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Behind the Money

From hostile takeovers to C-suite intrigue, Behind the Money takes you inside the business and financial stories of the moment with reporting from Financial Times journalists around the world. See acast.com/privacy for privacy and opt-out information.

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  • 29.06.2022
    35 MB
    24:34
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    How tea plantations are testing private equity

    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 - - - - - - - - - - - - - - - - - - - - - - - - - - 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 - - - - - - - - - - - - - - - - - - - - - - - - - - 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 See acast.com/privacy for privacy and opt-out information.

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  • 28.06.2022
    76 MB
    31:59
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    Introducing: Hot Money

    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. See acast.com/privacy for privacy and opt-out information.

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  • 22.06.2022
    28 MB
    19:43
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    The Fed’s big swing at inflation

    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. - - - - - - - - - - - - - - - - - - - - - - - - - - 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 - - - - - - - - - - - - - - - - - - - - - - - - - - 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 See acast.com/privacy for privacy and opt-out information.

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  • 15.06.2022
    40 MB
    28:00
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    Inside Johnson & Johnson’s bankruptcy two-step

    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 - - - - - - - - - - - - - - - - - - - - - - - - - - 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 - - - - - - - - - - - - - - - - - - - - - - - - - - On Twitter, follow Jamie Smyth ( @JamieSmythF ) and Michela Tindera ( @mtindera07 ) Read a transcript of this episode on FT.com See acast.com/privacy for privacy and opt-out information.

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  • 08.06.2022
    40 MB
    28:14
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    Blowing the whistle on ESG

    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 See acast.com/privacy for privacy and opt-out information.

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  • 01.06.2022
    37 MB
    26:02
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    Tether’s path to the spotlight

    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 See acast.com/privacy for privacy and opt-out information.

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  • 25.05.2022
    28 MB
    19:35
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    A crypto vibe shift?

    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 See acast.com/privacy for privacy and opt-out information.

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  • 17.05.2022
    1 MB
    01:21
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    We're back!

    Behind the Money is back with all-new episodes! From hostile takeovers to C-suite intrigue, Behind the Money takes you inside the business and financial stories of the moment with reporting from Financial Times journalists around the world. The podcast returns May 25. See acast.com/privacy for privacy and opt-out information.

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  • 13.04.2022
    3 MB
    01:36
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    Introducing Tech Tonic: The US/China Tech Race

    A new six-part series of Tech Tonic brings you stories from the frontlines of the battle between the US and China for global technological supremacy. At stake is the future of technologies that will shape all our lives, from the way the internet is used to the way we govern our societies. Join the FT’s Global China Editor James Kynge as he charts China’s dramatic transformation into a global tech superpower, sparking rivalry with the US over who controls our technological future. See acast.com/privacy for privacy and opt-out information.

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  • 16.02.2022
    30 MB
    20:59
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    5 - Inside ESG: A sceptic vs a believer, our experts face off

    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 See acast.com/privacy for privacy and opt-out information.

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  • 16.02.2022
    25 MB
    17:27
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    Introducing Working It: Can wellness apps fix us and beat staff burnout?

    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 [email protected] . You can also follow @isabelberwick on Twitter and Instagram or reach out via email: [email protected] 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-0c7a29cd66feFT series, Burnout: https://www.ft.com/burnoutDeloitte 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. See acast.com/privacy for privacy and opt-out information.

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  • 25.10.2021
    34 MB
    24:03
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    4 - Inside ESG: Sustainable finance and the threat to divest

    If you want your investments to match your principles should a threat to divest be part of your long-term strategy? In the fourth episode of our special five-part series on sustainable or ESG investing, produced in partnership with the FT’s Moral Money team, the story of the California State Teachers' Retirement System, or Calstrs, and why its decision to divest from the US private prisons industry prompted tears and passionate discussion on the board. Joe Rennison, deputy US markets editor, assesses the long-term impact that divestment can have on companies, while Moral Money’s Patrick Temple-West, Attracta Mooney, the FT’s investment correspondent, and Lindsay Frost, a senior reporter at Agenda, an FT publication about the corporate board space, explain why divestment presents a conundrum for investors and whether passive investment funds are really compatible with ESG investing. JPMorgan funds invested in CoreCivic debt after vow to stop financing private prisons Bond funds wrestle with human rights dilemma Divestment Concerns Creep In for More Industries 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 Review clips: Calstrs, NBC, Global News, PBS, AP, CBC News, The Guardian, CSPAN See acast.com/privacy for privacy and opt-out information.

