Behind the Money

This week, we’re revisiting an episode from last year. For decades, the global centre for oil trading has been Geneva, Switzerland. But Russia’s war in Ukraine changed that. Sanctions have made it harder for western traders to move Russian oil. Now, traders are flocking to a new trading hub that has no restrictions on oil from Russia: the United Arab Emirates. The FT’s Tom Wilson explains how this shift has helped the UAE replace Switzerland, and whether the global energy industry is shifting away from western economies. - - - - - - - - - - - - - - - - - - - - - - - - - - For further reading:How Dubai became ‘the new Geneva’ for Russian oil tradeSwitzerland questions oil trader over sidestep of Russian sanctionsLetter: Energy trading is opaque — and that suits Big Oil- - - - - - - - - - - - - - - - - - - - - - - - - - Register now for the FT Weekend Festival, and claim £24 off your pass using promo code FTPodcast at: ft.com/festival- - - - - - - - - - - - - - - - - - - - - - - - - - On X, follow Tom Wilson (@thomas_m_wilson) and Michela Tindera (@mtindera07), or follow Michela on LinkedIn for updates about the show and more. Read the transcript of this episode which was first aired in August 2023 Hosted on Acast. See acast.com/privacy for more information.

Private credit took Wall Street by storm. But at a software company called Pluralsight, recent loan troubles are now highlighting risks that could be hidden in the sector. The FT’s senior US corporate finance correspondent Eric Platt and Due Diligence reporter Amelia Pollard walk through what went wrong with Pluralsight, and how that could shape private credit’s future. Clips from Bloomberg, CNBC- - - - - - - - - - - - - - - - - - - - - - - - - - For further reading:A messy loan restructuring highlights risk lurking in private creditPrivate credit is even larger than you thinkA buyout gone wrong creates fireworks in the private credit marketVista and co-investors lose $4bn in Pluralsight restructuring- - - - - - - - - - - - - - - - - - - - - - - - - - On X, follow Eric Platt (@ericgplatt), Amelia Pollard (@ameliajpollard) and Michela Tindera (@mtindera07), or follow Michela on LinkedIn for updates about the show and more. Register now for the FT Weekend Festival, and claim £24 off your pass using promo code FTPodcast at: ft.com/festivalRead a transcript of this episode on FT.com Hosted on Acast. See acast.com/privacy for more information.

Hundreds of companies have moved their headquarters to Texas in recent years, including big names like Tesla, HP and Charles Schwab. They’ve been enticed by low taxes, light regulation and the promise to run their businesses on their own terms. But the FT’s Houston correspondent Myles McCormick explains that there might be limits to that message of economic freedom.Clips from ABC News, CBS, Fox 26, KHOU 11- - - - - - - - - - - - - - - - - - - - - - - - - - For further reading:Will US companies keep faith in the ‘Texas miracle’?Beware the Texas advance on Wall StreetTexas group plans stock exchange to compete with NYSE and NasdaqFor further listening: Why Elon Musk is breaking up with Delaware- - - - - - - - - - - - - - - - - - - - - - - - - - On X, follow Myles McCormick (@mylesmccormick_) and Michela Tindera (@mtindera07), or follow Michela on LinkedIn for updates about the show and more. - - - - - - - - - - - - - - - - - - - - - - - - - - Register now for the FT Weekend Festival, and claim £24 off your pass using promo code FTPodcast at: ft.com/festivalRead a transcript of this episode on FT.com Hosted on Acast. See acast.com/privacy for more information.

Indian equities are soaring right now. The country’s benchmark Nifty 50 index has doubled in just five years, beating out the pace of Japan, China and even the US. And it’s all being driven by millions of domestic investors who are piling into the market for the first time. But this boom has regulators sounding the alarm. The FT’s Mumbai correspondent Chris Kay explains why a bubble might be forming and what could happen to these first-time investors if it bursts. - - - - - - - - - - - - - - - - - - - - - - - - - - For further reading:The young investors gambling on Indian stocksInvestors bet an election win by Narendra Modi will extend India’s stock market boomIndia closes in on China as largest emerging market- - - - - - - - - - - - - - - - - - - - - - - - - - On X, follow Chris Kay (@christopherkay) and Saffeya Ahmed (@saffeya_ahmed).Read a transcript of this episode on FT.com Hosted on Acast. See acast.com/privacy for more information.

This week, we’re bringing you something from our fellow FT podcast, The Economics Show with Soumaya Keynes. Sir Angus Deaton won the Nobel Prize in Economics in 2015. So when he says he is rethinking many of his assumptions about the field, it matters. Today on the show, Soumaya discusses what we are getting wrong about everything from inequality to immigration to the role of globalisation in the reduction of poverty.Soumaya Keynes writes a column each week for the Financial Times. You can find it here.Subscribe to Soumaya's show on Apple, Spotify, Pocket Casts or wherever you listen.Read a transcript of this episode on FT.com- - - - - - - - - - - - - - - - - - - - - - - - - - Plus, tell us what you think about Behind the Money! Complete this survey before August 29 for a chance to win a pair of Bose QuietComfort 35 Wireless headphones (terms and conditions can be found here). Hosted on Acast. See acast.com/privacy for more information.

