Behind the Money

This week, we’re revisiting an episode from earlier this year. Apple has spent two decades and billions of dollars building a massive supply chain for its products. At the centre of that operation is China. But as Beijing has become more authoritarian and relations with the US sour, it has become harder for Apple to do business there. The company has been signalling recently that it will diversify away from the country, but the FT’s Patrick McGee explains why cutting ties will be extremely difficult.  Clips from Fox News, CGTN, Yahoo, ABC - - - - - - - - - - - - - - - - - - - - - - - - - - For further reading:How Apple tied its fortunes to ChinaWhat it would take for Apple to disentangle itself from China‘A shot across the bow’: how geopolitics threatens Apple’s dependence on China- - - - - - - - - - - - - - - - - - - - - - - - - - On X, follow Patrick McGee (@PatrickMcGee_) and Michela Tindera (@mtindera07) Hosted on Acast. See acast.com/privacy for more information.

As the world transitions away from fossil fuels and the electric vehicle market grows, competition to control a piece of a new source of energy is brewing. From rival carmakers to raw materials miners, different groups are racing to carve out their spots in the supply chain of one important technology: lithium-ion batteries. How will it shake out? The FT’s commodities correspondent Harry Dempsey explains who’s likely to succeed, and what that could mean for the future of corporate and national power.     - - - - - - - - - - - - - - - - - - - - - - - - - - For further reading:Rival battery technologies race to dominate electric car marketThe search for winners in the new battery eraCan anyone challenge China’s EV battery dominance?- - - - - - - - - - - - - - - - - - - - - - - - - - On X, follow Harry Dempsey (@harrydemps) and Michela Tindera (@mtindera07)Read a transcript of this episode on FT.com Hosted on Acast. See acast.com/privacy for more information.

Subscribe now to the FT's Tech Tonic podcast: Some scientists believe that rapid advances in artificial intelligence may also hold the key to decoding animal sounds, allowing us to ‘translate’ them into human language. In a new season of Tech Tonic, FT innovation editor John Thornhill and series producer Persis Love explore how the same technology that powers ChatGPT is being applied to research in animal communication. Could we one day learn to ‘speak whale’ or even chat with bats? And if so, can we trust ourselves to do so responsibly?Presented by John Thornhill, produced by Persis Love, sound design by Breen Turner and Sam Giovinco. The executive producer is Manuela Saragosa and Cheryl Brumley is the FT’s head of audio. Hosted on Acast. See acast.com/privacy for more information.

Critics argue Russia has a playbook for people who become its targets. On the final episode of the Russian Banker, we explore how Sergei Leontiev saw his fights with Russian President Vladimir Putin as a full-blown war in which seeking US asylum would become just another battle. But how does the US decide who deserves asylum?Note: This episode was updated to clarify that Russia is responsible for forty percent of all publicly disclosed red notices to Interpol. A previous version stated it is responsible for forty percent of all red notices total.Read a transcript of this episode on FT.com Hosted on Acast. See acast.com/privacy for more information.

This week, we have a bonus episode for you, live from the FT Weekend Festival in London. Michela sat down with two experts on Arm, the British chip designer, to discuss its imminent initial public offering. Tim Bradshaw, the FT’s global tech correspondent and James Ashton, author of The Everything Blueprint, talk about where Arm stands as a company, and what its chances for growth are when it goes public later this month. This conversation was recorded on September 2, 2023. - - - - - - - - - - - - - - - - - - - - - - - - - - For further reading:Arm searches for growth beyond smartphonesArm: IPO valuation climb down does not go far enoughSoftBank seeks to build investment war chest on back of Arm IPOWhen SoftBank is selling, why are you buying?- - - - - - - - - - - - - - - - - - - - - - - - - - On Twitter, follow Tim Bradshaw (@tim) and Michela Tindera (@mtindera07) Hosted on Acast. See acast.com/privacy for more information.

Sergei Leontiev says he was a political victim of the Putin regime. But when we tracked down other people who used to work at the bank they had a different story about Leontiev — and the extent of his ties to Alexei Navalny.Read a transcript of this episode on FT.com Hosted on Acast. See acast.com/privacy for more information.

In 2015, Sergei Leontiev's life's work — a Russian banking business — was taken away from him overnight. Why were he and the bank being targeted? This is the first episode of The Russian Banker, a new three-part series from the Financial Times. The remaining episodes will air the following two Wednesdays on Behind the Money.Read a transcript of this episode on FT.com Hosted on Acast. See acast.com/privacy for more information.

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

The collapse of FTX sent shockwaves through the crypto ecosystem last year. But it gave rival crypto exchange Binance, the biggest in the world, a chance to dominate the markets. The FT’s digital assets correspondent Scott Chipolina explains why Binance has struggled to capitalise on that moment. Clips from CNBC, CBS News and Good Morning America- - - - - - - - - - - - - - - - - - - - - - - - - - The FT Weekend Festival is back on Saturday, September 2 at Kenwood House Gardens in London! It’ll be a day of debates, performances and more — including a live recording of Behind the Money. As a podcast listener, claim £20 off your festival pass using promo code FTPodcast. Get your pass here: http://ft.com/festival - - - - - - - - - - - - - - - - - - - - - - - - - - For further reading:Has Binance blown its chance to rule the crypto markets?Small crypto exchanges take advantage of Binance’s declineWhen tackling crypto, the SEC should be wary of overreachChangpeng ‘CZ’ Zhao, crypto’s ‘corporate raider’- - - - - - - - - - - - - - - - - - - - - - - - - - On Twitter, follow Scott Chipolina (@ScottChipolina) and Michela Tindera (@mtindera07)Read a transcript of this episode on FT.com Hosted on Acast. See acast.com/privacy for more information.

Share buybacks are a strategy companies use to return excess cash to their shareholders. But recently, they’ve exploded in popularity, and that’s sparked strong discussions inside financial circles. The FT’s US financial editor Brooke Masters explains why share buybacks have become so hotly debated.- - - - - - - - - - - - - - - - - - - - - - - - - - For further reading:If companies are going to buy back shares, they should pay a fair price Share buybacks need less hate and more scrutiny Record buyback spree attracts shareholder complaints - - - - - - - - - - - - - - - - - - - - - - - - - - On Twitter, follow Brooke Masters (@brookeamasters) and Michela Tindera (@mtindera07)Read a transcript of this episode on FT.com Hosted on Acast. See acast.com/privacy for more information.

For decades, the global centre for oil trading has been Geneva, Switzerland. But Russia’s war in Ukraine changed that. Sanctions have made it harder for western traders to move Russian oil. Now, traders are flocking to a new trading hub that has no restrictions on oil from Russia: the United Arab Emirates. The FT’s energy correspondent Tom Wilson explains how this shift has helped the UAE replace Switzerland, and whether the global energy industry is shifting away from western economies. Plus, do you have your own burning questions about business or finance? Send us your questions and we may use them in a future show. Record a voice message here and we may even play it on the show: https://sayhi.chat/rmc2b Or, email Michela at michela.tindera@ft.com, or message her on Twitter at @mtindera07Update: A new version of this episode was uploaded on August 9, 2023 to correct that Fujairah is roughly an hour’s drive east from Dubai, not west.- - - - - - - - - - - - - - - - - - - - - - - - - - For further reading:How Dubai became ‘the new Geneva’ for Russian oil tradeSwitzerland questions oil trader over sidestep of Russian sanctionsLetter: Energy trading is opaque — and that suits Big OilSwitzerland/Paramount: block loopholes which swerve oil sanctions- - - - - - - - - - - - - - - - - - - - - - - - - - On Twitter, follow Tom Wilson (@thomas_m_wilson) and Michela Tindera (@mtindera07)Read a transcript of this episode on FT.com Hosted on Acast. See acast.com/privacy for more information.

There’s a new club coming to women’s professional football in the United States. Next season will see the debut of Bay FC, out of northern California. Aly Wagner, a former player on the US women’s national team, explains how she helped get the club off the ground with an investment model that has never been used in US professional sports before. We explore how this funding model could change the landscape for American sports. You’ll also hear from the FT’s US sports business correspondent Sara Germano about whether this very European model is moving across the pond.Plus, do you have your own burning questions about business or finance? Send us your questions and we may use them in a future show.Record a voice message here: https://sayhi.chat/rmc2b Or, email Michela at michela.tindera@ft.com, or message her on Twitter at @mtindera07- - - - - - - - - - - - - - - - - - - - - - - - - - For further reading:Sixth Street commits $125mn to buy new US women’s football clubWhy investors are cashing in on women’s sportWhat private equity means for footballUK women’s football needs ‘strategic’ investor to sustain growth- - - - - - - - - - - - - - - - - - - - - - - - - - On Twitter, follow Sara Germano (@germanotes), Saffeya Ahmed (@saffeya-ahmed) and Michela Tindera (@mtindera07)Read a transcript of this episode on FT.com Hosted on Acast. See acast.com/privacy for more information.

Under “normal” circumstances, economists and analysts study a variety of specific indicators to understand what’s happening with the US economy. But lately, those indicators have been sending mixed signals. The FT’s US financial commentator Robert Armstrong explains why they’re wonky and how that’s led him to a different data source to help him understand the economy.Plus, have your own burning questions about business or finance? Send us your questions and we may use them in a future show! Record a voice message here: https://sayhi.chat/rmc2b Or, email Michela at michela.tindera@ft.com, or message her on Twitter at @mtindera07- - - - - - - - - - - - - - - - - - - - - - - - - - For further reading:Recession odds fall, a bitThere is more slack in labour markets than we thinkAn ‘immaculate disinflation’ in the US is not guaranteedStocks rise on robust US bank earnings and ECB rates signalListen to the Unhedged podcastRead a transcript of this episode on FT.com Hosted on Acast. See acast.com/privacy for more information.

About 30 years ago, an Australian investment company called Macquarie figured out how to turn public utilities into lucrative assets. This strategy helped catapult the company into the biggest infrastructure investor in the world. Now, its services range from delivering tap water to London to transporting gas across the United States. But recently it has emerged that one of Macquarie’s former assets, Thames Water, is struggling, and the utility’s consumers are feeling the consequences. We sit down with the FT’s infrastructure correspondent Gill Plimmer to discuss what we can learn from Thames Water’s troubles and what happens when private investments meet a public necessity. - - - - - - - - - - - - - - - - - - - - - - - - - - For further reading:Managed by Macquarie: the Australian group with a grip on global infrastructureThe dangers of asset managers when it comes to long-term infrastructureHow the Thames Water-gate burstThames Water travails threaten to plunge privatised sector into crisis- - - - - - - - - - - - - - - - - - - - - - - - - - On Twitter, follow Gill Plimmer (@gillplimmer1) and Topher Forhecz (@ForheczT)Read a transcript of this episode on FT.com Hosted on Acast. See acast.com/privacy for more information.

Frances Haugen was just another Silicon Valley tech worker until she decided to speak up about what was happening inside Facebook. Now she’s written a book about her experience titled The Power of One: How I Found the Strength to Tell the Truth and Why I Blew the Whistle on Facebook. Frances talks to Michela about what she’s learned. Clips from CBS, CNBC - - - - - - - - - - - - - - - - - - - - - - - - - - For further reading:Who is Facebook whistleblower Frances Haugen?Facebook after the whistleblower: can Zuckerberg reboot the social network?The FT’s 25 most influential women of 2021 - - - - - - - - - - - - - - - - - - - - - - - - - - On Twitter, follow Michela Tindera (@mtindera07)Read a transcript of this episode on FT.com Hosted on Acast. See acast.com/privacy for more information.

This week, we are revisiting an episode from earlier this year about an obscure firm from the United Arab Emirates: International Holding Company’s share price has jumped 40,000 per cent in just a few years. But little is known about the business, which has investments in everything from Elon Musk’s SpaceX to India’s Adani Group. The FT’s Middle East editor Andrew England travelled to Abu Dhabi to get answers about its rapid growth and its connections to some of the most powerful people in the Gulf. Clips from MSNBC, CBS- - - - - - - - - - - - - - - - - - - - - - - - - - For further reading:The UAE business that went from obscurity to a $240bn valuation in 3 yearsThe sheikh’s empire driving Abu Dhabi’s meteoric stock market riseThe Abu Dhabi royal at the nexus of UAE business and national security Groovy girls, typing pools and labour camps: the complicated world of IHC- - - - - - - - - - - - - - - - - - - - - - - - - - On Twitter, follow Andrew England (@cornishft) and Michela Tindera (@mtindera07)Read a transcript of this episode on FT.com Hosted on Acast. See acast.com/privacy for more information.

Illumina, the world’s biggest gene sequencing company, announced plans to buy cancer detection start-up Grail for $8bn while the biotech boom was in full swing. To Illumina, Grail looked like a potential gold mine. Until reality — and regulators — entered the picture. Three years and an activist investor campaign waged by Carl Icahn later, the FT’s US pharmaceutical correspondent Jamie Smyth explains the problems that have cropped up and what it means for both companies and their shareholders. Clips from Illumina Inc / Seeking Alpha, Yahoo- - - - - - - - - - - - - - - - - - - - - - - - - - For further reading:Carl Icahn takes aim at genome sequencer Illumina over Grail dealHas Illumina taken the wrong path in its Grail quest?Quick blood tests to spot cancer: will they help or harm patients? - - - - - - - - - - - - - - - - - - - - - - - - - - On Twitter, follow Jamie Smyth (@JamieSmythF) and Michela Tindera (@mtindera07)Read a transcript of this episode on FT.com Hosted on Acast. See acast.com/privacy for more information.

For decades, Crispin Odey sat atop the UK’s hedge fund scene. Lauded by many in financial circles as a charismatic maverick and known for taking high-risk bets on the market, he seemed untouchable. Until two weeks ago. The FT published a scathing investigation detailing the accounts of more than a dozen women accusing Odey of sexual misconduct. Madison Marriage and Antonia Cundy, from the FT’s special investigations team, look at the fallout from these allegations, and explain whether they think this is the start of a reckoning in UK finance. - - - - - - - - - - - - - - - - - - - - - - - - - - For further reading:How Crispin Odey evaded sexual assault allegations for decadesThe week the City ditched Crispin OdeyWhen it comes to harassment, the City must stop protecting its walletThe fallout from the FT’s Crispin Odey investigation- - - - - - - - - - - - - - - - - - - - - - - - - - On Twitter, follow Madison Marriage (@miss_marriage), Antonia Cundy (@antoniacundy) and Michela Tindera (@mtindera07). You can contact Madison and Antonia directly here: madison.marriage@ft.com and antonia.cundy@ft.comRead 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 newsletterFollow Ethan Wu (@ethanywu) and Katie Martin (@katie_martin_fx) on TwitterRead a transcript of this episode on FT.com Hosted on Acast. See acast.com/privacy for more information.

