - - - - - - - -  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 - - - - - - - - - - - - - - - - - - - - - - - - - -  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 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. - - - - - - - - - - - - - - - - - - - - - - - - - -  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  - - - - - - - - - - - - - - - - - - - - - - - - - -  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.

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.  - - - - - - - - - - - - - - - - - - - - - - - - - -  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 - - - - - - - - - - - - - - - - - - - - - - - - - -  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.

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    - - - - - - - - - - - - - - - - - - - - - - - - - -  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 - - - - - - - - - - - - - - - - - - - - - - - - - -  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.  - - - - - - - - - - - - - - - - - - - - - - - - - -  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.

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 - - - - - - - - - - - - - - - - - - - - - - - - - -  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 - - - - - - - - - - - - - - - - - - - - - - - - - -  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.

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  - - - - - - - - - - - - - - - - - - - - - - - - - -  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 - - - - - - - - - - - - - - - - - - - - - - - - - -  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.

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 - - - - - - - - - - - - - - - - - - - - - - - - - -  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 - - - - - - - - - - - - - - - - - - - - - - - - - -  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.

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 - - - - - - - - - - - - - - - - - - - - - - - - - -  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 - - - - - - - - - - - - - - - - - - - - - - - - - -  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.

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.   - - - - - - - - - - - - - - - - - - - - - - - - - -  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  - - - - - - - - - - - - - - - - - - - - - - - - - -  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.

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  - - - - - - - - - - - - - - - - - - - - - - - - - -  For further reading: Is Jay Powell lucky or good? Remain calm  Martin Sandbu’s column: A self-congratulatory inflation narrative at Jackson Hole  - - - - - - - - - - - - - - - - - - - - - - - - - -  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.

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.  - - - - - - - - - - - - - - - - - - - - - - - - - -  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 - - - - - - - - - - - - - - - - - - - - - - - - - -  Register now for the FT Weekend Festival, and claim £24 off your pass using promo code FTPodcast at: ft.com/festival - - - - - - - - - - - - - - - - - - - - - - - - - -  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 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 - - - - - - - - - - - - - - - - - - - - - - - - - -  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 - - - - - - - - - - - - - - - - - - - - - - - - - -  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.

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 - - - - - - - - - - - - - - - - - - - - - - - - - -  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 - - - - - - - - - - - - - - - - - - - - - - - - - -  On X, follow Myles McCormick (@mylesmccormick_) 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.

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.  - - - - - - - - - - - - - - - - - - - - - - - - - -  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 - - - - - - - - - - - - - - - - - - - - - - - - - -  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.

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

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 - - - - - - - - - - - - - - - - - - - - - - - - - -  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  - - - - - - - - - - - - - - - - - - - - - - - - - -  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 [email protected].  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.

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 - - - - - - - - - - - - - - - - - - - - - - - - - -  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 - - - - - - - - - - - - - - - - - - - - - - - - - -  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.

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 - - - - - - - - - - - - - - - - - - - - - - -  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   - - - - - - - - - - - - - - - - - - - - - - -  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 [email protected].  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.

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    - - - - - - - - - - - - - - - - - - - - - - - - - -  For further reading: Formula One’s growing pains Beauty mogul Charlotte Tilbury wants to give F1 a makeover The Business of Formula One - - - - - - - - - - - - - - - - - - - - - - - - - -  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.

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. - - - - - - - - - - - - - - - - - - - - - - - - - -  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  - - - - - - - - - - - - - - - - - - - - - - - - - -  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.

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 - - - - - - - - - - - - - - - - - - - - - - - - - -  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 - - - - - - - - - - - - - - - - - - - - - - - - - -  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.

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 - - - - - - - - - - - - - - - - - - - - - - - - - -  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 - - - - - - - - - - - - - - - - - - - - - - - - - -  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.

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 - - - - - - - - - - - - - - - - - - - - - - - - - -  For further reading: Shein switches focus to London after New York IPO stalls Shein’s London IPO flirtation Shein profits double to over $2bn ahead of planned listing Fund managers give cool reception to prospect of Shein London IPO - - - - - - - - - - - - - - - - - - - - - - - - - -  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.

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 - - - - - - - - - - - - - - - - - - - - - - - - - -  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 Mark Cuban’s Mavericks bet - - - - - - - - - - - - - - - - - - - - - - - - - -  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.

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.  - - - - - - - - - - - - - - - - - - - - - - - - - -  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 - - - - - - - - - - - - - - - - - - - - - - - - - -  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.

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  - - - - - - - - - - - - - - - - - - - - - - - - - -  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  - - - - - - - - - - - - - - - - - - - - - - - - - -  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 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.

