Behind the Money

For years, corporate whistleblowers in the UK have found themselves in an unenviable predicament. They’re encouraged to report wrongdoing, but at the same time they often feel like they’ve risked everything: their careers and livelihoods in exchange for little. In this special two-part series, we explore why critics think this system is failing whistleblowers and what the UK can do to change things.In part one: We hear from two whistleblowers who share why they blew the whistle and what went wrong after. Plus, the FT’s financial regulation editor Martin Arnold and Mary Inman, the attorney who represented well-known whistleblowers such as Frances Haugen of Meta and Tyler Shultz of Theranos, discuss the systemic issues whistleblowers have faced in the UK.   Part two airs next Monday, December 15.The FT does not use generative AI to voice its podcasts.- - - - - - - - - - - - - - - - - - - - - - - - - - For further reading:Should corporate whistleblowers get paid?Whistleblowers could earn millions as HMRC targets tax fraudCorporate whistleblowing in the UK needs a shake-upAsset management: inside the scandal that rocked GAM - - - - - - - - - - - - - - - - - - - - - - - - - - Behind the Money host Michela Tindera is on X (@mtindera07) and Bluesky (@mtindera.ft.com), or follow her on LinkedIn for updates about the show and more.Read a transcript of this episode on FT.com Hosted on Acast. See acast.com/privacy for more information.

For years, corporate whistleblowers in the UK have found themselves in an unenviable predicament. They’re encouraged to report wrongdoing, but at the same time they often feel like they’ve risked their livelihoods in exchange for very little in the end. The fallout from whistleblowing can cost them their careers or worse. Starting next Monday, Behind the Money is launching a two-part special series on what, if anything, the UK can do to change this. Listen every Monday on Behind the Money.  Hosted on Acast. See acast.com/privacy for more information.

This week we’re sharing an episode from Business History, a podcast from Pushkin Industries. Former Planet Money hosts Jacob Goldstein and Robert Smith explore what the businesses of the past can teach us about commerce today. In this episode, Goldstein and Smith look at how Southwest Airlines developed a winning formula that forced its competitors to change how they did business — but then the Southwest model fell apart.Find Business History on YouTube or wherever you get your podcasts. Hosted on Acast. See acast.com/privacy for more information.

When international private equity groups first entered Japan at the turn of the 21st century, newspapers criticised them as vulture funds and politicians steered clear of public contact. Today, it’s a different story. Dozens of buyout groups have set up in the country and the establishment is courting them. The FT’s Tokyo correspondent David Keohane and Tokyo bureau chief Leo Lewis explain why there’s been a shift, and how private equity’s presence may rejuvenate Japanese corporates. Clips from Toho. The FT does not use generative AI to voice its podcasts.- - - - - - - - - - - - - - - - - - - - - - - - - - For further reading:Is Japan private equity’s next frontier?Buyout firms play the long game beyond TokyoInvestors sense this time is different for JapanKKR-owned auto parts supplier Marelli files for US bankruptcy protection - - - - - - - - - - - - - - - - - - - - - - - - - - Follow David Keohane (@DavidKeo) and Leo Lewis (@Urbandirt) on X. Michela Tindera is on X (@mtindera07) and Bluesky (@mtindera.ft.com), or follow her on LinkedIn for updates about the show and more. - - - - - - - - - - - - - - - - - - - - - - - - - -  To sign up for free to the new FT Alphaville newsletter on substack, go to ftav.substack.comRead a transcript of this episode on FT.com Hosted on Acast. See acast.com/privacy for more information.

