Behind the Money

The Labour Party has come back into power in the UK after 14 years. For the City of London, this brings hope for some stability amid the rise of competing financial sectors around the world. But will efforts to revitalize markets and the economy work out? The FT’s chief UK business correspondent Michael O’Dwyer analyzes the expectations of City of London executives from the newly elected government. 

Clips from BBC, Today, NBC News, CNN

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For further reading:

How will Rachel Reeves run the UK’s finances?

The City of London’s wish list for the new Labour government

The club of City executives plotting a revival for the UK’s capital markets  

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Plus, tell us what you think about Behind the Money! Complete this survey before August 29 for a chance to win a pair of Bose QuietComfort 35 Wireless headphones (terms and conditions can be found here).

And, send us a question: Behind the Money is teaming up with the FT’s Moral Money newsletter to answer your questions about what “responsible” business and finance really looks like in the 21st century.

That means topics like sustainability, ESG, diversity and inclusion and clean energy investment. We might read out, or play the question from your voicemail with your name, on the show. To get in touch, record a voice message here: sayhi.chat/0humz, or send us an email with your question to [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   

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For further reading:

Formula One’s growing pains

Beauty mogul Charlotte Tilbury wants to give F1 a makeover

The Business of Formula One

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Plus, tell us what you think about Behind the Money! Complete this survey before August 29 2024 for a chance to win a pair of Bose QuietComfort 35 Wireless headphones (terms and conditions can be found here).

And, send us a question! Behind the Money is teaming up with the FT’s Moral Money newsletter to answer your questions about what “responsible” business and finance really looks like in the 21st century.

That means topics like sustainability, ESG, diversity and inclusion and clean energy investment. We might read out, or play the question from your voicemail with your name, on the show. To get in touch, record a voice message here: sayhi.chat/0humz

On X, follow Samuel Agini (@SamuelAgini), Madison Darbyshire (@MADarbyshire) and Michela Tindera (@mtindera07), or follow Michela on LinkedIn for updates about the show and more. 

Read a transcript of this episode on FT.com

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

This week, we’re revisiting an episode from earlier this year. BlackRock chief executive Larry Fink has been on the hunt for the money manager’s next “transformational” deal. In January, Fink revealed that he had finally found it with the acquisition of a private capital firm, Global Infrastructure Partners. The FT’s US financial editor Brooke Masters and US private capital correspondent Antoine Gara explain why BlackRock wanted GIP, and how this deal sets the agenda for Wall Street this year. Clips from CNBC 

Plus, send us a question! Behind the Money is teaming up with the FT’s Moral Money newsletter to answer your questions about what “responsible” business and finance really looks like in the 21st century.  

That means topics like sustainability, ESG, diversity and inclusion and clean energy investment. These have become hot-button issues that have recently faced a huge backlash. 

Tell us, what are the questions you have? To get in touch, record a voice message here: sayhi.chat/0humz  

We might read out, or play the question from your voicemail with your name, on the show.

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For further reading:

Infrastructure: from investment backwater to a $1tn asset class

How the $12.5bn BlackRock-GIP deal is set to shake up investment management

How Adebayo Ogunlesi’s contrarian bet led to $12.5bn BlackRock tie-up 

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On X, follow Antoine Gara (@AntoineGara), Brooke Masters (@brookeamasters) and Michela Tindera (@mtindera07), or follow Michela on LinkedIn for updates about the show and more. 

Read a transcript of this episode on FT.com

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

Exxon Mobil struck black gold in 2015 when it discovered a massive oil reserve off the coast of Guyana in South America. It’s poised to make Guyana the fourth-largest offshore oil developer in the world, and it's already jump-started a transformation within the developing economy. But will this oil bonanza benefit Guyana’s people? The FT’s US energy editor Jamie Smyth travels to Guyana’s capital to understand Exxon’s impact first-hand. 

Clip from NBC News

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For further reading:

The giant Exxon project that could create the world’s last petrostate

Oil-rich Guyana tries to tap another source of cash: carbon credits

Exxon’s exit marks reversal of fortune for Equatorial Guinea

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On X, follow Jamie Smyth (@JamieSmythF) and Michela Tindera (@mtindera07), or follow Michela on LinkedIn for updates about the show and more.

Read a transcript of this episode on FT.com

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

Banks in the US are locked in a bitter fight with regulators. It’s all about a proposed set of rules with an unusual name, Basel III Endgame. Regulators say the rules will help avoid future banking crises. Banks say they’re overkill and could hurt everyday Americans. The FT’s US banking editor Joshua Franklin explains how the industry is pushing back.

Clips from Bloomberg, CNBC

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For further reading:

The US pushback against ‘Basel Endgame’

The bank argument on the Basel III endgame is bunk

EU to delay Basel bank trading reforms as US revisits plans

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On X, follow Joshua Franklin (@FTJFranklin) and Michela Tindera (@mtindera07), or follow Michela on LinkedIn for updates about the show and more. 

Read a transcript of this episode on FT.com

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

In November, online fast-fashion giant Shein filed paperwork to go public in the US. Since then the process has not moved forward at all — and it looks like Shein’s ties to Beijing could be to blame. The FT’s China tech correspondent Eleanor Olcott explains how Shein has tried to distance itself from China to appease US regulators, and where it might go public instead. 

Clips from Reuters, Bloomberg, Yahoo Finance

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For further reading:

Shein switches focus to London after New York IPO stalls

Shein’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

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On X, follow Eleanor Olcott (@EleanorOlcott) and Saffeya Ahmed (@saffeya_ahmed).

Read a transcript of this episode on FT.com

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

The 2024 NBA Playoffs are in full swing, but eyes are still on a team that was knocked out last week. The Minnesota Timberwolves are caught up in an ownership dispute that’s gone south pretty fast, after two prospective buyers attempted to finance their purchase of the team in an unconventional way. The FT’s US sports business correspondent Sara Germano breaks down how the deal came together, fell apart, and the can of worms it’s since opened about owning US sports teams. 

Clips from Bleacher Report, FOX 9 Minneapolis-St. Paul, KARE 11, House of Highlights, The Dane Moore NBA Podcast

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For further reading:

The off-the-court fight for one of the NBA’s hottest teams

Private equity gears up for potential National Football League investments

Michael Jordan agrees to sell majority stake in NBA’s Charlotte Hornets

Mark Cuban’s Mavericks bet

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On X, follow Sara Germano (@germanotes) and Saffeya Ahmed (@saffeya_ahmed).

Read a transcript of this episode on FT.com

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

This week, we’re revisiting an episode from last November, about a Wall Street saga that lost shareholders more than $10bn. In 2007, when Dan Och took his hedge fund public, he was making a bet that his company would stand the test of time. More than 15 years, a bribery scandal, and a feud with his protégé later, the FT’s Ortenca Aliaj and Sujeet Indap explain how things did not work out as planned. 

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For further reading:

Sculptor Capital: grey areas cause grey hairs in messy bidding war

Fight over Sculptor hedge fund sale entwined in Daniel Och’s tax affairs

Sale of Sculptor Capital on cusp of approval after hedge fund brawl

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On X, follow Ortenca Aliaj (@OrtencaAl), Sujeet Indap (@sindap) and Michela Tindera (@mtindera07), or follow Michela on LinkedIn for updates about the show and more. 

Read a transcript of this episode on FT.com

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

Audit firms are supposed to put a company’s books under the microscope. But these days, regulators are finding an increasing number of flaws in the audits that they inspect. The FT’s US accounting editor Stephen Foley explains what’s going wrong, and how regulators around the world plan to fix these shortcomings. 

Clips from CNN, NBC News 

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For further reading:

Why don’t auditors find fraud?

Auditors failed to raise alarm before 75% of UK corporate collapses

Big Four firms rethink governance after year of mis-steps and scandals 

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On X, follow Stephen Foley (@stephenfoley) and Michela Tindera (@mtindera07), or follow Michela on LinkedIn for updates about the show and more.

Read a transcript of this episode on FT.com

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

Introducing 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

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For further reading:

Berkshire after Buffett: is Greg Abel up to the top job?

Berkshire after Buffett: prized energy business faces upheaval

Berkshire after Buffett: the risk ‘genius’ pulling the insurance strings

Berkshire after Buffett: can any stockpicker follow the Oracle?

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On X, follow Eric Platt (@ericgplatt) and Michela Tindera (@mtindera07), or follow Michela on LinkedIn for updates about the show and more.

Read a transcript of this episode on FT.com

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

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

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For further reading:

‘To what end?’: the murky question of Bill Hwang’s motive in Archegos trial

Archegos founder’s charity was financial ‘escape pod’, suit alleges

Hedge funds and brokers take aim at post-Archegos trading reforms

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On X, follow Joe Miller (@JoeMillerJr) and Michela Tindera (@mtindera07), or follow Michela on LinkedIn for updates about the show and more.

Read a transcript of this episode on FT.com

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

For decades, countries in the Middle East have dominated the oil market, pumping large quantities of the world’s supply. Along with that has come a pattern: when there’s conflict in the region, oil prices rise. The pattern seems to be breaking though, mainly because of one thing: US shale. The FT’s Myles McCormick explains how production in the country shifted oil’s epicentre away from the Middle East, and how long that may last. 

Clips from Al Jazeera, CBS, CNN

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For further reading:

How US shale keeps sheltering America from the next oil price surge

On markets and geopolitics, it is a mistake to forget about shale

Why oil prices remain steady even as Middle East tensions escalate

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On X, follow Myles McCormick (@mylesmccormick_) and Michela Tindera (@mtindera07), or follow Michela on LinkedIn for updates about the show and more. 

Read a transcript of this episode on FT.com

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

When a company is sold there tends to be a standard playbook: There’s some tough negotiations. Then, the buyer gets a business and the seller gets a check. Everyone’s happy. That’s not what happened when a private equity firm recently bought a California grocery store chain. The FT’s Wall Street editor Sujeet Indap explains how the deal went off the rails, and how the supermarket’s owners might end up paying millions of dollars to sell their company. 

Clip from KCRA 

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For further reading:

The inequity method of accounting

Opposition shadows Cerberus windfall from Albertsons supermarket deal 

The pool is closed, part 1

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On X, follow Sujeet Indap (@sindap) and Michela Tindera (@mtindera07), or follow Michela on LinkedIn for updates about the show and more.

Read a transcript of this episode on FT.com

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

A few years ago, four men went on a hunting trip to Wyoming. That trip would end up changing their lives — and possibly, the future of the public’s access to millions of acres of land in America's western states. The FT’s Oliver Roeder expands on the saga that’s played out since 2021 inside courtrooms and within thousands of pages of legal documents.  

Clips from KGWN, Ludlow Music and The Richmond Organisation

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For further reading:

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’

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On X, follow Oliver Roeder (@ollie) and Michela Tindera (@mtindera07), or follow Michela on LinkedIn for updates about the show and more.

Read a transcript of this episode on FT.com

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

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

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For further reading:

WeightWatchers faces an era when weight loss comes in a syringe

Behold the Ozempic effect on business 

The race to develop the next generation of weight-loss drugs

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On X, follow Anna Mutoh (@anna_mutoh) and Michela Tindera (@mtindera07), or follow Michela on LinkedIn for updates about the show and more. 

Read a transcript of this episode on FT.com

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

The US and China’s battle for dominance in the semiconductor industry is having some surprising knock-on effects: Companies are looking to insulate their supply chains from rising geopolitical tensions. And many from around the world are setting their sights on Malaysia to set up or expand their chip factories. FT correspondent Mercedes Ruehl explains how the country earned a prized spot in the supply chain, and what it needs to do to keep hold of it. 

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For further reading:

Malaysia: the surprise winner from US-China chip wars

Vietnam dangles semiconductor incentives to draw foreign companies

AI boom broadens out across Wall Street

Plus, sign up for the FT’s Alphaville pub quiz on April 9 in New York. 

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On X, follow Mercedes Ruehl (@mjruehl) and Michela Tindera (@mtindera07), or follow Michela on LinkedIn for updates about the show and more.

Read a transcript of this episode on FT.com

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

The past several years in the US Treasury market have not been what you’d call smooth sailing. Three crises in a decade recently pushed regulators to introduce important changes to the world’s largest and most liquid market. The Securities and Exchange Commission passed the most significant reform a few months ago. The FT’s capital markets correspondent Kate Duguid examines that change — plus the potential pitfalls and promise that come with it. 

Clips from CNBC, Bloomberg

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For further reading:

The radical changes coming to the world’s biggest bond market

Has Gensler’s SEC pushed Wall Street too far?