Remuneration among CEOs in the US is rising quickly. It’s been hard to miss recent examples of massive pay packages, like for Tesla’s Elon Musk. But that growth is far outpacing that of wages for everyday workers in the US. The FT’s corporate governance reporter Patrick Temple-West outlines some reasons this is happening and looks at whether change is afoot. Clips from Associated Press, CNBC, BBC News- - - - - - - - - - - - - - - - - - - - - - - - - - For further reading:US executive pay rises at fastest rate in 14 years Business school teaching case study: executive pay and shareholder democracy UK-US CEO pay gap widens as FTSE bosses’ remuneration stagnates - - - - - - - - - - - - - - - - - - - - - - - - - - Plus, tell us what you think about Behind the Money! Complete this survey before August 29 for a chance to win a pair of Bose QuietComfort 35 Wireless headphones (terms and conditions can be found here). And, send us a question: Behind the Money is teaming up with the FT’s Moral Money newsletter to answer your questions about what “responsible” business and finance really looks like in the 21st century. That means topics like sustainability, ESG, diversity and inclusion and clean energy investment. We might read out, or play the question from your voicemail with your name, on the show. To get in touch, record a voice message here: sayhi.chat/0humz, or send us an email with your question to [email protected]. On X, follow Patrick Temple-West (@temple_west) and Michela Tindera (@mtindera07), or follow Michela on LinkedIn for updates about the show and more. Read a transcript of this episode on FT.com Hosted on Acast. See acast.com/privacy for more information.

Two recent Supreme Court decisions have taken a lot of rulemaking power away from federal agencies. And it could shake up how businesses in the US operate. Many chief executives are happy about these decisions — the less regulation, the better. But could these rulings come with their own risks? Clips from Bloomberg, CBS News, CNBC- - - - - - - - - - - - - - - - - - - - - - - - - - For further reading:US businesses may soon find that deregulation comes with risksSupreme Court EPA ruling puts regulators in handcuffsThe abortion pill case is a disaster for innovation everywhere- - - - - - - - - - - - - - - - - - - - - - - - - - Plus, tell us what you think about Behind the Money! Complete this survey before August 29 for a chance to win a pair of Bose QuietComfort 35 Wireless headphones (terms and conditions can be found here).On X, follow Brooke Masters (@brookeamasters) and Saffeya Ahmed (@saffeya_ahmed).Read a transcript of this episode on FT.com Hosted on Acast. See acast.com/privacy for more information.

The Labour Party has come back into power in the UK after 14 years. For the City of London, this brings hope for some stability amid the rise of competing financial sectors around the world. But will efforts to revitalize markets and the economy work out? The FT’s chief UK business correspondent Michael O’Dwyer analyzes the expectations of City of London executives from the newly elected government. Clips from BBC, Today, NBC News, CNN- - - - - - - - - - - - - - - - - - - - - - - For further reading:How will Rachel Reeves run the UK’s finances?The City of London’s wish list for the new Labour governmentThe club of City executives plotting a revival for the UK’s capital markets  - - - - - - - - - - - - - - - - - - - - - - - Plus, tell us what you think about Behind the Money! Complete this survey before August 29 for a chance to win a pair of Bose QuietComfort 35 Wireless headphones (terms and conditions can be found here).And, send us a question: Behind the Money is teaming up with the FT’s Moral Money newsletter to answer your questions about what “responsible” business and finance really looks like in the 21st century.That means topics like sustainability, ESG, diversity and inclusion and clean energy investment. We might read out, or play the question from your voicemail with your name, on the show. To get in touch, record a voice message here: sayhi.chat/0humz, or send us an email with your question to [email protected]. On X, follow Michael O’Dwyer (@_MODwyer) and Michela Tindera (@mtindera07), or follow Michela on LinkedIn for updates about the show and more. Read a transcript of this episode on FT.com Hosted on Acast. See acast.com/privacy for more information.

The owner of motor racing giant Formula One is racing to capture the American sports audience. Thanks, in part, to efforts like the Netflix series Drive to Survive, it has caught the attention of many new fans. But FT sports business reporter Samuel Agini examines whether this league’s push into the US will stick — and keep growing.Clips from Netflix, Formula 1, KVVU   - - - - - - - - - - - - - - - - - - - - - - - - - - For further reading:Formula One’s growing painsBeauty mogul Charlotte Tilbury wants to give F1 a makeoverThe Business of Formula One- - - - - - - - - - - - - - - - - - - - - - - - - - Plus, tell us what you think about Behind the Money! Complete this survey before August 29 2024 for a chance to win a pair of Bose QuietComfort 35 Wireless headphones (terms and conditions can be found here).And, send us a question! Behind the Money is teaming up with the FT’s Moral Money newsletter to answer your questions about what “responsible” business and finance really looks like in the 21st century.That means topics like sustainability, ESG, diversity and inclusion and clean energy investment. We might read out, or play the question from your voicemail with your name, on the show. To get in touch, record a voice message here: sayhi.chat/0humzOn X, follow Samuel Agini (@SamuelAgini), Madison Darbyshire (@MADarbyshire) and Michela Tindera (@mtindera07), or follow Michela on LinkedIn for updates about the show and more. Read a transcript of this episode on FT.com Hosted on Acast. See acast.com/privacy for more information.

This week, we’re revisiting an episode from earlier this year. BlackRock chief executive Larry Fink has been on the hunt for the money manager’s next “transformational” deal. In January, Fink revealed that he had finally found it with the acquisition of a private capital firm, Global Infrastructure Partners. The FT’s US financial editor Brooke Masters and US private capital correspondent Antoine Gara explain why BlackRock wanted GIP, and how this deal sets the agenda for Wall Street this year. Clips from CNBC Plus, send us a question! Behind the Money is teaming up with the FT’s Moral Money newsletter to answer your questions about what “responsible” business and finance really looks like in the 21st century.  That means topics like sustainability, ESG, diversity and inclusion and clean energy investment. These have become hot-button issues that have recently faced a huge backlash. Tell us, what are the questions you have? To get in touch, record a voice message here: sayhi.chat/0humz  We might read out, or play the question from your voicemail with your name, on the show.- - - - - - - - - - - - - - - - - - - - - - - - - - For further reading:Infrastructure: from investment backwater to a $1tn asset classHow the $12.5bn BlackRock-GIP deal is set to shake up investment managementHow Adebayo Ogunlesi’s contrarian bet led to $12.5bn BlackRock tie-up - - - - - - - - - - - - - - - - - - - - - - - - - - On X, follow Antoine Gara (@AntoineGara), Brooke Masters (@brookeamasters) and Michela Tindera (@mtindera07), or follow Michela on LinkedIn for updates about the show and more. Read a transcript of this episode on FT.com Hosted on Acast. See acast.com/privacy for more information.