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 - - - - - - - - - - - - - - - - - - - - - - - - - -  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? - - - - - - - - - - - - - - - - - - - - - - - - - -  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.

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.

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 - - - - - - - - - - - - - - - - - - - - - - - - - -  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 - - - - - - - - - - - - - - - - - - - - - - - - - -  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.

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 - - - - - - - - - - - - - - - - - - - - - - - - - -  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 - - - - - - - - - - - - - - - - - - - - - - - - - -  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 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  - - - - - - - - - - - - - - - - - - - - - - - - - -  For further reading: The inequity method of accounting Opposition shadows Cerberus windfall from Albertsons supermarket deal  The pool is closed, part 1 - - - - - - - - - - - - - - - - - - - - - - - - - -  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.

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 - - - - - - - - - - - - - - - - - - - - - - - - - -  For further reading: Battle for the American West Seven states, 3,000 miles: a trip across the US energy divide Wyoming’s Carbon Valley aims to turn ‘coal into gold’ - - - - - - - - - - - - - - - - - - - - - - - - - -  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.

Introducing Money Clinic’s Five Minute Investor, a miniseries hosted by Claer Barrett, the FT’s consumer editor. In each episode, Claer challenges top financial commentators to break down financial jargon in just five minutes, making you a smarter, and hopefully richer, investor. Tune in every Tuesday, and subscribe to Money Clinic wherever you get your podcasts. If you would like Claer to demystify an investment term, email the team at [email protected] or send Claer a DM on social media — she’s @ClaerB on Twitter, Instagram and TikTok. Hosted on Acast. See acast.com/privacy for more information.

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 - - - - - - - - - - - - - - - - - - - - - - - - - -  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 - - - - - - - - - - - - - - - - - - - - - - - - - -  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.

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.  - - - - - - - - - - - - - - - - - - - - - - - - - -  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.  - - - - - - - - - - - - - - - - - - - - - - - - - -  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.

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 - - - - - - - - - - - - - - - - - - - - - - - - - -  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 - - - - - - - - - - - - - - - - - - - - - - - - - -  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.

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  - - - - - - - - - - - - - - - - - - - - - - - - - -  For further reading: The Magnificent 7 value trade Japan’s market rally lacks solid backing How fatalistic should we be on AI? - - - - - - - - - - - - - - - - - - - - - - - - - -  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.

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.  - - - - - - - - - - - - - - - - - - - - - - - - - -  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 - - - - - - - - - - - - - - - - - - - - - - - - - -  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.

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 [email protected], or message her on X at @mtindera07. - - - - - - - - - - - - - - - - - - - - - - - - - -  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 - - - - - - - - - - - - - - - - - - - - - - - - - -  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.

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 [email protected], or message her on X at @mtindera07. - - - - - - - - - - - - - - - - - - - - - - - - - -  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 - - - - - - - - - - - - - - - - - - - - - - - - - -  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.

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 [email protected], or message her on X at @mtindera07. - - - - - - - - - - - - - - - - - - - - - - - - - -  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  - - - - - - - - - - - - - - - - - - - - - - - - - -  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.

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 - - - - - - - - - - - - - - - - - - - - - - - - - -  For further reading: Can Elon Musk derail Delaware? Texas is throwing down a legal challenge to Delaware Delaware versus Elon Musk - - - - - - - - - - - - - - - - - - - - - - - - - -  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 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.   - - - - - - - - - - - - - - - - - - - - - - - - - -  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 - - - - - - - - - - - - - - - - - - - - - - - - - -  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.

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.    - - - - - - - - - - - - - - - - - - - - - - - - - -  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 - - - - - - - - - - - - - - - - - - - - - - - - - -  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.

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 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  - - - - - - - - - - - - - - - - - - - - - - - - - -  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 - - - - - - - - - - - - - - - - - - - - - - - - - -  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.

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

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.

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 - - - - - - - - - - - - - - - - - - - - - - - - - -  Subscribe and listen to Untold: The Retreat on Apple Podcasts, Spotify or wherever you get your podcasts. - - - - - - - - - - - - - - - - - - - - - - - - - -  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 - - - - - - - - - - - - - - - - - - - - - - - - - -  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.

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. - - - - - - - - - - - - - - - - - - - - - - - - - -  For further reading: Five questions for 2024 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? - - - - - - - - - - - - - - - - - - - - - - - - - -  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: [email protected].  Read a transcript of this episode on FT.com Hosted on Acast. See acast.com/privacy for more information.

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

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

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 - - - - - - - - - - - - - - - - - - - - - - - - - -  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 - - - - - - - - - - - - - - - - - - - - - - - - - -  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.

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

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.  - - - - - - - - - - - - - - - - - - - - - - - - - -  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 - - - - - - - - - - - - - - - - - - - - - - - - - -  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.

