Behind the Money

Who will corporate America's winners and losers be under four more years of Donald Trump? This week, the FT’s Brooke Masters, Stephen Morris and Jamie Smyth explain what changes a second Trump administration will bring to three crucial sectors: Wall Street, tech and energy.

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For further reading:

Can the renewables boom withstand Trump?

A Wall Street giddy over Trump should remember history

Who’s who in the Musk ‘A-team’ vying to shape Trump 2.0

Trump 2.0: winners, losers and Elon

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

Read a transcript of this episode on FT.com

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Private equity earned a reputation as a ruthless and lucrative business. But over the past few years, large groups have been doing something that seems like the opposite of their cutthroat image: giving equity worth hundreds of thousands of dollars to the ordinary workers at the companies they own. Antoine Gara, the FT’s US private & institutional capital correspondent, explains how these payouts make business sense for private equity firms – and help soften their tough image.

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For further reading:

Workers getting share in windfalls as private equity firms soften image

Private equity groups’ assets struggling under hefty debt loads, Moody’s says

Blackstone plans to list some of its largest investments 

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

Read a transcript of this episode on FT.com

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

On November 5, voters in the US will head to the polls to decide who should be the next president: Donald Trump or Kamala Harris. But over the past several months, people from around the world have been placing millions of dollars on who will win that race. As interest in betting on US politics reaches a new high, the FT’s Oliver Roeder and Sam Learner explain how these markets work and what can (and can’t) be learned from them. 

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For further reading:

Prediction markets can tell the future. Why is the US so afraid of them?

Take political betting markets literally, not seriously

What the polls can’t tell us about America’s election

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Attend the FT Global Banking Summit, December 3 and 4 in London: Enter BTM20 for a 20% discount (applicable on all ticket types), register here.

Read a transcript of this episode on FT.com

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Activist investors tend to rely on an element of surprise to catch their target company off guard: quietly building up a stake and swooping in with a slide deck full of strategic changes at just the right moment. That’s not what happened at the beginning of a recent campaign led by the hedge fund Starboard Value against pharmaceutical giant Pfizer. The FT’s Oliver Barnes, US pharmaceutical and biotech correspondent, and Maria Heeter, US deals correspondent, examine what went awry and what happens next. 

Clips from CBS, ABC, CNBC, NBC   

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For further reading:

Starboard plotted a campaign against Pfizer’s chief. Then a blank email dropped in his inbox

Why Pfizer sorely needs the activist treatment 

Starboard-Pfizer battle strains Guggenheim’s relationship with drugmaker

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On X, follow Oliver Barnes (@mroliverbarnes), Maria Heeter (@HeeterMaria) and Michela Tindera (@mtindera07), or follow Michela on LinkedIn for updates about the show and more. 

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Attend the FT Global Banking Summit, December 3 and 4 in London: Enter BTM20 for a 20% discount (applicable on all ticket types), register here.  

Read a transcript of this episode on FT.com

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

When it comes to trading, Wall Street’s investment banks are falling further behind. And independent trading firms, such as Jane Street and Citadel Securities, are taking the lead in everything from stocks and options to derivatives and crypto. The trading firms argue that they’ve made the process more efficient, but what risks does that carry? The FT’s US banking editor Joshua Franklin explains.   

Clips from Lionsgate

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For further reading:

New titans of Wall Street: how trading firms stole a march on big banks

New titans of Wall Street: how Jane Street rode the ETF wave to ‘obscene’ riches

‘King of the geeks’: how Alex Gerko built a British trading titan 

The limits of bond market electronification

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

Read a transcript of this episode on FT.com 

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

After the financial crisis, dealmaking among banks in different countries in Europe fell to a standstill. But recently, Italian lender UniCredit revealed that it had built up a stake in Germany’s Commerzbank, prompting discussions of a possible tie-up. EU policymakers and politicians believe cross-border deals like this could unlock European banking and make it more competitive globally. So why is there resistance? The FT’s European banking correspondent Owen Walker explains. 

