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

Clips from Bloomberg, CNBC

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For further reading:

A messy loan restructuring highlights risk lurking in private credit

Private credit is even larger than you think

A buyout gone wrong creates fireworks in the private credit market

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

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

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

Read a transcript of this episode on FT.com

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

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

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

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For further reading:

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

Beware the Texas advance on Wall Street

Texas group plans stock exchange to compete with NYSE and Nasdaq

For further listening: 

Why Elon Musk is breaking up with Delaware

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

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

Read a transcript of this episode on FT.com

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

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

Clips from Bloomberg, CNBC

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For further reading:

The US pushback against ‘Basel Endgame’

The bank argument on the Basel III endgame is bunk

EU to delay Basel bank trading reforms as US revisits plans

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

Read a transcript of this episode on FT.com

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

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

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For further reading:

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

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

The downturn in the dollar is not just about rates

Emerging market governments raise $40bn in January borrowing binge

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

Read a transcript of this episode on FT.com

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

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

Clips from Reuters, MSNBC, Yahoo Finance

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

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For further reading:

Slimming down Big Tech

Is Big Tech flabby?

Bye-bye massages and free food: Big Tech cuts back perks

The shock of mass lay-offs is only the beginning for companies

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

Read a transcript of this episode on FT.com

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

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

Clips from CNN, BBC

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

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For further reading:

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

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

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

I spent 10 days in a secret Chinese Covid detention centre

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

Read a transcript of this episode on FT.com

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

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

Clips from CBS, ABC News, NBC, CNBC

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

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For further reading:

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

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

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

Musk/multitasking: the cost of being thinly stretched

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

Read a transcript of this episode on FT.com

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

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

Clips from Associated Press

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For further reading:

Indonesia’s unexpected success story

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

Bauxite: holding resources hostage will impede Indonesia’s growth

Indonesia’s growth outlook dims as Jokowi begins final term

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

Read a transcript of this episode on FT.com

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

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

Clips from: NBC, CNBC, CBS News

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

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

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Further reading:

Business trends, risks and people to watch in 2023

FT writers’ predictions for the world in 2023

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

Read a transcript of this episode on FT.com

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

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

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

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For further reading:

How to think about policy in a polycrisis

Delay only makes climate action more urgent

Xi Jinping’s third term is a tragic error

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

Read a transcript of this episode on FT.com

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

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

Clips from CNBC, DW News, Reuters 

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For further reading:

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

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

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

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

Read a transcript of this episode on FT.com

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

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

Clips from Looney Tunes: ⓒ Warner Bros. 

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For further reading:

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

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

Venture capital’s delayed rendezvous with reality

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

Read a transcript of this episode on FT.com

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

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

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

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For further reading:

The ethical case for watching this possibly unethical World Cup

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

How the unlikeliest World Cup ever came to be

Qatar 2022: the weirdest World Cup in history

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

Read a transcript of this episode on FT.com

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

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

Clips from Reuters, Bloomberg, Yahoo Finance

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For further reading:

Shein switches focus to London after New York IPO stalls

Shein’s London IPO flirtation

Shein profits double to over $2bn ahead of planned listing

Fund managers give cool reception to prospect of Shein London IPO

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

Read a transcript of this episode on FT.com

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

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

Clips from CBS, ABC

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For further reading:

How Sam Bankman-Fried seduced blue-chip investors

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

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

Hedge fund admits half its capital stuck on FTX exchange

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

Read a transcript of this episode on FT.com

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

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

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

Follow Tech Tonic to hear the full season here.

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

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

Clips from CNN, PBS

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For further reading:

How Russia secretly takes grain from occupied Ukraine

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

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

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

Read a transcript of this episode on FT.com

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

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

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For further reading:

Glitz and Gladwell: the infighting over prized JPMorgan wealth clients

Baseball star Alex Rodriguez at centre of JPMorgan client poaching row

Asset Management: Growth investors adapt to new paradigm

Take our FT Podcast Listener Survey here. 