Ghana was once considered a success story and a model for African development. But after suffering several economic shocks, the west African country is now struggling to pay off its debts. The FT’s west Africa correspondent Aanu Adeoye and Africa editor David Pilling explain how Ghana exemplifies the debt cycle that many African countries find themselves stuck in, and what has to change to break it. Clip from GhanaWeb TV- - - - - - - - - - - - - - - - - - - - - - - - - - For further reading:How Ghana’s economy became a cautionary tale for AfricaAfrica needs international help to avoid a lost decadeGhana default puts domestic debt ‘can of worms’ in the spotlightGhana secures $3bn IMF deal after creditors agree to debt restructuring- - - - - - - - - - - - - - - - - - - - - - - - - - On Twitter, follow Aanu Adeoye (@aanuadeoye), David Pilling (@davidpilling) and Michela Tindera (@mtindera07)Read a transcript of this episode on FT.com Hosted on Acast. See acast.com/privacy for more information.

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

At one time not that long ago, you could find Libor in everything: mortgages, corporate loans, credits cards and more. Now, its days are numbered. The FT’s Harriet Clarfelt and Philip Stafford take us back to the 1980s origins of the scandal-ridden benchmark rate, how its reputation came apart and why, with just weeks to go before a June 30 deadline, one part of the financial world is still racing to leave it behind. - - - - - - - - - - - - - - - - - - - - - - - - - - For further reading:Loan market braced for rush to Libor finish line The pain and SOFRing are almost over‘Litigation will take over’: US lawmakers warned of Libor chaos- - - - - - - - - - - - - - - - - - - - - - - - - - On Twitter, follow Harriet Clarfelt (@HClarfelt), Philip Stafford (@staffordphilip) and Michela Tindera (@mtindera07)Read a transcript of this episode on FT.com Hosted on Acast. See acast.com/privacy for more information.

This week, we’re revisiting an episode from last year. Johnson & Johnson, one of the world’s largest healthcare companies, is facing thousands of lawsuits from people alleging they got cancer from using one of their oldest products: talc-based baby powder. To manage the growing liability, J&J deployed a controversial bankruptcy manoeuvre known as the Texas two-step. The FT’s US pharmaceutical correspondent Jamie Smyth helps us explore whether J&J’s use of this manoeuvre is setting a precedent for corporations to evade accountability in America. Plus, stick around for an update on what’s happened to the Texas two-step since this episode first aired. Clip from NBC - - - - - - - - - - - - - - - - - - - - - - - - - - For further reading:Johnson & Johnson’s ‘Texas-two-step’ sparks outcry over US bankruptcy regimeTalc ruling a blow to J&J and the ‘Texas two-step’ bankruptcy jigTalcum powder cancer claims target J&J’s new consumer carve-out- - - - - - - - - - - - - - - - - - - - - - - - - - On Twitter, follow Jamie Smyth (@JamieSmythF) and Michela Tindera (@mtindera07)Read a transcript of this episode on FT.com Hosted on Acast. See acast.com/privacy for more information.

As cryptocurrencies have grown in popularity and people use cash less and less, central banks have been put on the defensive. Their solution to stay relevant and maintain control? A central bank digital currency. Institutions such as the European Central Bank see it as their way to leap into the digital age. But as the ECB is pushing forward with its agenda, it’s facing criticism from the very people and banks who would help keep it alive. The FT’s Martin Arnold takes a closer look at the digital euro — its promises, pitfalls and why people took to the streets to protest against it earlier this year.   Clips from CNBC, Council on Foreign Relations, Meta, NBC- - - - - - - - - - - - - - - - - - - - - - - - - - For further reading:The digital euro: a solution seeking a problem?Central banks’ digital currency plans face public backlashFacebook Libra: the inside story of how the company’s cryptocurrency dream died- - - - - - - - - - - - - - - - - - - - - - - - - - On Twitter, follow Martin Arnold (@MAmdorsky) and Michela Tindera (@mtindera07)Read a transcript of this episode on FT.com Hosted on Acast. See acast.com/privacy for more information.

The London Stock Exchange once held the top spot in global financial markets. In recent years, that’s changed drastically. The FT’s Harriet Agnew and Katie Martin explain how a yacht floating off the Canary Islands 30 years ago played a critical role in changing the stock market. Clips from CBS, Thames News - - - - - - - - - - - - - - - - - - - - - - - - - - For further reading:Britain’s ‘capitalism without capital’: the pension funds that shun risk ‘There are no domestic equity investors’: why companies are fleeing London’s stock marketWhy Europe’s stock markets are failing to challenge the US- - - - - - - - - - - - - - - - - - - - - - - - - - On Twitter, follow Harriet Agnew (@HarrietAgnew), Katie Martin (@katie_martin_fx) and Michela Tindera (@mtindera07)Read a transcript of this episode on FT.com Hosted on Acast. See acast.com/privacy for more information.

On the final episode of BTM Night School, we're talking markets: from stocks to bonds to commodities. We're joined by the FT's Markets editor Katie Martin and Ethan Wu, a member of the FT’s Wall Street team. Katie and Ethan unpack why last year was terrible for stocks, what bonds can tell you about inflation, and which market gives us the clearest picture into the “real” economy. This series is made in collaboration with Blinkist. To hear more conversations like this, check out the Blinkist app. - - - - - - - - - - - - - - - - - - - - - - - - - - Interested in pursuing a Master of Business Administration? Sign up for our newsletter course MBA 101 for your guide to applying and getting into business school.- - - - - - - - - - - - - - - - - - - - - - - - - - Read a transcript of this episode on FT.com Hosted on Acast. See acast.com/privacy for more information.

Silicon Valley legend Intel was the semiconductor chip industry’s global leader for decades. Lately it’s fallen behind, just as the US is recognising the importance of chips to economic and national security. Now, Intel is trying to turn itself round. The FT’s Richard Waters explains its plans and the many challenges it will face in order to reclaim that stature. Clip from CNN - - - - - - - - - - - - - - - - - - - - - - - - - - For further reading:Can Intel become the chip champion the US needs?Can Intel come back? Intel: Chips Act subsidies may impede a return to former glory- - - - - - - - - - - - - - - - - - - - - - - - - - On Twitter, follow Richard Waters (@RichardWaters) and Michela Tindera (@mtindera07)Read a transcript of this episode on FT.com Hosted on Acast. See acast.com/privacy for more information.

ESG has become a buzzword within public companies and among asset managers. Central banks and big asset managers such as BlackRock have been championing these standards, asking companies to consider climate change and corporate governance. But ESG is also seeing a backlash. Gillian Tett, founding editor of the Financial Times’ Moral Money newsletter, explains how it is changing the corporate boardroom and how much of an effect the pushback against ESG is having. This series is made in collaboration with Blinkist. To hear more conversations like this, check out the Blinkist app.- - - - - - - - - - - - - - - - - - - - - - - - - - Interested in pursuing a Master of Business Administration? Sign up for our newsletter course MBA 101 for your guide to applying and getting into business school.Read a transcript of this episode on FT.com Hosted on Acast. See acast.com/privacy for more information.

When news broke last year that EY was planning to split its businesses, it was seen as a move that could reshape the accounting industry. The bold plan was given an equally grand name, “Project Everest”. But after months of negotiations from within the firm, and despite the support of the global leadership, the plan recently fell apart. FT’s US accounting editor Stephen Foley and accountancy correspondent Michael O’Dwyer explain why that shakeup didn’t happen. - - - - - - - - - - - - - - - - - - - - - - - - - - For further reading:EY risks paralysis and a power vacuum after break-up failureJulie Boland: the EY leader in the middle of a ‘civil war’EY to cut 3,000 jobs in US to eliminate ‘overcapacity’EY: embarrassing climbdown calls future strategy into question- - - - - - - - - - - - - - - - - - - - - - - - - - On Twitter, follow Stephen Foley (@stephenfoley) and Michael O’Dwyer (@_MODwyer)Read a transcript of this episode on FT.com Hosted on Acast. See acast.com/privacy for more information.

From the rise of ChatGPT to job cuts at companies such as Meta and Amazon, tech has dominated the headlines in 2023. On this episode of Night School, the Financial Times’ innovation editor, John Thornhill, breaks down the biggest tech stories of the year so far. He tells US managing editor Peter Spiegel how artificial intelligence will revolutionise healthcare, who is winning in the global tech race, and what’s in store for blockchain’s future. This series is made in collaboration with Blinkist. To hear more conversations like this, check out the Blinkist app.- - - - - - - - - - - - - - - - - - - - - - - - - - Interested in pursuing a Master of Business Administration? Sign up for our newsletter course MBA 101 for your guide to applying and getting into business school.- - - - - - - - - - - - - - - - - - - - - - - - - -Read a transcript of this episode on FT.com Hosted on Acast. See acast.com/privacy for more information.

This week, we’re bringing you something from our fellow podcast, FT Weekend. The show travels to Miami, Florida, to drink some beers, place some bets, and discover how AI is changing the sport of horse racing. FT data journalist Oliver Roeder joins FTW host Lilah Raptopoulos to talk about how the ancient sport is being upended by anonymous computer-assisted bets. These secretive gamblers are injecting billions of dollars into the pools, and aggressively tipping the odds, and it’s putting the whole sport at risk.- - - - - - - - - - - - - - - - - - - - - - - - - - For further reading:I used AI to bet on horse-racing. Here’s what happenedStake.com: the Aussie gambling minnow that made it big on crypto How English football became hooked on gambling- - - - - - - - - - - - - - - - - - - - - - - - - - On Twitter, follow Oliver Roeder (@ollie) and Lilah Raptopoulos (@lilahrap)Read a transcript of this episode on FT.com Hosted on Acast. See acast.com/privacy for more information.

Inflation remains stubbornly high in the US. In this week’s episode of BTM: Night School, US managing editor Peter Spiegel talks to US economics editor Colby Smith about how we got here and what the Federal Reserve can do to tamp down inflation. This series is made in collaboration with Blinkist. To hear more conversations like this, check out the Blinkist app. - - - - - - - - - - - - - - - - - - - - - - - - - - Interested in pursuing a Master of Business Administration? Sign up for our newsletter course MBA 101 for your guide to applying and getting into business school.- - - - - - - - - - - - - - - - - - - - - - - - - -  Hosted on Acast. See acast.com/privacy for more information.

Apple has spent two decades and billions of dollars building a massive supply chain for its products. At the centre of that operation is China. But as Beijing has become more authoritarian and relations with the US sour, it has become harder for Apple to do business there. The company has been signalling recently that it will diversify away from the country, but the FT’s Patrick McGee tells Michela why cutting ties will be extremely difficult.  Clips from Fox News, CGTN, Yahoo, ABC - - - - - - - - - - - - - - - - - - - - - - - - - - For further reading:How Apple tied its fortunes to ChinaWhat it would take for Apple to disentangle itself from ChinaTim Cook praises Apple’s ‘symbiotic’ relationship with ChinaApple and Foxconn win labour reforms to advance Indian production plans- - - - - - - - - - - - - - - - - - - - - - - - - - On Twitter, follow Patrick McGee (@PatrickMcGee_) and Michela Tindera (@mtindera07)Read a transcript of this episode on FT.com Hosted on Acast. See acast.com/privacy for more information.

It’s time to hit the books with Behind the Money: Night School. This series will serve as a primer to the biggest economic stories of 2023. On today’s episode, US Managing Editor Peter Spiegel talks with Derek Brower about energy policy. They discuss how the United States became almost energy independent, President Biden’s about-face on oil and gas, and why the Inflation Reduction Act might just transform America’s economy into a hub of green innovation. This series is made in collaboration with Blinkist. To hear more conversations like this, check out the Blinkist app.- - - - - - - - - - - - - - - - - - - - - - - - - - Interested in pursuing Masters of Business Administration? Sign up for our newsletter course MBA 101 for your guide to applying and getting into business school.Read a transcript of this episode on FT.com Hosted on Acast. See acast.com/privacy for more information.

There’s been a lot of big finance and economics news in 2023. Whether it's stories about rising interest rates, tech industry layoffs or bank runs, it can almost feel like you need an MBA just to make sense of it all. That’s why the Financial Times is launching a bonus series on this feed called Behind the Money: Night School. Over the next five weeks, this show will help you understand the concepts behind the biggest economic stories of this year. U.S. managing editor Peter Spiegel chats with FT journalists as they unpack the basics around things like energy markets, inflation and the rise of artificial intelligence. This series is supported by Blinkist. If you want to find out more about conversations like this, check out the Blinkist app.Behind the Money: Night School debuts on Monday, April 17. And, you can find it right here, on the Behind the Money podcast feed. Hosted on Acast. See acast.com/privacy for more information.

This week, we’re revisiting an important episode from last year. Russia’s full-scale invasion of Ukraine in 2022 triggered a global food crisis. Months later, FT correspondents Polina Ivanova, Chris Cook and Laura Pitel found out how Russia aims to profit from this. Ivanova explains how she and her colleagues used satellite photos, transponder data and a document trail to track a Russian company’s shipment of 2,675 metric tonnes of milling wheat out of the occupied Ukrainian port of Berdyansk, across the Black Sea and over to a port in Turkey. Clips from CNN, PBS- - - - - - - - - - - - - - - - - - - - - - - - - - For further reading:How Russia secretly takes grain from occupied UkraineRussian exit from Ukraine grain deal ‘catastrophic’ for poor nationsShips going dark: Russia’s grain smuggling in the Black Sea- - - - - - - - - - - - - - - - - - - - - - - - - - On Twitter, follow Polina Ivanova (@polinaivanovva) and Michela Tindera (@mtindera07) Read a transcript of this episode on FT.com Hosted on Acast. See acast.com/privacy for more information.

