The Story of Money

Latest Episodes:

A different way to understand the US economy Jul 26, 2023

Show notes

Under “normal” circumstances, economists and analysts study a variety of specific indicators to understand what’s happening with the US economy. But lately, those indicators have been sending mixed signals. The FT’s US financial commentator Robert Armstrong explains why they’re wonky and how that’s led him to a different data source to help him understand the economy.

Plus, have your own burning questions about business or finance? Send us your questions and we may use them in a future show!

Record a voice message here: https://sayhi.chat/rmc2b

Or, email Michela at michela.tindera@ft.com, or message her on Twitter at @mtindera07

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For further reading:

Recession odds fall, a bit

There is more slack in labour markets than we think

An ‘immaculate disinflation’ in the US is not guaranteed

Stocks rise on robust US bank earnings and ECB rates signal

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Read a transcript of this episode on FT.com

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Macquarie’s grip on global infrastructure Jul 19, 2023

Show notes

About 30 years ago, an Australian investment company called Macquarie figured out how to turn public utilities into lucrative assets. This strategy helped catapult the company into the biggest infrastructure investor in the world. Now, its services range from delivering tap water to London to transporting gas across the United States. But recently it has emerged that one of Macquarie’s former assets, Thames Water, is struggling, and the utility’s consumers are feeling the consequences. We sit down with the FT’s infrastructure correspondent Gill Plimmer to discuss what we can learn from Thames Water’s troubles and what happens when private investments meet a public necessity.

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For further reading:

Managed by Macquarie: the Australian group with a grip on global infrastructure

The dangers of asset managers when it comes to long-term infrastructure

How the Thames Water-gate burst

Thames Water travails threaten to plunge privatised sector into crisis

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On Twitter, follow Gill Plimmer (@gillplimmer1) and Topher Forhecz (@ForheczT)

Read a transcript of this episode on FT.com

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

Frances Haugen’s lessons as a Facebook whistleblower Jul 12, 2023

Show notes

Frances Haugen was just another Silicon Valley tech worker until she decided to speak up about what was happening inside Facebook. Now she’s written a book about her experience titled The Power of One: How I Found the Strength to Tell the Truth and Why I Blew the Whistle on Facebook. Frances talks to Michela about what she’s learned.

Clips from CBS, CNBC

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For further reading:

Who is Facebook whistleblower Frances Haugen?

Facebook after the whistleblower: can Zuckerberg reboot the social network?

The FT’s 25 most influential women of 2021

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On Twitter, follow Michela Tindera (@mtindera07)

Read a transcript of this episode on FT.com

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

Best Of: Tracking the mysterious rise of a UAE company Jul 05, 2023

Show notes

This week, we are revisiting an episode from earlier this year about an obscure firm from the United Arab Emirates: International Holding Company’s share price has jumped 40,000 per cent in just a few years. But little is known about the business, which has investments in everything from Elon Musk’s SpaceX to India’s Adani Group. The FT’s Middle East editor Andrew England travelled to Abu Dhabi to get answers about its rapid growth and its connections to some of the most powerful people in the Gulf.

Clips from MSNBC, CBS

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For further reading:

The UAE business that went from obscurity to a $240bn valuation in 3 years

The sheikh’s empire driving Abu Dhabi’s meteoric stock market rise

The Abu Dhabi royal at the nexus of UAE business and national security

Groovy girls, typing pools and labour camps: the complicated world of IHC

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On Twitter, follow Andrew England (@cornishft) and Michela Tindera (@mtindera07)

Read a transcript of this episode on FT.com

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

How a big biotech’s start-up gamble went wrong Jun 28, 2023

Show notes

Illumina, the world’s biggest gene sequencing company, announced plans to buy cancer detection start-up Grail for $8bn while the biotech boom was in full swing. To Illumina, Grail looked like a potential gold mine. Until reality — and regulators — entered the picture. Three years and an activist investor campaign waged by Carl Icahn later, the FT’s US pharmaceutical correspondent Jamie Smyth explains the problems that have cropped up and what it means for both companies and their shareholders.