Exxon Mobil struck black gold in 2015 when it discovered a massive oil reserve off the coast of Guyana in South America. It’s poised to make Guyana the fourth-largest offshore oil developer in the world, and it's already jump-started a transformation within the developing economy. But will this oil bonanza benefit Guyana’s people? The FT’s US energy editor Jamie Smyth travels to Guyana’s capital to understand Exxon’s impact first-hand. Clip from NBC News- - - - - - - - - - - - - - - - - - - - - - - - - - For further reading:The giant Exxon project that could create the world’s last petrostateOil-rich Guyana tries to tap another source of cash: carbon creditsExxon’s exit marks reversal of fortune for Equatorial Guinea- - - - - - - - - - - - - - - - - - - - - - - - - - On X, follow Jamie Smyth (@JamieSmythF) and Michela Tindera (@mtindera07), or follow Michela on LinkedIn for updates about the show and more.Read a transcript of this episode on FT.com Hosted on Acast. See acast.com/privacy for more information.

Banks in the US are locked in a bitter fight with regulators. It’s all about a proposed set of rules with an unusual name, Basel III Endgame. Regulators say the rules will help avoid future banking crises. Banks say they’re overkill and could hurt everyday Americans. The FT’s US banking editor Joshua Franklin explains how the industry is pushing back.Clips from Bloomberg, CNBC- - - - - - - - - - - - - - - - - - - - - - - - - - For further reading:The US pushback against ‘Basel Endgame’The bank argument on the Basel III endgame is bunkEU to delay Basel bank trading reforms as US revisits plans- - - - - - - - - - - - - - - - - - - - - - - - - - On X, follow Joshua Franklin (@FTJFranklin) and Michela Tindera (@mtindera07), or follow Michela on LinkedIn for updates about the show and more. Read a transcript of this episode on FT.com Hosted on Acast. See acast.com/privacy for more information.

In November, online fast-fashion giant Shein filed paperwork to go public in the US. Since then the process has not moved forward at all — and it looks like Shein’s ties to Beijing could be to blame. The FT’s China tech correspondent Eleanor Olcott explains how Shein has tried to distance itself from China to appease US regulators, and where it might go public instead. Clips from Reuters, Bloomberg, Yahoo Finance- - - - - - - - - - - - - - - - - - - - - - - - - - For further reading:Shein switches focus to London after New York IPO stallsShein’s London IPO flirtationShein profits double to over $2bn ahead of planned listingFund managers give cool reception to prospect of Shein London IPO- - - - - - - - - - - - - - - - - - - - - - - - - - On X, follow Eleanor Olcott (@EleanorOlcott) and Saffeya Ahmed (@saffeya_ahmed).Read a transcript of this episode on FT.com Hosted on Acast. See acast.com/privacy for more information.

The 2024 NBA Playoffs are in full swing, but eyes are still on a team that was knocked out last week. The Minnesota Timberwolves are caught up in an ownership dispute that’s gone south pretty fast, after two prospective buyers attempted to finance their purchase of the team in an unconventional way. The FT’s US sports business correspondent Sara Germano breaks down how the deal came together, fell apart, and the can of worms it’s since opened about owning US sports teams. Clips from Bleacher Report, FOX 9 Minneapolis-St. Paul, KARE 11, House of Highlights, The Dane Moore NBA Podcast- - - - - - - - - - - - - - - - - - - - - - - - - - For further reading:The off-the-court fight for one of the NBA’s hottest teamsPrivate equity gears up for potential National Football League investmentsMichael Jordan agrees to sell majority stake in NBA’s Charlotte HornetsMark Cuban’s Mavericks bet- - - - - - - - - - - - - - - - - - - - - - - - - - On X, follow Sara Germano (@germanotes) and Saffeya Ahmed (@saffeya_ahmed).Read a transcript of this episode on FT.com Hosted on Acast. See acast.com/privacy for more information.

This week, we’re revisiting an episode from last November, about a Wall Street saga that lost shareholders more than $10bn. In 2007, when Dan Och took his hedge fund public, he was making a bet that his company would stand the test of time. More than 15 years, a bribery scandal, and a feud with his protégé later, the FT’s Ortenca Aliaj and Sujeet Indap explain how things did not work out as planned. - - - - - - - - - - - - - - - - - - - - - - - - - - For further reading:Sculptor Capital: grey areas cause grey hairs in messy bidding warFight over Sculptor hedge fund sale entwined in Daniel Och’s tax affairsSale of Sculptor Capital on cusp of approval after hedge fund brawl- - - - - - - - - - - - - - - - - - - - - - - - - - On X, follow Ortenca Aliaj (@OrtencaAl), Sujeet Indap (@sindap) and Michela Tindera (@mtindera07), or follow Michela on LinkedIn for updates about the show and more. Read a transcript of this episode on FT.com Hosted on Acast. See acast.com/privacy for more information.

Audit firms are supposed to put a company’s books under the microscope. But these days, regulators are finding an increasing number of flaws in the audits that they inspect. The FT’s US accounting editor Stephen Foley explains what’s going wrong, and how regulators around the world plan to fix these shortcomings. Clips from CNN, NBC News - - - - - - - - - - - - - - - - - - - - - - - - - - For further reading:Why don’t auditors find fraud?Auditors failed to raise alarm before 75% of UK corporate collapsesBig Four firms rethink governance after year of mis-steps and scandals - - - - - - - - - - - - - - - - - - - - - - - - - - On X, follow Stephen Foley (@stephenfoley) and Michela Tindera (@mtindera07), or follow Michela on LinkedIn for updates about the show and more.Read a transcript of this episode on FT.com Hosted on Acast. See acast.com/privacy for more information.