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  • 20.10.2021
    34 MB
    24:03
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    4 - Inside ESG: Sustainable finance and the threat to divest

    If you want your investments to match your principles should a threat to divest be part of your long-term strategy? In the fourth episode of our special five-part series on sustainable or ESG investing, produced in partnership with the FT’s Moral Money team, the story of the California State Teachers' Retirement System, or Calstrs, and why its decision to divest from the US private prisons industry prompted tears and passionate discussion on the board. Joe Rennison, deputy US markets editor, assesses the long-term impact that divestment can have on companies, while Moral Money’s Patrick Temple-West, Attracta Mooney, the FT’s investment correspondent, and Lindsay Frost, a senior reporter at Agenda, an FT publication about the corporate board space, explain why divestment presents a conundrum for investors and whether passive investment funds are really compatible with ESG investing. JPMorgan funds invested in CoreCivic debt after vow to stop financing private prisons Bond funds wrestle with human rights dilemma Divestment Concerns Creep In for More Industries 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 Review clips: Calstrs, NBC, Global News, PBS, AP, CBC News, The Guardian, CSPAN See acast.com/privacy for privacy and opt-out information.

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  • 07.10.2021
    28 MB
    19:27
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    3 - Inside ESG: The tiny fund that took on a US giant and won

    The story of how a tiny, unknown hedge fund took on a giant of corporate America over climate change - and won. Charlie Penner of Engine No 1 talks about the very public proxy campaign he launched against Exxon Mobil, forcing the oil major to prepare for a future free of fossil fuels. In the third episode of our special five-part series on sustainable or ESG investing, produced in partnership with the FT’s Moral Money team, Derek Brower, US energy editor, and Attracta Mooney, the FT’s investment correspondent, reflect on whether the battle between Engine No 1 and Exxon marks the beginning of a new kind of activist investor. Engine No 1, the giant-killing hedge fund, has big plans DWS probes spark fears of greenwashing claims across investment industry 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 Review clips: The Sun, Channel 4 News, Euronews, PBS Newshour, GMA, CNN, CNBC, ExxonMobil See acast.com/privacy for privacy and opt-out information.

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  • 07.10.2021
    31 MB
    22:00
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    2 - Inside ESG: Can businesses really marry profit and purpose?

    Milton Friedman, the renowned American economist and spiritual mentor of many entrepreneurs, argued that the social responsibility of business was to increase profits. This has been the gospel since the early 1970s, but companies and investors are beginning to rethink the purpose of business. Has the sun really set on the Miltonian era? In the second episode of our special five-part series produced in partnership with the Moral Money team, Leila Abboud, the FT’s Paris correspondent, and Gillian Tett, the FT’s US editor-at-large, tell the story of Emmanuel Faber, the former CEO of Danone who embraced environmental, social and governance (ESG) causes - and then was ousted eight years later. Turns out there was more to the story than first meets the eye. The fall from favour of Danone’s purpose-driven chief 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 Review clips: CNBC, Danone, British Pathé, IMAGINE, France 24 See acast.com/privacy for privacy and opt-out information.

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  • 07.10.2021
    33 MB
    23:03
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    1 - Inside ESG: Is the $1.7tn wave of sustainable investing hope or hype?

    When Tariq Fancy joined BlackRock as its first chief investment officer for sustainable investing in 2018, he was convinced that with companies around the world, including the world’s biggest asset manager, embracing environmental, social and governance (ESG) causes, the stage was set to reform capitalism. As a former Wall Street banker, he’d been hired by Blackrock after setting up his own digital learning non-profit group in Canada. But just two years after joining Blackrock, he left his job. So what went wrong? In the first episode of our special five-part series produced in partnership with the FT’s Moral Money team, Gillian Tett, the FT’s US editor-at-large, and Andrew Edgecliffe-Johnson, the FT’s US business editor, explore the idea that the trillions of dollars that have flowed into ESG investments represent a once-in-a generation shift in the business consensus. Can it be true that ESG investing can address some of the world’s most-pressing problems, including climate change and inequality? 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 Review clips: AP, KPIX CBS, CNBC, CNN, The Telegraph, PayPal See acast.com/privacy for privacy and opt-out information.