SEC tussles with shadow trades in the US Treasury market

Ransomware attack on ICBC disrupts trades in US Treasury market

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On X, follow Kate Duguid (@kateduguid) and Michela Tindera (@mtindera07), or follow Michela on LinkedIn for updates about the show and more. 

Read a transcript of this episode on FT.com

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

More questions — more answers! We’ve partnered with the FT’s Unhedged podcast for a special two-part episode, fielding questions you have submitted about markets and finance. The host of Unhedged, Ethan Wu, plus the FT’s US financial commentator Rob Armstrong and markets editor Katie Martin join Michela to traverse topics ranging from the longevity of the Magnificent Seven stocks to Japan’s economic outlook. 

To listen to the other part of the episode, visit the Unhedged podcast feed.

Clips from The Magnificent Seven, The Mirisch Company/United Artists, music by Elmer Bernstein 

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For further reading:

The Magnificent 7 value trade

Japan’s market rally lacks solid backing

How fatalistic should we be on AI?

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On X, follow Ethan Wu (@EthanYWu), Robert Armstrong (@rbrtrmstrng), Katie Martin (@katie_martin_fx) and Michela Tindera (@mtindera07), or follow Michela on LinkedIn for updates about the show and more. 

Read a transcript of this episode on FT.com

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

Penny stocks are having a moment. In recent months, little-known companies with names such as Bit Brother and Phunware have been among the most traded stocks in America’s public markets, surpassing companies like Tesla and popular exchange traded funds. The FT’s US markets editor Jennifer Hughes explores why this is happening, and whether retail investors should think twice before diving in.

Clip from Paramount Movies

Plus, a note on next week’s show: Look for Behind the Money in your feed a day early, on Tuesday, March 19. 

We’re doing a special 2-part episode with the Unhedged podcast. One part will be in Unhedged’s feed and the other part will be right here, in Behind the Money’s feed. 

We’ll be back to our regular Wednesday schedule the following week. 

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For further reading:

The tiny Chinese tea seller whose shares trade more than Tesla’s

Stock markets undergo ‘risk reset’ as indices notch new records

Retail investors are in no rush to join the latest stock market rally

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On X, follow Jennifer Hughes (@jennhughes13) and Michela Tindera (@mtindera07), or follow Michela on LinkedIn for updates about the show and more.

Read a transcript of this episode on FT.com

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

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.

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For further reading:

JPMorgan takes almost a fifth of total US bank profits

US regional banks hope for profit revival as pain from SVB fallout eases

JPMorgan: the bank that never lets a crisis go to waste

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On X, follow Joshua Franklin (@FTJFranklin) and Michela Tindera (@mtindera07), or follow Michela on LinkedIn for updates about the show and more. 

Read a transcript of this episode on FT.com

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

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.

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For further reading:

Can OpenAI create superintelligence before it runs out of cash?

OpenAI on track to hit $2bn revenue milestone as growth rockets

OpenAI’s Sam Altman in talks with Middle East backers over chip venture

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On X, follow Madhumita Murgia (@madhumita29), George Hammond (@GeorgeNHammond) and Michela Tindera (@mtindera07), or follow Michela on LinkedIn for updates about the show and more. 

Read a transcript of this episode on FT.com

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

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.

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For further reading:

Are hedge fund pioneers facing the end of a golden era? 

Bobby Jain’s hedge fund launch falls short of $8bn-$10bn target

How Ken Griffin rebuilt Citadel’s ramparts 

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On X, follow Harriet Agnew (@HarrietAgnew), Ortenca Aliaj (@OrtencaAl) and Michela Tindera (@mtindera07), or follow Michela on LinkedIn for updates about the show and more. 

Read a transcript of this episode on FT.com

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

A Delaware court recently struck down Elon Musk’s $56 billion Tesla pay package. Soon after, Musk took to his social network X and offered some advice: “Never incorporate your company in the state of Delaware.” But will anyone take it? The FT’s Wall Street editor Sujeet Indap explains how Delaware became the favourite place for big companies to incorporate and why that’s unlikely to change. 

Clips from BBC, WFAA

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For further reading:

Can Elon Musk derail Delaware?

Texas is throwing down a legal challenge to Delaware

Delaware versus Elon Musk

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On X, follow Sujeet Indap (@sindap) and Michela Tindera (@mtindera07), or follow Michela on LinkedIn for updates about the show and more. 

Read a transcript of this episode on FT.com

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

Baidu made it big as China’s go-to search engine. But in the past decade the tech giant has struggled, while competitors such as Alibaba and Tencent have soared ahead. The FT’s China tech correspondent Ryan McMorrow looks at chief executive Robin Li’s latest venture, in artificial intelligence, and whether this will be enough to turn the company around.  

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For further reading:

Baidu’s bet on AI could make or break China’s fallen tech group

Tightened US rules throttle Alibaba and Baidu’s AI chip development

Baidu shares fall after Ernie AI chatbot demo disappoints

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On X, follow Ryan McMorrow (@rwmcmorrow) and Michela Tindera (@mtindera07), or follow Michela on LinkedIn for updates about the show and more. 

Read a transcript of this episode on FT.com

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

The nuclear power industry is receiving a lot of attention recently thanks in part to new technological advancements. That’s excited venture capital groups and private investors, such as Bill Gates and OpenAI’s Sam Altman. But the industry is also known for its boom-and-bust cycles. The FT’s US energy editor Jamie Smyth explains there are many challenges that lie ahead for an industry, which has long been plagued by controversy.   

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For further reading:

The US plan to break Russia’s grip on nuclear fuel

US nuclear start-ups battle funding challenge in race to curb emissions

Nuclear fission start-up backed by Sam Altman to go public

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On X, follow Jamie Smyth (@JamieSmythF) and Michela Tindera (@mtindera07), or follow Michela on LinkedIn for updates about the show and more.

Read a transcript of this episode on FT.com

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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.

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BlackRock chief executive Larry Fink has been on the hunt for the money manager’s next “transformational” deal. Earlier this month, Fink revealed that he had finally found it with the acquisition of a private capital firm, Global Infrastructure Partners. The FT’s US financial editor Brooke Masters and US private capital correspondent Antoine Gara explain why BlackRock wanted GIP, and how this deal sets the agenda for Wall Street this year. 

Clips from CNBC 

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For further reading:

How the $12.5bn BlackRock-GIP deal is set to shake up investment management

How Adebayo Ogunlesi’s contrarian bet led to $12.5bn BlackRock tie-up 

Infrastructure funds draw billions of dollars as energy and supply chains shift

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On X, follow Antoine Gara (@AntoineGara), Brooke Masters (@brookeamasters) and Michela Tindera (@mtindera07), or follow Michela on LinkedIn for updates about the show and more.

Read a transcript of this episode on FT.com

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In Silicon Valley, the promise of a massive payday for a start-up’s early employees and investors has hinged on those companies eventually going public or being sold off. But with the slowdown in initial public offerings and acquisitions, a different marketplace is set to heat up this year. It is called the venture secondary market, and it’s where both investors and early employees can trade their stakes in privately-held companies. The FT’s venture capital correspondent George Hammond explains the potential pitfalls of this opaque marketplace and why investors will be rushing to it in 2024.     

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For further reading:

Investors raise billions to buy discounted stakes in start-ups

Carta customers say platform tried to trade their shares without consent

Carta shuts trading platform after data privacy breach allegations

Staying private: the booming market for shares in the hottest start-ups

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On X, follow George Hammond (@GeorgeNHammond) and Michela Tindera (@mtindera07), or follow Michela on LinkedIn for updates about the show and more.

Read a transcript of this episode on FT.com

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Introducing Untold, 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.

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The runaway success of diabetes and weight-loss drugs Ozempic and Wegovy have turned their maker, Novo Nordisk, into a juggernaut. Last year the Danish drugmaker claimed the title of Europe’s most valuable company. But the development of these drugs was a long, uphill battle.The FT’s global pharmaceutical editor Hannah Kuchler explains how the company’s unique ownership structure played a critical role in the company’s achievements and looks at the challenges ahead.  

Clips from CNBC, CBS, Reuters

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

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For further reading:

FT Person of the Year: Lars Fruergaard Jørgensen of Novo Nordisk

How anti-obesity drugs built the world’s largest charitable foundation

Obesity drugs: broadly good for investors, with some strictures

Covid-19 vaccine winners suffer reversal of fortune

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On X, follow Hannah Kuchler (@hannahkuchler) and Michela Tindera (@mtindera07), or follow Michela on LinkedIn for updates about the show and more. 

Read a transcript of this episode on FT.com

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You asked us questions, we’ve got your answers. FT columnists and editors such as Martin Wolf and Robert Armstrong respond to listener questions about everything from finance to markets to the economy.

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For further reading:

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?

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On X, follow Martin Wolf (@martinwolf), Rob Armstrong (@rbrtrmstrng), Robin Wigglesworth (@RobinWigg), Colby Smith (@colbyLsmith) and Guy Chazan (@GuyChazan) 

Want to see Behind the Money cover a certain topic? Send your thoughts to Michela Tindera on X (@mtindera07), LinkedIn or via email: [email protected]. 

Read a transcript of this episode on FT.com

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Who runs the world? Political scientist Ian Bremmer argues it’s not as simple as it used to be. With some eye-opening questions about the nature of influence, he asks us to consider the impact of the evolving global order — and our choices as participants in the future of democracy.

This is an episode from TED Talks Daily. Every weekday, TED Talks Daily goes beyond the headlines and explores a new idea shaping the future in 20 minutes or less. Join host and journalist Elise Hu and hear thought-provoking TED talks on every subject imaginable – from AI to zoology. You can find TED Talks Daily wherever you listen to podcasts.

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Every year, the Financial Times selects the most outstanding business book of the year. For 2023, the top pick is a book about failure. The FT’s senior business writer Andrew Hill sits down with the winner, Amy Edmondson, the author of Right Kind of Wrong and “the world’s most influential organisational psychologist”. Edmondson’s book explores the value in failure, what we can learn from it and what’s wrong with Silicon Valley’s “fail fast, fail often” mantra.

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For further reading and listening:

Working It podcast: What was the best business book of 2023?

Psychological safety: the art of encouraging teams to be open

FT and Schroders Business Book of the Year 2023

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On X, follow Andrew Hill (@andrewtghill) and Michela Tindera (@mtindera07), or follow Michela on LinkedIn for updates about the show and more.

Read a transcript of this episode on FT.com

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For years, Riad Salameh was praised for his revolutionary financial policies as head of Lebanon’s central bank. But suddenly, the country plunged into an economic crisis. And Salameh left the central bank with a disgraced reputation and, investigators believe, a massive personal fortune. So what happened? The FT’s Middle East correspondent Raya Jalabi walks us through the storm of allegations Salameh faces, and the decisions he made that economists think sparked the entire crisis.

Clips from Associated Press, CNN, TRT World, DW News, Al Jazeera English, France 24, Asharq News, Annahar News

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For further reading:

‘The magician’: Riad Salameh and the plundering of Lebanon

‘It’s cool to have money again’: wealthy Lebanese party out the crisis

Long-awaited auditor report slams governance at Lebanon central bank

Lebanon’s ex-central bank chief hit with international sanctions for alleged graft

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On X, follow Raya Jalabi (@rayajalabi) and Saffeya Ahmed (@saffeya_ahmed)

Read a transcript of this episode on FT.com

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The UN climate conference COP28 is in full swing, and officials from around the world are discussing ways to combat climate change. The agenda includes questions around how to regulate a market that could soon take off — carbon credits. Right now, these credits serve as a way for private buyers, such as companies and individuals, to offset their emissions. But countries may be able to start using these too. FT climate reporter Kenza Bryan explains the risks that could come with this market expanding.  

Clips from CNBC, The National 

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For further reading:

The looming land grab in Africa for carbon credits

The cheque book COP: UAE’s $200bn bid for climate influence

Scandal bares the problems of the Amazon carbon credit market

Special report: Decarbonisation 

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On X, follow Kenza Bryan (@KenzaBryan) and Michela Tindera (@mtindera07), or follow Michela on LinkedIn for updates about the show and more. 

Read a transcript of this episode on FT.com

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In 2007, when Dan Och took his hedge fund public, he was making a bet that his company would stand the test of time. More than 15 years, a bribery scandal, and a feud with his protégé later, things have not worked out as planned. The FT’s Ortenca Aliaj and Sujeet Indap go inside the saga that lost shareholders more than $10bn. 