Introducing Power for Sale, a new season of Untold from the Financial Times. In Untold: Power for Sale, host Valentina Pop and a team of FT correspondents from all over Europe investigate what happened in the Qatargate scandal, where EU lawmakers were accused of accepting payments from Qatar to whitewash its image.Subscribe and listen on: Apple Podcasts, Spotify or wherever you get your podcasts. Hosted on Acast. See acast.com/privacy for more information.

Late last year, Warren Buffett’s close business confidant Charlie Munger died at 99. Munger’s death and Buffett’s upcoming 94th birthday have renewed questions about the future of Berkshire Hathaway. What will the empire he’s built look like after he’s no longer at the helm? Behind the Money and the FT’s senior corporate finance correspondent Eric Platt travel to Omaha, Nebraska for Berkshire Hathaway’s annual shareholder meeting, to get a better sense of how the next generation will lead America’s “last great” conglomerate.  Clips from CNBC- - - - - - - - - - - - - - - - - - - - - - - - - - For further reading:Berkshire after Buffett: is Greg Abel up to the top job?Berkshire after Buffett: prized energy business faces upheavalBerkshire after Buffett: the risk ‘genius’ pulling the insurance stringsBerkshire after Buffett: can any stockpicker follow the Oracle?- - - - - - - - - - - - - - - - - - - - - - - - - - On X, follow Eric Platt (@ericgplatt) and Michela Tindera (@mtindera07), or follow Michela on LinkedIn for updates about the show and more.Read a transcript of this episode on FT.com Hosted on Acast. See acast.com/privacy for more information.

In a new season of Tech Tonic, longtime FT China reporter Jame Kynge travels around the world to see how China is pushing towards tech supremacy. Will China be able to get an edge in crucial technological areas? What does China’s attempt to leapfrog the west look like on the ground? A 6-part series looking at China’s tech industry.Presented by James Kynge. Edwin Lane is the senior producer. The producer is Josh Gabert-Doyon. Executive producer is Manuela Saragosa. Sound design by Breen Turner and Samantha Giovinco, with original music from Metaphor Music. The FT’s head of audio is Cheryl Brumley. Hosted on Acast. See acast.com/privacy for more information.

Three years ago, chaos struck Wall Street. Companies saw their share prices tumble, seemingly out of nowhere. Major banks lost billions of dollars in the fallout. Eventually, that chaos was linked to a family office, Archegos Capital Management, and its founder Bill Hwang. This week, Hwang heads to trial in New York, where he faces charges including racketeering, and securities and wire fraud. The FT’s US legal correspondent Joe Miller examines the “novel” case prosecutors plan to pursue. Clips from CNBC, Fox Business- - - - - - - - - - - - - - - - - - - - - - - - - - For further reading:‘To what end?’: the murky question of Bill Hwang’s motive in Archegos trialArchegos founder’s charity was financial ‘escape pod’, suit allegesHedge funds and brokers take aim at post-Archegos trading reforms- - - - - - - - - - - - - - - - - - - - - - - - - - On X, follow Joe Miller (@JoeMillerJr) and Michela Tindera (@mtindera07), or follow Michela on LinkedIn for updates about the show and more.Read a transcript of this episode on FT.com Hosted on Acast. See acast.com/privacy for more information.

For decades, countries in the Middle East have dominated the oil market, pumping large quantities of the world’s supply. Along with that has come a pattern: when there’s conflict in the region, oil prices rise. The pattern seems to be breaking though, mainly because of one thing: US shale. The FT’s Myles McCormick explains how production in the country shifted oil’s epicentre away from the Middle East, and how long that may last. Clips from Al Jazeera, CBS, CNN- - - - - - - - - - - - - - - - - - - - - - - - - - For further reading:How US shale keeps sheltering America from the next oil price surgeOn markets and geopolitics, it is a mistake to forget about shaleWhy oil prices remain steady even as Middle East tensions escalate- - - - - - - - - - - - - - - - - - - - - - - - - - On X, follow Myles McCormick (@mylesmccormick_) and Michela Tindera (@mtindera07), or follow Michela on LinkedIn for updates about the show and more. Read a transcript of this episode on FT.com Hosted on Acast. See acast.com/privacy for more information.

When a company is sold there tends to be a standard playbook: There’s some tough negotiations. Then, the buyer gets a business and the seller gets a check. Everyone’s happy. That’s not what happened when a private equity firm recently bought a California grocery store chain. The FT’s Wall Street editor Sujeet Indap explains how the deal went off the rails, and how the supermarket’s owners might end up paying millions of dollars to sell their company. Clip from KCRA - - - - - - - - - - - - - - - - - - - - - - - - - - For further reading:The inequity method of accountingOpposition shadows Cerberus windfall from Albertsons supermarket deal The pool is closed, part 1- - - - - - - - - - - - - - - - - - - - - - - - - - On X, follow Sujeet Indap (@sindap) and Michela Tindera (@mtindera07), or follow Michela on LinkedIn for updates about the show and more.Read a transcript of this episode on FT.com Hosted on Acast. See acast.com/privacy for more information.

A few years ago, four men went on a hunting trip to Wyoming. That trip would end up changing their lives — and possibly, the future of the public’s access to millions of acres of land in America's western states. The FT’s Oliver Roeder expands on the saga that’s played out since 2021 inside courtrooms and within thousands of pages of legal documents.  Clips from KGWN, Ludlow Music and The Richmond Organisation- - - - - - - - - - - - - - - - - - - - - - - - - - For further reading:Battle for the American WestSeven states, 3,000 miles: a trip across the US energy divideWyoming’s Carbon Valley aims to turn ‘coal into gold’- - - - - - - - - - - - - - - - - - - - - - - - - - On X, follow Oliver Roeder (@ollie) and Michela Tindera (@mtindera07), or follow Michela on LinkedIn for updates about the show and more.Read a transcript of this episode on FT.com Hosted on Acast. See acast.com/privacy for more information.