Investors are spending billions of dollars on novel ways to extend human life through inventive treatments, therapies, and even manipulating our genes. And increasingly, it seems as though anti-ageing efforts have moved from the super rich to a mass market consumer industry. In this series, we’re covering the past, present and future of the longevity movement. We’ll be looking at where the fixation on longevity is coming from, and trying to understand the practical and ethical issues at the heart of this cutting-edge field of research. From Silicon Valley fantasies, to Singaporean health spas, to Colombian genetic clinics and beyond, the FT’s Hannah Kuchler and Michael Peel ask whether breakthroughs in science and technology can really help us live longer, and even stop us aging altogether.Free to read: US ‘wellness’ industry scents opportunity to go mainstreamThe quest to make young blood into a drugThis season of Tech Tonic was produced by Josh Gabert-Doyon. The senior producer is Edwin Lane. Flo Phillips is the executive producer. Sound design by Breen Turner and Samantha Giovinco. Fact checking by Simon Greaves, Lucy Baldwin and Tara Cromie. Original music by Metaphor Music. Manuela Saragosa is the FT’s acting co-head of audio.The FT does not use generative AI to voice its podcasts. Hosted on Acast. See acast.com/privacy for more information.

OpenAI is entering a new era. It's restructured to add a for-profit arm to its business and has signed more than a trillion dollars’ worth of deals to secure chips and build out data centres. But those huge financial commitments also raise massive questions: How will a heavily loss-making company fund $1.4tn worth of deals with some of the biggest publicly listed companies in the world? And what systemic risks could that come with? The FT's US west coast financial editor Tabby Kinder and venture capital correspondent George Hammond answer the questions everyone's asking.The FT does not use generative AI to voice its podcasts.Clips from Bg2 Pod, CNBC, Yahoo Finance- - - - - - - - - - - - - - - - - - - - - - - - - - For further reading:How OpenAI put itself at the centre of a $1tn network of dealsWho owns OpenAI? Blockbuster deals complicate investor payoutsOpenAI shunned advisers on $1.5tn of dealsHow high are OpenAI’s compute costs? Possibly a lot higher than we thought- - - - - - - - - - - - - - - - - - - - - - - - - - Attend the FT Global Banking Summit, December 2-4 in London: Enter SAVE20 for a 20% discount, register here.- - - - - - - - - - - - - - - - - - - - - - - - - - Follow Tabby Kinder (@Tabby_Kinder) and George Hammond (@GeorgeNHammond) on X or on Bluesky (@tabbykinder.bsky.social), (@georgehammond.bsky.social). Behind the Money host Michela Tindera is on X (@mtindera07) and Bluesky (@mtindera.ft.com), or follow her 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.

Pharma juggernauts Pfizer and Novo Nordisk are struggling in the obesity drug race.The two companies are searching for their next moneymaker, and that search recently spun out into a ferocious, multibillion-dollar battle for control of biotech start-up Metsera. The FT’s US deals and activism correspondent Oliver Barnes walks through the tussle that’s involved lawsuits, public barbs and political drama.Clips from CNBC, Pfizer, Yahoo Finance- - - - - - - - - - - - - - - - - - - - - - - - - - For further reading and listening:Weight-loss wars: $10bn hostile battle pits Pfizer against Novo NordiskPfizer shows hardball mettle needed to win in 2025 M&AThere is only one winner in the Pfizer Novo Nordisk showdownOzempic’s unconventional origins- - - - - - - - - - - - - - - - - - - - - - - - - - Attend the FT Global Banking Summit, 2-4 December in London: Enter SAVE20 for a 20% discount, register here.- - - - - - - - - - - - - - - - - - - - - - - - - - Follow Oliver Barnes on X (@mroliverbarnes), or on Bluesky (@mroliverbarnes.bsky.social) Michela Tindera is on X (@mtindera07) and Bluesky (@mtindera.ft.com), or follow her 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.