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  • 07.10.2021
    2 MB
    01:30
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    Trailer: Inside ESG

    Behind the Money presents a special 5-part series produced in partnership with the FT’s Moral Money team that goes inside the colossal sums flowing into sustainable investing. Trillions have flooded into funds that have made environmental, social and governance issues, or ESG, central to their investment strategies. As the world begins slowly to recover from the multiple shocks of the pandemic, we take listeners to the center of a loaded debate: Will a shift to more sustainable investments actually help create a more resilient and equitable future - or is ESG just a powerful marketing ploy? Check out stories and up-to-the-minute news from the Moral Money team on the whole world of socially responsible business, sustainable finance, and ESG trends 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 See acast.com/privacy for privacy and opt-out information.

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  • 26.08.2021
    40 MB
    28:26
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    Introducing Tech Tonic: You Can’t Always Get What you Quant

    Introducing the FT Tech Tonic podcast. You can subscribe and listen to the rest of the series here. From picking the best stocks to listening in on earnings calls, AI-powered systems are changing finance. But how big are the rewards, really? And what are the risks? In this episode Robin Wigglesworth tells us how AI has been used in investing, what happens when programs must adapt to new risks and what the robots could learn from watching children play. Alice Fordham is senior producer. Josh Gabert Doyon is assistant producer. Oluwakemi Aladesuyi and Liam Nolan are the development producers. Sound design and mixing by Breen Turner. Cheryl Brumley is the executive producer for this series. Original scoring composed by Metaphor Music. Review clips: Alphabet, Netflix, Amazon, Man Group. See acast.com/privacy for privacy and opt-out information.

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  • 07.10.2021
    32 MB
    22:51
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    Financial services after Brexit

    The City of London is home to some of the world’s biggest banks and busiest exchanges but the UK is just weeks away from leaving the EU single market and many questions about access to the bloc are still unresolved. Philip Stafford, editor of FT Trading Room, and Stephen Morris, the FT’s banking editor, take a look at the future of financial services after Brexit. Review clips: BBC News, CNBC, EU 27 Read more on the FT’s coverage of Brexit here: Brexit trade talks: the three big sticking points explained Europe’s finance sector hits ‘peak uncertainty’ over Brexit See acast.com/privacy for privacy and opt-out information.

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  • 18.01.2021
    27 MB
    19:20
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    Moderna’s race to the vaccine

    The Boston-based biotech eschewed a traditional approach to vaccine development, instead pitching its use of mRNA technology to investors. That pitch paid off this year as the company stands to be one of the first to bring a Covid-19 vaccine to market. Hannah Kuchler, the FT’s US pharma and biotech correspondent, reports on Moderna’s race to find an immunisation for the novel coronavirus. The FT is making key coronavirus coverage free to read for everyone. Go to ft.com/coronavirusfree to read the latest. Read more here: Moderna’s Covid vaccine offers vindication of its unconventional approach Review clips: Yahoo Finance, CNBC See acast.com/privacy for privacy and opt-out information.

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  • 18.01.2021
    37 MB
    26:08
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    Reckoning with a colonial past

    As protests following the killing of George Floyd in the US reverberated around the world this summer, Belgium, like many other countries, experienced its own reckoning: with a brutal colonial past, with the systemic racism that inhibits its black citizens today and with the question of what exactly it owes to the Democratic Republic of Congo, which it exploited for 75 years. The FT's Neil Munshi reports on the company at the heart of Belgium's colonial pursuit, the Union Minière. Read Neil's FT Magazine story here: https://www.ft.com/content/a17b87ec-207d-4aa7-a839-8e17153bcf51 . Special thanks to Heleen Debeuckelaere, Elli Fernandes, Mohamed Barrie and Jeroen Laporte. Review clips: Deutsche Welle, CBS News, France 24, NBC News, Reuters, Al Jazeera English, Getty Images, British Pathé. See acast.com/privacy for privacy and opt-out information.

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  • 18.01.2021
    25 MB
    18:00
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    The unravelling of the Ant IPO

    The IPO of Jack Ma's Ant Group would have been the largest in history: it was expected to raise $37bn at a valuation of $316bn. But just days before the stock market listing, China called it off. The FT's Ryan McMorrow and Hudson Lockett report on what led to Beijing pulling the plug, and what it means for China's private sector. Further reading: 'The party is pushing back': why Beijing reined in Jack Ma and Ant . Review clips: Reuters, World Economic Forum, CNA, Bloomberg, Yahoo Finance. See acast.com/privacy for privacy and opt-out information.