Clips from Bloomberg, BBC 

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For further reading:

Andrea Orcel plots UniCredit’s boldest move yet on Commerzbank

Andrea Orcel, Commerzbank and the redemption trade

Europe’s most notorious banking dealmaker returns

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On X, follow Owen Walker (@OwenWalker0) and Michela Tindera (@mtindera07), or follow Michela on LinkedIn for updates about the show and more. 

Read a transcript of this episode on FT.com

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

After mounting a comeback, Netflix shares recently hit all-time highs. But its success is in stark contrast to the rest of Hollywood, which is struggling to adapt in an industry that is becoming more and more dominated by tech companies. The FT’s Los Angeles bureau chief Chris Grimes explains how Netflix came out on top and how its dominance could change the rules of Hollywood.

Clips from AP Archive, CBS, Evening Standard, Reuters, NBC

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For further reading:

How Netflix won the streaming wars

Netflix profits surge after password-sharing crackdown

Streaming wars are over and Netflix won

Netflix faces tough battle in advertising wars

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On X, follow Chris Grimes (@grimes_ce) and Michela Tindera (@mtindera07), or follow Michela on LinkedIn for updates about the show and more. 

Read a transcript of this episode on FT.com

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

Volkswagen is facing a crisis. Often considered a symbol of Germany’s industrial power, it’s now reckoning with a difficult transition to electric vehicles, among other issues. And now, management is considering breaking a long-held taboo: closing German factories. Patricia Nilsson, the FT’s Frankfurt correspondent, heads to VW’s headquarters in Wolfsburg to examine the fallout and what’s next.    

Clips from Bloomberg, DW News, CNN

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For further reading:

For European carmakers, EVs are a Catch-22

Why Volkswagen is seeking to break the taboo of closing German plants

VW audit of Xinjiang plant failed to meet international standards

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On X, follow Patricia Nilsson (@patricianilsson) and Michela Tindera (@mtindera07), or follow Michela on LinkedIn for updates about the show and more. 

Read a transcript of this episode on FT.com

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

Companies in Japan have long avoided foreign acquisitions. But Canada-based Alimentation Couche-Tard’s recent unsolicited bid for the owner of the 7-Eleven convenience store chain is testing that premise. The FT’s Tokyo bureau chief Leo Lewis examines how these events could shape corporate Japan’s future.  

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For further reading:

The takeover fight that could reshape Japan 

After 7-Eleven, Japan’s M&A scene may never be the same again

7-Eleven bid is the next stage in revitalising corporate Japan 

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On X, follow Leo Lewis (@urbandirt) and Michela Tindera (@mtindera07), or follow Michela on LinkedIn for updates about the show and more. 

Read a transcript of this episode on FT.com

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

As Jay Powell’s Federal Reserve contemplates making the first interest rate cut in more than two years, we’re taking a step back with the FT’s US financial commentator Robert Armstrong. How did Powell tame inflation without crashing the economy? And how might history judge his leadership?

Clips from Associated Press 

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For further reading:

Is Jay Powell lucky or good?

Remain calm 

Martin Sandbu’s column: A self-congratulatory inflation narrative at Jackson Hole 

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

Want to hear more from Rob? Listen to the Unhedged podcast. 

Read a transcript of this episode on FT.com

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

This week, we’re revisiting an episode from last year. For decades, the global centre for oil trading has been Geneva, Switzerland. But Russia’s war in Ukraine changed that. Sanctions have made it harder for western traders to move Russian oil. Now, traders are flocking to a new trading hub that has no restrictions on oil from Russia: the United Arab Emirates. The FT’s Tom Wilson explains how this shift has helped the UAE replace Switzerland, and whether the global energy industry is shifting away from western economies. 

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For further reading:

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

Switzerland questions oil trader over sidestep of Russian sanctions

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

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

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On X, follow Tom Wilson (@thomas_m_wilson) and Michela Tindera (@mtindera07), or follow Michela on LinkedIn for updates about the show and more. 