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For further reading:

Sculptor Capital: grey areas cause grey hairs in messy bidding war

Fight over Sculptor hedge fund sale entwined in Daniel Och’s tax affairs

Sale of Sculptor Capital on cusp of approval after hedge fund brawl

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On X, follow Ortenca Aliaj (@OrtencaAl), Sujeet Indap (@sindap) and Michela Tindera (@mtindera07), or follow Michela on LinkedIn for updates about the show and more.

Read a transcript of this episode on FT.com

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This week we’re revisiting an episode from earlier this year about the London Stock Exchange’s decline. The exchange once held the top spot in global financial markets, but that’s changed completely in recent years. The FT’s Harriet Agnew and Katie Martin explain how a yacht floating off the Canary Islands 30 years ago played a critical role in changing the stock market.

Clips from CBS, Thames News

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For further reading:

Britain’s ‘capitalism without capital’: the pension funds that shun risk

‘There are no domestic equity investors’: why companies are fleeing London’s stock market

Why Europe’s stock markets are failing to challenge the US

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On X, follow Harriet Agnew (@HarrietAgnew), Katie Martin (@katie_martin_fx) and Michela Tindera (@mtindera07), or follow Michela on LinkedIn for updates about the show and more.

Read a transcript of this episode on FT.com

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Introducing Life and Art, from FT Weekend. It's a new twice-weekly culture podcast from the Financial Times. On Monday, we talk about life, and how to live a good one, in a one-on-one conversation that explores everything from food and travel to philosophy and creativity. On Friday, we talk about “art” – in a chat show! Three FT journalists come together to discuss a new cultural release across film, TV, music and books. Hosted by Lilah Raptopoulos, together with the FT’s award-winning writers and editors, and special guests.

Click here to follow Life and Art, from FT Weekend.

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In its early days Citigroup styled itself as a “financial supermarket”, a one-stop shop for all kinds of banking services around the world. But that plan has backfired in recent years. Stepping up to the challenge of repairing the bank is chief executive Jane Fraser, who announced her restructuring plan in September. The FT’s US banking correspondent Stephen Gandel and US banking editor Joshua Franklin discuss whether Fraser can turn the bank around, and if not, what happens to Citi. 

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For further reading:

‘Get off the train’: Citi’s Jane Fraser sends tough message on big overhaul

Jane Fraser: the woman trying to turn Citi around 

Citi: Fraser the Razor needs sharper edge in her battle with The Blob 

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On X, follow Stephen Gandel, (@stephengandel), Joshua Franklin (@FTJFranklin) and Michela Tindera (@mtindera07), or follow Michela on LinkedIn for updates about the show and more.

Read a transcript of this episode on FT.com

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 In a new series of Tech Tonic, FT journalists Madhumita Murgia and John Thornhill look at the concerns around the rise of artificial intelligence. Will superintelligent AI bring existential risk, or a new renaissance? Would it be ethical to build conscious AI? How intelligent are these machines anyway? The new season of Tech Tonic from the Financial Times, drops mid-November.

Presented by Madhumita Murgia and John Thornhill. Senior producer is Edwin Lane and producer Josh Gabert-Doyon. Executive produced by Manuela Saragosa. Sound design by Breen Turner and Samantha Giovinco. Original music by Metaphor Music. The FT’s head of audio is Cheryl Brumley.

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In the US, nearly half a million people have gone on strike this year demanding better pay, working conditions and job security. With the FT’s US labour and equality correspondent Taylor Nicole Rogers, we’re zooming in on the strategies that three major labour movements have used in recent months to try and secure new contracts, and whether their efforts could signal a new era of power for unions in America. 

Clips from Associated Press

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For further reading:

US carworkers suspend strike after reaching tentative deal with GM

How ‘true believer’ Shawn Fain reignited pro-union fervour in Detroit

Hollywood strikes take $5bn bite out of California economy

Teamsters boss vows tougher line in US labour talks

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On X, follow Taylor Nicole Rogers (@TaylorNRogers) and Michela Tindera (@mtindera07), or follow Michela on LinkedIn for updates about the show and more.

Read a transcript of this episode on FT.com

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In October two US oil and gas giants announced massive deals: Chevron bought Hess, and ExxonMobil acquired Pioneer Natural Resources. These deals expand each company’s operations and secure their access to more oil for decades to come. But recent forecasts say global demand for fossil fuels will soon reach its peak. The FT’s Myles McCormick looks at why these companies are betting oil demand will stick around and whether that bet will pay off. 

Clips from Yahoo Finance, Reuters, CNBC, Bloomberg 

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For further reading:

Oil megadeals usher in an age of energy uncertainty

Dealmakers see Chevron-Hess tie-up as the start of oil ‘arms race’

The race to be last man standing in Big Oil 

‘Jewel in the crown’: Chevron follows Exxon to Guyana’s oil riches

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On X, follow Myles McCormick (@mylesmccormick_) and Michela Tindera (@mtindera07), or follow Michela on LinkedIn for updates about the show and more. 

Read a transcript of this episode on FT.com

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In the 1990s, Microsoft was seen as a tech industry bully. Once viewed as combative and ruthless in the eyes of regulators, the company underwent an image makeover in the decades since. Now, the FT’s Richard Waters explains how Microsoft’s transformation pushed their $75bn acquisition of video game publisher Activision Blizzard over the line earlier this month. 

Clips from Activision Blizzard

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For further reading:

How Brad Smith used Microsoft’s $1bn law and lobbying machine to win Activision battle

The newfound influence of the UK’s competition watchdog

US v Microsoft: who really won? 

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On X, follow Richard Waters (@RichardWaters) and Michela Tindera (@mtindera07), or follow Michela on LinkedIn for updates about the show and more. 

Read a transcript of this episode on FT.com

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It has been more than two years since GameStop’s stock caught fire on social media, at one point rising 135% in one day. The new film Dumb Money chronicles how the GameStop saga played out. The FT’s Ethan Wu sits down with the movie’s writers, Rebecca Angelo and Lauren Schuker Blum, to get a behind-the-scenes look at everything that went into the film. 

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For further reading:

Well, actually: Our ‘Dumb Money’ movie review

Dumb Money film review —GameStop short-selling comedy hedges its bets

GameStop: from YouTube to Wall Street to Hollywood in Dumb Money

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On Twitter, follow Ethan Wu (@ethanywu) & listen to Unhedged here! 

Read a transcript of this episode on FT.com

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This week, we have a bonus episode for you, live from the FT Due Diligence Forum in London. FT chief features writer Henry Mance sits down with author Michael Lewis to discuss his new book, Going Infinite: The Rise and Fall of a New Tycoon, an all-access account of Sam Bankman-Fried before his crypto exchange FTX collapsed. This conversation was recorded on October 11 2023. 

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For further reading:

What Michael Lewis got wrong about FTX

Michael Lewis on how Sam Bankman-Fried and FTX fell — book review

How to beat Sam Bankman-Fried at trading when you’ve already lost

The SBF trial is a reminder that crypto is a rotten business

Many people longed to believe in Sam Bankman-Fried

Read a transcript of this episode on FT.com

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In its latest fight to curb the power of Big Tech, the US Federal Trade Commission has sued Amazon. The regulator says the e-commerce giant has become such a big monopoly that its practices are hurting consumers and the third-party sellers that rely on its services. The FT’s San Francisco correspondent Camilla Hodgson explains what this case could mean for the company’s future.

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For further reading:

Amazon’s most prominent antitrust critic makes her case

What Lina Khan’s antitrust case could mean for Amazon

Amazon & the FTC

Amazon offers concessions over third-party sales to appease UK antitrust watchdog

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On Twitter, follow Camilla Hodgson (@CamillaHodgson) and Topher Forhecz (@ForheczT)

Read a transcript of this episode on FT.com

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When Argentina’s president announced plans to nationalise an oil company in 2012, it was presented as a way to grow the country’s wealth. Eleven years on, a court in New York City decided that the country owes some of the oil company shareholders $16bn. The FT’s Joe Miller and Ciara Nugent explain why this has happened. And, we look at what this means for Argentina, as it grapples with skyrocketing inflation and an important presidential election later this month. 

Clips from CNN, NBC News, Reuters, Televisión Pública 

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For further reading:

After $16bn judgment, Burford’s next battle will be making Argentina pay

Argentina radical rightwinger shakes up presidential race with primary win

Burford chief executive fears Argentine reprisals 

Love listening to Behind the Money? Show your support and vote for us! We’re competing for the Signal Listener’s Choice Award. Vote here. 

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On X, follow Joe Miller (@JoeMillerJr), Ciara Nugent (@ciaraCnugent) and Michela Tindera (@mtindera07), or follow Michela on LinkedIn for updates about the show and more. 

Read a transcript of this episode on FT.com

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

This week, we’re revisiting an episode from earlier this year. Apple has spent two decades and billions of dollars building a massive supply chain for its products. At the centre of that operation is China. But as Beijing has become more authoritarian and relations with the US sour, it has become harder for Apple to do business there. The company has been signalling recently that it will diversify away from the country, but the FT’s Patrick McGee explains why cutting ties will be extremely difficult.  

Clips from Fox News, CGTN, Yahoo, ABC 

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For further reading:

How Apple tied its fortunes to China

What it would take for Apple to disentangle itself from China

‘A shot across the bow’: how geopolitics threatens Apple’s dependence on China

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On X, follow Patrick McGee (@PatrickMcGee_) and Michela Tindera (@mtindera07)

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

As the world transitions away from fossil fuels and the electric vehicle market grows, competition to control a piece of a new source of energy is brewing. From rival carmakers to raw materials miners, different groups are racing to carve out their spots in the supply chain of one important technology: lithium-ion batteries. How will it shake out? The FT’s commodities correspondent Harry Dempsey explains who’s likely to succeed, and what that could mean for the future of corporate and national power.     

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For further reading:

Rival battery technologies race to dominate electric car market

The search for winners in the new battery era

Can anyone challenge China’s EV battery dominance?

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On X, follow Harry Dempsey (@harrydemps) and Michela Tindera (@mtindera07)

Read a transcript of this episode on FT.com

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Subscribe now to the FT's Tech Tonic podcast: Some scientists believe that rapid advances in artificial intelligence may also hold the key to decoding animal sounds, allowing us to ‘translate’ them into human language. In a new season of Tech Tonic, FT innovation editor John Thornhill and series producer Persis Love explore how the same technology that powers ChatGPT is being applied to research in animal communication. Could we one day learn to ‘speak whale’ or even chat with bats? And if so, can we trust ourselves to do so responsibly?

Presented by John Thornhill, produced by Persis Love, sound design by Breen Turner and Sam Giovinco. The executive producer is Manuela Saragosa and Cheryl Brumley is the FT’s head of audio.

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Critics argue Russia has a playbook for people who become its targets. On the final episode of the Russian Banker, we explore how Sergei Leontiev saw his fights with Russian President Vladimir Putin as a full-blown war in which seeking US asylum would become just another battle. But how does the US decide who deserves asylum?

Note: This episode was updated to clarify that Russia is responsible for forty percent of all publicly disclosed red notices to Interpol. A previous version stated it is responsible for forty percent of all red notices total.

Read a transcript of this episode on FT.com

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This week, we have a bonus episode for you, live from the FT Weekend Festival in London. Michela sat down with two experts on Arm, the British chip designer, to discuss its imminent initial public offering. Tim Bradshaw, the FT’s global tech correspondent and James Ashton, author of The Everything Blueprint, talk about where Arm stands as a company, and what its chances for growth are when it goes public later this month. This conversation was recorded on September 2, 2023. 

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For further reading:

Arm searches for growth beyond smartphones

Arm: IPO valuation climb down does not go far enough

SoftBank seeks to build investment war chest on back of Arm IPO

When SoftBank is selling, why are you buying?

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On Twitter, follow Tim Bradshaw (@tim) and Michela Tindera (@mtindera07)

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

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

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In 2015, Sergei Leontiev's life's work — a Russian banking business — was taken away from him overnight. Why were he and the bank being targeted? This is the first episode of The Russian Banker, a new three-part series from the Financial Times. The remaining episodes will air the following two Wednesdays on Behind the Money.

Read a transcript of this episode on FT.com

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The collapse of FTX sent shockwaves through the crypto ecosystem last year. But it gave rival crypto exchange Binance, the biggest in the world, a chance to dominate the markets. The FT’s digital assets correspondent Scott Chipolina explains why Binance has struggled to capitalise on that moment. 

Clips from CNBC, CBS News and Good Morning America

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The FT Weekend Festival is back on Saturday, September 2 at Kenwood House Gardens in London! It’ll be a day of debates, performances and more — including a live recording of Behind the Money. As a podcast listener, claim £20 off your festival pass using promo code FTPodcast. Get your pass here: http://ft.com/festival 

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For further reading:

Has Binance blown its chance to rule the crypto markets?