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  • 07.10.2021
    32 MB
    22:39
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    An economic uncoupling

    Tensions between Washington and Beijing are beginning to resemble a new cold war. Could the complex supply chains built up over a generation that produce Apple's iPhone and other electronics soon be untangled? In this episode Kathrin Hille, the FT’s greater China correspondent, and Richard Waters, the FT’s west coast editor, tell the story of how technology supply chains in the US and China became intertwined and the forces that are pulling them apart. Review Clips: CNBC, CSPAN, Washington Post, The Guardian, Reuters, Dallas Morning News, ZDF “Looking for Freedom” WMG (1989) Read more from Kathrin Hille The great uncoupling: one supply chain for China, one for everywhere else See acast.com/privacy for privacy and opt-out information.

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  • 12.11.2020
    2 MB
    01:24
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    US election programming note

    There is no episode of Behind the Money this week. Here is a preview of what we are working on for next week. Review Clips: C-SPAN, CNBC, Dallas Morning News See acast.com/privacy for privacy and opt-out information.

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  • 12.11.2020
    31 MB
    22:09
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    Direct lending rush

    The pandemic docked Carnival’s cruise ships and grounded Bombardier’s planes. But when the companies were in need of cash, one went to the bond market and the other to a direct lender. Robert Smith, FT capital market correspondent and Nikou Asgari, FT corporate finance reporter, tell the story of the billion dollar private debt deals shaping who has the capital to weather the crisis. Review Clips: CNBC, Reuters, ABC News Read more from Nikou, Rob and the rest of the corporate finance team Covid-linked debt rush ignites direct lending market Asset managers in $300bn drive to build private lending funds See acast.com/privacy for privacy and opt-out information.

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  • 12.11.2020
    27 MB
    18:54
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    Bank profits in a recession

    The market volatility of the past few months has been a boon for the trading divisions of many Wall Street banks, including Morgan Stanley. Laura Noonan, the FT’s US banking editor, explains how success in trading, and a focus on wealth management has positioned Morgan Stanley to make gains during the pandemic - and whether this trend is likely to last. -- Review clips: CNBC, PBS, Federal Reserve Read more on Laura’s Noonan reporting on Morgan Stanley - https://www.ft.com/content/22d7c870-870d-4423-bd6f-6e384961f997 Find out what the latest polls say about U.S. voter sentiment towards the economy with FT Washington correspondent Lauren Fedor, Peter Spiegel, the FT’s US managing editor and Michael Peterson of the Peter G. Peterson Foundation. The event takes place Monday, October 26 at 12 pm ET. Register here - https://nerpreelectioneconomy.live.ft.com/?segmentId=8f3615ce-4cbc-7122-a54d-8ed636f79675 See acast.com/privacy for privacy and opt-out information.

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  • 12.11.2020
    32 MB
    22:48
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    LVMH, Tiffany and a case of buyer’s remorse

    Bernard Arnault built a €210bn luxury empire through an unflinching acquisition strategy that earned him the “wolf in cashmere” moniker. Tiffany, famous for its robin-egg blue boxes and diamond engagement rings, was meant to be the jewel atop his LVMH luxury group. The takeover would have been the largest-ever in the luxury sector, until the pandemic hit. The FT’s Leila Abboud, Arash Massoudi and James Fontanella-Khan unwind the saga of how the $16.6bn deal has hit rocky ground and how the pandemic and the forthcoming legal battle could change the terms of M&A engagement globally. Review clips: CNBC, PBS, Viva Technology Read more from Leila, Arash and James - https://www.ft.com/content/72af09b4-12a4-45ad-86ca-919d38e279e8 Find the FT’s Due Diligence newsletter - https://www.ft.com/due-diligence See acast.com/privacy for privacy and opt-out information.

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  • 07.10.2021
    28 MB
    19:57
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    Mafia high finance

    While reporting on the coronavirus crisis in northern Italy this year, Rome correspondent Miles Johnson discovered an equally concerning story in the country’s south. Italy’s most powerful organised crime group, the ‘Ndrangheta, had infiltrated local hospitals and packaged millions of plundered euros into global investment funds and portfolios. In the first episode of Behind the Money’s fourth season, Miles follows the money trail in a cautionary tale for the era of ultra-low interest rates. Read Miles’ full investigation here: https://www.ft.com/content/8850581c-176e-4c5c-8b38-debb26b35c14 . See acast.com/privacy for privacy and opt-out information.

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  • 12.11.2020
    1 MB
    00:57
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    We're back with a new season

    Episodes will be released weekly starting Wednesday October 7. See acast.com/privacy for privacy and opt-out information.