Climate disasters are becoming more and more common, and the countries most vulnerable to them are often the ones emitting the least pollution. That imbalance has sparked a debate on whether rich, polluting nations have a responsibility to contribute more when there are climate catastrophes. In today’s episode, we’re looking at one country that serves as an example: Pakistan. We’ll discuss how it plans to fund its recovery after record-breaking floods – worsened by climate change – submerged much of the south Asian country last year. Clips from Sky News Australia, Al Jazeera, Channel 4 News- - - - - - - - - - - - - - - - - - - - - - - - - - For further reading:Rebuilding Pakistan: how much should rich nations help?‘It’s the fault of climate change’: Pakistan seeks ‘justice’ after floodsPakistan is on the brinkDebt burden traps global south in a vicious circle- - - - - - - - - - - - - - - - - - - - - - - - - - On Twitter, follow Ben Parkin (@b_parkyn), Camilla Hodgson (@CamillaHodgson), and Michela Tindera (@mtindera07)Read a transcript of this episode on FT.com Hosted on Acast. See acast.com/privacy for more information.

After the collapse of Silicon Valley Bank, markets were anxious, and the prestigious, yet scandal-ridden Credit Suisse looked as if it could be next to fall. But over the span of a single weekend, the Swiss government and Credit Suisse’s crosstown rival, UBS, raced against the clock to avert disaster. The FT’s banking editor Stephen Morris provides a front row look at how the deal came together.Clips from Bloomberg, CNBC, BBC- - - - - - - - - - - - - - - - - - - - - - - - - - For further reading:How the Swiss ‘trinity’ forced UBS to save Credit Suisse Credit Suisse: the rise and fall of the bank that built modern Switzerland Saudi National Bank chair resigns following Credit Suisse commentsAnd further listening: Behind the Money's December 2022 episode, Credit Suisse's last chance- - - - - - - - - - - - - - - - - - - - - - - - - - On Twitter, follow Stephen Morris (@sjhmorris) and Michela Tindera (@mtindera07)Read a transcript of this episode on FT.com Hosted on Acast. See acast.com/privacy for more information.

Credit Suisse… Silicon Valley Bank… Signature Bank… First Republic… After weeks of breaking headlines about banks in crisis, we are taking a big picture look at the sector with the FT’s chief economics commentator, Martin Wolf. In this episode, he explains why banks fail, and lays out the four paths that banking reform could take in the future. - - - - - - - - - - - - - - - - - - - - - - - - - - For further reading:Banks are designed to fail — and they do US capitalism is ‘breaking down before our eyes’, says Ken GriffinHow the Swiss ‘trinity’ forced UBS to save Credit SuisseFour ways to fix the bank problem- - - - - - - - - - - - - - - - - - - - - - - - - - On Twitter, follow Martin Wolf (@martinwolf_) and Michela Tindera (@mtindera07)Read a transcript of this episode on FT.com Hosted on Acast. See acast.com/privacy for more information.

The collapse of Silicon Valley Bank last week raised questions about the strength of the United States’ banking system, and whether we’re headed for another financial crisis. The FT’s US financial commentator Robert Armstrong tells us why he’s not freaking out. Clips from CBS, NBC, CNN, DW- - - - - - - - - - - - - - - - - - - - - - - - - - For further reading:SVB was only a little bit insolvent, luckilySVB’s collapse is not a harbinger of another 2008The weekend US officials hatched a plan to stave off a banking crisis Silicon Valley Bank shows the perils of regulators fighting the last warFor further discussion: Join an FT subscriber-only webinar on SVB’s collapse and the fallout, featuring Robert Armstrong and other FT journalists and guests, on Thursday March 16 1600-1700 GMT (1200-1300 ET). Register here. - - - - - - - - - - - - - - - - - - - - - - - - - - On Twitter, follow Robert Armstrong (@rbrtrmstrng) and Michela Tindera (@mtindera07)Read a transcript of this episode on FT.com Hosted on Acast. See acast.com/privacy for more information.

Over just a few years, the share price of an obscure company from the United Arab Emirates has jumped 40,000%. But little is known about International Holding Company, which has investments in everything from Elon Musk’s SpaceX to India’s Adani Group. The FT’s Middle East editor travelled to Abu Dhabi to get answers about its rapid growth and its connections to some of the most powerful people in the Gulf. Clips from MSNBC, CBS- - - - - - - - - - - - - - - - - - - - - - - - - - For further reading:The UAE business that went from obscurity to a $240bn valuation in 3 yearsThe sheikh’s empire driving Abu Dhabi’s meteoric stock market riseThe Abu Dhabi royal at the nexus of UAE business and national security Groovy girls, typing pools and labour camps: the complicated world of IHC- - - - - - - - - - - - - - - - - - - - - - - - - - On Twitter, follow Andrew England (@cornishft) and Michela Tindera (@mtindera07)Read a transcript of this episode on FT.com Hosted on Acast. See acast.com/privacy for more information.

Recently, flying in the US seems to be more chaotic than calm. And while it may seem like this all started recently, the FT’s Chicago Correspondent Claire Bushey takes us back to a decision that happened in the 1970s that got us to where we are now. Clips from NBC, PBS, CBS- - - - - - - - - - - - - - - - - - - - - - - - - - For further reading:How the US fell out of love with flyingPassengers to keep ‘paying the price’ of aviation chaos, says United CEOHyper-efficiency is bad businessUS airlines: higher fares and (hopefully) better service- - - - - - - - - - - - - - - - - - - - - - - - - - On Twitter, follow Claire Bushey (@Claire_Bushey) and Michela Tindera (@mtindera07)Read a transcript of this episode on FT.com Hosted on Acast. See acast.com/privacy for more information.

It’s been one year since Russia launched its full-scale invasion of Ukraine. We’re spending this episode talking to FT reporters and Ukrainian entrepreneurs about the costs of this war: How individuals' lives have been uprooted, how the country’s economy has been turned upside down, and how global markets such as food and energy have been transformed. Clips from CNN, BBC, NBC, PBS, Al Jazeera English- - - - - - - - - - - - - - - - - - - - - - - - - - For further reading:Conflict with Russia hangs over Ukraine’s recoverySomething for the weekend: the year of UkraineMarking a year in the Ukraine warHe wanted an adventure. He ended up in Ukraine’s most brutal war zone- - - - - - - - - - - - - - - - - - - - - - - - - - On Twitter, follow Ben Hall, (@hallbenjamin) Emiko Terazono, (@EmikoTerazono) Tom Wilson (@thomas_m_wilson) and Michela Tindera (@mtindera07)Read a transcript of this episode on FT.com Hosted on Acast. See acast.com/privacy for more information.

The EU’s executive branch is known for leading the way when it comes to regulating crucial industries, like Big Tech. But for now, one country appears to be further ahead in the race to keep competition alive for European entrepreneurs. The FT’s EU correspondent Javier Espinoza explains who is leading the pack and what it means for everyone else.  - - - - - - - - - - - - - - - - - - - - - - - - - - For further reading:How Germany became Europe’s leading Big Tech trust busterBrussels re-energised for Big Tech battlesEU braced for legal challenges to rules designed to tackle Big TechFight breaks out between Ireland and Germany over Big Tech regulation- - - - - - - - - - - - - - - - - - - - - - - - - - On Twitter, follow Javier Espinoza (@JavierespFT) and Michela Tindera (@mtindera07)Read a transcript of this episode on FT.com Hosted on Acast. See acast.com/privacy for more information.

The dollar dominated last year as the US Federal Reserve raised interest rates quicker than other countries to tame inflation. But the so-called “king dollar” has shifted recently. FT Capital Markets Correspondent Kate Duguid dives into how the greenback has been toppled from its throne and what that means for the rest of the world. - - - - - - - - - - - - - - - - - - - - - - - - - - For further reading:US dollar hits reverse gear as Fed cedes rate-rise ‘driver’s seat’Dollar touches 7-month low as Fed rate rise expectations slideThe downturn in the dollar is not just about ratesEmerging market governments raise $40bn in January borrowing binge- - - - - - - - - - - - - - - - - - - - - - - - - - On Twitter, follow Kate Duguid (@kateduguid) and Michela Tindera (@mtindera07)Read a transcript of this episode on FT.com Hosted on Acast. See acast.com/privacy for more information.

Several Big Tech companies have recently announced job cuts - and they pinned their decisions on a pandemic-induced hiring spree. But is that actually what’s driving the cuts? We sat down with the FT’s US financial commentator Robert Armstrong to get the full picture. Clips from Reuters, MSNBC, Yahoo Finance- - - - - - - - - - - - - - - - - - - - - - - - - - BTM listeners, we want to know what you think of the show and what you want to hear more of. Visit ft.com/btmsurvey to submit your feedback. - - - - - - - - - - - - - - - - - - - - - - - - - - For further reading:Slimming down Big TechIs Big Tech flabby?Bye-bye massages and free food: Big Tech cuts back perksThe shock of mass lay-offs is only the beginning for companies- - - - - - - - - - - - - - - - - - - - - - - - - - On Twitter, follow Robert Armstrong (@rbrtmstrng) and Michela Tindera (@mtindera07)Read a transcript of this episode on FT.com Hosted on Acast. See acast.com/privacy for more information.

Last year, we talked about China needing to find a mechanism to fix its economy. It looks like it may have found it - by abruptly ending its zero-Covid policies. The FT’s Shanghai correspondent Tom Hale and Global China Editor James Kynge break down what President Xi Jinping’s main goals are and whether it’s enough to jumpstart the country’s economy.Clips from CNN, BBC- - - - - - - - - - - - - - - - - - - - - - - - - - BTM listeners, we want to know what you think of the show and what you want to hear more of. Visit ft.com/btmsurvey to submit your feedback. - - - - - - - - - - - - - - - - - - - - - - - - - - For further reading:Xi Jinping’s plan to reset China’s economy and win back friendsChina’s economy begins to reopen after 3 years of Covid isolation China’s Covid generation: the surging inequality behind Xi’s U-turnI spent 10 days in a secret Chinese Covid detention centre- - - - - - - - - - - - - - - - - - - - - - - - - - On Twitter, follow Tom Hale (@TomHale_), James Kynge (@JKynge) and Michela Tindera (@mtindera07)Read a transcript of this episode on FT.com Hosted on Acast. See acast.com/privacy for more information.

Electric vehicle giant Tesla took the automotive industry by storm with its innovative technology, but the company’s stock price has slid significantly since last year. And its chief executive Elon Musk has some Tesla fans rethinking their support given Musk’s moves as the new owner of Twitter. But the FT’s Richard Waters says that Tesla faces a challenge much bigger than Musk’s latest tweets. Clips from CBS, ABC News, NBC, CNBC- - - - - - - - - - - - - - - - - - - - - - - - - - BTM listeners, we want to know what you think of the show and what you want to see more of. Visit ft.com/btmsurvey to submit your feedback. - - - - - - - - - - - - - - - - - - - - - - - - - - For further reading:Trouble at Tesla: the end of a golden age of growth?Tesla cuts electric car prices across Europe and US to bolster demandOK, 2022 was a disaster for Tesla. What next?Musk/multitasking: the cost of being thinly stretched- - - - - - - - - - - - - - - - - - - - - - - - - - On Twitter, follow Richard Waters (@RichardWaters) and Michela Tindera (@mtindera07) Read a transcript of this episode on FT.com Hosted on Acast. See acast.com/privacy for more information.

The global economy has been hit hard in the past few years by the Covid-19 pandemic, high inflation and Russia’s war in Ukraine. However, there’s one emerging economy that’s managed to succeed in spite of that - Indonesia. So, what’s its secret? We sat down with the FT’s Mercedes Ruehl to understand how the country got to where it is now, and whether that success will be permanent.Clips from Associated Press- - - - - - - - - - - - - - - - - - - - - - - - - - For further reading:Indonesia’s unexpected success storyIndonesia’s president steps on to world stage as G20 hostBauxite: holding resources hostage will impede Indonesia’s growthIndonesia’s growth outlook dims as Jokowi begins final term- - - - - - - - - - - - - - - - - - - - - - - - - - On Twitter, follow Mercedes Ruehl (@mjruehl) and Michela Tindera (@mtindera07) Read a transcript of this episode on FT.com Hosted on Acast. See acast.com/privacy for more information.

Welcome back to a new year with Behind the Money! We’re starting off by paying a visit to the New York Public Library to take a peek into the past. Some 300 years ago parts of Europe were in the middle of a financial revolution that quickly turned into a financial frenzy and then — a fallout. With help from the FT’s US markets editor Jennifer Hughes, we’ll learn more about the Mississippi and South Sea Company Bubbles, and what they tell us about today. Clips from: NBC, CNBC, CBS NewsMusic: Georg Philipp Telemann’s Overture-Suite in B-flat Major performed by Tempesta di Mare / The Philadelphia Baroque Orchestra- - - - - - - - - - - - - - - - - - - - - - - - - - Learn how to visit the New York Public Library’s exhibit, Fortune and Folly in 1720. - - - - - - - - - - - - - - - - - - - - - - - - - - Further reading:Business trends, risks and people to watch in 2023FT writers’ predictions for the world in 2023- - - - - - - - - - - - - - - - - - - - - - - - - - On Twitter, follow Jennifer Hughes (@JennHughes13) and Michela Tindera (@mtindera07) Read a transcript of this episode on FT.com Hosted on Acast. See acast.com/privacy for more information.

It’s our last episode of the year, so that means we’re looking ahead to 2023 with the help of the FT’s chief economics commentator Martin Wolf. He sat down with Michela to discuss some of 2022’s biggest stories — inflation, the war in Ukraine, climate change — and how they might impact events in the new year. Clips from NBC News, AP, Sky News, Channel 4 News, Al Jazeera, CNN, TRT World, Yahoo!- - - - - - - - - - - - - - - - - - - - - - - - - - For further reading:How to think about policy in a polycrisisDelay only makes climate action more urgentXi Jinping’s third term is a tragic error- - - - - - - - - - - - - - - - - - - - - - - - - - On Twitter, follow Martin Wolf (@martinwolf_) and Michela Tindera (@mtindera07) Read a transcript of this episode on FT.com Hosted on Acast. See acast.com/privacy for more information.

At one time, Credit Suisse was considered to be among the most respected banks in Europe. The FT’s European banking correspondent Owen Walker explains how the Swiss bank is trying to make a comeback after years of scandal and losses — and what might happen if it fails.Clips from CNBC, DW News, Reuters - - - - - - - - - - - - - - - - - - - - - - - - - - For further reading:Credit Suisse chair says outflows have reversed since ‘social media storm’‘Radical surgery’: Will Credit Suisse’s gamble pay off?Credit Suisse turns to ‘Uli the knife’ to cut bank loose from scandal- - - - - - - - - - - - - - - - - - - - - - - - - - On Twitter, follow Owen Walker (@OwenWalker0) and Michela Tindera (@mtindera07)Read a transcript of this episode on FT.com Hosted on Acast. See acast.com/privacy for more information.