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

WeightWatchers is struggling. Launched in the early 1960s, the brand grew by helping members shed pounds through behavioural change programmes. Then, GLP-1 anti-obesity drugs hit the market, long-time spokesperson and board member Oprah Winfrey announced her departure, and the company’s credit rating was downgraded. FT reporter Anna Mutoh examines whether WeightWatchers’ latest strategy can produce the turnaround investors are hoping for.  Clip from Lionsgate Television- - - - - - - - - - - - - - - - - - - - - - - - - - For further reading:WeightWatchers faces an era when weight loss comes in a syringeBehold the Ozempic effect on business The race to develop the next generation of weight-loss drugs- - - - - - - - - - - - - - - - - - - - - - - - - - On X, follow Anna Mutoh (@anna_mutoh) and Michela Tindera (@mtindera07), or follow Michela on LinkedIn for updates about the show and more. Read a transcript of this episode on FT.com Hosted on Acast. See acast.com/privacy for more information.

The US and China’s battle for dominance in the semiconductor industry is having some surprising knock-on effects: Companies are looking to insulate their supply chains from rising geopolitical tensions. And many from around the world are setting their sights on Malaysia to set up or expand their chip factories. FT correspondent Mercedes Ruehl explains how the country earned a prized spot in the supply chain, and what it needs to do to keep hold of it. - - - - - - - - - - - - - - - - - - - - - - - - - - For further reading:Malaysia: the surprise winner from US-China chip warsVietnam dangles semiconductor incentives to draw foreign companiesAI boom broadens out across Wall StreetPlus, sign up for the FT’s Alphaville pub quiz on April 9 in New York. - - - - - - - - - - - - - - - - - - - - - - - - - - On X, follow Mercedes Ruehl (@mjruehl) and Michela Tindera (@mtindera07), or follow Michela on LinkedIn for updates about the show and more.Read a transcript of this episode on FT.com Hosted on Acast. See acast.com/privacy for more information.

The past several years in the US Treasury market have not been what you’d call smooth sailing. Three crises in a decade recently pushed regulators to introduce important changes to the world’s largest and most liquid market. The Securities and Exchange Commission passed the most significant reform a few months ago. The FT’s capital markets correspondent Kate Duguid examines that change — plus the potential pitfalls and promise that come with it. Clips from CNBC, Bloomberg- - - - - - - - - - - - - - - - - - - - - - - - - - For further reading:The radical changes coming to the world’s biggest bond marketHas Gensler’s SEC pushed Wall Street too far?SEC tussles with shadow trades in the US Treasury marketRansomware attack on ICBC disrupts trades in US Treasury market- - - - - - - - - - - - - - - - - - - - - - - - - - On X, follow Kate Duguid (@kateduguid) and Michela Tindera (@mtindera07), or follow Michela on LinkedIn for updates about the show and more. Read a transcript of this episode on FT.com Hosted on Acast. See acast.com/privacy for more information.

More questions — more answers! We’ve partnered with the FT’s Unhedged podcast for a special two-part episode, fielding questions you have submitted about markets and finance. The host of Unhedged, Ethan Wu, plus the FT’s US financial commentator Rob Armstrong and markets editor Katie Martin join Michela to traverse topics ranging from the longevity of the Magnificent Seven stocks to Japan’s economic outlook. To listen to the other part of the episode, visit the Unhedged podcast feed.Clips from The Magnificent Seven, The Mirisch Company/United Artists, music by Elmer Bernstein - - - - - - - - - - - - - - - - - - - - - - - - - - For further reading:The Magnificent 7 value tradeJapan’s market rally lacks solid backingHow fatalistic should we be on AI?- - - - - - - - - - - - - - - - - - - - - - - - - - On X, follow Ethan Wu (@EthanYWu), Robert Armstrong (@rbrtrmstrng), Katie Martin (@katie_martin_fx) and Michela Tindera (@mtindera07), or follow Michela on LinkedIn for updates about the show and more. Read a transcript of this episode on FT.com Hosted on Acast. See acast.com/privacy for more information.

Penny stocks are having a moment. In recent months, little-known companies with names such as Bit Brother and Phunware have been among the most traded stocks in America’s public markets, surpassing companies like Tesla and popular exchange traded funds. The FT’s US markets editor Jennifer Hughes explores why this is happening, and whether retail investors should think twice before diving in. Clip from Paramount MoviesPlus, a note on next week’s show: Look for Behind the Money in your feed a day early, on Tuesday, March 19. We’re doing a special 2-part episode with the Unhedged podcast. One part will be in Unhedged’s feed and the other part will be right here, in Behind the Money’s feed. We’ll be back to our regular Wednesday schedule the following week. - - - - - - - - - - - - - - - - - - - - - - - - - - For further reading:The tiny Chinese tea seller whose shares trade more than Tesla’sStock markets undergo ‘risk reset’ as indices notch new recordsRetail investors are in no rush to join the latest stock market rally- - - - - - - - - - - - - - - - - - - - - - - - - - On X, follow Jennifer Hughes (@jennhughes13) and Michela Tindera (@mtindera07), or follow Michela on LinkedIn for updates about the show and more.Read a transcript of this episode on FT.com Hosted on Acast. See acast.com/privacy for more information.

