Behind the Money

In the US, nearly half a million people have gone on strike this year demanding better pay, working conditions and job security. With the FT’s US labour and equality correspondent Taylor Nicole Rogers, we’re zooming in on the strategies that three major labour movements have used in recent months to try and secure new contracts, and whether their efforts could signal a new era of power for unions in America. Clips from Associated Press- - - - - - - - - - - - - - - - - - - - - - - - - - For further reading:US carworkers suspend strike after reaching tentative deal with GMHow ‘true believer’ Shawn Fain reignited pro-union fervour in DetroitHollywood strikes take $5bn bite out of California economyTeamsters boss vows tougher line in US labour talks- - - - - - - - - - - - - - - - - - - - - - - - - - On X, follow Taylor Nicole Rogers (@TaylorNRogers) and Michela Tindera (@mtindera07), or follow Michela on LinkedIn for updates about the show and more.Read a transcript of this episode on FT.com Hosted on Acast. See acast.com/privacy for more information.

In October two US oil and gas giants announced massive deals: Chevron bought Hess, and ExxonMobil acquired Pioneer Natural Resources. These deals expand each company’s operations and secure their access to more oil for decades to come. But recent forecasts say global demand for fossil fuels will soon reach its peak. The FT’s Myles McCormick looks at why these companies are betting oil demand will stick around and whether that bet will pay off. Clips from Yahoo Finance, Reuters, CNBC, Bloomberg - - - - - - - - - - - - - - - - - - - - - - - - - - For further reading:Oil megadeals usher in an age of energy uncertaintyDealmakers see Chevron-Hess tie-up as the start of oil ‘arms race’The race to be last man standing in Big Oil ‘Jewel in the crown’: Chevron follows Exxon to Guyana’s oil riches- - - - - - - - - - - - - - - - - - - - - - - - - - On X, follow Myles McCormick (@mylesmccormick_) and Michela Tindera (@mtindera07), or follow Michela on LinkedIn for updates about the show and more. Read a transcript of this episode on FT.com Hosted on Acast. See acast.com/privacy for more information.

In the 1990s, Microsoft was seen as a tech industry bully. Once viewed as combative and ruthless in the eyes of regulators, the company underwent an image makeover in the decades since. Now, the FT’s Richard Waters explains how Microsoft’s transformation pushed their $75bn acquisition of video game publisher Activision Blizzard over the line earlier this month. Clips from Activision Blizzard- - - - - - - - - - - - - - - - - - - - - - - - - - For further reading:How Brad Smith used Microsoft’s $1bn law and lobbying machine to win Activision battleThe newfound influence of the UK’s competition watchdogUS v Microsoft: who really won? - - - - - - - - - - - - - - - - - - - - - - - - - - On X, follow Richard Waters (@RichardWaters) and Michela Tindera (@mtindera07), or follow Michela on LinkedIn for updates about the show and more. Read a transcript of this episode on FT.com Hosted on Acast. See acast.com/privacy for more information.

It has been more than two years since GameStop’s stock caught fire on social media, at one point rising 135% in one day. The new film Dumb Money chronicles how the GameStop saga played out. The FT’s Ethan Wu sits down with the movie’s writers, Rebecca Angelo and Lauren Schuker Blum, to get a behind-the-scenes look at everything that went into the film. - - - - - - - - - - - - - - - - - - - - - - - - - - For further reading:Well, actually: Our ‘Dumb Money’ movie reviewDumb Money film review —GameStop short-selling comedy hedges its betsGameStop: from YouTube to Wall Street to Hollywood in Dumb Money- - - - - - - - - - - - - - - - - - - - - - - - - - On Twitter, follow Ethan Wu (@ethanywu) & listen to Unhedged here! Read a transcript of this episode on FT.com Hosted on Acast. See acast.com/privacy for more information.

This week, we have a bonus episode for you, live from the FT Due Diligence Forum in London. FT chief features writer Henry Mance sits down with author Michael Lewis to discuss his new book, Going Infinite: The Rise and Fall of a New Tycoon, an all-access account of Sam Bankman-Fried before his crypto exchange FTX collapsed. This conversation was recorded on October 11 2023. - - - - - - - - - - - - - - - - - - - - - - - - - - For further reading:What Michael Lewis got wrong about FTXMichael Lewis on how Sam Bankman-Fried and FTX fell — book reviewHow to beat Sam Bankman-Fried at trading when you’ve already lostThe SBF trial is a reminder that crypto is a rotten businessMany people longed to believe in Sam Bankman-FriedRead a transcript of this episode on FT.com Hosted on Acast. See acast.com/privacy for more information.

In its latest fight to curb the power of Big Tech, the US Federal Trade Commission has sued Amazon. The regulator says the e-commerce giant has become such a big monopoly that its practices are hurting consumers and the third-party sellers that rely on its services. The FT’s San Francisco correspondent Camilla Hodgson explains what this case could mean for the company’s future.- - - - - - - - - - - - - - - - - - - - - - - - - - For further reading:Amazon’s most prominent antitrust critic makes her caseWhat Lina Khan’s antitrust case could mean for AmazonAmazon & the FTCAmazon offers concessions over third-party sales to appease UK antitrust watchdog- - - - - - - - - - - - - - - - - - - - - - - - - - On Twitter, follow Camilla Hodgson (@CamillaHodgson) and Topher Forhecz (@ForheczT)Read a transcript of this episode on FT.com Hosted on Acast. See acast.com/privacy for more information.

When Argentina’s president announced plans to nationalise an oil company in 2012, it was presented as a way to grow the country’s wealth. Eleven years on, a court in New York City decided that the country owes some of the oil company shareholders $16bn. The FT’s Joe Miller and Ciara Nugent explain why this has happened. And, we look at what this means for Argentina, as it grapples with skyrocketing inflation and an important presidential election later this month. Clips from CNN, NBC News, Reuters, Televisión Pública - - - - - - - - - - - - - - - - - - - - - - - - - - For further reading:After $16bn judgment, Burford’s next battle will be making Argentina payArgentina radical rightwinger shakes up presidential race with primary winBurford chief executive fears Argentine reprisals Love listening to Behind the Money? Show your support and vote for us! We’re competing for the Signal Listener’s Choice Award. Vote here. - - - - - - - - - - - - - - - - - - - - - - - - - - On X, follow Joe Miller (@JoeMillerJr), Ciara Nugent (@ciaraCnugent) and Michela Tindera (@mtindera07), or follow Michela on LinkedIn for updates about the show and more. Read a transcript of this episode on FT.com Hosted on Acast. See acast.com/privacy for more information.

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