This week, we revisit one of our favourite episodes. After years of mega-deals and mega-money gushing into start-ups, venture capital fundraising hit a record-high last year. Now, the FT’s Richard Waters says the fundraising bonanza is over and helps us explore what that means for the future of start-ups. Clips from Looney Tunes: ⓒ Warner Bros. - - - - - - - - - - - - - - - - - - - - - - - - - - For further reading:Venture capital’s silent crash: when the tech boom met realityKlarna’s valuation crashes to under $7bn in tough funding roundVenture capital’s delayed rendezvous with reality- - - - - - - - - - - - - - - - - - - - - - - - - - On Twitter, follow Richard Waters (@RichardWaters) and Michela Tindera (@mtindera07)Read a transcript of this episode on FT.com Hosted on Acast. See acast.com/privacy for more information.

Qatar is in the spotlight as the host of this year’s World Cup — and the small, oil-rich nation has had to confront a lengthy human rights record with the world watching. The FT’s Gulf correspondent Simeon Kerr breaks down Qatar’s larger goals due to hosting the tournament, and what changes it has — and hasn’t — made to see those through. Clips from BBC, AP, PBS NewsHour, France24, The Guardian- - - - - - - - - - - - - - - - - - - - - - - - - - For further reading:The ethical case for watching this possibly unethical World CupQatar counts down to World Cup kick-off after $200bn soft power betHow the unlikeliest World Cup ever came to beQatar 2022: the weirdest World Cup in history- - - - - - - - - - - - - - - - - - - - - - - - - - On Twitter, follow Simeon Kerr (@simeonkerr) and Michela Tindera (@mtindera07)Read a transcript of this episode on FT.com Hosted on Acast. See acast.com/privacy for more information.

The crypto exchange FTX was supposed to be among the “credible” players operating in digital finance. But its swift descent into bankruptcy shocked the financial industry. The FT’s asset management correspondent Josh Oliver explains what went wrong, and markets editor Katie Martin tells us what it says about the future of crypto. Clips from CBS, ABC- - - - - - - - - - - - - - - - - - - - - - - - - - For further reading:How Sam Bankman-Fried seduced blue-chip investorsDD goes forensic on FTX: A deep dive into the crypto collapse that has stunned financeFTX held less than $1bn in liquid assets against $9bn in liabilitiesHedge fund admits half its capital stuck on FTX exchange- - - - - - - - - - - - - - - - - - - - - - - - - - On Twitter, follow Josh Oliver (@joshckoliver), Katie Martin (@katie_martin_fx) and Michela Tindera (@mtindera07) Read a transcript of this episode on FT.com Hosted on Acast. See acast.com/privacy for more information.

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

Russia’s invasion of Ukraine earlier this year triggered a global food crisis. Recently, FT correspondents Polina Ivanova, Chris Cook and Laura Pitel found out how Russia aims to profit from this. Ivanova explains how they used satellite photos, transponder data and a document trail to track a Russian company’s shipment of 2,675 metric tonnes of milling wheat out of the occupied Ukrainian port of Berdyansk, across the Black Sea and over to a port in Turkey. Clips from CNN, PBS- - - - - - - - - - - - - - - - - - - - - - - - - - For further reading:How Russia secretly takes grain from occupied UkraineRussian exit from Ukraine grain deal ‘catastrophic’ for poor nationsShips going dark: Russia’s grain smuggling in the Black Sea- - - - - - - - - - - - - - - - - - - - - - - - - - On Twitter, follow Polina Ivanova (@polinaivanovva) and Michela Tindera (@mtindera07) Read a transcript of this episode on FT.com Hosted on Acast. See acast.com/privacy for more information.

There’s some internal turmoil at JPMorgan Chase over who should manage the bank’s wealthiest clients. At the centre of the infighting is a top financial adviser who’s managed the accounts of some big names, including retired baseball player-turned-entrepreneur Alex Rodriguez. The FT’s US banking editor Joshua Franklin walks us through what led to this years-long legal battle at one of the world’s biggest banks.- - - - - - - - - - - - - - - - - - - - - - - - - - For further reading:Glitz and Gladwell: the infighting over prized JPMorgan wealth clientsBaseball star Alex Rodriguez at centre of JPMorgan client poaching rowAsset Management: Growth investors adapt to new paradigmTake our FT Podcast Listener Survey here. - - - - - - - - - - - - - - - - - - - - - - - - - - On Twitter, follow Joshua Franklin (@FTJFranklin) and Michela Tindera (@mtindera07) Read a transcript of this episode on FT.com Hosted on Acast. See acast.com/privacy for more information.

US Republicans are picking a fight with some major financial institutions over ESG, or environmental, social and governance investing. That means considering things such as climate risks, labour issues and board diversity when choosing investment funds. The FT’s corporate governance reporter Patrick Temple-West explains why Republicans are upset and what this backlash might mean for the future of ESG.Clips from Fox News, CNBC- - - - - - - - - - - - - - - - - - - - - - - - - - For further reading:US Republicans pull $1bn from BlackRock over ESG investing concernsBlackRock: ESG tightrope is hard to navigateMaking funding flows fair: Must ESG be bad news for emerging markets?Greenwashing faces fresh curbs in UK regulator’s crackdown- - - - - - - - - - - - - - - - - - - - - - - - - - On Twitter, follow Patrick Temple-West (@Temple_West) and Michela Tindera (@mtindera07) Read a transcript of this episode on FT.com Hosted on Acast. See acast.com/privacy for more information.

The spotlight is on China as the Communist party’s 20th National Congress takes place this week. At a critical moment when President Xi Jinping prepares to stay on for an unprecedented third term as leader, there’s an important problem: China’s economy is slowing down. The FT’s China correspondent Edward White explains why this has happened and whether or not it's too late for Xi to make the changes necessary to put the country on a path to strong growth again.   Clip from the South China Morning Post - - - - - - - - - - - - - - - - - - - - - - - - - - For further reading:Xi Jinping’s last chance to revive the Chinese economyChina’s property crash: ‘a slow-motion financial crisis’China growth to fall behind rest of Asia for first time since 1990China delays key GDP data in middle of Communist party congress - - - - - - - - - - - - - - - - - - - - - - - - - - On Twitter, follow Edward White (@edwardwhitenz) and Michela Tindera (@mtindera07)Read a transcript of this episode on FT.com Hosted on Acast. See acast.com/privacy for more information.

Trevor Milton and his electric vehicle start-up Nikola became Spac darlings in 2020 with his plan to transform the trucking industry. Then it all came crashing down. The FT’s Claire Bushey explains the boom and bust of entrepreneur Trevor Milton’s career and what we can learn from his story. Clips from Nikola- - - - - - - - - - - - - - - - - - - - - - - - - - For further reading:Nikola founder Trevor Milton accused of misleading investors at fraud trialNikola: the clues in Trevor Milton’s past that investors missed or ignoredUS justice department inquires into Nikola fraud claims- - - - - - - - - - - - - - - - - - - - - - - - - - On Twitter, follow Claire Bushey (@Claire_Bushey) and Michela Tindera (@mtindera07) Read a transcript of this episode on FT.com Hosted on Acast. See acast.com/privacy for more information.

Years of low interest rates sent investors hunting for creative ways to generate returns. One unlikely place they found was inside the song catalogues of some of the top musicians and songwriters of the last few decades. But now, as interest rates rise and the possibility of a global recession looms, the FT’s Anna Nicolaou and Kaye Wiggins explain how one of the hottest recent trends on Wall Street could soon have to face the music. Clip from Chevrolet - - - - - - - - - - - - - - - - - - - - - - - - - - For further reading:How Wall Street stormed the music businessBlackstone-backed song rights machine suffers growing painsAnother brick in the Wall Street as Blackstone seeks Pink Floyd catalogue- - - - - - - - - - - - - - - - - - - - - - - - - - On Twitter, follow Anna Nicolaou (@annaknicolaou), Kaye Wiggins (@kayewiggins) and Michela Tindera (@mtindera07) Read a transcript of this episode on FT.com Hosted on Acast. See acast.com/privacy for more information.

As the rollout of bivalent boosters for Covid-19 continues, experts are concerned that the US isn’t doing enough to support the development of the next wave of vaccines and treatments that the world needs. In this week’s episode, we hear from White House Covid coordinator Ashish Jha, professor of molecular medicine and cardiologist Eric Topol and the FT’s US pharmaceuticals correspondent Jamie Smyth on what the future of Covid vaccines could and should look like.  - - - - - - - - - - - - - - - - - - - - - - - - - - For further reading:Investors ditch vaccine stocks after Joe Biden says ‘pandemic is over’Joe Biden’s Covid-19 tsar warns millions risk losing access to treatment- - - - - - - - - - - - - - - - - - - - - - - - - - On Twitter, follow Jamie Smyth (@JamieSmythF) and Michela Tindera (@mtindera07) Read a transcript of this episode on FT.com Hosted on Acast. See acast.com/privacy for more information.

Over the last year, Starbucks baristas across the US banded together to form unions at the stores where they work. And workers at other big name companies like Amazon have joined in to organise their own workplaces, too. But the FT’s labour and equality correspondent Taylor Nicole Rogers explains how these and other new unions around the US are running up against a classic problem in labour. Can they convince their employers to come to the bargaining table to hash out a contract?  Clips from NBC, CBS- - - - - - - - - - - - - - - - - - - - - - - - - - For further reading:US trade unions: Inside the revival brewing at StarbucksJoe Biden secures deal to avert US rail strike Howard Schultz vows Starbucks rebound after coffee chain ‘lost its way’- - - - - - - - - - - - - - - - - - - - - - - - - - On Twitter, follow Taylor Nicole Rogers (@TaylorNRogers) and Michela Tindera (@mtindera07) Read a transcript of this episode on FT.com Hosted on Acast. See acast.com/privacy for more information.

Construction of a massive oil pipeline in east Africa is underway. For the governments of the countries it will run through, it promises new economic opportunities. But for many others, it could spell trouble. Like the fight over North America’s Keystone Pipeline, this one has become an important battleground for environmental groups around the world. The FT’s Leslie Hook explains the approach activists are taking to fight it. Clips from UBC Television Uganda- - - - - - - - - - - - - - - - - - - - - - - - - - For further reading:The oil giants drilling among the giraffes in UgandaMarsh revealed in oil pipeline project shunned by leading banks and insurers- - - - - - - - - - - - - - - - - - - - - - - - - - On Twitter, follow Leslie Hook (@lesliehook) and Michela Tindera (@mtindera07) Read a transcript of this episode on FT.com Hosted on Acast. See acast.com/privacy for more information.

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

Buying carbon credits is a way for companies to show they’re serious about fighting climate change. But keeping track of these credits is tricky. Now, advocates of the blockchain - the technology that underpins cryptocurrency - say that its digital ledger could be a possible solution to bring transparency to the market. On today’s episode, the FT’s Camilla Hodgson explores whether this technology could help fight climate change or whether some supporters are just in it for their own benefit.- - - - - - - - - - - - - - - - - - - - - - - - - -For further reading:Crypto and climate change: can web3 help get us to net zero?FT News BriefingRead a transcript of this episode on FT.com Hosted on Acast. See acast.com/privacy for more information.

Early in his tenure the new Goldman Sachs CEO David Solomon presented a grand new vision for what the massive bank should become. How has it panned out since? And is there still time for Solomon to make the changes it needs? The FT’s US banking editor Joshua Franklin examines what Solomon has and hasn’t achieved in his four years at the helm. Clips from CBS - - - - - - - - - - - - - - - - - - - - - - - - - - For further reading:In era of quick-fire bosses, Wall Street embraces the ‘forever CEO’The reinvention of Goldman Sachs: what has David Solomon achieved?Goldman raises profitability target in effort to bridge valuation gap - - - - - - - - - - - - - - - - - - - - - - - - - - On Twitter, follow Joshua Franklin (@FTJFranklin) and Michela Tindera (@mtindera07) Read a transcript of this episode on FT.com Hosted on Acast. See acast.com/privacy for more information.

The FT’s south Asia correspondent Ben Parkin explains how Afghanistan’s economy has changed in the year since US forces left the country and the Taliban retook control of the government.   Clips from CBS, BBC - - - - - - - - - - - - - - - - - - - - - - - - - - For further reading:The Taliban’s black gold: militants seize on coal to reboot economyLife under the Taliban: ‘what matters is that we’re hungry’The Taliban’s new order: ‘We’ll introduce a system for the world’ - - - - - - - - - - - - - - - - - - - - - - - - - - On Twitter, follow Benjamin Parkin (@b_parkyn) and Michela Tindera (@mtindera07) Read a transcript of this episode on FT.com Hosted on Acast. See acast.com/privacy for more information.

The Federal Reserve has spent more than a decade buying up government debt as part of a post-2008 program to support the economy, also known as quantitative easing. Now with inflation reaching record highs, those days are over, and a new era of quantitative tightening is emerging. On this week’s episode, the FT’s markets editor Katie Martin explains how markets expect to grapple with the change.  Clips from ABC, CNBC, CBS- - - - - - - - - - - - - - - - - - - - - - - - - - For further reading:Did QE cause inflation?The mystery of how quantitative tightening will affect marketsDid central bank balance sheets really need to get so big?- - - - - - - - - - - - - - - - - - - - - - - - - - On Twitter, follow Katie Martin (@katie_martin_fx) and Michela Tindera (@mtindera07)Read a transcript of this episode on FT.com Hosted on Acast. See acast.com/privacy for more information.

Venture capital fundraising hit a record-high last year. There were more deals, and more money poured into startups last year than at any other time in history. Now, the FT’s Richard Waters says the fundraising bonanza is over. On this week’s episode, we explore what that means for the future of startups. Clips from Looney Tunes: ⓒ Warner Bros. - - - - - - - - - - - - - - - - - - - - - - - - - - For further reading:Venture capital’s silent crash: when the tech boom met realityKlarna’s valuation crashes to under $7bn in tough funding roundVenture capital’s delayed rendezvous with reality- - - - - - - - - - - - - - - - - - - - - - - - - - On Twitter, follow Richard Waters (@RichardWaters) and Michela Tindera (@mtindera07)Read a transcript of this episode on FT.com Hosted on Acast. See acast.com/privacy for more information.

