The Story of Money

*/ ?>

Latest Episodes:

Apple navigates Trump’s tariffs Apr 09, 2025

Show notes

US President Donald Trump’s announcement of “reciprocal” tariffs caused havoc in the markets, notably hitting Big Tech stocks such as Apple. The company lost more than $300bn in market value the next day, and its path forward is complicated. The FT’s San Francisco correspondent Michael Acton explains why the iPhone maker is vulnerable, and what options it has to minimise the damage.

Clips from PBSNewshour, C-SPAN

- - - - - - - - - - - - - - - - - - - - - - - - - -

For further reading:

Apple loses more than $300bn in market value from Trump tariff hit

Apple and other US tech groups hit as Donald Trump targets suppliers

Fraying transatlantic ties will cost companies dearly

And for further listening:

Why Apple can’t leave China

- - - - - - - - - - - - - - - - - - - - - - - - - -

Follow Michael Acton on X (@MActon93). 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.

Why Islamic banking is taking off Apr 02, 2025

Show notes

A huge chunk of any typical bank’s profits comes from charging interest. But what happens when you can’t do that? This week, we’re traveling to Pakistan with the FT’s Humza Jilani, where the country has decided to make its entire banking sector align with Islamic law, which forbids charging interest. We’ll discuss how Islamic banks function and if this banking model can become Pakistan’s dominant system.

- - - - - - - - - - - - - - - - - - - - - - - - - -

For further reading:

Meezan Bank’s soaring shares herald rise of Islamic finance in Pakistan

Clerics’ rule change threatens to throw Islamic debt market into turmoil

World Bank approves 10-year $20bn Pakistan lending package

- - - - - - - - - - - - - - - - - - - - - - - - - -

Follow Humza Jilani (@humza_jilani) and Saffeya Ahmed on X (@saffeya-ahmed), or follow Saffeya 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.

Retail’s last barbarian takes on Walgreens Boots Mar 26, 2025

Show notes

Years ago, an ailing company like Walgreens Boots Alliance may have seemed like a prime acquisition target for deal-hungry private equity firms. But many have backed away from retail recently, leaving an opening for groups like Sycamore Partners who are willing to buck the trend. Sycamore announced this month that it would take the global pharmacy business private in a $23.7bn debt and equity deal. The FT’s Due Diligence reporter, Amelia Pollard, explains the well-worn playbook that Sycamore has used on past retail companies, and whether it will work this time with a chain that has its own share of unique problems.

Clips from Bloomberg, CNBC, CBS

- - - - - - - - - - - - - - - - - - - - - - - - - -

For further reading:

Retail’s last barbarian: the private equity group about to play hardball with Boots

What went wrong after Walgreens bought Boots?

Walgreens bondholders could be winners from its debt-laden buyout

- - - - - - - - - - - - - - - - - - - - - - - - - -

Follow Amelia Pollard (@ameliajpollard) on X or (@pollard.bsky.social) on Bluesky. Michela Tindera is on X (@mtindera07) and Bluesky (@mtindera.ft.com), or follow her on LinkedIn for updates about the show and more.

For more from Amelia and her team, sign up for the Due Diligence newsletter.

Read a transcript of this episode on FT.com

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

How high gold prices are fueling a chocolate shortage Mar 19, 2025

Show notes

The surging price of gold is leading to some unexpected outcomes. The FT’s Aanu Adeoye traveled to Ghana to see how this is playing outamong two of the country’s top commodities: gold and cocoa. Aanu and the FT’s Susannah Savage explain how the two commodities are linked and how it is impacting the people who live in the country.

Clips from NBC, ABC, CBS

- - - - - - - - - - - - - - - - - - - - - - - - - -

For further reading:

How illegal gold mining is fuelling a chocolate shortage

Food groups develop a taste for cocoa alternatives

From London to New York via Switzerland: the booming trade in gold bars

- - - - - - - - - - - - - - - - - - - - - - - - - -

Follow Aanu Adeoye (@aanuadeoye) and Susannah Savage (@SavageSusannah) 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.

Read a transcript of this episode on FT.com

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

Inside an investment banking battle royale Mar 12, 2025

Show notes

Disputes over power and pay aren’t unusual at Wall Street’s top firms. What isn’t ordinary is when the conflict turns into a decade-long legal battle. That was the case for boutique investment firm Perella Weinberg Partners and their former star banker, Michael Kramer. After 10 years, their dispute recently went to trial in Manhattan. The FT’s Wall Street editor Sujeet Indap had a seat inside the courtroom, and tells us what he learned about the inner workings of the firm.