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

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

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

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 - - - - - - - - - - - - - - - - - - - - - - - - - -  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 - - - - - - - - - - - - - - - - - - - - - - - - - -  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.

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  - - - - - - - - - - - - - - - - - - - - - - - - - -  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 - - - - - - - - - - - - - - - - - - - - - - - - - -  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.

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 - - - - - - - - - - - - - - - - - - - - - - - - - -  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?  - - - - - - - - - - - - - - - - - - - - - - - - - -  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.

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.  - - - - - - - - - - - - - - - - - - - - - - - - - -  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 - - - - - - - - - - - - - - - - - - - - - - - - - -  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.

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.  - - - - - - - - - - - - - - - - - - - - - - - - - -  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.

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. - - - - - - - - - - - - - - - - - - - - - - - - - -  For further reading: Amazon’s most prominent antitrust critic makes her case What Lina Khan’s antitrust case could mean for Amazon Amazon & the FTC Amazon offers concessions over third-party sales to appease UK antitrust watchdog - - - - - - - - - - - - - - - - - - - - - - - - - -  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.

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  - - - - - - - - - - - - - - - - - - - - - - - - - -  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.  - - - - - - - - - - - - - - - - - - - - - - - - - -  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.

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  - - - - - - - - - - - - - - - - - - - - - - - - - -  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 - - - - - - - - - - - - - - - - - - - - - - - - - -  On X, follow Patrick McGee (@PatrickMcGee_) and Michela Tindera (@mtindera07) Hosted on Acast. See acast.com/privacy for more information.

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.      - - - - - - - - - - - - - - - - - - - - - - - - - -  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? - - - - - - - - - - - - - - - - - - - - - - - - - -  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.

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

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

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.  - - - - - - - - - - - - - - - - - - - - - - - - - -  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? - - - - - - - - - - - - - - - - - - - - - - - - - -  On Twitter, follow Tim Bradshaw (@tim) and Michela Tindera (@mtindera07) Hosted on Acast. See acast.com/privacy for more information.

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.

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

Who is Sergei Leontiev? To the US asylum system, he’s an exiled Russian banker who was persecuted by the state and forced to flee. To Russia, he’s said to be responsible for massive fraud. On The Russian Banker, a new series from the Financial Times, reporters Courtney Weaver and Stefania Palma try to uncover the truth, and find a story that tells us about Russia today and how people in the west build stories about who’s good and who’s bad. The Russian Banker is a special series that will run on the Behind the Money podcast starting Aug. 30. Listen to The Russian Banker by subscribing to the Behind the Money podcast here. Hosted on Acast. See acast.com/privacy for more information.

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 - - - - - - - - - - - - - - - - - - - - - - - - - -  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  - - - - - - - - - - - - - - - - - - - - - - - - - -  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’ - - - - - - - - - - - - - - - - - - - - - - - - - -  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.

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. - - - - - - - - - - - - - - - - - - - - - - - - - -  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  - - - - - - - - - - - - - - - - - - - - - - - - - -  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.

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 [email protected], 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. - - - - - - - - - - - - - - - - - - - - - - - - - -  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 - - - - - - - - - - - - - - - - - - - - - - - - - -  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.

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 [email protected], or message her on Twitter at @mtindera07 - - - - - - - - - - - - - - - - - - - - - - - - - -  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 - - - - - - - - - - - - - - - - - - - - - - - - - -  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.

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 [email protected], or message her on Twitter at @mtindera07 - - - - - - - - - - - - - - - - - - - - - - - - - -  For further reading: Recession odds fall, a bit 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.

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.  - - - - - - - - - - - - - - - - - - - - - - - - - -  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 - - - - - - - - - - - - - - - - - - - - - - - - - -  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 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  - - - - - - - - - - - - - - - - - - - - - - - - - -  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  - - - - - - - - - - - - - - - - - - - - - - - - - -  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.

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 - - - - - - - - - - - - - - - - - - - - - - - - - -  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 - - - - - - - - - - - - - - - - - - - - - - - - - -  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.

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 - - - - - - - - - - - - - - - - - - - - - - - - - -  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?  - - - - - - - - - - - - - - - - - - - - - - - - - -  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.

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.  - - - - - - - - - - - - - - - - - - - - - - - - - -  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 - - - - - - - - - - - - - - - - - - - - - - - - - -  On Twitter, follow Madison Marriage (@miss_marriage), Antonia Cundy (@antoniacundy) and Michela Tindera (@mtindera07). You can contact Madison and Antonia directly here: [email protected] and [email protected] Read a transcript of this episode on FT.com Hosted on Acast. See acast.com/privacy for more information.

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.