Small crypto exchanges take advantage of Binance’s decline

When tackling crypto, the SEC should be wary of overreach

Changpeng ‘CZ’ Zhao, crypto’s ‘corporate raider’

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On Twitter, follow Scott Chipolina (@ScottChipolina) and Michela Tindera (@mtindera07)

Read a transcript of this episode on FT.com

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

Share buybacks are a strategy companies use to return excess cash to their shareholders. But recently, they’ve exploded in popularity, and that’s sparked strong discussions inside financial circles. The FT’s US financial editor Brooke Masters explains why share buybacks have become so hotly debated.

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For further reading:

If companies are going to buy back shares, they should pay a fair price 

Share buybacks need less hate and more scrutiny 

Record buyback spree attracts shareholder complaints 

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On Twitter, follow Brooke Masters (@brookeamasters) and Michela Tindera (@mtindera07)

Read a transcript of this episode on FT.com

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

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.

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For further reading:

How Dubai became ‘the new Geneva’ for Russian oil trade

Switzerland questions oil trader over sidestep of Russian sanctions

Letter: Energy trading is opaque — and that suits Big Oil

Switzerland/Paramount: block loopholes which swerve oil sanctions

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On Twitter, follow Tom Wilson (@thomas_m_wilson) and Michela Tindera (@mtindera07)

Read a transcript of this episode on FT.com

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

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

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For further reading:

Sixth Street commits $125mn to buy new US women’s football club

Why investors are cashing in on women’s sport

What private equity means for football

UK women’s football needs ‘strategic’ investor to sustain growth

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On Twitter, follow Sara Germano (@germanotes), Saffeya Ahmed (@saffeya-ahmed) and Michela Tindera (@mtindera07)

Read a transcript of this episode on FT.com

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

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

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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. 

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For further reading:

Managed by Macquarie: the Australian group with a grip on global infrastructure

The dangers of asset managers when it comes to long-term infrastructure

How the Thames Water-gate burst

Thames Water travails threaten to plunge privatised sector into crisis

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On Twitter, follow Gill Plimmer (@gillplimmer1) and Topher Forhecz (@ForheczT)

Read a transcript of this episode on FT.com

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

Frances Haugen was just another Silicon Valley tech worker until she decided to speak up about what was happening inside Facebook. Now she’s written a book about her experience titled The Power of One: How I Found the Strength to Tell the Truth and Why I Blew the Whistle on Facebook. Frances talks to Michela about what she’s learned. 

Clips from CBS, CNBC 

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For further reading:

Who is Facebook whistleblower Frances Haugen?

Facebook after the whistleblower: can Zuckerberg reboot the social network?

The FT’s 25 most influential women of 2021 

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On Twitter, follow Michela Tindera (@mtindera07)

Read a transcript of this episode on FT.com

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

This week, we are revisiting an episode from earlier this year about an obscure firm from the United Arab Emirates: International Holding Company’s share price has jumped 40,000 per cent in just a few years. But little is known about the business, which has investments in everything from Elon Musk’s SpaceX to India’s Adani Group. The FT’s Middle East editor Andrew England travelled to Abu Dhabi to get answers about its rapid growth and its connections to some of the most powerful people in the Gulf. 

Clips from MSNBC, CBS

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For further reading:

The UAE business that went from obscurity to a $240bn valuation in 3 years

The sheikh’s empire driving Abu Dhabi’s meteoric stock market rise

The Abu Dhabi royal at the nexus of UAE business and national security 

Groovy girls, typing pools and labour camps: the complicated world of IHC

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On Twitter, follow Andrew England (@cornishft) and Michela Tindera (@mtindera07)

Read a transcript of this episode on FT.com

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

Illumina, the world’s biggest gene sequencing company, announced plans to buy cancer detection start-up Grail for $8bn while the biotech boom was in full swing. To Illumina, Grail looked like a potential gold mine. Until reality — and regulators — entered the picture. Three years and an activist investor campaign waged by Carl Icahn later, the FT’s US pharmaceutical correspondent Jamie Smyth explains the problems that have cropped up and what it means for both companies and their shareholders. 

Clips from Illumina Inc / Seeking Alpha, Yahoo

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For further reading:

Carl Icahn takes aim at genome sequencer Illumina over Grail deal

Has Illumina taken the wrong path in its Grail quest?

Quick blood tests to spot cancer: will they help or harm patients? 

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On Twitter, follow Jamie Smyth (@JamieSmythF) and Michela Tindera (@mtindera07)

Read a transcript of this episode on FT.com

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

For decades, Crispin Odey sat atop the UK’s hedge fund scene. Lauded by many in financial circles as a charismatic maverick and known for taking high-risk bets on the market, he seemed untouchable. Until two weeks ago. The FT published a scathing investigation detailing the accounts of more than a dozen women accusing Odey of sexual misconduct. Madison Marriage and Antonia Cundy, from the FT’s special investigations team, look at the fallout from these allegations, and explain whether they think this is the start of a reckoning in UK finance. 

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For further reading:

How Crispin Odey evaded sexual assault allegations for decades

The week the City ditched Crispin Odey

When it comes to harassment, the City must stop protecting its wallet

The fallout from the FT’s Crispin Odey investigation

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On Twitter, follow Madison Marriage (@miss_marriage), Antonia Cundy (@antoniacundy) and Michela Tindera (@mtindera07). You can contact Madison and Antonia directly here: [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

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For further reading:

How Ghana’s economy became a cautionary tale for Africa

Africa needs international help to avoid a lost decade

Ghana default puts domestic debt ‘can of worms’ in the spotlight

Ghana secures $3bn IMF deal after creditors agree to debt restructuring

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On Twitter, follow Aanu Adeoye (@aanuadeoye), David Pilling (@davidpilling) and Michela Tindera (@mtindera07)

Read a transcript of this episode on FT.com

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

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. 

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For further reading:

Loan market braced for rush to Libor finish line 

The pain and SOFRing are almost over

‘Litigation will take over’: US lawmakers warned of Libor chaos

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On Twitter, follow Harriet Clarfelt (@HClarfelt), Philip Stafford (@staffordphilip) and Michela Tindera (@mtindera07)

Read a transcript of this episode on FT.com

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

This week, we’re revisiting an episode from last year. Johnson & Johnson, one of the world’s largest healthcare companies, is facing thousands of lawsuits from people alleging they got cancer from using one of their oldest products: talc-based baby powder. To manage the growing liability, J&J deployed a controversial bankruptcy manoeuvre known as the Texas two-step. The FT’s US pharmaceutical correspondent Jamie Smyth helps us explore whether J&J’s use of this manoeuvre is setting a precedent for corporations to evade accountability in America. Plus, stick around for an update on what’s happened to the Texas two-step since this episode first aired. 

Clip from NBC 

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For further reading:

Johnson & Johnson’s ‘Texas-two-step’ sparks outcry over US bankruptcy regime

Talc ruling a blow to J&J and the ‘Texas two-step’ bankruptcy jig

Talcum powder cancer claims target J&J’s new consumer carve-out

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On Twitter, follow Jamie Smyth (@JamieSmythF) and Michela Tindera (@mtindera07)

Read a transcript of this episode on FT.com

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

As cryptocurrencies have grown in popularity and people use cash less and less, central banks have been put on the defensive. Their solution to stay relevant and maintain control? A central bank digital currency. Institutions such as the European Central Bank see it as their way to leap into the digital age. But as the ECB is pushing forward with its agenda, it’s facing criticism from the very people and banks who would help keep it alive. The FT’s Martin Arnold takes a closer look at the digital euro — its promises, pitfalls and why people took to the streets to protest against it earlier this year.   

Clips from CNBC, Council on Foreign Relations, Meta, NBC

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For further reading:

The digital euro: a solution seeking a problem?

Central banks’ digital currency plans face public backlash

Facebook Libra: the inside story of how the company’s cryptocurrency dream died

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On Twitter, follow Martin Arnold (@MAmdorsky) and Michela Tindera (@mtindera07)

Read a transcript of this episode on FT.com

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

The London Stock Exchange once held the top spot in global financial markets. In recent years, that’s changed drastically. The FT’s Harriet Agnew and Katie Martin explain how a yacht floating off the Canary Islands 30 years ago played a critical role in changing the stock market. 

Clips from CBS, Thames News 

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For further reading:

Britain’s ‘capitalism without capital’: the pension funds that shun risk 

‘There are no domestic equity investors’: why companies are fleeing London’s stock market

Why Europe’s stock markets are failing to challenge the US

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On Twitter, follow Harriet Agnew (@HarrietAgnew), Katie Martin (@katie_martin_fx) and Michela Tindera (@mtindera07)

Read a transcript of this episode on FT.com

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

On the final episode of BTM Night School, we're talking markets: from stocks to bonds to commodities. We're joined by the FT's Markets editor Katie Martin and Ethan Wu, a member of the FT’s Wall Street team. Katie and Ethan unpack why last year was terrible for stocks, what bonds can tell you about inflation, and which market gives us the clearest picture into the “real” economy. This series is made in collaboration with Blinkist. To hear more conversations like this, check out the Blinkist app. 

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Interested in pursuing a Master of Business Administration? Sign up for our newsletter course MBA 101 for your guide to applying and getting into business school.

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Read a transcript of this episode on FT.com

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

Silicon Valley legend Intel was the semiconductor chip industry’s global leader for decades. Lately it’s fallen behind, just as the US is recognising the importance of chips to economic and national security. Now, Intel is trying to turn itself round. The FT’s Richard Waters explains its plans and the many challenges it will face in order to reclaim that stature. 

Clip from CNN 

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For further reading:

Can Intel become the chip champion the US needs?

Can Intel come back? 

Intel: Chips Act subsidies may impede a return to former glory

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On Twitter, follow Richard Waters (@RichardWaters) and Michela Tindera (@mtindera07)

Read a transcript of this episode on FT.com

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

ESG has become a buzzword within public companies and among asset managers. Central banks and big asset managers such as BlackRock have been championing these standards, asking companies to consider climate change and corporate governance. But ESG is also seeing a backlash. Gillian Tett, founding editor of the Financial Times’ Moral Money newsletter, explains how it is changing the corporate boardroom and how much of an effect the pushback against ESG is having. This series is made in collaboration with Blinkist. To hear more conversations like this, check out the Blinkist app.

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Interested in pursuing a Master of Business Administration? Sign up for our newsletter course MBA 101 for your guide to applying and getting into business school.

Read a transcript of this episode on FT.com

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

When news broke last year that EY was planning to split its businesses, it was seen as a move that could reshape the accounting industry. The bold plan was given an equally grand name, “Project Everest”. But after months of negotiations from within the firm, and despite the support of the global leadership, the plan recently fell apart. FT’s US accounting editor Stephen Foley and accountancy correspondent Michael O’Dwyer explain why that shakeup didn’t happen. 

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For further reading:

EY risks paralysis and a power vacuum after break-up failure

Julie Boland: the EY leader in the middle of a ‘civil war’

EY to cut 3,000 jobs in US to eliminate ‘overcapacity’

EY: embarrassing climbdown calls future strategy into question

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On Twitter, follow Stephen Foley (@stephenfoley) and Michael O’Dwyer (@_MODwyer)

Read a transcript of this episode on FT.com

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

From the rise of ChatGPT to job cuts at companies such as Meta and Amazon, tech has dominated the headlines in 2023. On this episode of Night School, the Financial Times’ innovation editor, John Thornhill, breaks down the biggest tech stories of the year so far. He tells US managing editor Peter Spiegel how artificial intelligence will revolutionise healthcare, who is winning in the global tech race, and what’s in store for blockchain’s future. This series is made in collaboration with Blinkist. To hear more conversations like this, check out the Blinkist app.

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Interested in pursuing a Master of Business Administration? Sign up for our newsletter course MBA 101 for your guide to applying and getting into business school.

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Read a transcript of this episode on FT.com

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

This week, we’re bringing you something from our fellow podcast, FT Weekend. The show travels to Miami, Florida, to drink some beers, place some bets, and discover how AI is changing the sport of horse racing. FT data journalist Oliver Roeder joins FTW host Lilah Raptopoulos to talk about how the ancient sport is being upended by anonymous computer-assisted bets. These secretive gamblers are injecting billions of dollars into the pools, and aggressively tipping the odds, and it’s putting the whole sport at risk.