Since the 2008 financial crisis, it’s become more and more difficult for Americans to chart a path toward financial security. Things like buying a house and paying off student loans have become more challenging for young people to do. And that’s given rise to a new generation of investors the FT’s Madison Darbyshire calls “generation moonshot.”  Clips courtesy of NBC News, CNBC, ABC News, CBS - - - - - - - - - - - - - - - - - - - - - - - - - - For further reading:Generation moonshot: why young investors are not ready to give up on riskHow retail investors can navigate the rough terrain of US equitiesA year on, we haven’t absorbed the lessons of the GameStop saga - - - - - - - - - - - - - - - - - - - - - - - - - - On Twitter, follow Madison Darbyshire (@MADarbyshire) and Michela Tindera (@mtindera07) Read a transcript of this episode on FT.com Hosted on Acast. See acast.com/privacy for more information.

Sri Lanka is facing dire fuel and food shortages amid ongoing economic and political crises. In this week’s episode, the FT’s Antoni Slodkowski shares what he’s seen after a week of reporting in Sri Lanka. And then, emerging markets correspondent Jonathan Wheatley explains how the crises in Sri Lanka may impact the rest of the world.  Clips courtesy of Voice of America- - - - - - - - - - - - - - - - - - - - - - - - - - For further reading:No food, no fuel and no jobs: the economic catastrophe engulfing Sri LankaWhat Sri Lanka reveals about the risks in emerging marketsChina reckons with its first overseas debt crisisDebt sell-off intensifies strains for more than a dozen emerging markets- - - - - - - - - - - - - - - - - - - - - - - - - - On Twitter, follow Jonathan Wheatley (@Jonthn_Wheatley), Antoni Slodkowski (@slodek) and Michela Tindera (@mtindera07)Read a transcript of this episode on FT.com Hosted on Acast. See acast.com/privacy for more information.

Greedflation. Price gouging. Pandemic profiteering. What happens when turning a profit is considered a bad thing? In this week’s episode, the FT’s US business editor Andrew Edgecliffe-Johnson explains how a new message around corporate profits is resonating with the American public and causing headaches for executives. Clip courtesy of Bloomberg- - - - - - - - - - - - - - - - - - - - - - - - - - For further reading:US companies face rising battle to fend off vilification over ‘excess’ profitsJoe Biden blasts Chevron chief as ‘sensitive’ after fuel-price criticismThe war on ‘woke capitalism’ - - - - - - - - - - - - - - - - - - - - - - - - - - On Twitter, follow Andrew Edgecliffe-Johnson (@Edgecliffe) and Michela Tindera (@mtindera07) Read a transcript of this episode on FT.com Hosted on Acast. See acast.com/privacy for more information.

A few years ago a Peruvian farmer filed a lawsuit against a German utility company thousands of miles away. The reason? A glacier is melting near his hometown. If it melts enough, it could cause a flood that may catastrophically damage his city. He says that over years the company's pollution has contributed to climate change, and because of this, it should help pay for protections against the potential flood. In this week’s episode, we’ll tell the story of a David vs. Goliath battle. How one man is taking on one of the world’s biggest polluters in a landmark case that could one day force companies to pay for damage they’ve done to the environment. - - - - - - - - - - - - - - - - - - - - - - - - - - For further reading:Who pays for climate change? The Peruvian suing a German utilityThe Climate Game: Can you reach net zero by 2050?- - - - - - - - - - - - - - - - - - - - - - - - - - On Twitter, follow Camilla Hodgson (@CamillaHodgson)Read a transcript of this episode on FT.com Hosted on Acast. See acast.com/privacy for more information.

Spacs, or special purpose acquisition companies, were all the rage at the start of the pandemic. These shell companies raise cash by listing on the stock market, and then seek a merger with a private company. This created a novel way for companies to list on the stock market without having to go through the traditional initial public offering process.Now, Spacs are floundering. The FT’s Ortenca Aliaj talks with guest host Jess Smith about how the Spac investment boom collided with rising interest rates and regulatory threats, and ultimately went bust.   - - - - - - - - - - - - - - - - - - - - - - - - - - For further reading: Spac boom dies as wary investors retreat- - - - - - - - - - - - - - - - - - - - - - - - - - On Twitter, follow Ortenca Aliaj (@OrtencaAl)Read a transcript of this episode on FT.com Hosted on Acast. See acast.com/privacy for more information.

Late last year Unilever reached a $5 billion deal to sell part of its tea business, including brands like Lipton and PG Tips, to private equity giant CVC Capital. But the tea sector is a complicated one. With roots in colonialism, tea plantations around the world have faced many issues, including accusations of human rights abuses. In this week’s episode, we’re hearing from one worker whose life was forever changed by violence on her plantation, and exploring how this deal represents a new challenge for PE as investors are increasing their scrutiny into the private equity industry’s ethics.   Clips courtesy of Unilever, Al Jazeera, AP- - - - - - - - - - - - - - - - - - - - - - - - - - For further reading:How Unilever’s tea business became a test of private equity’s conscienceBidders for Unilever’s tea business pulled out on plantation concernsCVC pushes back IPO plans amid market turmoil- - - - - - - - - - - - - - - - - - - - - - - - - - Sign up here to get the Moral Money premium newsletter sent straight to your inbox every Monday, Wednesday and Friday. On Twitter, follow Judith Evans (@JudithREvans), Kaye Wiggins (@kayewiggins) and Michela Tindera (@mtindera07) Read a transcript of this episode on FT.com Hosted on Acast. See acast.com/privacy for more information.

When Financial Times reporter Patricia Nilsson started digging into the porn industry, she made a shocking discovery: nobody knew who controlled the biggest porn company in the world. Now, Nilsson and her editor, Alex Barker, reveal who is behind it and much more. This eight-part investigative podcast, published weekly, reveals the secret history of the adult business and the billionaires and financial institutions who shape it.Subscribe and listen on: Apple Podcasts, Spotify, Pocket Casts, Stitcher or wherever you listen to podcasts. Hosted on Acast. See acast.com/privacy for more information.

The Federal Reserve announced its largest interest rate increase since 1994. And it's the equivalent of the US central bank taking a baseball bat to the economy, according to the FT’s US financial commentator Robert Armstrong.  In this week’s episode, Armstrong is helping us to make sense of the Fed’s announcement. He’ll explain what the recent hike means for the economy and for investors, and tell us whether or not we should be freaking out. - - - - - - - - - - - - - - - - - - - - - - - - - - For further reading:Fed smash! How fast is the US economy slowing? Bear market to the rescueTime for strong medicine: How central banks got tough on inflation- - - - - - - - - - - - - - - - - - - - - - - - - - Sign up here to get the Unhedged newsletter sent straight to your inbox every weekday. On Twitter, follow Robert Armstrong (@rbrtrmstrng)Read a transcript of this episode on FT.com Hosted on Acast. See acast.com/privacy for more information.

Johnson & Johnson, one of the world’s largest healthcare companies, is facing thousands of lawsuits from people alleging they got cancer from using one of their oldest products: talc-based baby powder. To manage the growing liability, J&J recently deployed a controversial new bankruptcy manoeuvre known as the Texas Two-Step. In this week’s episode, we explore whether J&J’s use of this manoeuvre is setting a new precedent for corporations to evade accountability in America.Update: A new version of this episode was uploaded on June 21, 2022 to update the number and outcome of trials 3M has faced related to one of its products.   Clip courtesy of NBC News - - - - - - - - - - - - - - - - - - - - - - - - - - For further reading:Johnson & Johnson’s ‘Texas-two-step’ sparks outcry over US bankruptcy regimeArchitects of ‘Texas two-step’ lambast J&J for its use of the manoeuvre‘Texas two-step’ outcry risks ending fee bonanza for law firm Jones DayJ&J’s Texas two-step waltzes over its liabilities - - - - - - - - - - - - - - - - - - - - - - - - - - On Twitter, follow Jamie Smyth (@JamieSmythF) and Michela Tindera (@mtindera07)Read a transcript of this episode on FT.com Hosted on Acast. See acast.com/privacy for more information.

Last week authorities raided the offices of Germany’s top asset manager DWS Group and its majority owner Deutsche Bank. The raid was spurred by allegations of greenwashing. That is, that DWS had made misleading claims about how sustainable or “green” some of its financial products were. DWS says it denies those allegations and has cooperated with regulators and authorities, but this move has prompted a larger reckoning throughout the financial industry.   At the centre of much of this is former DWS sustainability officer Desiree Fixler. In this week’s episode we hear from the whistleblower herself, and explore her allegations about her time at DWS. The FT’s Patrick Temple-West also explains what this moment means for the future of environmental, social and governance or ESG investing.   For further reading:German police raid DWS and Deutsche Bank over greenwashing allegationsDWS chief resigns after police raid over greenwashing claimsDeutsche banker takes over asset manager in the eye of an ESG stormAggregate ESG confusionOn Twitter, follow Patrick Temple-West (@Temple_West)Read a transcript of this episode on FT.com Hosted on Acast. See acast.com/privacy for more information.

We’re diving back into the world of stablecoins for part 2 of 2 in our miniseries on crypto. This time, it’s a story filled with troubled companies and a real life fire that sends a business up in smoke. With the help of FT reporters Kadhim Shubber and Siddharth Venkataramakrishnan, we dig into the professional histories of two executives who sit atop two of crypto’s most important businesses: stablecoin issuer Tether and exchange Bitfinex. Clips courtesy CSPANFor further reading: Tether’s CEO: from IT sales to calling the shots in crypto landTether: the former plastic surgeon behind the crypto reserve currencyThe week that shook cryptoOn Twitter, follow FT reporters Kadhim Shubber (@Kadhim), Siddharth Venkataramakrishnan (@SVR13) and Ethan Wu (@EthanYWu) Read a transcript of this episode on FT.com Hosted on Acast. See acast.com/privacy for more information.

Behind the Money is back! Our first episode is part 1 of 2 in a miniseries on crypto. First up, we're wondering: is a crypto vibe shift underway? Bitcoin’s price has been dropping for weeks and earlier this month, a popular stablecoin collapsed. FT reporter Ethan Wu explains how the effects of that rippled into other areas of the crypto universe. Michela and Ethan will talk about what stablecoins are and why they matter — even for people who aren’t crypto investors.  For further reading: Crypto scares everyoneThe week that shook cryptoInvestors pull $7bn from Tether as stablecoin jitters intensifyFollow Ethan Wu on Twitter @EthanYWu Read a transcript of this episode on FT.com Hosted on Acast. See acast.com/privacy for more information.

Behind the Money is back with all-new episodes! From hostile takeovers to C-suite intrigue, Behind the Money takes you inside the business and financial stories of the moment with reporting from Financial Times journalists around the world. The podcast returns May 25. Hosted on Acast. See acast.com/privacy for more information.

A new six-part series of Tech Tonic brings you stories from the frontlines of the battle between the US and China for global technological supremacy. At stake is the future of technologies that will shape all our lives, from the way the internet is used to the way we govern our societies. Join the FT’s Global China Editor James Kynge as he charts China’s dramatic transformation into a global tech superpower, sparking rivalry with the US over who controls our technological future. Hosted on Acast. See acast.com/privacy for more information.

The amount of money flowing into investment funds that claim to invest in sustainable businesses has surged in recent years. More companies than ever have embraced policies with environmental, social and corporate governance criteria as their central plank. But there's a debate over what ESG investing can achieve, particularly when it comes to cutting carbon emissions and addressing climate change.In the final episode of our five-part series on ESG investing, we hear from two leading FT voices on opposite sides of the argument. Cheering the rise of ESG is Gillian Tett, the FT’s US editor-at-large and co-founder of Moral Money, the FT team that covers sustainable business and finance; and casting a sceptical eye is the FT’s US financial commentator Robert Armstrong, who also writes Unhedged, the FT newsletter on Wall Street.The ESG investing industry is dangerousTeam ESG fights backA carbon price should be top of the wish list at the climate talksThe need to elevate developing countries at COP26Check out stories and up-to-the-minute news from the Moral Money team here. Get 30 days of the premium Moral Money newsletter free, together with complimentary access to FT.com for the same period, visit www.ft.com/insideesg Hosted on Acast. See acast.com/privacy for more information.

This is the podcast about doing work differently. Join host Isabel Berwick every Wednesday for expert analysis and watercooler chat about ahead-of-the-curve workplace trends, the big ideas shaping work today — and the old habits we need to leave behind. Subscribe on Apple https://podcasts.apple.com/gb/podcast/working-it/id1591925469 - On Spotify https://open.spotify.com/show/5vNDHxEOc1pI1acJS7He5e Or wherever you get your podcasts.The wellness industry is a trillion-dollar business, and the pandemic has turbo-charged it. One of the biggest trends has been the rise in employers buying their staff access to meditation and fitness apps. But does this ‘quick fix’ approach work? And are there better ways to boost wellbeing ? Isabel talks to Lorna Borenstein, chief executive of Grokker, a corporate wellness app about the reasons why she set up the platform and how clients and her own staff use it. It’s all part of a culture of taking care of employees - a topic Lorna has explored more deeply in her book It’s Personal, offering advice to other managers on how to help staff feel better [tl;dr: talk less, listen more].We also speak to FT colleague Emma Jacobs, about the corporate care culture. She is a little more skeptical. We would love to hear from you - email us at workingit@ft.com. You can also follow @isabelberwick on Twitter and Instagram or reach out via email: isabel.berwick@ft.com. Thanks. Mentioned in the podcast and other interesting reading:Emma Jacobs’ prophetic pre-pandemic guide to workplace wellness by app: https://www.ft.com/content/d1d58aae-437c-11ea-abea-0c7a29cd66feFT series, Burnout: https://www.ft.com/burnoutDeloitte report [2020] on employee mental health showing £5 benefit for every £1 spent: https://www2.deloitte.com/uk/en/pages/consulting/articles/mental-health-and-employers-refreshing-the-case-for-investment.html  Video, Emma Jacobs on how to detox from your smartphone: https://www-ft-com.newman.richmond.edu/video/b4115321-b915-3a42-9814-ad0be4c0e7f5?playlist-name=section-0b83bc44-4a55-4958-882e-73ba6b2b0aa6&playlist-offset=206Presented by Isabel Berwick. Editorial direction from Renée Kaplan. Assistant producer is Persis Love. Sound design is by Breen Turner, with original music from Metaphor Music. Produced by Novel. Hosted on Acast. See acast.com/privacy for more information.