Clips from Illumina Inc / Seeking Alpha, Yahoo

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For further reading:

Carl Icahn takes aim at genome sequencer Illumina over Grail deal

Has Illumina taken the wrong path in its Grail quest?

Quick blood tests to spot cancer: will they help or harm patients?

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

Read a transcript of this episode on FT.com

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

The downfall of a UK hedge fund titan Jun 21, 2023

Show notes

For decades, Crispin Odey sat atop the UK’s hedge fund scene. Lauded by many in financial circles as a charismatic maverick and known for taking high-risk bets on the market, he seemed untouchable. Until two weeks ago. The FT published a scathing investigation detailing the accounts of more than a dozen women accusing Odey of sexual misconduct. Madison Marriage and Antonia Cundy, from the FT’s special investigations team, look at the fallout from these allegations, and explain whether they think this is the start of a reckoning in UK finance.

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For further reading:

How Crispin Odey evaded sexual assault allegations for decades

The week the City ditched Crispin Odey

When it comes to harassment, the City must stop protecting its wallet

The fallout from the FT’s Crispin Odey investigation

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On Twitter, follow Madison Marriage (@miss_marriage), Antonia Cundy (@antoniacundy) and Michela Tindera (@mtindera07). You can contact Madison and Antonia directly here: madison.marriage@ft.com and antonia.cundy@ft.com

Read a transcript of this episode on FT.com

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

Is crypto a security, bro? Jun 16, 2023

Show notes

Crypto is at a crossroads. As exchanges and currencies blow up, the US Securities and Exchange Commission is ready to step in. But is crypto a security, like a stock? Or a tradable item of speculation, like a Beanie Baby? Today on the show, Robert Armstrong and Ethan Wu argue about the benefits and risks of regulating crypto. Also, we go short home prices, and long … the bone trade.

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Follow Ethan Wu (@ethanywu) and Katie Martin (@katie_martin_fx) on Twitter

Read a transcript of this episode on FT.com

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

Is Africa’s debt cycle unbreakable? Jun 14, 2023

Show notes

Ghana was once considered a success story and a model for African development. But after suffering several economic shocks, the west African country is now struggling to pay off its debts. The FT’s west Africa correspondent Aanu Adeoye and Africa editor David Pilling explain how Ghana exemplifies the debt cycle that many African countries find themselves stuck in, and what has to change to break it.

Clip from GhanaWeb TV

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For further reading:

How Ghana’s economy became a cautionary tale for Africa

Africa needs international help to avoid a lost decade

Ghana default puts domestic debt ‘can of worms’ in the spotlight

Ghana secures $3bn IMF deal after creditors agree to debt restructuring

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On Twitter, follow Aanu Adeoye (@aanuadeoye), David Pilling (@davidpilling) and Michela Tindera (@mtindera07)

Read a transcript of this episode on FT.com

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

Introducing Unhedged Jun 12, 2023

Show notes

We want to tell you about a new podcast coming soon! On Unhedged, Ethan Wu, Katie Martin and other markets nerds at the Financial Times explain the big ideas behind what’s happening in finance right now. Unhedged launches June 13, you can follow the show here!

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Libor's long goodbye Jun 07, 2023

Show notes

At one time not that long ago, you could find Libor in everything: mortgages, corporate loans, credits cards and more. Now, its days are numbered. The FT’s Harriet Clarfelt and Philip Stafford take us back to the 1980s origins of the scandal-ridden benchmark rate, how its reputation came apart and why, with just weeks to go before a June 30 deadline, one part of the financial world is still racing to leave it behind.

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For further reading:

Loan market braced for rush to Libor finish line

The pain and SOFRing are almost over

‘Litigation will take over’: US lawmakers warned of Libor chaos

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On Twitter, follow Harriet Clarfelt (@HClarfelt), Philip Stafford (@staffordphilip) and Michela Tindera (@mtindera07)

Read a transcript of this episode on FT.com

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