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For further reading:

I used AI to bet on horse-racing. Here’s what happened

Stake.com: the Aussie gambling minnow that made it big on crypto 

How English football became hooked on gambling

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On Twitter, follow Oliver Roeder (@ollie) and Lilah Raptopoulos (@lilahrap)

Read a transcript of this episode on FT.com

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

Inflation remains stubbornly high in the US. In this week’s episode of BTM: Night School, US managing editor Peter Spiegel talks to US economics editor Colby Smith about how we got here and what the Federal Reserve can do to tamp down inflation. This series is made in collaboration with Blinkist. To hear more conversations like this, check out the Blinkist app. 

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Interested in pursuing a Master of Business Administration? Sign up for our newsletter course MBA 101 for your guide to applying and getting into business school.

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

Apple has spent two decades and billions of dollars building a massive supply chain for its products. At the centre of that operation is China. But as Beijing has become more authoritarian and relations with the US sour, it has become harder for Apple to do business there. The company has been signalling recently that it will diversify away from the country, but the FT’s Patrick McGee tells Michela why cutting ties will be extremely difficult.  

Clips from Fox News, CGTN, Yahoo, ABC 

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For further reading:

How Apple tied its fortunes to China

What it would take for Apple to disentangle itself from China

Tim Cook praises Apple’s ‘symbiotic’ relationship with China

Apple and Foxconn win labour reforms to advance Indian production plans

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On Twitter, follow Patrick McGee (@PatrickMcGee_) and Michela Tindera (@mtindera07)

Read a transcript of this episode on FT.com

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

It’s time to hit the books with Behind the Money: Night School. This series will serve as a primer to the biggest economic stories of 2023. 

On today’s episode, US Managing Editor Peter Spiegel talks with Derek Brower about energy policy. They discuss how the United States became almost energy independent, President Biden’s about-face on oil and gas, and why the Inflation Reduction Act might just transform America’s economy into a hub of green innovation. 

This series is made in collaboration with Blinkist. To hear more conversations like this, check out the Blinkist app.

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Interested in pursuing Masters of Business Administration? Sign up for our newsletter course MBA 101 for your guide to applying and getting into business school.

Read a transcript of this episode on FT.com

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

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

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For further reading:

How Russia secretly takes grain from occupied Ukraine

Russian exit from Ukraine grain deal ‘catastrophic’ for poor nations

Ships going dark: Russia’s grain smuggling in the Black Sea

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On Twitter, follow Polina Ivanova (@polinaivanovva) and Michela Tindera (@mtindera07) 

Read a transcript of this episode on FT.com

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

Climate disasters are becoming more and more common, and the countries most vulnerable to them are often the ones emitting the least pollution. That imbalance has sparked a debate on whether rich, polluting nations have a responsibility to contribute more when there are climate catastrophes. In today’s episode, we’re looking at one country that serves as an example: Pakistan. We’ll discuss how it plans to fund its recovery after record-breaking floods – worsened by climate change – submerged much of the south Asian country last year. 

Clips from Sky News Australia, Al Jazeera, Channel 4 News

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For further reading:

Rebuilding Pakistan: how much should rich nations help?

‘It’s the fault of climate change’: Pakistan seeks ‘justice’ after floods

Pakistan is on the brink

Debt burden traps global south in a vicious circle

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On Twitter, follow Ben Parkin (@b_parkyn), Camilla Hodgson (@CamillaHodgson), and Michela Tindera (@mtindera07)

Read a transcript of this episode on FT.com

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

After the collapse of Silicon Valley Bank, markets were anxious, and the prestigious, yet scandal-ridden Credit Suisse looked as if it could be next to fall. But over the span of a single weekend, the Swiss government and Credit Suisse’s crosstown rival, UBS, raced against the clock to avert disaster. The FT’s banking editor Stephen Morris provides a front row look at how the deal came together.

Clips from Bloomberg, CNBC, BBC

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For further reading:

How the Swiss ‘trinity’ forced UBS to save Credit Suisse 

Credit Suisse: the rise and fall of the bank that built modern Switzerland 

Saudi National Bank chair resigns following Credit Suisse comments

And further listening:

Behind the Money's December 2022 episode, Credit Suisse's last chance

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On Twitter, follow Stephen Morris (@sjhmorris) and Michela Tindera (@mtindera07)

Read a transcript of this episode on FT.com

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

Credit Suisse… Silicon Valley Bank… Signature Bank… First Republic… After weeks of breaking headlines about banks in crisis, we are taking a big picture look at the sector with the FT’s chief economics commentator, Martin Wolf. In this episode, he explains why banks fail, and lays out the four paths that banking reform could take in the future. 

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For further reading:

Banks are designed to fail — and they do 

US capitalism is ‘breaking down before our eyes’, says Ken Griffin

How the Swiss ‘trinity’ forced UBS to save Credit Suisse

Four ways to fix the bank problem

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On Twitter, follow Martin Wolf (@martinwolf_) and Michela Tindera (@mtindera07)

Read a transcript of this episode on FT.com

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

The collapse of Silicon Valley Bank last week raised questions about the strength of the United States’ banking system, and whether we’re headed for another financial crisis. The FT’s US financial commentator Robert Armstrong tells us why he’s not freaking out. 

Clips from CBS, NBC, CNN, DW

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For further reading:

SVB was only a little bit insolvent, luckily

SVB’s collapse is not a harbinger of another 2008

The weekend US officials hatched a plan to stave off a banking crisis 

Silicon Valley Bank shows the perils of regulators fighting the last war

For further discussion: 

Join an FT subscriber-only webinar on SVB’s collapse and the fallout, featuring Robert Armstrong and other FT journalists and guests, on Thursday March 16 1600-1700 GMT (1200-1300 ET). Register here. 

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On Twitter, follow Robert Armstrong (@rbrtrmstrng) and Michela Tindera (@mtindera07)

Read a transcript of this episode on FT.com

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

Over just a few years, the share price of an obscure company from the United Arab Emirates has jumped 40,000%. But little is known about International Holding Company, which has investments in everything from Elon Musk’s SpaceX to India’s Adani Group. The FT’s Middle East editor travelled to Abu Dhabi to get answers about its rapid growth and its connections to some of the most powerful people in the Gulf. 

Clips from MSNBC, CBS

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For further reading:

The UAE business that went from obscurity to a $240bn valuation in 3 years

The sheikh’s empire driving Abu Dhabi’s meteoric stock market rise

The Abu Dhabi royal at the nexus of UAE business and national security 

Groovy girls, typing pools and labour camps: the complicated world of IHC

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On Twitter, follow Andrew England (@cornishft) and Michela Tindera (@mtindera07)

Read a transcript of this episode on FT.com

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

Recently, flying in the US seems to be more chaotic than calm. And while it may seem like this all started recently, the FT’s Chicago Correspondent Claire Bushey takes us back to a decision that happened in the 1970s that got us to where we are now. 

Clips from NBC, PBS, CBS

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For further reading:

How the US fell out of love with flying

Passengers to keep ‘paying the price’ of aviation chaos, says United CEO

Hyper-efficiency is bad business

US airlines: higher fares and (hopefully) better service

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On Twitter, follow Claire Bushey (@Claire_Bushey) and Michela Tindera (@mtindera07)

Read a transcript of this episode on FT.com

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

It’s been one year since Russia launched its full-scale invasion of Ukraine. We’re spending this episode talking to FT reporters and Ukrainian entrepreneurs about the costs of this war: How individuals' lives have been uprooted, how the country’s economy has been turned upside down, and how global markets such as food and energy have been transformed. 

Clips from CNN, BBC, NBC, PBS, Al Jazeera English

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For further reading:

Conflict with Russia hangs over Ukraine’s recovery

Something for the weekend: the year of Ukraine

Marking a year in the Ukraine war

He wanted an adventure. He ended up in Ukraine’s most brutal war zone

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On Twitter, follow Ben Hall, (@hallbenjamin) Emiko Terazono, (@EmikoTerazono) Tom Wilson (@thomas_m_wilson) and Michela Tindera (@mtindera07)

Read a transcript of this episode on FT.com

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

The EU’s executive branch is known for leading the way when it comes to regulating crucial industries, like Big Tech. But for now, one country appears to be further ahead in the race to keep competition alive for European entrepreneurs. The FT’s EU correspondent Javier Espinoza explains who is leading the pack and what it means for everyone else.  

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For further reading:

How Germany became Europe’s leading Big Tech trust buster

Brussels re-energised for Big Tech battles

EU braced for legal challenges to rules designed to tackle Big Tech

Fight breaks out between Ireland and Germany over Big Tech regulation

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On Twitter, follow Javier Espinoza (@JavierespFT) and Michela Tindera (@mtindera07)

Read a transcript of this episode on FT.com

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

The dollar dominated last year as the US Federal Reserve raised interest rates quicker than other countries to tame inflation. But the so-called “king dollar” has shifted recently. FT Capital Markets Correspondent Kate Duguid dives into how the greenback has been toppled from its throne and what that means for the rest of the world. 

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For further reading:

US dollar hits reverse gear as Fed cedes rate-rise ‘driver’s seat’

Dollar touches 7-month low as Fed rate rise expectations slide

The downturn in the dollar is not just about rates

Emerging market governments raise $40bn in January borrowing binge

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On Twitter, follow Kate Duguid (@kateduguid) and Michela Tindera (@mtindera07)

Read a transcript of this episode on FT.com

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

Several Big Tech companies have recently announced job cuts - and they pinned their decisions on a pandemic-induced hiring spree. But is that actually what’s driving the cuts? We sat down with the FT’s US financial commentator Robert Armstrong to get the full picture. 

Clips from Reuters, MSNBC, Yahoo Finance

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BTM listeners, we want to know what you think of the show and what you want to hear more of. Visit ft.com/btmsurvey to submit your feedback. 

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For further reading:

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

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On Twitter, follow Robert Armstrong (@rbrtmstrng) and Michela Tindera (@mtindera07)

Read a transcript of this episode on FT.com

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

Last year, we talked about China needing to find a mechanism to fix its economy. It looks like it may have found it - by abruptly ending its zero-Covid policies. The FT’s Shanghai correspondent Tom Hale and Global China Editor James Kynge break down what President Xi Jinping’s main goals are and whether it’s enough to jumpstart the country’s economy.

Clips from CNN, BBC

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BTM listeners, we want to know what you think of the show and what you want to hear more of. Visit ft.com/btmsurvey to submit your feedback. 

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For further reading:

Xi Jinping’s plan to reset China’s economy and win back friends

China’s economy begins to reopen after 3 years of Covid isolation 

China’s Covid generation: the surging inequality behind Xi’s U-turn

I spent 10 days in a secret Chinese Covid detention centre

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On Twitter, follow Tom Hale (@TomHale_), James Kynge (@JKynge) and Michela Tindera (@mtindera07)

Read a transcript of this episode on FT.com

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

Electric vehicle giant Tesla took the automotive industry by storm with its innovative technology, but the company’s stock price has slid significantly since last year. And its chief executive Elon Musk has some Tesla fans rethinking their support given Musk’s moves as the new owner of Twitter. But the FT’s Richard Waters says that Tesla faces a challenge much bigger than Musk’s latest tweets. 

Clips from CBS, ABC News, NBC, CNBC

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BTM listeners, we want to know what you think of the show and what you want to see more of. Visit ft.com/btmsurvey to submit your feedback. 

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For further reading:

Trouble at Tesla: the end of a golden age of growth?

Tesla cuts electric car prices across Europe and US to bolster demand

OK, 2022 was a disaster for Tesla. What next?

Musk/multitasking: the cost of being thinly stretched

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On Twitter, follow Richard Waters (@RichardWaters) and Michela Tindera (@mtindera07) 

Read a transcript of this episode on FT.com

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

The global economy has been hit hard in the past few years by the Covid-19 pandemic, high inflation and Russia’s war in Ukraine. However, there’s one emerging economy that’s managed to succeed in spite of that - Indonesia. So, what’s its secret? We sat down with the FT’s Mercedes Ruehl to understand how the country got to where it is now, and whether that success will be permanent.

Clips from Associated Press

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For further reading:

Indonesia’s unexpected success story

Indonesia’s president steps on to world stage as G20 host

Bauxite: holding resources hostage will impede Indonesia’s growth

Indonesia’s growth outlook dims as Jokowi begins final term

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On Twitter, follow Mercedes Ruehl (@mjruehl) and Michela Tindera (@mtindera07) 

Read a transcript of this episode on FT.com

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

Welcome back to a new year with Behind the Money! We’re starting off by paying a visit to the New York Public Library to take a peek into the past. Some 300 years ago parts of Europe were in the middle of a financial revolution that quickly turned into a financial frenzy and then — a fallout. With help from the FT’s US markets editor Jennifer Hughes, we’ll learn more about the Mississippi and South Sea Company Bubbles, and what they tell us about today. 