If you want your investments to match your principles should a threat to divest be part of your long-term strategy? In the fourth episode of our special five-part series on sustainable or ESG investing, produced in partnership with the FT’s Moral Money team, the story of the California State Teachers' Retirement System, or Calstrs, and why its decision to divest from the US private prisons industry prompted tears and passionate discussion on the board.Joe Rennison, deputy US markets editor, assesses the long-term impact that divestment can have on companies, while Moral Money’s Patrick Temple-West, Attracta Mooney, the FT’s investment correspondent, and Lindsay Frost, a senior reporter at Agenda, an FT publication about the corporate board space, explain why divestment presents a conundrum for investors and whether passive investment funds are really compatible with ESG investing. JPMorgan funds invested in CoreCivic debt after vow to stop financing private prisonsBond funds wrestle with human rights dilemmaDivestment Concerns Creep In for More IndustriesCheck out stories and up-to-the-minute news from the Moral Money team here. Get 30 days of the premium Moral Money newsletter free, together with complimentary access to FT.com for the same period, visit www.ft.com/insideesgReview clips: Calstrs, NBC, Global News, PBS, AP, CBC News, The Guardian, CSPAN Hosted on Acast. See acast.com/privacy for more information.

If you want your investments to match your principles should a threat to divest be part of your long-term strategy? In the fourth episode of our special five-part series on sustainable or ESG investing, produced in partnership with the FT’s Moral Money team, the story of the California State Teachers' Retirement System, or Calstrs, and why its decision to divest from the US private prisons industry prompted tears and passionate discussion on the board.Joe Rennison, deputy US markets editor, assesses the long-term impact that divestment can have on companies, while Moral Money’s Patrick Temple-West, Attracta Mooney, the FT’s investment correspondent, and Lindsay Frost, a senior reporter at Agenda, an FT publication about the corporate board space, explain why divestment presents a conundrum for investors and whether passive investment funds are really compatible with ESG investing. JPMorgan funds invested in CoreCivic debt after vow to stop financing private prisonsBond funds wrestle with human rights dilemmaDivestment Concerns Creep In for More IndustriesCheck out stories and up-to-the-minute news from the Moral Money team here. Get 30 days of the premium Moral Money newsletter free, together with complimentary access to FT.com for the same period, visit www.ft.com/insideesgReview clips: Calstrs, NBC, Global News, PBS, AP, CBC News, The Guardian, CSPAN Hosted on Acast. See acast.com/privacy for more information.

The story of how a tiny, unknown hedge fund took on a giant of corporate America over climate change - and won. Charlie Penner of Engine No 1 talks about the very public proxy campaign he launched against Exxon Mobil, forcing the oil major to prepare for a future free of fossil fuels. In the third episode of our special five-part series on sustainable or ESG investing, produced in partnership with the FT’s Moral Money team, Derek Brower, US energy editor, and Attracta Mooney, the FT’s investment correspondent, reflect on whether the battle between Engine No 1 and Exxon marks the beginning of a new kind of activist investor.Engine No 1, the giant-killing hedge fund, has big plansDWS probes spark fears of greenwashing claims across investment industryCheck out stories and up-to-the-minute news from the Moral Money team here. Get 30 days of the premium Moral Money newsletter free, together with complimentary access to FT.com for the same period, visit www.ft.com/insideesgReview clips: The Sun, Channel 4 News, Euronews, PBS Newshour, GMA, CNN, CNBC, ExxonMobil Hosted on Acast. See acast.com/privacy for more information.

Milton Friedman, the renowned American economist and spiritual mentor of many entrepreneurs, argued that the social responsibility of business was to increase profits. This has been the gospel since the early 1970s, but companies and investors are beginning to rethink the purpose of business. Has the sun really set on the Miltonian era?In the second episode of our special five-part series produced in partnership with the Moral Money team, Leila Abboud, the FT’s Paris correspondent, and Gillian Tett, the FT’s US editor-at-large, tell the story of Emmanuel Faber, the former CEO of Danone who embraced environmental, social and governance (ESG) causes - and then was ousted eight years later. Turns out there was more to the story than first meets the eye.The fall from favour of Danone’s purpose-driven chiefCheck out stories and up-to-the-minute news from the Moral Money team here. Get 30 days of the premium Moral Money newsletter free, together with complimentary access to FT.com for the same period, visit www.ft.com/insideesgReview clips: CNBC, Danone, British Pathé, IMAGINE, France 24 Hosted on Acast. See acast.com/privacy for more information.

When Tariq Fancy joined BlackRock as its first chief investment officer for sustainable investing in 2018, he was convinced that with companies around the world, including the world’s biggest asset manager, embracing environmental, social and governance (ESG) causes, the stage was set to reform capitalism. As a former Wall Street banker, he’d been hired by Blackrock after setting up his own digital learning non-profit group in Canada. But just two years after joining Blackrock, he left his job. So what went wrong?In the first episode of our special five-part series produced in partnership with the FT’s Moral Money team, Gillian Tett, the FT’s US editor-at-large, and Andrew Edgecliffe-Johnson, the FT’s US business editor, explore the idea that the trillions of dollars that have flowed into ESG investments represent a once-in-a generation shift in the business consensus. Can it be true that ESG investing can address some of the world’s most-pressing problems, including climate change and inequality?  Check out stories and up-to-the-minute news from the Moral Money team here. Get 30 days of the premium Moral Money newsletter free, together with complimentary access to FT.com for the same period, visit www.ft.com/insideesgReview clips: AP, KPIX CBS, CNBC, CNN, The Telegraph, PayPal Hosted on Acast. See acast.com/privacy for more information.

Behind the Money presents a special 5-part series produced in partnership with the FT’s Moral Money team that goes inside the colossal sums flowing into sustainable investing.Trillions have flooded into funds that have made environmental, social and governance issues, or ESG, central to their investment strategies. As the world begins slowly to recover from the multiple shocks of the pandemic, we take listeners to the center of a loaded debate: Will a shift to more sustainable investments actually help create a more resilient and equitable future - or is ESG just a powerful marketing ploy?Check out stories and up-to-the-minute news from the Moral Money team on the whole world of socially responsible business, sustainable finance, and ESG trends here.Get 30 days of the premium Moral Money newsletter free, together with complimentary access to FT.com for the same period, visit www.ft.com/insideesg Hosted on Acast. See acast.com/privacy for more information.

Introducing the FT Tech Tonic podcast. You can subscribe and listen to the rest of the series here.From picking the best stocks to listening in on earnings calls, AI-powered systems are changing finance. But how big are the rewards, really? And what are the risks? In this episode Robin Wigglesworth tells us how AI has been used in investing, what happens when programs must adapt to new risks and what the robots could learn from watching children play. Alice Fordham is senior producer. Josh Gabert Doyon is assistant producer. Oluwakemi Aladesuyi and Liam Nolan are the development producers. Sound design and mixing by Breen Turner. Cheryl Brumley is the executive producer for this series. Original scoring composed by Metaphor Music. Review clips: Alphabet, Netflix, Amazon, Man Group. Hosted on Acast. See acast.com/privacy for more information.

The City of London is home to some of the world’s biggest banks and busiest exchanges but the UK is just weeks away from leaving the EU single market and many questions about access to the bloc are still unresolved. Philip Stafford, editor of FT Trading Room, and Stephen Morris, the FT’s banking editor, take a look at the future of financial services after Brexit.Review clips: BBC News, CNBC, EU 27Read more on the FT’s coverage of Brexit here: Brexit trade talks: the three big sticking points explainedEurope’s finance sector hits ‘peak uncertainty’ over Brexit Hosted on Acast. See acast.com/privacy for more information.

The Boston-based biotech eschewed a traditional approach to vaccine development, instead pitching its use of mRNA technology to investors. That pitch paid off this year as the company stands to be one of the first to bring a Covid-19 vaccine to market. Hannah Kuchler, the FT’s US pharma and biotech correspondent, reports on Moderna’s race to find an immunisation for the novel coronavirus.  The FT is making key coronavirus coverage free to read for everyone. Go to ft.com/coronavirusfree to read the latest.Read more here: Moderna’s Covid vaccine offers vindication of its unconventional approachReview clips: Yahoo Finance, CNBC Hosted on Acast. See acast.com/privacy for more information.

As protests following the killing of George Floyd in the US reverberated around the world this summer, Belgium, like many other countries, experienced its own reckoning: with a brutal colonial past, with the systemic racism that inhibits its black citizens today and with the question of what exactly it owes to the Democratic Republic of Congo, which it exploited for 75 years. The FT's Neil Munshi reports on the company at the heart of Belgium's colonial pursuit, the Union Minière.Read Neil's FT Magazine story here: https://www.ft.com/content/a17b87ec-207d-4aa7-a839-8e17153bcf51.Special thanks to Heleen Debeuckelaere, Elli Fernandes, Mohamed Barrie and Jeroen Laporte. Review clips: Deutsche Welle, CBS News, France 24, NBC News, Reuters, Al Jazeera English, Getty Images, British Pathé. Hosted on Acast. See acast.com/privacy for more information.

The IPO of Jack Ma's Ant Group would have been the largest in history: it was expected to raise $37bn at a valuation of $316bn. But just days before the stock market listing, China called it off. The FT's Ryan McMorrow and Hudson Lockett report on what led to Beijing pulling the plug, and what it means for China's private sector. Further reading: 'The party is pushing back': why Beijing reined in Jack Ma and Ant.Review clips: Reuters, World Economic Forum, CNA, Bloomberg, Yahoo Finance. Hosted on Acast. See acast.com/privacy for more information.

Tensions between Washington and Beijing are beginning to resemble a new cold war. Could the complex supply chains built up over a generation that produce Apple's iPhone and other electronics soon be untangled? In this episode Kathrin Hille, the FT’s greater China correspondent, and Richard Waters, the FT’s west coast editor, tell the story of how technology supply chains in the US and China became intertwined and the forces that are pulling them apart. Review Clips: CNBC, CSPAN, Washington Post, The Guardian, Reuters, Dallas Morning News, ZDF “Looking for Freedom” WMG (1989) Read more from Kathrin HilleThe great uncoupling: one supply chain for China, one for everywhere else Hosted on Acast. See acast.com/privacy for more information.

There is no episode of Behind the Money this week. Here is a preview of what we are working on for next week. Review Clips: C-SPAN, CNBC, Dallas Morning News Hosted on Acast. See acast.com/privacy for more information.

The pandemic docked Carnival’s cruise ships and grounded Bombardier’s planes. But when the companies were in need of cash, one went to the bond market and the other to a direct lender. Robert Smith, FT capital market correspondent and Nikou Asgari, FT corporate finance reporter, tell the story of the billion dollar private debt deals shaping who has the capital to weather the crisis. Review Clips: CNBC, Reuters, ABC NewsRead more from Nikou, Rob and the rest of the corporate finance teamCovid-linked debt rush ignites direct lending marketAsset managers in $300bn drive to build private lending funds Hosted on Acast. See acast.com/privacy for more information.

The market volatility of the past few months has been a boon for the trading divisions of many Wall Street banks, including Morgan Stanley. Laura Noonan, the FT’s US banking editor, explains how success in trading, and a focus on wealth management has positioned Morgan Stanley to make gains during the pandemic - and whether this trend is likely to last. --Review clips: CNBC, PBS, Federal ReserveRead more on Laura’s Noonan reporting on Morgan Stanley - https://www.ft.com/content/22d7c870-870d-4423-bd6f-6e384961f997Find out what the latest polls say about U.S. voter sentiment towards the economy with FT Washington correspondent Lauren Fedor, Peter Spiegel, the FT’s US managing editor and Michael Peterson of the Peter G. Peterson Foundation. The event takes place Monday, October 26 at 12 pm ET. Register here - https://nerpreelectioneconomy.live.ft.com/?segmentId=8f3615ce-4cbc-7122-a54d-8ed636f79675 Hosted on Acast. See acast.com/privacy for more information.

Bernard Arnault built a €210bn luxury empire through an unflinching acquisition strategy that earned him the “wolf in cashmere” moniker. Tiffany, famous for its robin-egg blue boxes and diamond engagement rings, was meant to be the jewel atop his LVMH luxury group. The takeover would have been the largest-ever in the luxury sector, until the pandemic hit. The FT’s Leila Abboud, Arash Massoudi and James Fontanella-Khan unwind the saga of how the $16.6bn deal has hit rocky ground and how the pandemic and the forthcoming legal battle could change the terms of M&A engagement globally.Review clips: CNBC, PBS, Viva TechnologyRead more from Leila, Arash and James - https://www.ft.com/content/72af09b4-12a4-45ad-86ca-919d38e279e8Find the FT’s Due Diligence newsletter - https://www.ft.com/due-diligence Hosted on Acast. See acast.com/privacy for more information.

While reporting on the coronavirus crisis in northern Italy this year, Rome correspondent Miles Johnson discovered an equally concerning story in the country’s south. Italy’s most powerful organised crime group, the ‘Ndrangheta, had infiltrated local hospitals and packaged millions of plundered euros into global investment funds and portfolios. In the first episode of Behind the Money’s fourth season, Miles follows the money trail in a cautionary tale for the era of ultra-low interest rates. Read Miles’ full investigation here: https://www.ft.com/content/8850581c-176e-4c5c-8b38-debb26b35c14. Hosted on Acast. See acast.com/privacy for more information.

Episodes will be released weekly starting Wednesday October 7. Hosted on Acast. See acast.com/privacy for more information.

In September 2014, the FT’s Dan McCrum received a tip about a fast-growing German fintech group, Wirecard. Over the next couple of years Dan and his colleagues uncovered the secret behind the payment company’s meteoric growth: many of the customers listed in company documents did not exist. In this episode Dan tells the story of the whistleblowers, shoe-leather reporting, hacking, suspected surveillance and legal threats that led to Wirecard’s downfall.  ---Review clips: CNBC, Deutsche Welle Further reading:The double life of Wirecard’s Jan Marsalek https://www.ft.com/content/511ecf86-ab40-486c-8f76-b8ebda4cc669Inside Wirecardhttps://www.ft.com/wirecardDan’s 2015 story for Alphavillehttps://ftalphaville.ft.com/2015/04/27/2127427/the-house-of-wirecard/ Hosted on Acast. See acast.com/privacy for more information.