Read the transcript of this episode which was first aired in August 2023

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

Private credit took Wall Street by storm. But at a software company called Pluralsight, recent loan troubles are now highlighting risks that could be hidden in the sector. The FT’s senior US corporate finance correspondent Eric Platt and Due Diligence reporter Amelia Pollard walk through what went wrong with Pluralsight, and how that could shape private credit’s future. 

Clips from Bloomberg, CNBC

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For further reading:

A messy loan restructuring highlights risk lurking in private credit

Private credit is even larger than you think

A buyout gone wrong creates fireworks in the private credit market

Vista and co-investors lose $4bn in Pluralsight restructuring

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

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

Read a transcript of this episode on FT.com

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

Hundreds of companies have moved their headquarters to Texas in recent years, including big names like Tesla, HP and Charles Schwab. They’ve been enticed by low taxes, light regulation and the promise to run their businesses on their own terms. But the FT’s Houston correspondent Myles McCormick explains that there might be limits to that message of economic freedom.

Clips from ABC News, CBS, Fox 26, KHOU 11

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For further reading:

Will US companies keep faith in the ‘Texas miracle’?

Beware the Texas advance on Wall Street

Texas group plans stock exchange to compete with NYSE and Nasdaq

For further listening: 

Why Elon Musk is breaking up with Delaware

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

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

Read a transcript of this episode on FT.com

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

Indian equities are soaring right now. The country’s benchmark Nifty 50 index has doubled in just five years, beating out the pace of Japan, China and even the US. And it’s all being driven by millions of domestic investors who are piling into the market for the first time. But this boom has regulators sounding the alarm. The FT’s Mumbai correspondent Chris Kay explains why a bubble might be forming and what could happen to these first-time investors if it bursts. 

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For further reading:

The young investors gambling on Indian stocks

Investors bet an election win by Narendra Modi will extend India’s stock market boom

India closes in on China as largest emerging market

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On X, follow Chris Kay (@christopherkay) and Saffeya Ahmed (@saffeya_ahmed).

Read a transcript of this episode on FT.com

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

This week, we’re bringing you something from our fellow FT podcast, The Economics Show with Soumaya Keynes. 

Sir Angus Deaton won the Nobel Prize in Economics in 2015. So when he says he is rethinking many of his assumptions about the field, it matters. Today on the show, Soumaya discusses what we are getting wrong about everything from inequality to immigration to the role of globalisation in the reduction of poverty.

Soumaya Keynes writes a column each week for the Financial Times. You can find it here.

Subscribe to Soumaya's show on Apple, Spotify, Pocket Casts or wherever you listen.

Read a transcript of this episode on FT.com

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

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Remuneration among CEOs in the US is rising quickly. It’s been hard to miss recent examples of massive pay packages, like for Tesla’s Elon Musk. But that growth is far outpacing that of wages for everyday workers in the US. The FT’s corporate governance reporter Patrick Temple-West outlines some reasons this is happening and looks at whether change is afoot. 

Clips from Associated Press, CNBC, BBC News

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For further reading:

US executive pay rises at fastest rate in 14 years 

Business school teaching case study: executive pay and shareholder democracy 

UK-US CEO pay gap widens as FTSE bosses’ remuneration stagnates 

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

And, send us a question: Behind the Money is teaming up with the FT’s Moral Money newsletter to answer your questions about what “responsible” business and finance really looks like in the 21st century. That means topics like sustainability, ESG, diversity and inclusion and clean energy investment. We might read out, or play the question from your voicemail with your name, on the show. To get in touch, record a voice message here: sayhi.chat/0humz, or send us an email with your question to michela.tindera@ft.com. 

On X, follow Patrick Temple-West (@temple_west) and Michela Tindera (@mtindera07), or follow Michela on LinkedIn for updates about the show and more. 