Clips from: NBC, CNBC, CBS News

Music: Georg Philipp Telemann’s Overture-Suite in B-flat Major performed by Tempesta di Mare / The Philadelphia Baroque Orchestra

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Learn how to visit the New York Public Library’s exhibit, Fortune and Folly in 1720. 

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Further reading:

Business trends, risks and people to watch in 2023

FT writers’ predictions for the world in 2023

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On Twitter, follow Jennifer Hughes (@JennHughes13) and Michela Tindera (@mtindera07) 

Read a transcript of this episode on FT.com

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

It’s our last episode of the year, so that means we’re looking ahead to 2023 with the help of the FT’s chief economics commentator Martin Wolf. He sat down with Michela to discuss some of 2022’s biggest stories — inflation, the war in Ukraine, climate change — and how they might impact events in the new year. 

Clips from NBC News, AP, Sky News, Channel 4 News, Al Jazeera, CNN, TRT World, Yahoo!

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For further reading:

How to think about policy in a polycrisis

Delay only makes climate action more urgent

Xi Jinping’s third term is a tragic error

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On Twitter, follow Martin Wolf (@martinwolf_) and Michela Tindera (@mtindera07) 

Read a transcript of this episode on FT.com

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

At one time, Credit Suisse was considered to be among the most respected banks in Europe. The FT’s European banking correspondent Owen Walker explains how the Swiss bank is trying to make a comeback after years of scandal and losses — and what might happen if it fails.

Clips from CNBC, DW News, Reuters 

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For further reading:

Credit Suisse chair says outflows have reversed since ‘social media storm’

‘Radical surgery’: Will Credit Suisse’s gamble pay off?

Credit Suisse turns to ‘Uli the knife’ to cut bank loose from scandal

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On Twitter, follow Owen Walker (@OwenWalker0) and Michela Tindera (@mtindera07)

Read a transcript of this episode on FT.com

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

This week, we revisit one of our favourite episodes. After years of mega-deals and mega-money gushing into start-ups, venture capital fundraising hit a record-high last year. Now, the FT’s Richard Waters says the fundraising bonanza is over and helps us explore what that means for the future of start-ups. 

Clips from Looney Tunes: ⓒ Warner Bros. 

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For further reading:

Venture capital’s silent crash: when the tech boom met reality

Klarna’s valuation crashes to under $7bn in tough funding round

Venture capital’s delayed rendezvous with reality

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On Twitter, follow Richard Waters (@RichardWaters) and Michela Tindera (@mtindera07)

Read a transcript of this episode on FT.com

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

Qatar is in the spotlight as the host of this year’s World Cup — and the small, oil-rich nation has had to confront a lengthy human rights record with the world watching. The FT’s Gulf correspondent Simeon Kerr breaks down Qatar’s larger goals due to hosting the tournament, and what changes it has — and hasn’t — made to see those through. 

Clips from BBC, AP, PBS NewsHour, France24, The Guardian

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For further reading:

The ethical case for watching this possibly unethical World Cup

Qatar counts down to World Cup kick-off after $200bn soft power bet

How the unlikeliest World Cup ever came to be

Qatar 2022: the weirdest World Cup in history

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On Twitter, follow Simeon Kerr (@simeonkerr) and Michela Tindera (@mtindera07)

Read a transcript of this episode on FT.com

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

The crypto exchange FTX was supposed to be among the “credible” players operating in digital finance. But its swift descent into bankruptcy shocked the financial industry. The FT’s asset management correspondent Josh Oliver explains what went wrong, and markets editor Katie Martin tells us what it says about the future of crypto. 

Clips from CBS, ABC

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For further reading:

How Sam Bankman-Fried seduced blue-chip investors

DD goes forensic on FTX: A deep dive into the crypto collapse that has stunned finance

FTX held less than $1bn in liquid assets against $9bn in liabilities

Hedge fund admits half its capital stuck on FTX exchange

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On Twitter, follow Josh Oliver (@joshckoliver), Katie Martin (@katie_martin_fx) and Michela Tindera (@mtindera07) 

Read a transcript of this episode on FT.com

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

Tech Tonic is back with a new season about climate tech.

As more people fly, aviation is on track to becoming a much bigger problem for climate change. Host Pilita Clark, FT columnist and climate journalist, looks at the potential for a more sustainable aviation industry, a sector that’s struggled to come up with new technology to cut its emissions. Could we end up being forced to cut back on flying altogether? Producer Josh Gabert-Doyon travels to Farnborough Airshow, and we hear from Zero Petroleum’s Paddy Lowe, Boom Supersonic’s Blake Scholl, and executives from Boeing, Airbus, ADS, United and EasyJet.

Follow Tech Tonic to hear the full season here.

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

Russia’s invasion of Ukraine earlier this year triggered a global food crisis. Recently, FT correspondents Polina Ivanova, Chris Cook and Laura Pitel found out how Russia aims to profit from this. Ivanova explains how they used satellite photos, transponder data and a document trail to track a Russian company’s shipment of 2,675 metric tonnes of milling wheat out of the occupied Ukrainian port of Berdyansk, across the Black Sea and over to a port in Turkey. 

Clips from CNN, PBS

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For further reading:

How Russia secretly takes grain from occupied Ukraine

Russian exit from Ukraine grain deal ‘catastrophic’ for poor nations

Ships going dark: Russia’s grain smuggling in the Black Sea

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On Twitter, follow Polina Ivanova (@polinaivanovva) and Michela Tindera (@mtindera07) 

Read a transcript of this episode on FT.com

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

There’s some internal turmoil at JPMorgan Chase over who should manage the bank’s wealthiest clients. At the centre of the infighting is a top financial adviser who’s managed the accounts of some big names, including retired baseball player-turned-entrepreneur Alex Rodriguez. The FT’s US banking editor Joshua Franklin walks us through what led to this years-long legal battle at one of the world’s biggest banks.

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For further reading:

Glitz and Gladwell: the infighting over prized JPMorgan wealth clients

Baseball star Alex Rodriguez at centre of JPMorgan client poaching row

Asset Management: Growth investors adapt to new paradigm

Take our FT Podcast Listener Survey here. 

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On Twitter, follow Joshua Franklin (@FTJFranklin) and Michela Tindera (@mtindera07) 

Read a transcript of this episode on FT.com

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

US Republicans are picking a fight with some major financial institutions over ESG, or environmental, social and governance investing. That means considering things such as climate risks, labour issues and board diversity when choosing investment funds. The FT’s corporate governance reporter Patrick Temple-West explains why Republicans are upset and what this backlash might mean for the future of ESG.

Clips from Fox News, CNBC

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For further reading:

US Republicans pull $1bn from BlackRock over ESG investing concerns

BlackRock: ESG tightrope is hard to navigate

Making funding flows fair: Must ESG be bad news for emerging markets?

Greenwashing faces fresh curbs in UK regulator’s crackdown

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On Twitter, follow Patrick Temple-West (@Temple_West) and Michela Tindera (@mtindera07) 

Read a transcript of this episode on FT.com

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

The spotlight is on China as the Communist party’s 20th National Congress takes place this week. At a critical moment when President Xi Jinping prepares to stay on for an unprecedented third term as leader, there’s an important problem: China’s economy is slowing down. The FT’s China correspondent Edward White explains why this has happened and whether or not it's too late for Xi to make the changes necessary to put the country on a path to strong growth again.   

Clip from the South China Morning Post 

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For further reading:

Xi Jinping’s last chance to revive the Chinese economy

China’s property crash: ‘a slow-motion financial crisis’

China growth to fall behind rest of Asia for first time since 1990

China delays key GDP data in middle of Communist party congress 

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On Twitter, follow Edward White (@edwardwhitenz) and Michela Tindera (@mtindera07)

Read a transcript of this episode on FT.com

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

Trevor Milton and his electric vehicle start-up Nikola became Spac darlings in 2020 with his plan to transform the trucking industry. Then it all came crashing down. The FT’s Claire Bushey explains the boom and bust of entrepreneur Trevor Milton’s career and what we can learn from his story. 

Clips from Nikola

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For further reading:

Nikola founder Trevor Milton accused of misleading investors at fraud trial

Nikola: the clues in Trevor Milton’s past that investors missed or ignored

US justice department inquires into Nikola fraud claims

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On Twitter, follow Claire Bushey (@Claire_Bushey) and Michela Tindera (@mtindera07) 

Read a transcript of this episode on FT.com

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

Years of low interest rates sent investors hunting for creative ways to generate returns. One unlikely place they found was inside the song catalogues of some of the top musicians and songwriters of the last few decades. But now, as interest rates rise and the possibility of a global recession looms, the FT’s Anna Nicolaou and Kaye Wiggins explain how one of the hottest recent trends on Wall Street could soon have to face the music. 

Clip from Chevrolet 

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For further reading:

How Wall Street stormed the music business

Blackstone-backed song rights machine suffers growing pains

Another brick in the Wall Street as Blackstone seeks Pink Floyd catalogue

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On Twitter, follow Anna Nicolaou (@annaknicolaou), Kaye Wiggins (@kayewiggins) and Michela Tindera (@mtindera07) 

Read a transcript of this episode on FT.com

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

As the rollout of bivalent boosters for Covid-19 continues, experts are concerned that the US isn’t doing enough to support the development of the next wave of vaccines and treatments that the world needs. In this week’s episode, we hear from White House Covid coordinator Ashish Jha, professor of molecular medicine and cardiologist Eric Topol and the FT’s US pharmaceuticals correspondent Jamie Smyth on what the future of Covid vaccines could and should look like.  

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For further reading:

Investors ditch vaccine stocks after Joe Biden says ‘pandemic is over’

Joe Biden’s Covid-19 tsar warns millions risk losing access to treatment

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On Twitter, follow Jamie Smyth (@JamieSmythF) and Michela Tindera (@mtindera07) 

Read a transcript of this episode on FT.com

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

Over the last year, Starbucks baristas across the US banded together to form unions at the stores where they work. And workers at other big name companies like Amazon have joined in to organise their own workplaces, too. But the FT’s labour and equality correspondent Taylor Nicole Rogers explains how these and other new unions around the US are running up against a classic problem in labour. Can they convince their employers to come to the bargaining table to hash out a contract?  

Clips from NBC, CBS

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For further reading:

US trade unions: Inside the revival brewing at Starbucks

Joe Biden secures deal to avert US rail strike 

Howard Schultz vows Starbucks rebound after coffee chain ‘lost its way’

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On Twitter, follow Taylor Nicole Rogers (@TaylorNRogers) and Michela Tindera (@mtindera07) 

Read a transcript of this episode on FT.com

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

Construction of a massive oil pipeline in east Africa is underway. For the governments of the countries it will run through, it promises new economic opportunities. But for many others, it could spell trouble. Like the fight over North America’s Keystone Pipeline, this one has become an important battleground for environmental groups around the world. The FT’s Leslie Hook explains the approach activists are taking to fight it. 

Clips from UBC Television Uganda

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For further reading:

The oil giants drilling among the giraffes in Uganda

Marsh revealed in oil pipeline project shunned by leading banks and insurers

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On Twitter, follow Leslie Hook (@lesliehook) and Michela Tindera (@mtindera07) 

Read a transcript of this episode on FT.com

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

Tech Tonic is back with a new season all about crypto!

We wanted to share with you the second episode of the latest season of Tech Tonic. FT columnist and host Jemima Kelly tries to understand why an influential Silicon Valley investment firm thinks that Web3 is a good bet. Will blockchain technology really be the foundation of a new internet era? Is Web3’s promise to decentralise the internet going to pose a challenge to companies such as Facebook and Twitter? The FT’s innovation editor John Thornhill interviews Chris Dixon, head of Andreessen Horowitz’s crypto fund, and Jemima talks to Molly White, author of the Web3 Is Going Just Great blog.

Follow Tech Tonic to hear the full season here.

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

Buying carbon credits is a way for companies to show they’re serious about fighting climate change. But keeping track of these credits is tricky. Now, advocates of the blockchain - the technology that underpins cryptocurrency - say that its digital ledger could be a possible solution to bring transparency to the market. On today’s episode, the FT’s Camilla Hodgson explores whether this technology could help fight climate change or whether some supporters are just in it for their own benefit.

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For further reading:

Crypto and climate change: can web3 help get us to net zero?