Publicly-listed Oklo sits at the intersection of two hot areas for Wall Street: artificial intelligence and energy companies. This year alone, Oklo’s share price has jumped more than 400 per cent. But the business hasn’t generated any revenue. It hasn’t built a nuclear reactor, and it hasn’t secured any binding contracts with customers. The FT’s US energy editor Jamie Smyth explains the enthusiasm for Oklo, its links to the Trump administration and whether it can live up to the hype.Clips from New York Stock Exchange, The White House, a16z- - - - - - - - - - - - - - - - - - - - - - - - - - For further reading:Inside Oklo: the $20bn nuclear start-up without any revenueUS and investors gambling on unproven nuclear technology, warn expertsDonald Trump’s assault on US nuclear watchdog raises safety concerns- - - - - - - - - - - - - - - - - - - - - - - - - - Attend the FT Global Banking Summit, 2-4 December in London: Enter SAVE20 for a 20% discount, register here.- - - - - - - - - - - - - - - - - - - - - - - - - - Follow Jamie Smyth on X (@JamieSmythF), or on Bluesky (@jamiesmythft.bsky.social). Michela Tindera is on X (@mtindera07) and Bluesky (@mtindera.ft.com), or follow her 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.

Some of the world’s biggest financial institutions are reeling after the collapse of a little-known car parts supplier: First Brands Group. The company filed for bankruptcy last month, and since then, FT reporters have shone a spotlight on billions of dollars of hidden debt and a secretive founder whose borrowing habits left creditors exposed. The FT’s corporate finance editor Robert Smith and banking editor Ortenca Aliaj walk through their investigation and explain how this event has raised questions about potential cracks in private credit.  - - - - - - - - - - - - - - - - - - - - - - - - - - For further reading:The secretive First Brands founder, his $12bn debt and the future of private creditFirst Brands Group: dude, where’s my cash?First Brands bankruptcy: the losers — and winners- - - - - - - - - - - - - - - - - - - - - - - - - - Follow Robert Smith on X (@BondHack), or on Bluesky (@bondhack.ft.com). Michela Tindera is on X (@mtindera07) and Bluesky (@mtindera.ft.com), or follow her 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 world’s largest listed hedge fund manager, Man Group, is at a crossroads. After years of high flying thanks to its innovative quant trading strategies, the company’s hedge fund unit has been faltering. Recently, the performance of Man Group’s core business has been lacklustre, and some institutional investors have pulled their money. The FT’s hedge fund correspondent Costas Mourselas analyses which strategies Man Group may pursue to rebound. - - - - - - - - - - - - - - - - - - - - - - - - - - For further reading:Can the world’s largest listed hedge fund rebound?Man Group’s hedge fund bluesRobyn Grew: the ‘force of nature’ named Man Group chief executive- - - - - - - - - - - - - - - - - - - - - - - - - - Follow Costas Mourselas on X (@CostasMourselas). Michela Tindera is on X (@mtindera07) and Bluesky (@mtindera.ft.com), or follow her on LinkedIn for updates about the show and more. Read a transcript of this episode on FT.com Hosted on Acast. See acast.com/privacy for more information.

Introducing Toxic Legacy, a new season of Untold from the Financial Times. Host Laura Hughes uncovers a lead poisoning epidemic across the UK. You might be living with lead and not know it: the toxin is often invisible to the human eye, but wreaks havoc on our bodies once we’re exposed. The first episode of Untold: Toxic Legacy launches October 22. Listen on Apple Podcasts, Spotify, Pocket Casts or wherever you get your podcasts.For information on how to live safely with lead, please visit the LEAPP Alliance website. Hosted on Acast. See acast.com/privacy for more information.