In the US, commercial mortgage backed securities are a $1.2tn market, and an integral part of how banks lend to commercial property owners. But as the pandemic and subsequent lockdowns changed almost every sector of the economy, commercial real estate has changed too. Hotels and retailers have been hit hard by the shutdown, and mortgage and rent payments they have deferred are coming due. The FT’s Joe Rennison explains what this means for the CMBS market. We also hear from two people who are helping lenders and landlords deal with the upheaval. Hosted on Acast. See acast.com/privacy for more information.

When a Minneapolis police officer killed George Floyd, it was as if a fire was ignited. His death, along with the killings of Breonna Taylor and Ahmaud Arbery have sparked the most widespread protests in the US since 1968. Hundreds of thousands of people have marched under banners such as “Black Lives Matter”, “No Justice, No Peace” and “Say Their Names”. Now, the voices of activists are converging around a call to “defund the police”. In this episode, we hear from Rachel Harmon, a professor of law at the University of Virginia, and Vesla M Weaver, a professor of political science and sociology at Johns Hopkins University, about the role the federal government, and federal funding, have played in transforming policing in the US.---To get free access to the FT’s Coronavirus Business Update newsletter for 30 days, visit ft.com/behindthemoneycovid or https://www.ft.com/newsletter-signup/coronavirus?segmentId=12f1abd6-6f16-e2df-e4ff-7aaa9346f98e. Hosted on Acast. See acast.com/privacy for more information.

An update on this week's episode Hosted on Acast. See acast.com/privacy for more information.

Last December executives at the Carlyle Group worked into the night to sign what they imagined would be one of the private equity firm’s most enduring deals. In 2020, however, there may be no such thing as a stable business. Carlyle is now trying to walk away from a deal with American Express Global Business Travel before any money has changed hands. Our US private capital correspondent, Mark Vandevelde, reports on the ensuing legal row, and what it could mean for dealmaking during the pandemic.  To get free access to the FT’s Coronavirus Business Update newsletter for 30 days, visit ft.com/behindthemoneycovid or https://www.ft.com/newsletter-signup/coronavirus?segmentId=12f1abd6-6f16-e2df-e4ff-7aaa9346f98e.A few stories for further reading:Inside Carlyle’s ‘long-term’ Amex bet that coronavirus cut short (paywall): https://www.ft.com/content/e710b3dc-3eba-4227-9258-6a678d66f6e1Apollo: how a private equity giant is navigating the crisis (paywall): https://www.ft.com/content/6fce9808-84ab-11ea-b555-37a289098206Coronavirus: private equity’s bailout moment (paywall): https://www.ft.com/content/f7cc82d7-70b9-40c3-b4a0-815ebc5d99d5   Hosted on Acast. See acast.com/privacy for more information.

This was supposed to be a record year for the US meat industry. But when coronavirus hit the meat-packing plants, it exposed a vulnerable link in the supply chain. We take a look at how our meat gets from the farm to the supermarket, and ask what the fall in production could mean for the US-China trade truce. With the FT’s Gregory Meyer. To get free access to the FT’s Coronavirus Business Update newsletter for 30 days, visit ft.com/behindthemoneycovid.Further reading:Coronavirus: return to work divides US meat industry (paywall) https://www.ft.com/content/f6e2b4ad-4a62-4c6f-8348-38704e3e81f6Tyson Foods warns of sales declines and rising costs (paywall)https://www.ft.com/content/f0b4f894-cd46-44f2-b7b0-10707de449dbJohn Tyson laments breakdown of meat system his family pioneered (paywall)https://www.ft.com/content/82c2f5fa-1070-4388-853b-a2ed430fbf04Pandemic accelerates shift to meat substitutes (paywall)https://www.ft.com/content/0127984a-6def-4040-9bca-002b6ffd4e0a---On 12-14 May, the Financial Times, in partnership with TNW, will gather the most senior global decision makers and leading minds in policy, business, tech and finance for three days of online conversations with top FT journalists, analysing the impact of the pandemic across global economies, industries and markets, and outlining what is required to shape the optimal conditions for recovery at this most challenging of times. Register at globalboardroom.ft.com. Hosted on Acast. See acast.com/privacy for more information.

The Trump administration’s small business bailout programme has been plagued by problems from the start, with complaints that large companies crowded out the kinds of small enterprises and independent contractors it was designed to help. With a fresh round of funding on offer from Washington, we hear from several business owners trying to get their share, as well as the FT’s Laura Noonan who has been reporting on the programme since it launched. To get free access to the FT’s Coronavirus Business Update newsletter for 30 days, visit ft.com/behindthemoneycovid.A few stories for further reading:US small business rescue fund strained by rush of claimshttps://www.ft.com/content/0467d0e1-6814-4cc4-ad4b-e25c80169466Can Congress save US small businesses? FT reporters answer your questionshttps://www.ft.com/content/55b0f191-5ea2-4762-bf8c-13d6a11e61ed‘Where is my loan?’ Small businesses miss out on US rescue fundshttps://www.ft.com/content/e6a06f94-5d2f-43a0-8aac-c7adddca0b0e----You might also be interested in a three-day digital conference hosted by the Financial Times. On 12-14 May, the FT, in partnership with TNW, will gather the most senior global decision makers and leading minds in policy, business, tech and finance for three days of online conversations with top FT journalists, analysing the impact of the pandemic across global economies, industries and markets, and outlining what is required to shape the optimal conditions for recovery at this most challenging of times. Register at globalboardroom.ft.com. Hosted on Acast. See acast.com/privacy for more information.

Mauren Pereira's drapery business was on track for its most financially successful year to date. That was until the coronavirus outbreak reached Virginia. Behind the Money reports on how one small business owner is navigating the current economic crisis. With Brendan Greeley, US economics editor for the Financial Times. We want to hear from you. Please go to ft.com/behindthemoneysurvey and fill out our survey for a chance to win a pair of Bose QuietComfort Noise Cancelling headphones. Hosted on Acast. See acast.com/privacy for more information.

When credit markets seized up earlier in March, more than 130 companies rushed to their lenders to draw down at least $124bn of emergency credit lines to shore up cash, with Ford and General Motors drawing the largest amounts. We look at how the auto industry is preparing for the economic uncertainty that lies ahead. With the FT's Peter Campbell and Gillian Tett.We want to hear from you. Please go to ft.com/behindthemoneysurvey and fill out our survey for a chance to win a pair of Bose QuietComfort Noise Cancelling headphones.  Hosted on Acast. See acast.com/privacy for more information.

Behind the Money wants to hear from you, our listeners, about how the coronavirus pandemic is impacting your business and your work life. Email us at behindthemoney [at] ft.com Hosted on Acast. See acast.com/privacy for more information.

A costly investigation into the conduct of senior UK bankers during the financial crisis has raised questions about what it means to prosecute allegations of corporate crime, and whether Britain’s fraud laws need overhauling. With the FT’s Caroline Binham and Jane Croft. We want to hear from you. Please go to ft.com/behindthemoneysurvey and fill out our survey for a chance to win a pair of Bose QuietComfort Noise Cancelling headphones. Read more from Jane and Caroline here:Barclays: the legal fight over a company’s ‘controlling mind’https://www.ft.com/content/f666b592-5a4b-11ea-abe5-8e03987b7b20 (paywall)Review clip: Sky News Hosted on Acast. See acast.com/privacy for more information.

More than 10 years on from the early days of the US shale boom, bankruptcy risks are rising across the sector. The FT's US energy editor, Derek Brower, reports on what weak oil prices and tightening access to credit are doing to the outlook for some producers. Further reading:Bankruptcy risks rise for US shale (paywall)https://www.ft.com/content/76c15898-52a2-11ea-90ad-25e377c0ee1fUS energy sector, shunned by investors, has ‘Pearl Harbor’ moment (paywall)https://www.ft.com/content/254bf634-5677-11ea-abe5-8e03987b7b20Chesapeake Energy raises doubt over its ability to survive (paywall)https://www.ft.com/content/46ffa4fc-ffe6-11e9-be59-e49b2a136b8dThe US shale revolution (paywall)https://www.ft.com/content/2ded7416-e930-11e4-a71a-00144feab7deThe clip of Aubrey McClendon is credited to the Switch Energy Alliance. Hosted on Acast. See acast.com/privacy for more information.

Nearly one year after the grounding of Boeing's 737 Max jet, more than 700 of these planes remain on the ground, with costs to the US manufacturing giant estimated to reach nearly $20bn. The FT's Claire Bushey reports on how the crisis unfolded, and what it will take for the aerospace company to return business as usual.Further reading:Boeing tightens its belt as Max crisis drains cash (paywall)https://www.ft.com/content/949eea64-3e44-11ea-a01a-bae547046735Boeing faces Max hurdle as pilot confidence crumbles (paywall)https://www.ft.com/content/2c0419cc-3983-11ea-a6d3-9a26f8c3cba4Aviation: Boeing parks its 737 aspirations (paywall)https://www.ft.com/content/ad45dd3e-2314-11ea-92da-f0c92e957a96Grounding a global fleet: Boeing faces its greatest challenge (paywall)https://www.ft.com/content/53b2142a-4711-11e9-b168-96a37d002cd3 Hosted on Acast. See acast.com/privacy for more information.

A brand new season of Behind the Money with the Financial Times is coming in early 2020. Subscribe now so you don't miss an episode. Hosted on Acast. See acast.com/privacy for more information.

Earlier this year, Facebook announced its digital currency project, Libra, to great fanfare. Just a few months later, the project has stalled amid pressure from regulators and lawmakers around the world. With the FT's Hannah Murphy and Kiran Stacey.Further reading:Where it all went wrong for Facebook’s Libra: https://www.ft.com/content/6e29a1f0-ef1e-11e9-ad1e-4367d8281195Zuckerberg warns blocking Libra will be boon to China tech: https://www.ft.com/content/28c600de-f5a1-11e9-9ef3-eca8fc8f2d65Federal Reserve sets out regulatory challenges facing Facebook’s Libra: https://www.ft.com/content/ef650f9a-f052-11e9-ad1e-4367d8281195 Hosted on Acast. See acast.com/privacy for more information.

A key short term lending market came under strain in September, raising concerns that the Federal Reserve's attempt to unwind post-financial crisis intervention may have gone too far. The FT's Joe Rennison explains what has been going on in the repo market. Further reading:How the Federal Reserve could fix the repo market:https://www.ft.com/content/33674380-e4f4-11e9-9743-db5a370481bcFed wrestles with role of regulation in repo squeeze:https://www.ft.com/content/45a9c196-e231-11e9-9743-db5a370481bcNew York Fed rejects Wall St criticism of response to repo turmoil:https://www.ft.com/content/c267a2f4-dd3e-11e9-9743-db5a370481bc Hosted on Acast. See acast.com/privacy for more information.

WeWork was long considered one of the most anticipated IPOs of 2019. For SoftBank, WeWork’s biggest outside investor, the listing would be the moment it made a return on the nearly $11bn it poured into the shared-office provider. Now, as WeWork struggles to take the company public, the spotlight is on SoftBank’s Masa Son and his billion-dollar bets.Further FT reading:SoftBank investors brace for Vision Fund writedownshttps://www.ft.com/content/ccdaa9c6-d60d-11e9-8367-807ebd53ab77WeWork postpones IPO after chilly response from investorshttps://www.ft.com/content/b869bc42-d8d9-11e9-8f9b-77216ebe1f17WeWork: the ‘hypothetical’ company at the heart of the property markethttps://www.ft.com/content/0e426c90-8c45-11e9-a1c1-51bf8f989972SoftBank: inside the ‘Wild West’ $100bn fund shaking up the tech worldhttps://www.ft.com/content/71ad7cda-6ef4-11e8-92d3-6c13e5c92914Some of Aimee’s favourite FT reads:Warren Buffett: ‘I’m having more fun than any 88-year-old int he world’https://www.ft.com/content/40b9b356-661e-11e9-a79d-04f350474d62The trillion-dollar taboo: why it’s time to stop ignoring mental health at workhttps://www.ft.com/content/1e8293f4-a1db-11e9-974c-ad1c6ab5efd1Finding my Armenia, a century after the genocidehttps://www.ft.com/content/2e2f38b0-e7a1-11e8-8a85-04b8afea6ea3How Purdue’s ‘one-two’ punch fuelled the market for opioidshttps://www.ft.com/content/8e64ec9c-b133-11e8-8d14-6f049d06439cAngola 3 inmate: from solitary cell to centre of the communityhttps://www.ft.com/content/72a0983a-9f7d-11e7-8cd4-932067fbf946 Hosted on Acast. See acast.com/privacy for more information.

The purpose of the US corporation has evolved over time, from Henry Ford's mission to benefit the carmaker's employees to Milton Friedman's essay on shareholder primacy. The FT's US business editor, Andrew Edgecliffe-Johnson, reports on the latest thinking, this time from America's largest business lobby, the Business Roundtable. Read more on the idea of sustainable investing at ft.com/moralmoney Hosted on Acast. See acast.com/privacy for more information.

Investors poured $17bn into agricultural food and technology startups in 2018, fuelled by threats to the world's food supply, including climate change and a growing global population. We visit one such startup, Indigo Ag, which is working with farmers to trial its microbial products for healthier crops. Indigo Ag provides microbial seed treatments to farmers for free in exchange for data. The company also sells the seed treatments through its standard commercial model. With guests Emiko Terazono, FT commodities correspondent, Ben Riensche, owner and manager, Blue Diamond Farming Company and Geoffrey von Maltzahn, co-founder and chief innovation officer, Indigo Ag. Read more from Emiko on agricultural food and technology at FT.com:https://www.ft.com/content/ee6fb294-edc3-11e8-8180-9cf212677a57 (paywall) Hosted on Acast. See acast.com/privacy for more information.

Amid concerns about a slowdown in global economic growth, there is one industry telling a completely different story: luxury goods. Aimee goes to Paris to find out why. With guests Harriet Agnew, Paris correspondent for the Financial Times, and Robert Burke, chairman and chief executive of the consultancy Robert Burke Associates. Hosted on Acast. See acast.com/privacy for more information.

About 10 years ago, two legendary private equity firms, Apollo Global Management and TPG, teamed up to carry out a leveraged buyout of one of the biggest and most iconic gaming companies, then known as Harrah’s. They financed the purchase by taking advantage of Harrah’s real estate. Now, an obscure regional casino group out of Reno, Nevada is set to scoop up what has become the Caesars Entertainment empire in a deal that is making use of a pretty similar kind of financing. The FT’s Sujeet Indap tells the story. Hosted on Acast. See acast.com/privacy for more information.