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  • 12.11.2020
    33 MB
    22:57
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    Wirecard: how to find a €2bn hole

    In September 2014, the FT’s Dan McCrum received a tip about a fast-growing German fintech group, Wirecard. Over the next couple of years Dan and his colleagues uncovered the secret behind the payment company’s meteoric growth: many of the customers listed in company documents did not exist. In this episode Dan tells the story of the whistleblowers, shoe-leather reporting, hacking, suspected surveillance and legal threats that led to Wirecard’s downfall. --- Review clips: CNBC, Deutsche Welle Further reading: The double life of Wirecard’s Jan Marsalek https://www.ft.com/content/511ecf86-ab40-486c-8f76-b8ebda4cc669 Inside Wirecard https://www.ft.com/wirecard Dan’s 2015 story for Alphaville https://ftalphaville.ft.com/2015/04/27/2127427/the-house-of-wirecard/ See acast.com/privacy for privacy and opt-out information.

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  • 12.11.2020
    23 MB
    16:03
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    Rent, real estate and the commercial mortgage market in the age of coronavirus

    In the US, commercial mortgage backed securities are a $1.2tn market, and an integral part of how banks lend to commercial property owners. But as the pandemic and subsequent lockdowns changed almost every sector of the economy, commercial real estate has changed too. Hotels and retailers have been hit hard by the shutdown, and mortgage and rent payments they have deferred are coming due. The FT’s Joe Rennison explains what this means for the CMBS market. We also hear from two people who are helping lenders and landlords deal with the upheaval. See acast.com/privacy for privacy and opt-out information.

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  • 07.10.2021
    32 MB
    22:15
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    A history of police funding

    When a Minneapolis police officer killed George Floyd, it was as if a fire was ignited. His death, along with the killings of Breonna Taylor and Ahmaud Arbery have sparked the most widespread protests in the US since 1968. Hundreds of thousands of people have marched under banners such as “Black Lives Matter”, “No Justice, No Peace” and “Say Their Names”. Now, the voices of activists are converging around a call to “defund the police”. In this episode, we hear from Rachel Harmon, a professor of law at the University of Virginia, and Vesla M Weaver, a professor of political science and sociology at Johns Hopkins University, about the role the federal government, and federal funding, have played in transforming policing in the US. --- To get free access to the FT’s Coronavirus Business Update newsletter for 30 days, visit ft.com/behindthemoneycovid or https://www.ft.com/newsletter-signup/coronavirus?segmentId=12f1abd6-6f16-e2df-e4ff-7aaa9346f98e . See acast.com/privacy for privacy and opt-out information.

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  • 12.11.2020
    452 MB
    00:18
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    A programming note

    An update on this week's episode See acast.com/privacy for privacy and opt-out information.

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  • 12.11.2020
    27 MB
    19:22
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    The private equity bet that coronavirus cut short

    Last December executives at the Carlyle Group worked into the night to sign what they imagined would be one of the private equity firm’s most enduring deals. In 2020, however, there may be no such thing as a stable business. Carlyle is now trying to walk away from a deal with American Express Global Business Travel before any money has changed hands. Our US private capital correspondent, Mark Vandevelde, reports on the ensuing legal row, and what it could mean for dealmaking during the pandemic. To get free access to the FT’s Coronavirus Business Update newsletter for 30 days, visit ft.com/behindthemoneycovid or https://www.ft.com/newsletter-signup/coronavirus?segmentId=12f1abd6-6f16-e2df-e4ff-7aaa9346f98e . A few stories for further reading: Inside Carlyle’s ‘long-term’ Amex bet that coronavirus cut short (paywall): https://www.ft.com/content/e710b3dc-3eba-4227-9258-6a678d66f6e1 Apollo: how a private equity giant is navigating the crisis (paywall): https://www.ft.com/content/6fce9808-84ab-11ea-b555-37a289098206 Coronavirus: private equity’s bailout moment (paywall): https://www.ft.com/content/f7cc82d7-70b9-40c3-b4a0-815ebc5d99d5 See acast.com/privacy for privacy and opt-out information.