From KitKat candy bars to Perrier mineral water, Nestlé owns thousands of brands. But recently the world’s largest food and beverage company has severely underperformed its rivals in the wider consumer goods sector. The business is also emerging from a scandal involving its most recent chief executive. The FT’s consumer industries reporter Madeleine Speed explains how Nestlé’s challenges fit into an industry under pressure from shareholders, and what plans the group’s new leadership are considering. Clips from TBS/YouTube and Nestlé- - - - - - - - - - - - - - - - - - - - - - - - - - For further reading:The meltdown at NestléNestlé’s CEO ousting makes case for corporate ‘veep’Denials and defiance: Nestlé chief’s exit over relationship prompts investor unrest- - - - - - - - - - - - - - - - - - - - - - - - - - Follow Madeleine Speed on X (@SpeedMaddie). Michela Tindera is on X (@mtindera07) and Bluesky (@mtindera.ft.com), or follow her 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 recent weeks, satellite business EchoStar has clinched multibillion-dollar deals with SpaceX and AT&T. It may sound like boom times for founder Charlie Ergen, but these deals illustrate something different: the abandoning of an ambitious, decades-long quest to build his own mobile phone network. The FT’s Wall Street editor Sujeet Indap and US trading and crypto correspondent Jill R Shah explain how Ergen’s fortunes changed, and the role Elon Musk and US President Donald Trump played in that.  Clips from CNBC, Reuters, Yahoo Finance, Echostar/Vimeo- - - - - - - - - - - - - - - - - - - - - - - - - - For further reading:How a deal with Elon Musk helped a telecoms tycoon save his company from bankruptcyTrump forces billionaire to foldCharlie Ergen: Media mogul at a Sprint- - - - - - - - - - - - - - - - - - - - - - - - - - Behind the Money has been nominated for a Signal Award in the Money & Finance category! It's a Listener Choice award, which means we need your help. Vote for us to win here. We appreciate your support!Follow Sujeet Indap on X (@sindap), or on Bluesky (@sindap.bsky.social). Follow Jill Shah on X (@jillrshah). Michela Tindera is on X (@mtindera07) and Bluesky (@mtindera.ft.com), or follow her 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.

US President Donald Trump has pledged to “plant the stars and stripes on the planet Mars”, China could send its first crewed mission to Mars within a decade, and Elon Musk wants people to actually settle on Mars, transforming the human race into an interplanetary species. In a new series of Tech Tonic, the FT’s Peggy Hollinger asks if we’re really about to land, and even live, on the red planet. Free to read:Musk’s mission to MarsThree days with America’s rocket chasersTech Tonic is produced by Mischa Frankl-Duval. The senior producer is Edwin Lane. Flo Phillips is the executive producer. Sound design by Breen Turner and Samantha Giovinco. Original music by Metaphor Music. Manuela Saragosa is the FT’s acting co-head of audio. Hosted on Acast. See acast.com/privacy for more information.

India’s tech hub Bangalore has experienced huge growth of companies and employees in the past two decades. But the city’s infrastructure is not keeping up with such rapid growth. With the tech sector contributing more than $300bn to the nation’s economy, what happens to the country’s growth if Bangalore can’t solve its issues? The FT’s Mumbai bureau chief Chris Kay and Mumbai correspondent Krishn Kaushik travelled to Bangalore to try to find out.- - - - - - - - - - - - - - - - - - - - - - - - - - For further reading:The unsustainable boom in India’s Silicon ValleyMultinationals turn to India’s back offices for AI engineersIndian IT shares fall over fears from Trump’s $100,000 H-1B visa fee- - - - - - - - - - - - - - - - - - - - - - - - - - Behind the Money has been nominated for a Signal Award in the Money & Finance category! It's a Listener Choice award, which means we need your help. Vote for us to win here. We appreciate your support!Follow Chris Kay on X (@christopherkay) or on Bluesky (@christopherkay.ft.com), and Krishn Kaushik on X (@Krishn_) Michela Tindera is on X (@mtindera07) and Bluesky (@mtindera.ft.com), or follow her 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.

Behind the Money has been nominated for a Signal Award in the Money & Finance category! It's a Listener Choice award, which means we need your help. Vote for us to win here. We appreciate your support!And while you're at it, vote for some other FT podcasts that have also been nominated. The FT News Briefing podcast was nominated for best daily podcast category. Vote here. And our Tech Tonic podcast was nominated for best technology podcast. Vote here. Hosted on Acast. See acast.com/privacy for more information.