Read a transcript of this episode on FT.com

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

Two recent Supreme Court decisions have taken a lot of rulemaking power away from federal agencies. And it could shake up how businesses in the US operate. Many chief executives are happy about these decisions — the less regulation, the better. But could these rulings come with their own risks? Clips from Bloomberg, CBS News, CNBC

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For further reading:

US businesses may soon find that deregulation comes with risks

Supreme Court EPA ruling puts regulators in handcuffs

The abortion pill case is a disaster for innovation everywhere

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

On X, follow Brooke Masters (@brookeamasters) and Saffeya Ahmed (@saffeya_ahmed).

Read a transcript of this episode on FT.com

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

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 fromBBC, Today, NBC News, CNN

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For further reading:

How will Rachel Reeves run the UK’s finances?

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

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

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

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

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

On X, follow Michael O’Dwyer (@_MODwyer) and Michela Tindera (@mtindera07), or follow Michela on LinkedIn for updates about the show and more. 

Read a transcript of this episode on FT.com

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

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,Spotifyor 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.

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

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

WeightWatchers is struggling. Launched in the early 1960s, the brand grew by helping members shed pounds through behavioural change programmes. Then, GLP-1 anti-obesity drugs hit the market, long-time spokesperson and board member Oprah Winfrey announced her departure, and the company’s credit rating was downgraded. FT reporter Anna Mutoh examines whether WeightWatchers’ latest strategy can produce the turnaround investors are hoping for.  

Clip from Lionsgate Television

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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’sUnhedged 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 michela.tindera@ft.com, or message her on X at @mtindera07.

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For further reading:

JPMorgan takes almost a fifth of total US bank profits

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

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

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

Read a transcript of this episode on FT.com

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

OpenAI is one of the fastest-growing companies ever, thanks to its artificial intelligence chatbot, ChatGPT. But costs to train and run the models that underpin that technology are steep. And chief executive Sam Altman has said he has even bigger aims. The FT’s Madhumita Murgia and George Hammond examine whether the start-up’s existing business model can achieve its long-term goals. 

Plus, do you have a question about markets, finance or economics? Get in touch with Michela, and we may use it in an upcoming joint show with Unhedged. 

Email Michela at michela.tindera@ft.com, or message her on X at @mtindera07.

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For further reading:

Can OpenAI create superintelligence before it runs out of cash?

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

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

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

Read a transcript of this episode on FT.com

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

Billionaire financiers such as Ken Griffin pioneered what’s known as the multi-manager model for hedge funds, where big spending begets big returns. In 2022, Griffin’s Citadel became the best-performing hedge fund of all time. But now, cracks in the sector are beginning to form. The FT’s Harriet Agnew and Ortenca Aliaj examine what a downturn could mean for investors and the broader financial sector. 

Plus, do you have a question about markets, finance or economics? Get in touch with Michela, and we may use it in an upcoming joint show with Unhedged. 

Email Michela at michela.tindera@ft.com, or message her on X at @mtindera07.

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For further reading:

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

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

How Ken Griffin rebuilt Citadel’s ramparts 

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

Read a transcript of this episode on FT.com

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

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

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

If you have questions about this year's US presidential election, we have answers.

Swamp Notes is a new podcast from the FT News Briefing. Listen every Saturday morning as our journalists analyse and discuss the latest happenings in US politics. We’ll go beyond the horse race for the White House and offer a global perspective on the election.  

You can subscribe to Swamp Notes here or wherever you get your podcasts.

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

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

Clips from CNBC 

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For further reading:

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

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

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

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

Read a transcript of this episode on FT.com

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

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

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

Introducing Untold, a new podcast from the special investigations team at the Financial Times. In its first series, The Retreat, host Madison Marriage examines the world of the Goenka network, which promotes a type of intensive meditation known as Vipassana. Thousands of people go on Goenka retreats every year. People rave about them. But some people go to these meditation retreats, and they suffer. They might feel a deep sense of terror, or a break with reality. And on the other side, they’re not themselves anymore. Untold: The Retreat launches Jan. 24.