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  • 12.11.2020
    26 MB
    18:36
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    When coronavirus hit America's meat industry

    This was supposed to be a record year for the US meat industry. But when coronavirus hit the meat-packing plants, it exposed a vulnerable link in the supply chain. We take a look at how our meat gets from the farm to the supermarket, and ask what the fall in production could mean for the US-China trade truce. With the FT’s Gregory Meyer. To get free access to the FT’s Coronavirus Business Update newsletter for 30 days, visit ft.com/behindthemoneycovid. Further reading: Coronavirus: return to work divides US meat industry (paywall) https://www.ft.com/content/f6e2b4ad-4a62-4c6f-8348-38704e3e81f6 Tyson Foods warns of sales declines and rising costs (paywall) https://www.ft.com/content/f0b4f894-cd46-44f2-b7b0-10707de449db John Tyson laments breakdown of meat system his family pioneered (paywall) https://www.ft.com/content/82c2f5fa-1070-4388-853b-a2ed430fbf04 Pandemic accelerates shift to meat substitutes (paywall) https://www.ft.com/content/0127984a-6def-4040-9bca-002b6ffd4e0a --- On 12-14 May, the Financial Times, in partnership with TNW, will gather the most senior global decision makers and leading minds in policy, business, tech and finance for three days of online conversations with top FT journalists, analysing the impact of the pandemic across global economies, industries and markets, and outlining what is required to shape the optimal conditions for recovery at this most challenging of times. Register at globalboardroom.ft.com . See acast.com/privacy for privacy and opt-out information.

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  • 07.10.2021
    41 MB
    21:27
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    Missing out on the US small business rescue

    The Trump administration’s small business bailout programme has been plagued by problems from the start, with complaints that large companies crowded out the kinds of small enterprises and independent contractors it was designed to help. With a fresh round of funding on offer from Washington, we hear from several business owners trying to get their share, as well as the FT’s Laura Noonan who has been reporting on the programme since it launched. To get free access to the FT’s Coronavirus Business Update newsletter for 30 days, visit ft.com/behindthemoneycovid. A few stories for further reading: US small business rescue fund strained by rush of claims https://www.ft.com/content/0467d0e1-6814-4cc4-ad4b-e25c80169466 Can Congress save US small businesses? FT reporters answer your questions https://www.ft.com/content/55b0f191-5ea2-4762-bf8c-13d6a11e61ed ‘Where is my loan?’ Small businesses miss out on US rescue funds https://www.ft.com/content/e6a06f94-5d2f-43a0-8aac-c7adddca0b0e ---- You might also be interested in a three-day digital conference hosted by the Financial Times. On 12-14 May, the FT, in partnership with TNW, will gather the most senior global decision makers and leading minds in policy, business, tech and finance for three days of online conversations with top FT journalists, analysing the impact of the pandemic across global economies, industries and markets, and outlining what is required to shape the optimal conditions for recovery at this most challenging of times. Register at globalboardroom.ft.com . See acast.com/privacy for privacy and opt-out information.

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  • 07.10.2021
    49 MB
    20:27
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    Running a small business during a global pandemic

    Mauren Pereira's drapery business was on track for its most financially successful year to date. That was until the coronavirus outbreak reached Virginia. Behind the Money reports on how one small business owner is navigating the current economic crisis. With Brendan Greeley, US economics editor for the Financial Times. We want to hear from you. Please go to ft.com/behindthemoneysurvey and fill out our survey for a chance to win a pair of Bose QuietComfort Noise Cancelling headphones. See acast.com/privacy for privacy and opt-out information.

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  • 12.11.2020
    36 MB
    18:51
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    Ford, GM and the corporate dash for cash

    When credit markets seized up earlier in March, more than 130 companies rushed to their lenders to draw down at least $124bn of emergency credit lines to shore up cash, with Ford and General Motors drawing the largest amounts. We look at how the auto industry is preparing for the economic uncertainty that lies ahead. With the FT's Peter Campbell and Gillian Tett. We want to hear from you. Please go to ft.com/behindthemoneysurvey and fill out our survey for a chance to win a pair of Bose QuietComfort Noise Cancelling headphones. See acast.com/privacy for privacy and opt-out information.

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  • 12.11.2020
    2 MB
    01:00
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    We want to hear from you

    Behind the Money wants to hear from you, our listeners, about how the coronavirus pandemic is impacting your business and your work life. Email us at behindthemone y [at] ft.com See acast.com/privacy for privacy and opt-out information.