It’s been a year since Silicon Valley Bank’s collapse left everyone worried that the US’s banking sector sat on shaky ground. Despite that turmoil, one bank stands out: JPMorgan Chase. The largest bank in the country, JPMorgan took home record profits in 2023, and its dominance looks set to continue. The FT’s US banking editor Joshua Franklin walks through the reasons why JPMorgan flew past its competitors, and what threat its size could pose to smaller banks.Clips from AP, CNBC, KTVU, KPIXPlus, do you have a question about markets, finance or economics? Get in touch with Michela, and we may use it in an upcoming joint show with Unhedged.Email Michela at [email protected], or message her on X at @mtindera07.- - - - - - - - - - - - - - - - - - - - - - - - - - For further reading:JPMorgan takes almost a fifth of total US bank profitsUS regional banks hope for profit revival as pain from SVB fallout easesJPMorgan: the bank that never lets a crisis go to waste- - - - - - - - - - - - - - - - - - - - - - - - - - On X, follow Joshua Franklin (@FTJFranklin) and Michela Tindera (@mtindera07), or follow Michela on LinkedIn for updates about the show and more. Read a transcript of this episode on FT.com Hosted on Acast. See acast.com/privacy for more information.

OpenAI is one of the fastest-growing companies ever, thanks to its artificial intelligence chatbot, ChatGPT. But costs to train and run the models that underpin that technology are steep. And chief executive Sam Altman has said he has even bigger aims. The FT’s Madhumita Murgia and George Hammond examine whether the start-up’s existing business model can achieve its long-term goals. Plus, do you have a question about markets, finance or economics? Get in touch with Michela, and we may use it in an upcoming joint show with Unhedged. Email Michela at [email protected], or message her on X at @mtindera07.- - - - - - - - - - - - - - - - - - - - - - - - - - For further reading:Can OpenAI create superintelligence before it runs out of cash?OpenAI on track to hit $2bn revenue milestone as growth rocketsOpenAI’s Sam Altman in talks with Middle East backers over chip venture- - - - - - - - - - - - - - - - - - - - - - - - - - On X, follow Madhumita Murgia (@madhumita29), George Hammond (@GeorgeNHammond) and Michela Tindera (@mtindera07), or follow Michela on LinkedIn for updates about the show and more. Read a transcript of this episode on FT.com Hosted on Acast. See acast.com/privacy for more information.

Billionaire financiers such as Ken Griffin pioneered what’s known as the multi-manager model for hedge funds, where big spending begets big returns. In 2022, Griffin’s Citadel became the best-performing hedge fund of all time. But now, cracks in the sector are beginning to form. The FT’s Harriet Agnew and Ortenca Aliaj examine what a downturn could mean for investors and the broader financial sector. Plus, do you have a question about markets, finance or economics? Get in touch with Michela, and we may use it in an upcoming joint show with Unhedged. Email Michela at [email protected], or message her on X at @mtindera07.- - - - - - - - - - - - - - - - - - - - - - - - - - For further reading:Are hedge fund pioneers facing the end of a golden era? Bobby Jain’s hedge fund launch falls short of $8bn-$10bn targetHow Ken Griffin rebuilt Citadel’s ramparts - - - - - - - - - - - - - - - - - - - - - - - - - - On X, follow Harriet Agnew (@HarrietAgnew), Ortenca Aliaj (@OrtencaAl) and Michela Tindera (@mtindera07), or follow Michela on LinkedIn for updates about the show and more. Read a transcript of this episode on FT.com Hosted on Acast. See acast.com/privacy for more information.

A Delaware court recently struck down Elon Musk’s $56 billion Tesla pay package. Soon after, Musk took to his social network X and offered some advice: “Never incorporate your company in the state of Delaware.” But will anyone take it? The FT’s Wall Street editor Sujeet Indap explains how Delaware became the favourite place for big companies to incorporate and why that’s unlikely to change. Clips from BBC, WFAA- - - - - - - - - - - - - - - - - - - - - - - - - - For further reading:Can Elon Musk derail Delaware?Texas is throwing down a legal challenge to DelawareDelaware versus Elon Musk- - - - - - - - - - - - - - - - - - - - - - - - - - On X, follow Sujeet Indap (@sindap) and Michela Tindera (@mtindera07), or follow Michela on LinkedIn for updates about the show and more. Read a transcript of this episode on FT.com Hosted on Acast. See acast.com/privacy for more information.

Baidu made it big as China’s go-to search engine. But in the past decade the tech giant has struggled, while competitors such as Alibaba and Tencent have soared ahead. The FT’s China tech correspondent Ryan McMorrow looks at chief executive Robin Li’s latest venture, in artificial intelligence, and whether this will be enough to turn the company around.  - - - - - - - - - - - - - - - - - - - - - - - - - - For further reading:Baidu’s bet on AI could make or break China’s fallen tech groupTightened US rules throttle Alibaba and Baidu’s AI chip developmentBaidu shares fall after Ernie AI chatbot demo disappoints- - - - - - - - - - - - - - - - - - - - - - - - - - On X, follow Ryan McMorrow (@rwmcmorrow) and Michela Tindera (@mtindera07), or follow Michela on LinkedIn for updates about the show and more. Read a transcript of this episode on FT.com Hosted on Acast. See acast.com/privacy for more information.

The nuclear power industry is receiving a lot of attention recently thanks in part to new technological advancements. That’s excited venture capital groups and private investors, such as Bill Gates and OpenAI’s Sam Altman. But the industry is also known for its boom-and-bust cycles. The FT’s US energy editor Jamie Smyth explains there are many challenges that lie ahead for an industry, which has long been plagued by controversy.   - - - - - - - - - - - - - - - - - - - - - - - - - - For further reading:The US plan to break Russia’s grip on nuclear fuelUS nuclear start-ups battle funding challenge in race to curb emissionsNuclear fission start-up backed by Sam Altman to go public- - - - - - - - - - - - - - - - - - - - - - - - - - On X, follow Jamie Smyth (@JamieSmythF) and Michela Tindera (@mtindera07), or follow Michela on LinkedIn for updates about the show and more.Read a transcript of this episode on FT.com Hosted on Acast. See acast.com/privacy for more information.