When Fiat Chrysler Automobiles withdrew its proposal for a €33bn merger with France’s Renault it reversed plans to create what could have been the world's third-largest carmaker. The FT's David Keohane, Leo Lewis and Rachel Sanderson tell the story of how the bid came together, how it eventually fell apart and what it means for the future of global carmakers.  Hosted on Acast. See acast.com/privacy for more information.

Over the past 54 years, shares in Berkshire Hathaway have outpaced the broader market. But now the conglomerate is holding onto more than $100bn in cash that it would rather be investing. The FT's Eric Platt guides us through the Berkshire Hathaway operation, and how its 88-year old chairman and chief executive is thinking about the company's future. Read more at FT.com.  Hosted on Acast. See acast.com/privacy for more information.

What it means for a generation of tech companies with huge valuations to be making the shift to the public markets, and why some are doing it by unconventional means.  Hosted on Acast. See acast.com/privacy for more information.

How did Denmark’s Danske Bank find itself at the centre of one of the largest money-laundering scandals the world has ever seen? The FT’s Richard Milne explains. This episode was originally published on October 30, 2018. Read the latest on the Nordic money-laundering scandal at FT.com. Hosted on Acast. See acast.com/privacy for more information.

The arrest of Meng Wanzhou, Huawei's chief financial officer, followed months of mounting scrutiny of the world's biggest telecoms equipment maker. The FT's Nic Fildes explains how Huawei grew to be such a big player, and why western intelligence officials are warning against working with the Chinese company on the next generation of mobile technology. This episode was originally published on December 18, 2018. Hosted on Acast. See acast.com/privacy for more information.

Sprint and T-Mobile have a long on-again, off-again history. Together the companies serve a combined total of about 30 per cent of the US mobile market. Now, after a third attempt at merging, the companies are awaiting regulatory approval from the Trump administration. The decision could shape the telecoms industry and American consumer options for decades to come.  Hosted on Acast. See acast.com/privacy for more information.

Two mid-sized American banks are joining forces in a $66bn merger - BB&T and Suntrust. It is the biggest US bank deal since the financial crisis, and analysts say the deal will up the ante on rival banks to consolidate. The FT's Robert Armstrong and James Fontanella Khan dig into the details of the deal, and what it means for the broader industry.  Hosted on Acast. See acast.com/privacy for more information.

Shares in the British bakery chain more than doubled from the time it listed on the London Stock Exchange in 2014 to late last year, just before it emerged that its accounts were largely fictitious. The FT's retail correspondent Jonathan Eley walks us through what happened. Hosted on Acast. See acast.com/privacy for more information.

There is a corner of the credit market that has started to worry regulators - leveraged loans. How does the $1.2tn leveraged loan market work and why do some say it could pose a risk to the financial system? The FT’s Colby Smith and Joe Rennison explain. Read more at FT.com/debtmachine. Hosted on Acast. See acast.com/privacy for more information.

The future is on the line again for the carmakers known as the "big three": Ford, GM and what is now Fiat Chrysler. Ten years ago the question was whether the carmakers would survive the financial crisis. Today, investors wonder if traditional car companies will be able to make the technological shift to an industry of self-driving, electric and service-focused cars. The FT’s Patti Waldmeir reports. Hosted on Acast. See acast.com/privacy for more information.

In the past month pharmaceutical companies have spent almost $100bn acquiring biotech companies. The FT's Sarah Neville explains why big pharma is raising its bet on the drug pipelines owned by biotechs, and why analysts expect more consolidation in 2019. Read more from Sarah at FT.com. Hosted on Acast. See acast.com/privacy for more information.

In 2017, the Chinese ride-hailing app was the highest valued start-up in the world at $56bn. But after a difficult period in 2018 following the murder of two passengers on its platform and a government crackdown, Didi has made a move to diversify by offering financial services. The FT's Yuan Yang reports.  Hosted on Acast. See acast.com/privacy for more information.

The arrest of Meng Wanzhou, Huawei's chief financial officer, followed months of mounting scrutiny of the world's biggest telecoms equipment maker. The FT's Nic Fildes explains how Huawei grew to be such a big player, and why western intelligence officials are warning against working with the Chinese company on the next generation of mobile technology.   Hosted on Acast. See acast.com/privacy for more information.

In October, IBM announced it would acquire open source software pioneer Red Hat for $34bn. The deal resonated with Wall Street, but making the two companies work together will be another challenge. The FT’s Richard Waters digs into IBM's history and what its tie-up with Red Hat signals about the future.  Hosted on Acast. See acast.com/privacy for more information.

Oil prices plunged below $63 a barrel on Tuesday after weeks of steady declines. The FT's Anjli Raval explains what is behind the souring mood among investors. Hosted on Acast. See acast.com/privacy for more information.

Apple shares have taken a hit this month amid fears that demand for the iPhone has peaked. Tim Bradshaw explains what is worrying investors.   Hosted on Acast. See acast.com/privacy for more information.

How did Denmark’s Danske Bank find itself at the centre of one of the largest money laundering scandals the world has ever seen? The FT’s Richard Milne explains. Hosted on Acast. See acast.com/privacy for more information.

Some of the world’s most influential financiers and executives have spent the past three years courting Saudi Arabia’s dealmaker-in-chief Mohammed bin Salman and his $300bn state investment fund. But the disappearance of Saudi journalist Jamal Khashoggi has turned the pursuit of trophy deals into an exercise in crisis management. The FT's Arash Massoudi explains how the crown prince sought to modernise the Saudi economy with support of the global business elite, and what the future holds for dealmaking with the kingdom.Review clips: CNBS, Bloomberg, Fox Business Network, France 24, WSJ.com. Hosted on Acast. See acast.com/privacy for more information.

GE is one of the greatest names in American business. It was an original member of the Dow Jones Industrial Average, and at its peak the industrial conglomerate had a market capitalisation of nearly $600bn. But after decades of dealmaking, a weakening power sector is forcing the group's executives to consider radical changes. The FT's Ed Crooks explains. Review clips: Bloomberg, CNBC, Fox Business Network, PBS News, Euro News.  Hosted on Acast. See acast.com/privacy for more information.

This week's episode of Behind The Money will be available on Wednesday morning, instead of our usual time on Tuesday. Be sure to check back Wednesday morning for a brand episode. Hosted on Acast. See acast.com/privacy for more information.

Private equity has flooded the deal market in recent years, in part due to an era of cheap debt and fund managers on the hunt for greater investment returns. Firms are scooping up stakes in oil pipelines and newspapers — and even dental clinics. With a record $1.8tn in pension and sovereign wealth fund money waiting to be invested, some analysts are asking when private equity’s winning run will come to an end. With the FT's Javier Espinoza. Read more here. Review clips: CNBC, NBC, Bloomberg. Hosted on Acast. See acast.com/privacy for more information.

The Canadian company was the first cannabis producer to make an initial public offering on a US stock exchange, and, after a week of volatile trading, some analysts are asking if investor excitement has gotten ahead of reality. The FT's Nicole Bullock explains.Review clips: Fox Business Network, ABC, CBS, BNN Bloomberg, CNBC, Bloomberg. Music by Podington Bear. Hosted on Acast. See acast.com/privacy for more information.

Nick was a regulator at the London Stock Exchange. Julia was an entrepreneur whose home was foreclosed. Ten years on from the collapse of Lehman Brothers we talk to two people with different perspectives on the lessons of the global financial crisis.Review clips: AP, CBS. Hosted on Acast. See acast.com/privacy for more information.

The name “Sackler” adorns museums and art galleries around the world. But the family name has also become tainted by its association with the US opioid crisis, amid accusations that OxyContin, more than any other drug, is responsible for sparking one of the worst public health epidemics of modern times. The FT's David Crow explains how the Sackler family company Purdue Pharma got its hold on the opioid market.   Hosted on Acast. See acast.com/privacy for more information.

Medical marijuana is legal in 21 countries. In Canada, residents expect they will be able to buy cannabis from dispensaries and pharmacies across the country later this year. Some analysts have valued the legal business at anywhere between $7bn-$20bn, attracting a host of entrepreneurs and investors trying to get in on the action before the market takes off. We talk to two entrepreneurs with two very different plans to capitalise on the boom. This episode was originally published on June 12, 2018. Read more about the cannabis sector on FT.com.  Hosted on Acast. See acast.com/privacy for more information.

A little more than a year ago, Uber's board was in search of a new chief executive. Co-founder Travis Kalanick had resigned from the top job amid allegations of a toxic and sexist company culture, and the board was looking for someone to fix the group's operations and ready it for what is expected to be the tech world's biggest public offering. Behind The Money looks at Dara Khosrowshahi's first year at the helm. With the FT's Shannon Bond. Review clips: ABC News, WSJ, NBC News, CBS News, CNBC, Fox Business Network Hosted on Acast. See acast.com/privacy for more information.

The amount of outstanding student debt in the US has hit a staggering $1.4tn, and many millennials say the education-related debt they've been saddled with has prevented them from doing things like buying a home, getting married and taking career risks. Who has been hit the hardest by student debt loads and what does it mean for the US economy? With guests Michael Ranalli, Judith Scott-Clayton and the FT's Sam Fleming. Read more of Sam's reporting at FT.com.Review clips: Fox Business Network, CBS News, CNBC Hosted on Acast. See acast.com/privacy for more information.

What is behind Elon Musk's plan to take the electric carmaker private, and who will provide the funding? The FT's Arash Massoudi explains the story that has unfolded since the chief executive posted his "funding secured" tweet. Read more here. Review clips: CityTV, CNBC, MSNBC, Bloomberg.  Hosted on Acast. See acast.com/privacy for more information.

Elon Musk's grand vision for the electric carmaker has drawn dedicated fans and followers. But Tesla has also tested the patience of customers and investors after a hit-and-miss on production targets while burning through cash. What will it take for Tesla to become a stable and profitable car manufacturer? The FT’s Richard Waters examines its prospects. Read more here.  Hosted on Acast. See acast.com/privacy for more information.

Private equity has flooded the deal market in recent years, in part due to an era of cheap debt and fund managers on the hunt for greater investment returns. Firms are scooping up stakes in oil pipelines and newspapers — and even dental clinics. With a record $1.8tn in pension and sovereign wealth fund money waiting to be invested, some analysts are asking when private equity’s winning run will come to an end. With the FT's Javier Espinoza. Read more here. Review clips: CNBC, NBC, Bloomberg. Hosted on Acast. See acast.com/privacy for more information.

Behind The Money is going on a short hiatus for the next few weeks. We'll be back on Tuesday 31 July with brand new episodes. In the meantime, send us an email to behindthemoney@ft.com if you have any feedback on the series so far. What have you liked? What would you like to hear more about? We'll see you soon. Hosted on Acast. See acast.com/privacy for more information.

The man who built a $100bn fund has wooed investors with his vision for the future. But what is really behind the prowess of SoftBank's Masayoshi Son? With the FT's Arash Massoudi. Read Arash's story here. Review clips: Fox News, CNN, CNBC, ABC News, PBS, Bloomberg, Fox Business Network, TechCrunch.Contribute to our listener survey and enter our prize draw here. Hosted on Acast. See acast.com/privacy for more information.

After a week that began with a tense G7 summit and ended with the US imposing more tariffs on Chinese goods, many expected to see a big slide in financial markets. But stocks remained flat last week. Why aren't investors bracing for rockier times? With the FT's senior investment commentator John Authers.Review clips: CTV News, PBS, CBS News, ABC News, CNN.Contribute to our listener survey and enter our prize draw here. Hosted on Acast. See acast.com/privacy for more information.

Medical marijuana is legal in 21 countries. In Canada, residents expect they will be able to buy cannabis from dispensaries and pharmacies across the country later this year. Some analysts have valued the legal business at anywhere between $7bn-$20bn, attracting a host of entrepreneurs and investors trying to get in on the action before the market takes off. We talk to two entrepreneurs with two very different plans to capitalise on the boom. With guests Norman Conde, Nick Kovacevich and the FT's Eric Platt.  Hosted on Acast. See acast.com/privacy for more information.

Rupert Murdoch built a global media empire across newspaper, television and film companies. Why is now the time for him to sell many of the 21st Century Fox assets? And which media or telecoms giant will scoop them up? With the FT's Matt Garrahan and Arash Massoudi. Read more on FT.com.Review clips: CNN, CNBC, BBC, Fox News, Fox Business Network, Al Jazeera English, PBS News and CBS News. Hosted on Acast. See acast.com/privacy for more information.

After Mauricio Macri came to power in 2015, international investors poured money into Argentina's hundred-year bond with the hopes that the centre-right leader would stabilise the economy after years of disarray. But less than three years later, the president is seeking a loan from the International Monetary Fund, in what some fear could be the the first major sign of the end of the global economic boom. With the FT's Gillian Tett, John Authers and John Paul Rathbone. News review clips: CNN, CNBC, Bloomberg, Al Jazeera English, Reuters.  Hosted on Acast. See acast.com/privacy for more information.

Some big name fast fashion retailers are sourcing their inventory closer to home in order to get the latest pieces into the hands of their shoppers fast. But how is it possible such labour intensive production is taking place in one of the most expensive economies in the world? With the FT's Sarah O'Connor. Read Sarah's feature here.  Hosted on Acast. See acast.com/privacy for more information.

The co-working and office providing company set out to create the office of the future and has caught the attention of big investors, including SoftBank's Vision Fund. Will office subleasing open the door to profit for WeWork? With FT guests Dan Thomas and Alex Scaggs. Read more from Dan and Alex at FT.com. Music by Podington Bear.  Hosted on Acast. See acast.com/privacy for more information.

Record numbers of bankruptcies and store closures have devastated the retail sector. So why is the beauty market thriving? Will the likes of Sephora and Ulta be able to ward off Amazon? With guests Moj Mahdara, chief executive of Beautycon, and Simeon Siegel, analyst at Nomura Instinet. Read more on this story here.  Hosted on Acast. See acast.com/privacy for more information.

The Trump administration blocked chipmaker Broadcom's bid to acquire rival Qualcomm on the grounds of national security. But how did the San Diego-based company become the target in the first place? And who will ultimately own the mobile technology of the future? With FT reporters James Fontanella-Khan and Tim Bradshaw.News review clips: C-Span, Fox News.  Hosted on Acast. See acast.com/privacy for more information.

A weekly podcast from the Financial Times that digs into the big business and financial stories in the news. Behind The Money starts Tuesday, May 1.  Hosted on Acast. See acast.com/privacy for more information.