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  • 12.11.2020
    41 MB
    28:42
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    Barclays and the legal fight over a company’s ‘controlling mind’

    A costly investigation into the conduct of senior UK bankers during the financial crisis has raised questions about what it means to prosecute allegations of corporate crime, and whether Britain’s fraud laws need overhauling. With the FT’s Caroline Binham and Jane Croft. We want to hear from you. Please go to ft.com/behindthemoneysurvey and fill out our survey for a chance to win a pair of Bose QuietComfort Noise Cancelling headphones. Read more from Jane and Caroline here: Barclays: the legal fight over a company’s ‘controlling mind’ https://www.ft.com/content/f666b592-5a4b-11ea-abe5-8e03987b7b20 (paywall) Review clip: Sky News See acast.com/privacy for privacy and opt-out information.

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  • 12.11.2020
    30 MB
    21:25
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    Shale's looming credit crunch

    More than 10 years on from the early days of the US shale boom, bankruptcy risks are rising across the sector. The FT's US energy editor, Derek Brower, reports on what weak oil prices and tightening access to credit are doing to the outlook for some producers. Further reading: Bankruptcy risks rise for US shale (paywall) https://www.ft.com/content/76c15898-52a2-11ea-90ad-25e377c0ee1f US energy sector, shunned by investors, has ‘Pearl Harbor’ moment (paywall) https://www.ft.com/content/254bf634-5677-11ea-abe5-8e03987b7b20 Chesapeake Energy raises doubt over its ability to survive (paywall) https://www.ft.com/content/46ffa4fc-ffe6-11e9-be59-e49b2a136b8d The US shale revolution (paywall) https://www.ft.com/content/2ded7416-e930-11e4-a71a-00144feab7de The clip of Aubrey McClendon is credited to the Switch Energy Alliance. See acast.com/privacy for privacy and opt-out information.

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  • 12.11.2020
    35 MB
    24:59
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    How Boeing plans to return the Max to the skies

    Nearly one year after the grounding of Boeing's 737 Max jet, more than 700 of these planes remain on the ground, with costs to the US manufacturing giant estimated to reach nearly $20bn. The FT's Claire Bushey reports on how the crisis unfolded, and what it will take for the aerospace company to return business as usual. Further reading: Boeing tightens its belt as Max crisis drains cash (paywall) https://www.ft.com/content/949eea64-3e44-11ea-a01a-bae547046735 Boeing faces Max hurdle as pilot confidence crumbles (paywall) https://www.ft.com/content/2c0419cc-3983-11ea-a6d3-9a26f8c3cba4 Aviation: Boeing parks its 737 aspirations (paywall) https://www.ft.com/content/ad45dd3e-2314-11ea-92da-f0c92e957a96 Grounding a global fleet: Boeing faces its greatest challenge (paywall) https://www.ft.com/content/53b2142a-4711-11e9-b168-96a37d002cd3 See acast.com/privacy for privacy and opt-out information.

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  • 12.11.2020
    969 MB
    00:40
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    Season 3 coming in 2020

    A brand new season of Behind the Money with the Financial Times is coming in early 2020. Subscribe now so you don't miss an episode. See acast.com/privacy for privacy and opt-out information.

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  • 07.10.2021
    27 MB
    19:08
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    The state of the Libra project

    Earlier this year, Facebook announced its digital currency project, Libra, to great fanfare. Just a few months later, the project has stalled amid pressure from regulators and lawmakers around the world. With the FT's Hannah Murphy and Kiran Stacey. Further reading: Where it all went wrong for Facebook’s Libra: https://www.ft.com/content/6e29a1f0-ef1e-11e9-ad1e-4367d8281195 Zuckerberg warns blocking Libra will be boon to China tech: https://www.ft.com/content/28c600de-f5a1-11e9-9ef3-eca8fc8f2d65 Federal Reserve sets out regulatory challenges facing Facebook’s Libra: https://www.ft.com/content/ef650f9a-f052-11e9-ad1e-4367d8281195 See acast.com/privacy for privacy and opt-out information.

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  • 12.11.2020
    29 MB
    20:48
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    The repo market

    A key short term lending market came under strain in September, raising concerns that the Federal Reserve's attempt to unwind post-financial crisis intervention may have gone too far. The FT's Joe Rennison explains what has been going on in the repo market. Further reading: How the Federal Reserve could fix the repo market: https://www.ft.com/content/33674380-e4f4-11e9-9743-db5a370481bc Fed wrestles with role of regulation in repo squeeze: https://www.ft.com/content/45a9c196-e231-11e9-9743-db5a370481bc New York Fed rejects Wall St criticism of response to repo turmoil: https://www.ft.com/content/c267a2f4-dd3e-11e9-9743-db5a370481bc See acast.com/privacy for privacy and opt-out information.