Subscribe and listen on:Apple Podcasts,Spotifyor wherever you get your podcasts.

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

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

Clips from CNBC, CBS, Reuters

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

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For further reading:

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

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

Obesity drugs: broadly good for investors, with some strictures

Covid-19 vaccine winners suffer reversal of fortune

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

Read a transcript of this episode on FT.com

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

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: michela.tindera@ft.com. 

Read a transcript of this episode on FT.com

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

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

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

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

Every year, the Financial Times selects the most outstanding business book of the year. For 2023, the top pick is a book about failure. The FT’s senior business writer Andrew Hill sits down with the winner, Amy Edmondson, the author of Right Kind of Wrongand “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

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

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

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

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For further reading:

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

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

Long-awaited auditor report slams governance at Lebanon central bank

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

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

Read a transcript of this episode on FT.com

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

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

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

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

Clips from CBS, Thames News

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For further reading:

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

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

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

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

Read a transcript of this episode on FT.com

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

Introducing Life and Art, from FT Weekend.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

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

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

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

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

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

Clips from Associated Press

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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 filmDumb Money chronicles how the GameStop saga played out. The FT’s Ethan Wu sits down with the movie’s writers, Rebecca Angelo and Lauren Schuker Blum, to get a behind-the-scenes look at everything that went into the film. 

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For further reading:

Well, actually: Our ‘Dumb Money’ movie review

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

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

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

Read a transcript of this episode on FT.com

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

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

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For further reading:

What Michael Lewis got wrong about FTX

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

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

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

Many people longed to believe in Sam Bankman-Fried

Read a transcript of this episode on FT.com

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

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

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

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

Clips from CNN, NBC News, Reuters, Televisión Pública 

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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

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

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

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

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

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

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

Read a transcript of this episode on FT.com

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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

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

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

Read a transcript of this episode on FT.com

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

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

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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 passhere: 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 michela.tindera@ft.com, or message her on Twitter at @mtindera07

Update: A new version of this episode was uploaded on August 9, 2023 to correct that Fujairah is roughly an hour’s drive east from Dubai, not west.

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For further reading:

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

Switzerland questions oil trader over sidestep of Russian sanctions

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

Switzerland/Paramount: block loopholes which swerve oil sanctions

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

Read a transcript of this episode on FT.com

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

There’s a new club coming to women’s professional football in the United States. Next season will see the debut of Bay FC, out of northern California. Aly Wagner, a former player on the US women’s national team, explains how she helped get the club off the ground with an investment model that has never been used in US professional sports before. We explore how this funding model could change the landscape for American sports. You’ll also hear from the FT’s US sports business correspondent Sara Germano about whether this very European model is moving across the pond.

Plus, do you have your own burning questions about business or finance? Send us your questions and we may use them in a future show.

Record a voice message here: https://sayhi.chat/rmc2b 

Or, email Michela at michela.tindera@ft.com, or message her on Twitter at @mtindera07

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For further reading:

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

Why investors are cashing in on women’s sport

What private equity means for football

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

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

Read a transcript of this episode on FT.com

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

Under “normal” circumstances, economists and analysts study a variety of specific indicators to understand what’s happening with the US economy. But lately, those indicators have been sending mixed signals. The FT’s US financial commentator Robert Armstrong explains why they’re wonky and how that’s led him to a different data source to help him understand the economy.

Plus, have your own burning questions about business or finance? Send us your questions and we may use them in a future show! 

Record a voice message here: https://sayhi.chat/rmc2b 

Or, email Michela at michela.tindera@ft.com, or message her on Twitter at @mtindera07

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For further reading:

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: madison.marriage@ft.com and antonia.cundy@ft.com

Read a transcript of this episode on FT.com

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

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

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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

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

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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

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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

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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

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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

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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

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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 theBlinkist app.

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

Read a transcript of this episode on FT.com

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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

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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 upfor 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

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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 upfor our newsletter course MBA 101 for your guide to applying and getting into business school.

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