If you have questions about this year's US presidential election, we have answers.Swamp Notes is a new podcast from the FT News Briefing. Listen every Saturday morning as our journalists analyse and discuss the latest happenings in US politics. We’ll go beyond the horse race for the White House and offer a global perspective on the election.  You can subscribe to Swamp Notes here or wherever you get your podcasts. Hosted on Acast. See acast.com/privacy for more information.

BlackRock chief executive Larry Fink has been on the hunt for the money manager’s next “transformational” deal. Earlier this month, Fink revealed that he had finally found it with the acquisition of a private capital firm, Global Infrastructure Partners. The FT’s US financial editor Brooke Masters and US private capital correspondent Antoine Gara explain why BlackRock wanted GIP, and how this deal sets the agenda for Wall Street this year. Clips from CNBC - - - - - - - - - - - - - - - - - - - - - - - - - - For further reading:How the $12.5bn BlackRock-GIP deal is set to shake up investment managementHow Adebayo Ogunlesi’s contrarian bet led to $12.5bn BlackRock tie-up Infrastructure funds draw billions of dollars as energy and supply chains shift- - - - - - - - - - - - - - - - - - - - - - - - - - On X, follow Antoine Gara (@AntoineGara), Brooke Masters (@brookeamasters) and Michela Tindera (@mtindera07), or follow Michela on LinkedIn for updates about the show and more.Read a transcript of this episode on FT.com Hosted on Acast. See acast.com/privacy for more information.

In Silicon Valley, the promise of a massive payday for a start-up’s early employees and investors has hinged on those companies eventually going public or being sold off. But with the slowdown in initial public offerings and acquisitions, a different marketplace is set to heat up this year. It is called the venture secondary market, and it’s where both investors and early employees can trade their stakes in privately-held companies. The FT’s venture capital correspondent George Hammond explains the potential pitfalls of this opaque marketplace and why investors will be rushing to it in 2024.     - - - - - - - - - - - - - - - - - - - - - - - - - - For further reading:Investors raise billions to buy discounted stakes in start-upsCarta customers say platform tried to trade their shares without consentCarta shuts trading platform after data privacy breach allegationsStaying private: the booming market for shares in the hottest start-ups- - - - - - - - - - - - - - - - - - - - - - - - - - On X, follow George Hammond (@GeorgeNHammond) and Michela Tindera (@mtindera07), or follow Michela on LinkedIn for updates about the show and more.Read a transcript of this episode on FT.com Hosted on Acast. See acast.com/privacy for more information.

Introducing Untold, a new podcast from the special investigations team at the Financial Times. In its first series, The Retreat, host Madison Marriage examines the world of the Goenka network, which promotes a type of intensive meditation known as Vipassana. Thousands of people go on Goenka retreats every year. People rave about them. But some people go to these meditation retreats, and they suffer. They might feel a deep sense of terror, or a break with reality. And on the other side, they’re not themselves anymore. Untold: The Retreat launches Jan. 24.Subscribe and listen on: Apple Podcasts, Spotify or wherever you get your podcasts. Hosted on Acast. See acast.com/privacy for more information.

The runaway success of diabetes and weight-loss drugs Ozempic and Wegovy have turned their maker, Novo Nordisk, into a juggernaut. Last year the Danish drugmaker claimed the title of Europe’s most valuable company. But the development of these drugs was a long, uphill battle.The FT’s global pharmaceutical editor Hannah Kuchler explains how the company’s unique ownership structure played a critical role in the company’s achievements and looks at the challenges ahead.  Clips from CNBC, CBS, Reuters- - - - - - - - - - - - - - - - - - - - - - - - - - Subscribe and listen to Untold: The Retreat on Apple Podcasts, Spotify or wherever you get your podcasts.- - - - - - - - - - - - - - - - - - - - - - - - - - For further reading:FT Person of the Year: Lars Fruergaard Jørgensen of Novo NordiskHow anti-obesity drugs built the world’s largest charitable foundationObesity drugs: broadly good for investors, with some stricturesCovid-19 vaccine winners suffer reversal of fortune- - - - - - - - - - - - - - - - - - - - - - - - - - On X, follow Hannah Kuchler (@hannahkuchler) and Michela Tindera (@mtindera07), or follow Michela on LinkedIn for updates about the show and more. Read a transcript of this episode on FT.com Hosted on Acast. See acast.com/privacy for more information.

You asked us questions, we’ve got your answers. FT columnists and editors such as Martin Wolf and Robert Armstrong respond to listener questions about everything from finance to markets to the economy.- - - - - - - - - - - - - - - - - - - - - - - - - - For further reading:Five questions for 2024The region at the heart of Germany’s economic stagnationFT writers’ predictions for the world in 2024Overheard in the newsroom: what does the next year hold?- - - - - - - - - - - - - - - - - - - - - - - - - - On X, follow Martin Wolf (@martinwolf), Rob Armstrong (@rbrtrmstrng), Robin Wigglesworth (@RobinWigg), Colby Smith (@colbyLsmith) and Guy Chazan (@GuyChazan) Want to see Behind the Money cover a certain topic? Send your thoughts to Michela Tindera on X (@mtindera07), LinkedIn or via email: [email protected]. Read a transcript of this episode on FT.com Hosted on Acast. See acast.com/privacy for more information.

Who runs the world? Political scientist Ian Bremmer argues it’s not as simple as it used to be. With some eye-opening questions about the nature of influence, he asks us to consider the impact of the evolving global order — and our choices as participants in the future of democracy.This is an episode from TED Talks Daily. Every weekday, TED Talks Daily goes beyond the headlines and explores a new idea shaping the future in 20 minutes or less. Join host and journalist Elise Hu and hear thought-provoking TED talks on every subject imaginable – from AI to zoology. You can find TED Talks Daily wherever you listen to podcasts. Hosted on Acast. See acast.com/privacy for more information.