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

Read a transcript of this episode on FT.com

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

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

Clips from Fox News, CNBC

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For further reading:

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

BlackRock: ESG tightrope is hard to navigate

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

Greenwashing faces fresh curbs in UK regulator’s crackdown

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

Read a transcript of this episode on FT.com

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

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

Clip from the South China Morning Post 

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For further reading:

Xi Jinping’s last chance to revive the Chinese economy

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

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

China delays key GDP data in middle of Communist party congress 

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

Read a transcript of this episode on FT.com

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

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

Clips from Nikola

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For further reading:

Nikola founder Trevor Milton accused of misleading investors at fraud trial

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

US justice department inquires into Nikola fraud claims

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

Read a transcript of this episode on FT.com

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

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

Clip from Chevrolet 

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For further reading:

How Wall Street stormed the music business

Blackstone-backed song rights machine suffers growing pains

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

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

Read a transcript of this episode on FT.com

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

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

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For further reading:

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

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

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

Read a transcript of this episode on FT.com

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

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

Clips from NBC, CBS

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For further reading:

US trade unions: Inside the revival brewing at Starbucks

Joe Biden secures deal to avert US rail strike 

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

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

Read a transcript of this episode on FT.com

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

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

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

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For further reading:

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

Private equity gears up for potential National Football League investments

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

Mark Cuban’s Mavericks bet

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

Read a transcript of this episode on FT.com

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

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

Clips from UBC Television Uganda

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For further reading:

The oil giants drilling among the giraffes in Uganda

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

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

Read a transcript of this episode on FT.com

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

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

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

Follow Tech Tonic to hear the full season here.

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

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

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For further reading:

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

FT News Briefing

Read a transcript of this episode on FT.com

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

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

Clips from CBS 

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For further reading:

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

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

Goldman raises profitability target in effort to bridge valuation gap 

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

Read a transcript of this episode on FT.com

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

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

Clips from CBS, BBC 

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For further reading:

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

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

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

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

Read a transcript of this episode on FT.com

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

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

Clips from ABC, CNBC, CBS

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For further reading:

Did QE cause inflation?

The mystery of how quantitative tightening will affect markets

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

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

Read a transcript of this episode on FT.com

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

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

Clips from Looney Tunes: ⓒ Warner Bros. 

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For further reading:

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

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

Venture capital’s delayed rendezvous with reality

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

Read a transcript of this episode on FT.com

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

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

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

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For further reading:

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

How retail investors can navigate the rough terrain of US equities

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

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

Read a transcript of this episode on FT.com

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

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

Clips courtesy of Voice of America

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For further reading:

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

What Sri Lanka reveals about the risks in emerging markets

China reckons with its first overseas debt crisis

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

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

Read a transcript of this episode on FT.com

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

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

Clip courtesy of Bloomberg

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For further reading:

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

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

The war on ‘woke capitalism’ 

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

Read a transcript of this episode on FT.com

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

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

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For further reading:

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

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

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

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

Read a transcript of this episode on FT.com

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

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

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

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For further reading:

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

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

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On Twitter, follow Camilla Hodgson (@CamillaHodgson)

Read a transcript of this episode on FT.com

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

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

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

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For further reading: 

Spac boom dies as wary investors retreat

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On Twitter, follow Ortenca Aliaj (@OrtencaAl)

Read a transcript of this episode on FT.com

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

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

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

Clips courtesy of Unilever, Al Jazeera, AP

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For further reading:

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

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

CVC pushes back IPO plans amid market turmoil

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

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

Read a transcript of this episode on FT.com

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

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

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

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

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

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

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For further reading:

Fed smash! 

How fast is the US economy slowing? 

Bear market to the rescue

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

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

On Twitter, follow Robert Armstrong (@rbrtrmstrng)

Read a transcript of this episode on FT.com

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

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

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

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

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

Clip courtesy of NBC News 

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For further reading:

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

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

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

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

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

Read a transcript of this episode on FT.com

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

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

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

For further reading:

German police raid DWS and Deutsche Bank over greenwashing allegations

DWS chief resigns after police raid over greenwashing claims

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

Aggregate ESG confusion

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

Read a transcript of this episode on FT.com

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

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

Clips courtesy CSPAN

For further reading: 

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

Tether: the former plastic surgeon behind the crypto reserve currency

The week that shook crypto

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

Read a transcript of this episode on FT.com

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

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

For further reading: 

Crypto scares everyone

The week that shook crypto

Investors pull $7bn from Tether as stablecoin jitters intensify

Follow Ethan Wu on Twitter @EthanYWu 

Read a transcript of this episode on FT.com

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

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

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

Clips from CNN, NBC News 

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For further reading:

Why don’t auditors find fraud?

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

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

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

Read a transcript of this episode on FT.com

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

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

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

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

The ESG investing industry is dangerous

Team ESG fights back

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

The need to elevate developing countries at COP26

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

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

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

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

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

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

We would love to hear from you - email us at workingit@ft.com. You can also follow @isabelberwick on Twitter and Instagram or reach out via email: isabel.berwick@ft.com. Thanks. 

Mentioned in the podcast and other interesting reading:

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

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

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