Clips from Bloomberg, Fox Business

- - - - - - - - - - - - - - - - - - - - - - - - - -

For further reading:

Perella Weinberg trial lifts veil on bitter feud among top bankers

Court brawl reveals fractious world of investment banking

Wall Street’s battle of the bankers

- - - - - - - - - - - - - - - - - - - - - - - - - -

Follow Sujeet Indap on X (@sindap) or on Bluesky (@sindap.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.

Tracking Russia’s ‘shadow fleet’ Mar 05, 2025

Show notes

Little is known about Russia’s “shadow fleet”. These ships have been used to move Russian oil around the globe and avoid restrictions put in place by western governments after Vladimir Putin launched a full-scale invasion of Ukraine in 2022.

The existence of the shadow fleet is worth billions of dollars a year to the Kremlin. But who owns these ships? How were they acquired? Who oversees their operations? Many of these questions went unanswered, until a recent FT investigation. Senior energy correspondent Tom Wilson explains what he found and what could happen next for the fleet as an end to the war is discussed among world leaders.

- - - - - - - - - - - - - - - - - - - - - - - - - -

For further reading:

How Russia’s ‘shadow fleet’ gets its ships

Shares in shipbroker Braemar fall after FT report on Russian ‘shadow fleet’

UK cracks down on Russia’s ‘shadow fleet’

EU agrees new Russia sanctions in the face of US push to end Ukraine war

To see some of the vessels mentioned in this episode, check out the Bosphorus Observer, the blog of ship spotter Yoruk Isik.

- - - - - - - - - - - - - - - - - - - - - - - - - -

Follow Tom Wilson on X (@thomas_m_wilson). 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.

Vanguard: can it keep playing disruptor? Feb 26, 2025

Show notes

Vanguard became a powerhouse money manager thanks to a commitment to the philosophy of founder Jack Bogle. Now, with a new chief executive, can the firm push into other areas of financial services and reshape those too? The FT’s US managing editor Brooke Masters explains how the company’s guiding mantra could help or hinder these plans. Clips from CNBC

- - - - - - - - - - - - - - - - - - - - - - - - - -

For further reading:

How Vanguard plans to play disruptor again

Vanguard puts pressure on rivals with large round of fee cuts

Vanguard plans fresh push into active fixed-income market

- - - - - - - - - - - - - - - - - - - - - - - - - -

Follow Brooke Masters on X (@brookeamasters), or on Bluesky (@brookeamasters.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 story behind DeepSeek’s breakthrough Feb 19, 2025

Show notes

This January, DeepSeek made an announcement that changed the artificial intelligence landscape. The Chinese start-up said that it had trained the latest in a series of competitive AI models, which appeared to be built much more cheaply than those of Silicon Valley competitors.The FT’s China technology correspondent, Eleanor Olcott, first wrote a story about the company last summer. She’s on today to discuss how DeepSeek’s founder Liang Wenfeng was able to finance and grow his company at a time when start-up funding is scarce in China, and often comes with too many strings attached.

- - - - - - - - - - - - - - - - - - - - - - - - - -

For further reading:

Liang Wenfeng, the DeepSeek founder panicking the tech world

The global AI race: is China catching up to the US?

Xi Jinping seizes DeepSeek moment to restore China tech chiefs to spotlight

- - - - - - - - - - - - - - - - - - - - - - - - - -

Follow 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.

Can NYSE stay up all night? Feb 12, 2025

Show notes

The New York Stock Exchange wants to get in on a growing trend amongst investors: overnight stock trading. The largest exchange in the world recently submitted a proposal to allow shares to trade for 22 hours a day. US markets editor Jennifer Hughes looks into the thorny questions this proposal raises about how equity markets function.

Clips from New York Stock Exchange

- - - - - - - - - - - - - - - - - - - - - - - - - -

For further reading:

Is Wall Street ready to stay up all night?

US regulators approve first round-the-clock stock exchange

What does Robinhood want to be when it grows up?

- - - - - - - - - - - - - - - - - - - - - - - - - -

Follow Jennifer Hughes on X (@jennhughes13). 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.

Why Big Oil is resisting Trump’s call to ‘drill, baby, drill' Feb 05, 2025

Show notes

US President Donald Trump wants energy producers to drill for more oil. He claims it will lower prices for consumers and tackle inflation. But oil companies have a different set of priorities — and those could send them on a collision course with Trump. Clips from C-Span, Fox, ABC

- - - - - - - - - - - - - - - - - - - - - - - - - -

For further reading:

When peak Chinese oil demand meets ‘drill, baby, drill’

A shale boom is not Donald Trump’s gift to give

Wall Street will stymie Donald Trump’s US oil surge plan, say shale bosses

- - - - - - - - - - - - - - - - - - - - - - - - - -

Follow Amanda Chu (@amandalanchu) and Jamie Smyth (@jamiesmythft.bsky.social). Michela Tindera is on X (@mtindera07) and Bluesky (@mtindera.bsky.social), 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.