Every year, the Financial Times selects the most outstanding business book of the year. For 2023, the top pick is a book about failure. The FT’s senior business writer Andrew Hill sits down with the winner, Amy Edmondson, the author of Right Kind of Wrong and “the world’s most influential organisational psychologist”. Edmondson’s book explores the value in failure, what we can learn from it and what’s wrong with Silicon Valley’s “fail fast, fail often” mantra.- - - - - - - - - - - - - - - - - - - - - - - - - - For further reading and listening:Working It podcast: What was the best business book of 2023?Psychological safety: the art of encouraging teams to be openFT and Schroders Business Book of the Year 2023- - - - - - - - - - - - - - - - - - - - - - - - - - On X, follow Andrew Hill (@andrewtghill) and Michela Tindera (@mtindera07), or follow Michela on LinkedIn for updates about the show and more.Read a transcript of this episode on FT.com Hosted on Acast. See acast.com/privacy for more information.

For years, Riad Salameh was praised for his revolutionary financial policies as head of Lebanon’s central bank. But suddenly, the country plunged into an economic crisis. And Salameh left the central bank with a disgraced reputation and, investigators believe, a massive personal fortune. So what happened? The FT’s Middle East correspondent Raya Jalabi walks us through the storm of allegations Salameh faces, and the decisions he made that economists think sparked the entire crisis.Clips from Associated Press, CNN, TRT World, DW News, Al Jazeera English, France 24, Asharq News, Annahar News- - - - - - - - - - - - - - - - - - - - - - - - - - For further reading:‘The magician’: Riad Salameh and the plundering of Lebanon‘It’s cool to have money again’: wealthy Lebanese party out the crisisLong-awaited auditor report slams governance at Lebanon central bankLebanon’s ex-central bank chief hit with international sanctions for alleged graft- - - - - - - - - - - - - - - - - - - - - - - - - - On X, follow Raya Jalabi (@rayajalabi) and Saffeya Ahmed (@saffeya_ahmed)Read a transcript of this episode on FT.com Hosted on Acast. See acast.com/privacy for more information.

The UN climate conference COP28 is in full swing, and officials from around the world are discussing ways to combat climate change. The agenda includes questions around how to regulate a market that could soon take off — carbon credits. Right now, these credits serve as a way for private buyers, such as companies and individuals, to offset their emissions. But countries may be able to start using these too. FT climate reporter Kenza Bryan explains the risks that could come with this market expanding.  Clips from CNBC, The National - - - - - - - - - - - - - - - - - - - - - - - - - - For further reading:The looming land grab in Africa for carbon creditsThe cheque book COP: UAE’s $200bn bid for climate influenceScandal bares the problems of the Amazon carbon credit marketSpecial report: Decarbonisation - - - - - - - - - - - - - - - - - - - - - - - - - - On X, follow Kenza Bryan (@KenzaBryan) and Michela Tindera (@mtindera07), or follow Michela on LinkedIn for updates about the show and more. Read a transcript of this episode on FT.com Hosted on Acast. See acast.com/privacy for more information.

In 2007, when Dan Och took his hedge fund public, he was making a bet that his company would stand the test of time. More than 15 years, a bribery scandal, and a feud with his protégé later, things have not worked out as planned. The FT’s Ortenca Aliaj and Sujeet Indap go inside the saga that lost shareholders more than $10bn. - - - - - - - - - - - - - - - - - - - - - - - - - - For further reading:Sculptor Capital: grey areas cause grey hairs in messy bidding warFight over Sculptor hedge fund sale entwined in Daniel Och’s tax affairsSale of Sculptor Capital on cusp of approval after hedge fund brawl- - - - - - - - - - - - - - - - - - - - - - - - - - On X, follow Ortenca Aliaj (@OrtencaAl), Sujeet Indap (@sindap) and Michela Tindera (@mtindera07), or follow Michela on LinkedIn for updates about the show and more.Read a transcript of this episode on FT.com Hosted on Acast. See acast.com/privacy for more information.

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

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

In its early days Citigroup styled itself as a “financial supermarket”, a one-stop shop for all kinds of banking services around the world. But that plan has backfired in recent years. Stepping up to the challenge of repairing the bank is chief executive Jane Fraser, who announced her restructuring plan in September. The FT’s US banking correspondent Stephen Gandel and US banking editor Joshua Franklin discuss whether Fraser can turn the bank around, and if not, what happens to Citi. - - - - - - - - - - - - - - - - - - - - - - - - - - For further reading:‘Get off the train’: Citi’s Jane Fraser sends tough message on big overhaulJane Fraser: the woman trying to turn Citi around Citi: Fraser the Razor needs sharper edge in her battle with The Blob - - - - - - - - - - - - - - - - - - - - - - - - - - On X, follow Stephen Gandel, (@stephengandel), Joshua Franklin (@FTJFranklin) and Michela Tindera (@mtindera07), or follow Michela on LinkedIn for updates about the show and more.Read a transcript of this episode on FT.com Hosted on Acast. See acast.com/privacy for more information.

 In a new series of Tech Tonic, FT journalists Madhumita Murgia and John Thornhill look at the concerns around the rise of artificial intelligence. Will superintelligent AI bring existential risk, or a new renaissance? Would it be ethical to build conscious AI? How intelligent are these machines anyway? The new season of Tech Tonic from the Financial Times, drops mid-November.Presented by Madhumita Murgia and John Thornhill. Senior producer is Edwin Lane and producer Josh Gabert-Doyon. Executive produced by Manuela Saragosa. Sound design by Breen Turner and Samantha Giovinco. Original music by Metaphor Music. The FT’s head of audio is Cheryl Brumley. Hosted on Acast. See acast.com/privacy for more information.