The recent collapse of Tricolor Holdings, a subprime auto lender in Texas, has left a trail of losses and questions from Wall Street to low-income immigrant communities throughout the American south-west. The FT’s US banking correspondent Akila Quinio, and Amelia Pollard, US investment correspondent, explain what they’ve found.Clip from Fifth Third- - - - - - - - - - - - - - - - - - - - - - - - - - For further reading:Tricolor collapse sparks concern about health of US subprime auto sectorDebt linked to collapsed subprime auto lender Tricolor tumblesJPMorgan and Fifth Third face losses tied to collapsed subprime car lender- - - - - - - - - - - - - - - - - - - - - - - - - - Follow Amelia Pollard on X (@ameliajpollard) and Bluesky (@pollard.bsky.social) and Akila Quinio on X (@akilazoe). Michela Tindera is on X (@mtindera07) and Bluesky (@mtindera.ft.com), or follow her 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.

Ecommerce start-up Jumia was supposed to become the “Amazon of Africa”. Its prospects seemed promising after raising close to $800mn prior to its IPO in 2019 — more than any African start-up. But in the years since, things haven’t gone the way investors probably hoped. The FT’s west and central Africa correspondent Aanu Adeoye explains Jumia’s plans to turn the business around, and what its challenges say about applying western business models in Africa. Clip from New York Stock Exchange - - - - - - - - - - - - - - - - - - - - - - - - - - For further reading:Is there a future for the ‘Amazon of Africa’?‘Amazon of Africa’ Jumia fights to rebuild investor trust  Complaints that Jumia is not African ring hollow- - - - - - - - - - - - - - - - - - - - - - - - - - Follow Aanu Adeoye on X (@aanuadeoye). Michela Tindera is on X (@mtindera07) and Bluesky (@mtindera.ft.com), or follow her 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 natural diamond industry is facing an existential threat: lab-grown diamonds. They’re chemically and physically identical to natural stones, and they're just a fraction of the price. Eleanor Olcott, the FT’s China technology correspondent, travelled to the epicentre of lab-grown diamond production in the central Chinese province of Henan to see how they’re made. While the FT’s natural resources editor, Leslie Hook, explores what the sale of leading natural diamond producer, De Beers, could mean for the future of the sector.  Clip from Arnold Worldwide - - - - - - - - - - - - - - - - - - - - - - - - - - For further reading:How the diamond industry lost its sparkle The sparkle is fading in Africa’s diamond heartlandTaylor Swift hands diamonds a moment to shine- - - - - - - - - - - - - - - - - - - - - - - - - - Follow Leslie Hook on X (@lesliehook) and Eleanor Olcott on X (@EleanorOlcott). Michela Tindera is on X (@mtindera07) and Bluesky (@mtindera.ft.com), or follow her 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.

Earlier this summer, energy supermajor Chevron secured access to one of the most valuable oilfields in the world. It was the culmination of a months-long battle that pitted America’s second-largest oil company against the largest, ExxonMobil. The FT’s US energy editor, Jamie Smyth, looks at what Chevron aims to do next, and how it plans to take on its larger rival.   Clips from CNBC, Bloomberg- - - - - - - - - - - - - - - - - - - - - - - - - -  Sign up for the FT Weekend Festival at ft.com/festival and use the promo code “FTPodcasts” for 10 per cent off.- - - - - - - - - - - - - - - - - - - - - - - - - - For further reading:Chevron prepares for US oil supermajor battle with Exxon Chevron seals $53bn Hess takeover after Exxon fails to torpedo dealFor further listening … Our Behind the Money episode on Guyana from 2024: Will Exxon make or break Guyana?- - - - - - - - - - - - - - - - - - - - - - - - - - Follow Jamie Smyth on X (@JamieSmythF) and Bluesky (‪@jamiesmythft.bsky.social‬). Michela Tindera is on X (@mtindera07) and Bluesky (@mtindera.ft.com), or follow her 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.