Behind the Money

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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