FT News Briefing

Read a transcript of this episode on FT.com

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

Early in his tenure the new Goldman Sachs CEO David Solomon presented a grand new vision for what the massive bank should become. How has it panned out since? And is there still time for Solomon to make the changes it needs? The FT’s US banking editor Joshua Franklin examines what Solomon has and hasn’t achieved in his four years at the helm. 

Clips from CBS 

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For further reading:

In era of quick-fire bosses, Wall Street embraces the ‘forever CEO’

The reinvention of Goldman Sachs: what has David Solomon achieved?

Goldman raises profitability target in effort to bridge valuation gap 

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On Twitter, follow Joshua Franklin (@FTJFranklin) and Michela Tindera (@mtindera07) 

Read a transcript of this episode on FT.com

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

The FT’s south Asia correspondent Ben Parkin explains how Afghanistan’s economy has changed in the year since US forces left the country and the Taliban retook control of the government.   

Clips from CBS, BBC 

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For further reading:

The Taliban’s black gold: militants seize on coal to reboot economy

Life under the Taliban: ‘what matters is that we’re hungry’

The Taliban’s new order: ‘We’ll introduce a system for the world’ 

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On Twitter, follow Benjamin Parkin (@b_parkyn) and Michela Tindera (@mtindera07) 

Read a transcript of this episode on FT.com

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

The Federal Reserve has spent more than a decade buying up government debt as part of a post-2008 program to support the economy, also known as quantitative easing. Now with inflation reaching record highs, those days are over, and a new era of quantitative tightening is emerging. On this week’s episode, the FT’s markets editor Katie Martin explains how markets expect to grapple with the change.  

Clips from ABC, CNBC, CBS

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For further reading:

Did QE cause inflation?

The mystery of how quantitative tightening will affect markets

Did central bank balance sheets really need to get so big?

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On Twitter, follow Katie Martin (@katie_martin_fx) and Michela Tindera (@mtindera07)

Read a transcript of this episode on FT.com

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

Venture capital fundraising hit a record-high last year. There were more deals, and more money poured into startups last year than at any other time in history. Now, the FT’s Richard Waters says the fundraising bonanza is over. On this week’s episode, we explore what that means for the future of startups. 

Clips from Looney Tunes: ⓒ Warner Bros. 

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For further reading:

Venture capital’s silent crash: when the tech boom met reality

Klarna’s valuation crashes to under $7bn in tough funding round

Venture capital’s delayed rendezvous with reality

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On Twitter, follow Richard Waters (@RichardWaters) and Michela Tindera (@mtindera07)

Read a transcript of this episode on FT.com

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

Since the 2008 financial crisis, it’s become more and more difficult for Americans to chart a path toward financial security. Things like buying a house and paying off student loans have become more challenging for young people to do. And that’s given rise to a new generation of investors the FT’s Madison Darbyshire calls “generation moonshot.”  

Clips courtesy of NBC News, CNBC, ABC News, CBS 

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For further reading:

Generation moonshot: why young investors are not ready to give up on risk

How retail investors can navigate the rough terrain of US equities

A year on, we haven’t absorbed the lessons of the GameStop saga 

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On Twitter, follow Madison Darbyshire (@MADarbyshire) and Michela Tindera (@mtindera07) 

Read a transcript of this episode on FT.com

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

Sri Lanka is facing dire fuel and food shortages amid ongoing economic and political crises. In this week’s episode, the FT’s Antoni Slodkowski shares what he’s seen after a week of reporting in Sri Lanka. And then, emerging markets correspondent Jonathan Wheatley explains how the crises in Sri Lanka may impact the rest of the world.  

Clips courtesy of Voice of America

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For further reading:

No food, no fuel and no jobs: the economic catastrophe engulfing Sri Lanka

What Sri Lanka reveals about the risks in emerging markets

China reckons with its first overseas debt crisis

Debt sell-off intensifies strains for more than a dozen emerging markets

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On Twitter, follow Jonathan Wheatley (@Jonthn_Wheatley), Antoni Slodkowski (@slodek) and Michela Tindera (@mtindera07)

Read a transcript of this episode on FT.com

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

Greedflation. Price gouging. Pandemic profiteering. What happens when turning a profit is considered a bad thing? In this week’s episode, the FT’s US business editor Andrew Edgecliffe-Johnson explains how a new message around corporate profits is resonating with the American public and causing headaches for executives. 

Clip courtesy of Bloomberg

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For further reading:

US companies face rising battle to fend off vilification over ‘excess’ profits

Joe Biden blasts Chevron chief as ‘sensitive’ after fuel-price criticism

The war on ‘woke capitalism’ 

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On Twitter, follow Andrew Edgecliffe-Johnson (@Edgecliffe) and Michela Tindera (@mtindera07) 

Read a transcript of this episode on FT.com

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

A few years ago a Peruvian farmer filed a lawsuit against a German utility company thousands of miles away. The reason? A glacier is melting near his hometown. If it melts enough, it could cause a flood that may catastrophically damage his city. He says that over years the company's pollution has contributed to climate change, and because of this, it should help pay for protections against the potential flood. 

In this week’s episode, we’ll tell the story of a David vs. Goliath battle. How one man is taking on one of the world’s biggest polluters in a landmark case that could one day force companies to pay for damage they’ve done to the environment. 

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For further reading:

Who pays for climate change? The Peruvian suing a German utility

The Climate Game: Can you reach net zero by 2050?

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On Twitter, follow Camilla Hodgson (@CamillaHodgson)

Read a transcript of this episode on FT.com

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

Spacs, or special purpose acquisition companies, were all the rage at the start of the pandemic. These shell companies raise cash by listing on the stock market, and then seek a merger with a private company. This created a novel way for companies to list on the stock market without having to go through the traditional initial public offering process.

Now, Spacs are floundering. The FT’s Ortenca Aliaj talks with guest host Jess Smith about how the Spac investment boom collided with rising interest rates and regulatory threats, and ultimately went bust.   

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For further reading: 

Spac boom dies as wary investors retreat

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On Twitter, follow Ortenca Aliaj (@OrtencaAl)

Read a transcript of this episode on FT.com

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

Late last year Unilever reached a $5 billion deal to sell part of its tea business, including brands like Lipton and PG Tips, to private equity giant CVC Capital. But the tea sector is a complicated one. With roots in colonialism, tea plantations around the world have faced many issues, including accusations of human rights abuses. 

In this week’s episode, we’re hearing from one worker whose life was forever changed by violence on her plantation, and exploring how this deal represents a new challenge for PE as investors are increasing their scrutiny into the private equity industry’s ethics.   

Clips courtesy of Unilever, Al Jazeera, AP

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For further reading:

How Unilever’s tea business became a test of private equity’s conscience

Bidders for Unilever’s tea business pulled out on plantation concerns

CVC pushes back IPO plans amid market turmoil

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Sign up here to get the Moral Money premium newsletter sent straight to your inbox every Monday, Wednesday and Friday. 

On Twitter, follow Judith Evans (@JudithREvans), Kaye Wiggins (@kayewiggins) and Michela Tindera (@mtindera07) 

Read a transcript of this episode on FT.com

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

When Financial Times reporter Patricia Nilsson started digging into the porn industry, she made a shocking discovery: nobody knew who controlled the biggest porn company in the world. Now, Nilsson and her editor, Alex Barker, reveal who is behind it and much more. This eight-part investigative podcast, published weekly, reveals the secret history of the adult business and the billionaires and financial institutions who shape it.

Subscribe and listen on: Apple Podcasts, Spotify, Pocket Casts, Stitcher or wherever you listen to podcasts.

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

The Federal Reserve announced its largest interest rate increase since 1994. And it's the equivalent of the US central bank taking a baseball bat to the economy, according to the FT’s US financial commentator Robert Armstrong.  

In this week’s episode, Armstrong is helping us to make sense of the Fed’s announcement. He’ll explain what the recent hike means for the economy and for investors, and tell us whether or not we should be freaking out. 

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For further reading:

Fed smash! 

How fast is the US economy slowing? 

Bear market to the rescue

Time for strong medicine: How central banks got tough on inflation

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Sign up here to get the Unhedged newsletter sent straight to your inbox every weekday. 

On Twitter, follow Robert Armstrong (@rbrtrmstrng)

Read a transcript of this episode on FT.com

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

Johnson & Johnson, one of the world’s largest healthcare companies, is facing thousands of lawsuits from people alleging they got cancer from using one of their oldest products: talc-based baby powder. 

To manage the growing liability, J&J recently deployed a controversial new bankruptcy manoeuvre known as the Texas Two-Step. 

In this week’s episode, we explore whether J&J’s use of this manoeuvre is setting a new precedent for corporations to evade accountability in America.

Update: A new version of this episode was uploaded on June 21, 2022 to update the number and outcome of trials 3M has faced related to one of its products.   

Clip courtesy of NBC News 

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For further reading:

Johnson & Johnson’s ‘Texas-two-step’ sparks outcry over US bankruptcy regime

Architects of ‘Texas two-step’ lambast J&J for its use of the manoeuvre

‘Texas two-step’ outcry risks ending fee bonanza for law firm Jones Day

J&J’s Texas two-step waltzes over its liabilities

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On Twitter, follow Jamie Smyth (@JamieSmythF) and Michela Tindera (@mtindera07)

Read a transcript of this episode on FT.com

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

Last week authorities raided the offices of Germany’s top asset manager DWS Group and its majority owner Deutsche Bank. The raid was spurred by allegations of greenwashing. That is, that DWS had made misleading claims about how sustainable or “green” some of its financial products were. DWS says it denies those allegations and has cooperated with regulators and authorities, but this move has prompted a larger reckoning throughout the financial industry.   

At the centre of much of this is former DWS sustainability officer Desiree Fixler. In this week’s episode we hear from the whistleblower herself, and explore her allegations about her time at DWS. The FT’s Patrick Temple-West also explains what this moment means for the future of environmental, social and governance or ESG investing.   

For further reading:

German police raid DWS and Deutsche Bank over greenwashing allegations

DWS chief resigns after police raid over greenwashing claims

Deutsche banker takes over asset manager in the eye of an ESG storm

Aggregate ESG confusion

On Twitter, follow Patrick Temple-West (@Temple_West)

Read a transcript of this episode on FT.com

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

We’re diving back into the world of stablecoins for part 2 of 2 in our miniseries on crypto. This time, it’s a story filled with troubled companies and a real life fire that sends a business up in smoke. With the help of FT reporters Kadhim Shubber and Siddharth Venkataramakrishnan, we dig into the professional histories of two executives who sit atop two of crypto’s most important businesses: stablecoin issuer Tether and exchange Bitfinex. 

Clips courtesy CSPAN

For further reading: 

Tether’s CEO: from IT sales to calling the shots in crypto land

Tether: the former plastic surgeon behind the crypto reserve currency

The week that shook crypto

On Twitter, follow FT reporters Kadhim Shubber (@Kadhim), Siddharth Venkataramakrishnan (@SVR13) and Ethan Wu (@EthanYWu) 

Read a transcript of this episode on FT.com

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

Behind the Money is back! Our first episode is part 1 of 2 in a miniseries on crypto. First up, we're wondering: is a crypto vibe shift underway? Bitcoin’s price has been dropping for weeks and earlier this month, a popular stablecoin collapsed. FT reporter Ethan Wu explains how the effects of that rippled into other areas of the crypto universe. Michela and Ethan will talk about what stablecoins are and why they matter — even for people who aren’t crypto investors.  

For further reading: 

Crypto scares everyone

The week that shook crypto

Investors pull $7bn from Tether as stablecoin jitters intensify

Follow Ethan Wu on Twitter @EthanYWu 

Read a transcript of this episode on FT.com

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

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

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

The amount of money flowing into investment funds that claim to invest in sustainable businesses has surged in recent years. More companies than ever have embraced policies with environmental, social and corporate governance criteria as their central plank. But there's a debate over what ESG investing can achieve, particularly when it comes to cutting carbon emissions and addressing climate change.

In the final episode of our five-part series on ESG investing, we hear from two leading FT voices on opposite sides of the argument. Cheering the rise of ESG is Gillian Tett, the FT’s US editor-at-large and co-founder of Moral Money, the FT team that covers sustainable business and finance; and casting a sceptical eye is the FT’s US financial commentator Robert Armstrong, who also writes Unhedged, the FT newsletter on Wall Street.

The ESG investing industry is dangerous

Team ESG fights back

A carbon price should be top of the wish list at the climate talks

The need to elevate developing countries at COP26

Check out stories and up-to-the-minute news from the Moral Money team here. 