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 - - - - - - - - - - - - - - - - - - - - - - - - - -  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 - - - - - - - - - - - - - - - - - - - - - - - - - -  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.

We want to tell you about a new podcast coming soon! On Unhedged, Ethan Wu, Katie Martin and other markets nerds at the Financial Times explain the big ideas behind what’s happening in finance right now. Unhedged launches June 13, you can follow the show here! Hosted on Acast. See acast.com/privacy for more information.

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.  - - - - - - - - - - - - - - - - - - - - - - - - - -  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 - - - - - - - - - - - - - - - - - - - - - - - - - -  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.

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  - - - - - - - - - - - - - - - - - - - - - - - - - -  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 - - - - - - - - - - - - - - - - - - - - - - - - - -  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.

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 - - - - - - - - - - - - - - - - - - - - - - - - - -  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 - - - - - - - - - - - - - - - - - - - - - - - - - -  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.

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  - - - - - - - - - - - - - - - - - - - - - - - - - -  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 - - - - - - - - - - - - - - - - - - - - - - - - - -  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.

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.  - - - - - - - - - - - - - - - - - - - - - - - - - -  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.

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  - - - - - - - - - - - - - - - - - - - - - - - - - -  For further reading: Can Intel become the chip champion the US needs? Can Intel come back?  Intel: Chips Act subsidies may impede a return to former glory - - - - - - - - - - - - - - - - - - - - - - - - - -  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.

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. - - - - - - - - - - - - - - - - - - - - - - - - - -  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.

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.  - - - - - - - - - - - - - - - - - - - - - - - - - -  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 - - - - - - - - - - - - - - - - - - - - - - - - - -  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.

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. - - - - - - - - - - - - - - - - - - - - - - - - - -  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.

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. - - - - - - - - - - - - - - - - - - - - - - - - - -  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 - - - - - - - - - - - - - - - - - - - - - - - - - -  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.

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

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  - - - - - - - - - - - - - - - - - - - - - - - - - -  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 - - - - - - - - - - - - - - - - - - - - - - - - - -  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.

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. - - - - - - - - - - - - - - - - - - - - - - - - - -  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.

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.

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 - - - - - - - - - - - - - - - - - - - - - - - - - -  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 - - - - - - - - - - - - - - - - - - - - - - - - - -  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 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 - - - - - - - - - - - - - - - - - - - - - - - - - -  For further reading: Rebuilding Pakistan: how much should rich nations help? ‘It’s the fault of climate change’: Pakistan seeks ‘justice’ after floods Pakistan is on the brink Debt burden traps global south in a vicious circle - - - - - - - - - - - - - - - - - - - - - - - - - -  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.

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 - - - - - - - - - - - - - - - - - - - - - - - - - -  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 - - - - - - - - - - - - - - - - - - - - - - - - - -  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.

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.  - - - - - - - - - - - - - - - - - - - - - - - - - -  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 - - - - - - - - - - - - - - - - - - - - - - - - - -  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.

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 - - - - - - - - - - - - - - - - - - - - - - - - - -  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.  - - - - - - - - - - - - - - - - - - - - - - - - - -  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.

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 - - - - - - - - - - - - - - - - - - - - - - - - - -  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 - - - - - - - - - - - - - - - - - - - - - - - - - -  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.

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 - - - - - - - - - - - - - - - - - - - - - - - - - -  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 - - - - - - - - - - - - - - - - - - - - - - - - - -  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.

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 - - - - - - - - - - - - - - - - - - - - - - - - - -  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 - - - - - - - - - - - - - - - - - - - - - - - - - -  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.

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.   - - - - - - - - - - - - - - - - - - - - - - - - - -  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 - - - - - - - - - - - - - - - - - - - - - - - - - -  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 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.  - - - - - - - - - - - - - - - - - - - - - - - - - -  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 - - - - - - - - - - - - - - - - - - - - - - - - - -  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.

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 - - - - - - - - - - - - - - - - - - - - - - - - - -  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.  - - - - - - - - - - - - - - - - - - - - - - - - - -  For further reading: Slimming down Big Tech Is Big Tech flabby? Bye-bye massages and free food: Big Tech cuts back perks The shock of mass lay-offs is only the beginning for companies - - - - - - - - - - - - - - - - - - - - - - - - - -  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.

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 - - - - - - - - - - - - - - - - - - - - - - - - - -  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.  - - - - - - - - - - - - - - - - - - - - - - - - - -  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 - - - - - - - - - - - - - - - - - - - - - - - - - -  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.

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 - - - - - - - - - - - - - - - - - - - - - - - - - -  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.  - - - - - - - - - - - - - - - - - - - - - - - - - -  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 - - - - - - - - - - - - - - - - - - - - - - - - - -  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.