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  • 12.11.2020
    34 MB
    18:07
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    SoftBank’s Masa Son under pressure

    WeWork was long considered one of the most anticipated IPOs of 2019. For SoftBank, WeWork’s biggest outside investor, the listing would be the moment it made a return on the nearly $11bn it poured into the shared-office provider. Now, as WeWork struggles to take the company public, the spotlight is on SoftBank’s Masa Son and his billion-dollar bets. Further FT reading: SoftBank investors brace for Vision Fund writedowns https://www.ft.com/content/ccdaa9c6-d60d-11e9-8367-807ebd53ab77 WeWork postpones IPO after chilly response from investors https://www.ft.com/content/b869bc42-d8d9-11e9-8f9b-77216ebe1f17 WeWork: the ‘hypothetical’ company at the heart of the property market https://www.ft.com/content/0e426c90-8c45-11e9-a1c1-51bf8f989972 SoftBank: inside the ‘Wild West’ $100bn fund shaking up the tech world https://www.ft.com/content/71ad7cda-6ef4-11e8-92d3-6c13e5c92914 Some of Aimee’s favourite FT reads: Warren Buffett: ‘I’m having more fun than any 88-year-old int he world’ https://www.ft.com/content/40b9b356-661e-11e9-a79d-04f350474d62 The trillion-dollar taboo: why it’s time to stop ignoring mental health at work https://www.ft.com/content/1e8293f4-a1db-11e9-974c-ad1c6ab5efd1 Finding my Armenia, a century after the genocide https://www.ft.com/content/2e2f38b0-e7a1-11e8-8a85-04b8afea6ea3 How Purdue’s ‘one-two’ punch fuelled the market for opioids https://www.ft.com/content/8e64ec9c-b133-11e8-8d14-6f049d06439c Angola 3 inmate: from solitary cell to centre of the community https://www.ft.com/content/72a0983a-9f7d-11e7-8cd4-932067fbf946 See acast.com/privacy for privacy and opt-out information.

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  • 12.11.2020
    39 MB
    20:29
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    Corporate America's new role

    The purpose of the US corporation has evolved over time, from Henry Ford's mission to benefit the carmaker's employees to Milton Friedman's essay on shareholder primacy. The FT's US business editor, Andrew Edgecliffe-Johnson, reports on the latest thinking, this time from America's largest business lobby, the Business Roundtable. Read more on the idea of sustainable investing at ft.com/moralmoney See acast.com/privacy for privacy and opt-out information.

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  • 07.10.2021
    38 MB
    19:45
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    Disrupting Big Ag

    Investors poured $17bn into agricultural food and technology startups in 2018, fuelled by threats to the world's food supply, including climate change and a growing global population. We visit one such startup, Indigo Ag, which is working with farmers to trial its microbial products for healthier crops. Indigo Ag provides microbial seed treatments to farmers for free in exchange for data. The company also sells the seed treatments through its standard commercial model. With guests Emiko Terazono, FT commodities correspondent, Ben Riensche, owner and manager, Blue Diamond Farming Company and Geoffrey von Maltzahn, co-founder and chief innovation officer, Indigo Ag. Read more from Emiko on agricultural food and technology at FT.com: https://www.ft.com/content/ee6fb294-edc3-11e8-8180-9cf212677a57 (paywall) See acast.com/privacy for privacy and opt-out information.

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  • 07.10.2021
    41 MB
    21:47
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    Luxury's resilient market

    Amid concerns about a slowdown in global economic growth, there is one industry telling a completely different story: luxury goods. Aimee goes to Paris to find out why. With guests Harriet Agnew, Paris correspondent for the Financial Times, and Robert Burke, chairman and chief executive of the consultancy Robert Burke Associates. See acast.com/privacy for privacy and opt-out information.

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  • 12.11.2020
    50 MB
    26:15
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    Paying for the Caesars empire

    About 10 years ago, two legendary private equity firms, Apollo Global Management and TPG, teamed up to carry out a leveraged buyout of one of the biggest and most iconic gaming companies, then known as Harrah’s. They financed the purchase by taking advantage of Harrah’s real estate. Now, an obscure regional casino group out of Reno, Nevada is set to scoop up what has become the Caesars Entertainment empire in a deal that is making use of a pretty similar kind of financing. The FT’s Sujeet Indap tells the story. See acast.com/privacy for privacy and opt-out information.

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