Get 30 days of the premium Moral Money newsletter free, together with complimentary access to FT.com for the same period, visit www.ft.com/insideesg

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This is the podcast about doing work differently. Join host Isabel Berwick every Wednesday for expert analysis and watercooler chat about ahead-of-the-curve workplace trends, the big ideas shaping work today — and the old habits we need to leave behind. 

Subscribe on Apple https://podcasts.apple.com/gb/podcast/working-it/id1591925469 - On Spotify https://open.spotify.com/show/5vNDHxEOc1pI1acJS7He5e Or wherever you get your podcasts.

The wellness industry is a trillion-dollar business, and the pandemic has turbo-charged it. One of the biggest trends has been the rise in employers buying their staff access to meditation and fitness apps. But does this ‘quick fix’ approach work? And are there better ways to boost wellbeing ? 

Isabel talks to Lorna Borenstein, chief executive of Grokker, a corporate wellness app about the reasons why she set up the platform and how clients and her own staff use it. It’s all part of a culture of taking care of employees - a topic Lorna has explored more deeply in her book It’s Personal, offering advice to other managers on how to help staff feel better [tl;dr: talk less, listen more].We also speak to FT colleague Emma Jacobs, about the corporate care culture. She is a little more skeptical. 

We would love to hear from you - email us at [email protected]. You can also follow @isabelberwick on Twitter and Instagram or reach out via email: [email protected]. Thanks. 

Mentioned in the podcast and other interesting reading:

• Emma Jacobs’ prophetic pre-pandemic guide to workplace wellness by app: https://www.ft.com/content/d1d58aae-437c-11ea-abea-0c7a29cd66fe
• FT series, Burnout: https://www.ft.com/burnout
• Deloitte report [2020] on employee mental health showing £5 benefit for every £1 spent: https://www2.deloitte.com/uk/en/pages/consulting/articles/mental-health-and-employers-refreshing-the-case-for-investment.html  
• Video, Emma Jacobs on how to detox from your smartphone: https://www-ft-com.newman.richmond.edu/video/b4115321-b915-3a42-9814-ad0be4c0e7f5?playlist-name=section-0b83bc44-4a55-4958-882e-73ba6b2b0aa6&playlist-offset=206

Presented by Isabel Berwick. Editorial direction from Renée Kaplan. Assistant producer is Persis Love. Sound design is by Breen Turner, with original music from Metaphor Music. Produced by Novel.

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

If you want your investments to match your principles should a threat to divest be part of your long-term strategy?

In the fourth episode of our special five-part series on sustainable or ESG investing, produced in partnership with the FT’s Moral Money team, the story of the California State Teachers' Retirement System, or Calstrs, and why its decision to divest from the US private prisons industry prompted tears and passionate discussion on the board.

Joe Rennison, deputy US markets editor, assesses the long-term impact that divestment can have on companies, while Moral Money’s Patrick Temple-West, Attracta Mooney, the FT’s investment correspondent, and Lindsay Frost, a senior reporter at Agenda, an FT publication about the corporate board space, explain why divestment presents a conundrum for investors and whether passive investment funds are really compatible with ESG investing. 

JPMorgan funds invested in CoreCivic debt after vow to stop financing private prisons

Bond funds wrestle with human rights dilemma

Divestment Concerns Creep In for More Industries

Check out stories and up-to-the-minute news from the Moral Money team here. 

Get 30 days of the premium Moral Money newsletter free, together with complimentary access to FT.com for the same period, visit www.ft.com/insideesg

Review clips: Calstrs, NBC, Global News, PBS, AP, CBC News, The Guardian, CSPAN

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

If you want your investments to match your principles should a threat to divest be part of your long-term strategy?

In the fourth episode of our special five-part series on sustainable or ESG investing, produced in partnership with the FT’s Moral Money team, the story of the California State Teachers' Retirement System, or Calstrs, and why its decision to divest from the US private prisons industry prompted tears and passionate discussion on the board.

Joe Rennison, deputy US markets editor, assesses the long-term impact that divestment can have on companies, while Moral Money’s Patrick Temple-West, Attracta Mooney, the FT’s investment correspondent, and Lindsay Frost, a senior reporter at Agenda, an FT publication about the corporate board space, explain why divestment presents a conundrum for investors and whether passive investment funds are really compatible with ESG investing. 

JPMorgan funds invested in CoreCivic debt after vow to stop financing private prisons

Bond funds wrestle with human rights dilemma

Divestment Concerns Creep In for More Industries

Check out stories and up-to-the-minute news from the Moral Money team here. 

Get 30 days of the premium Moral Money newsletter free, together with complimentary access to FT.com for the same period, visit www.ft.com/insideesg

Review clips: Calstrs, NBC, Global News, PBS, AP, CBC News, The Guardian, CSPAN

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

The story of how a tiny, unknown hedge fund took on a giant of corporate America over climate change - and won. Charlie Penner of Engine No 1 talks about the very public proxy campaign he launched against Exxon Mobil, forcing the oil major to prepare for a future free of fossil fuels.

In the third episode of our special five-part series on sustainable or ESG investing, produced in partnership with the FT’s Moral Money team, Derek Brower, US energy editor, and Attracta Mooney, the FT’s investment correspondent, reflect on whether the battle between Engine No 1 and Exxon marks the beginning of a new kind of activist investor.

Engine No 1, the giant-killing hedge fund, has big plans

DWS probes spark fears of greenwashing claims across investment industry

Check out stories and up-to-the-minute news from the Moral Money team here. 

Get 30 days of the premium Moral Money newsletter free, together with complimentary access to FT.com for the same period, visit www.ft.com/insideesg

Review clips: The Sun, Channel 4 News, Euronews, PBS Newshour, GMA, CNN, CNBC, ExxonMobil

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Milton Friedman, the renowned American economist and spiritual mentor of many entrepreneurs, argued that the social responsibility of business was to increase profits. This has been the gospel since the early 1970s, but companies and investors are beginning to rethink the purpose of business. Has the sun really set on the Miltonian era?

In the second episode of our special five-part series produced in partnership with the Moral Money team, Leila Abboud, the FT’s Paris correspondent, and Gillian Tett, the FT’s US editor-at-large, tell the story of Emmanuel Faber, the former CEO of Danone who embraced environmental, social and governance (ESG) causes - and then was ousted eight years later. Turns out there was more to the story than first meets the eye.

The fall from favour of Danone’s purpose-driven chief

Check out stories and up-to-the-minute news from the Moral Money team here. 

Get 30 days of the premium Moral Money newsletter free, together with complimentary access to FT.com for the same period, visit www.ft.com/insideesg

Review clips: CNBC, Danone, British Pathé, IMAGINE, France 24

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When Tariq Fancy joined BlackRock as its first chief investment officer for sustainable investing in 2018, he was convinced that with companies around the world, including the world’s biggest asset manager, embracing environmental, social and governance (ESG) causes, the stage was set to reform capitalism. As a former Wall Street banker, he’d been hired by Blackrock after setting up his own digital learning non-profit group in Canada. But just two years after joining Blackrock, he left his job. So what went wrong?

In the first episode of our special five-part series produced in partnership with the FT’s Moral Money team, Gillian Tett, the FT’s US editor-at-large, and Andrew Edgecliffe-Johnson, the FT’s US business editor, explore the idea that the trillions of dollars that have flowed into ESG investments represent a once-in-a generation shift in the business consensus. Can it be true that ESG investing can address some of the world’s most-pressing problems, including climate change and inequality?  

Check out stories and up-to-the-minute news from the Moral Money team here. 

Get 30 days of the premium Moral Money newsletter free, together with complimentary access to FT.com for the same period, visit www.ft.com/insideesg

Review clips: AP, KPIX CBS, CNBC, CNN, The Telegraph, PayPal

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Behind the Money presents a special 5-part series produced in partnership with the FT’s Moral Money team that goes inside the colossal sums flowing into sustainable investing.

Trillions have flooded into funds that have made environmental, social and governance issues, or ESG, central to their investment strategies. As the world begins slowly to recover from the multiple shocks of the pandemic, we take listeners to the center of a loaded debate: Will a shift to more sustainable investments actually help create a more resilient and equitable future - or is ESG just a powerful marketing ploy?

Check out stories and up-to-the-minute news from the Moral Money team on the whole world of socially responsible business, sustainable finance, and ESG trends here.

Get 30 days of the premium Moral Money newsletter free, together with complimentary access to FT.com for the same period, visit www.ft.com/insideesg

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Introducing the FT Tech Tonic podcast. You can subscribe and listen to the rest of the series here.

From picking the best stocks to listening in on earnings calls, AI-powered systems are changing finance. But how big are the rewards, really? And what are the risks? In this episode Robin Wigglesworth tells us how AI has been used in investing, what happens when programs must adapt to new risks and what the robots could learn from watching children play. 

Alice Fordham is senior producer. Josh Gabert Doyon is assistant producer. Oluwakemi Aladesuyi and Liam Nolan are the development producers. Sound design and mixing by Breen Turner. Cheryl Brumley is the executive producer for this series. Original scoring composed by Metaphor Music. 

Review clips: Alphabet, Netflix, Amazon, Man Group.

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The City of London is home to some of the world’s biggest banks and busiest exchanges but the UK is just weeks away from leaving the EU single market and many questions about access to the bloc are still unresolved. Philip Stafford, editor of FT Trading Room, and Stephen Morris, the FT’s banking editor, take a look at the future of financial services after Brexit.

Review clips: BBC News, CNBC, EU 27

Read more on the FT’s coverage of Brexit here: 

Brexit trade talks: the three big sticking points explained

Europe’s finance sector hits ‘peak uncertainty’ over Brexit

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The Boston-based biotech eschewed a traditional approach to vaccine development, instead pitching its use of mRNA technology to investors. That pitch paid off this year as the company stands to be one of the first to bring a Covid-19 vaccine to market. Hannah Kuchler, the FT’s US pharma and biotech correspondent, reports on Moderna’s race to find an immunisation for the novel coronavirus.  

The FT is making key coronavirus coverage free to read for everyone. Go to ft.com/coronavirusfree to read the latest.

Read more here: Moderna’s Covid vaccine offers vindication of its unconventional approach

Review clips: Yahoo Finance, CNBC

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As protests following the killing of George Floyd in the US reverberated around the world this summer, Belgium, like many other countries, experienced its own reckoning: with a brutal colonial past, with the systemic racism that inhibits its black citizens today and with the question of what exactly it owes to the Democratic Republic of Congo, which it exploited for 75 years. The FT's Neil Munshi reports on the company at the heart of Belgium's colonial pursuit, the Union Minière.

Read Neil's FT Magazine story here: https://www.ft.com/content/a17b87ec-207d-4aa7-a839-8e17153bcf51.

Special thanks to Heleen Debeuckelaere, Elli Fernandes, Mohamed Barrie and Jeroen Laporte. 

Review clips: Deutsche Welle, CBS News, France 24, NBC News, Reuters, Al Jazeera English, Getty Images, British Pathé.

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The IPO of Jack Ma's Ant Group would have been the largest in history: it was expected to raise $37bn at a valuation of $316bn. But just days before the stock market listing, China called it off. The FT's Ryan McMorrow and Hudson Lockett report on what led to Beijing pulling the plug, and what it means for China's private sector. Further reading: 'The party is pushing back': why Beijing reined in Jack Ma and Ant.

Review clips: Reuters, World Economic Forum, CNA, Bloomberg, Yahoo Finance.

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Tensions between Washington and Beijing are beginning to resemble a new cold war. Could the complex supply chains built up over a generation that produce Apple's iPhone and other electronics soon be untangled? In this episode Kathrin Hille, the FT’s greater China correspondent, and Richard Waters, the FT’s west coast editor, tell the story of how technology supply chains in the US and China became intertwined and the forces that are pulling them apart. 

Review Clips: CNBC, CSPAN, Washington Post, The Guardian, Reuters, Dallas Morning News, ZDF “Looking for Freedom” WMG (1989) 

Read more from Kathrin Hille

The great uncoupling: one supply chain for China, one for everywhere else

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There is no episode of Behind the Money this week. Here is a preview of what we are working on for next week. 

Review Clips: C-SPAN, CNBC, Dallas Morning News

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The pandemic docked Carnival’s cruise ships and grounded Bombardier’s planes. But when the companies were in need of cash, one went to the bond market and the other to a direct lender. Robert Smith, FT capital market correspondent and Nikou Asgari, FT corporate finance reporter, tell the story of the billion dollar private debt deals shaping who has the capital to weather the crisis. 

Review Clips: CNBC, Reuters, ABC News

Read more from Nikou, Rob and the rest of the corporate finance team

Covid-linked debt rush ignites direct lending market

Asset managers in $300bn drive to build private lending funds

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