Behind the Money

In a special six-part series of The Economics Show, Martin Wolf, the FT’s chief economics commentator, and Nobel Prize-winning economist Paul Krugman discuss the economic events reshaping the world in the wake of US President Donald Trump’s election. Subscribe and listen to this series on The Economics Show on Apple Podcasts, Spotify, Pocket Casts or wherever you listen to podcasts. Episodes will also be available on the FT’s YouTube channel. If you’d like to get in touch and ask Martin and Paul a question, please email economics.show@ft.com Read Martin’s FT column here Subscribe to Paul’s substack here Hosted on Acast. See acast.com/privacy for more information.

Blackstone, Apollo and KKR. Although they have similar origins, these three top private capital groups are moving in different directions amid tumultuous markets. What do these approaches look like? And will they hold up in a potential downturn? The FT’s Antoine Gara, US private equity and deals editor, breaks down each approach and who’s most likely to perform best in the future. - - - - - - - - - - - - - - - - - - - - - - - - - - For further reading: How Blackstone and its biggest rivals are drifting apart Should ordinary US retirement accounts be investing in private assets? Private equity industry shrinks for the first time in decades - - - - - - - - - - - - - - - - - - - - - - - - - - Follow Antoine Gara on X (@AntoineGara), or on Bluesky (@antoinegara.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.

This week, Swamp Notes goes to London for a live recording. Katie Martin, host of the Unhedged podcast, and Chris Giles, author of the FT’s Central Banks newsletter, discuss what Trump’s next few months might be like. Have markets truly recovered from the “liberation day” shock? What happens after the 90-day tariff pause is over? Our guests weigh in. Subscribe to the new Swamp Notes feed here. Mentioned in this podcast: Read the latest Chris Giles on Central Banks column here Listen to the Unhedged podcast here Sign up for the FT’s Swamp Notes newsletter here Swamp Notes is produced by Katya Kumkova. Topher Forhecz is the acting co-head of audio. Special thanks to Mischa Frankl-Duval and Pierre Nicholson. Read a transcript of this episode on FT.com Hosted on Acast. See acast.com/privacy for more information.

Ireland has become a major base for US pharma companies, including Pfizer, Eli Lilly and Johnson & Johnson. That’s bolstered the economies of individual towns and played a role in the country’s massive budget surplus. Now, US President Donald Trump’s tariff threats are bringing a dose of uncertainty. The FT’s Ireland correspondent Jude Webber traveled to the town where the world’s supply of Botox is produced to see what impact potential pharmaceutical tariffs might have on the country. Clips from WKYC, The Journal, Bloomberg - - - - - - - - - - - - - - - - - - - - - - - - - - For further reading: Trump tariffs bring furrowed brows to Ireland’s Botox town Trump’s tariffs threaten Ireland’s pharma fortune Ireland’s luxury problem: what to do with its €8.6bn surplus - - - - - - - - - - - - - - - - - - - - - - - - - - Follow Jude Webber on X (@jude_webber), or on Bluesky (@judewebber.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.

Massive conglomerates used to define corporate best practice. Think about a company like General Electric, known as “the everything company”. But today, there’s a new popular model: de-conglomeration. The FT’s former US energy reporter Amanda Chu examines whether this is working for a power business that GE spun off last year – or if it’s just another Wall Street fad. Clips from BBC, Bloomberg, DW - - - - - - - - - - - - - - - - - - - - - - - - - - For further reading: Rustbelt gamble: GE Vernova rides AI power boom into uncertain future Is the US power grid ready to meet the demands of data centres? Have America’s industrial giants forgotten what they are for? - - - - - - - - - - - - - - - - - - - - - - - - - - Follow Amanda Chu on X (@amandalanchu). Michela Tindera is on X (@mtindera07) and Bluesky (@mtindera.ft.com), or follow her on LinkedIn for updates about the show and more. Read a transcript of this episode on FT.com Hosted on Acast. See acast.com/privacy for more information.

In March, Alvaro Bedoya and Rebecca Kelly Slaughter, two Democratic members of the Federal Trade Commission, were fired from their jobs by the Trump administration. They say this was done illegally and are challenging their dismissals. Michela talks with Bedoya about what happened, and why he thinks businesses should be concerned. - - - - - - - - - - - - - - - - - - - - - - - - - - For further reading: Trump’s move to fire us is a terrible warning for the US economy Two Democrats on US antitrust panel say they were ‘illegally fired’ by Donald Trump Could Donald Trump fire Federal Reserve chair Jay Powell? - - - - - - - - - - - - - - - - - - - - - - - - - - Follow Alvaro Bedoya on X (@BedoyaFTC). 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.

Goldman Sachs may have picked its next chief executive years before any planned handover. It has raised eyebrows on Wall Street and would break from the usual process, where multiple candidates typically compete for the top job down to the last second. But it also completes an incredible comeback by current Goldman Sachs CEO David Solomon. The FT’s US banking editor Joshua Franklin explains how Solomon reasserted his control over Goldman Sachs after a near rebellion and whether his potential successor is up to the task of running one of the world’s biggest banks. Clips from CNBC, Goldman Sachs - - - - - - - - - - - - - - - - - - - - - - - - - - For further reading: Has Goldman Sachs already chosen its next CEO? Goldman Sachs has lost its way Goldman Sachs hands chief David Solomon $80mn retention award - - - - - - - - - - - - - - - - - - - - - - - - - - Follow Joshua Franklin on X (@FTJFranklin). 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.

Markets shook after US President Donald Trump announced his so-called reciprocal tariffs earlier this month. But there was one market in particular that got investors particularly worried: Treasuries. What’s usually a safe haven asset suddenly saw huge sell-offs. Trump managed to avoid further pain by pausing large chunks of his tariffs, but the sell-off prompts a discussion about significant structural flaws in the market. The FT’s US markets editor Kate Duguid explains which cracks in the US Treasuries market we can't ignore. Clip from The Wall Street Journal - - - - - - - - - - - - - - - - - - - - - - - - - - For further reading: Why did Donald Trump buckle? Is the world losing faith in the almighty US dollar? The debt-fuelled bet on US Treasuries that’s scaring regulators - - - - - - - - - - - - - - - - - - - - - - - - - - Follow Kate Duguid on X (@kateduguid). 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.

Over the past three decades, China has built itself into a manufacturing powerhouse. The plan was simple: use exports as a way to avoid becoming too dependent on the west. But with US President Donald Trump imposing 145 per cent tariffs on the country, this strategy now hangs in the balance. The FT’s Beijing bureau chief Joe Leahy explains how Beijing built its export machine and whether its plan to sell the world cheap goods could go wrong. Clip from European Commission. - - - - - - - - - - - - - - - - - - - - - - - - - - For further reading: Will China’s manufacturing juggernaut run out of road? How China’s record trade surplus helped spark Trump’s tariff war China says ‘sky won’t fall’ as exports surge ahead of Donald Trump’s tariffs - - - - - - - - - - - - - - - - - - - - - - - - - - Follow Joe Leahy on X (@leahyjoseph). Michela Tindera is on X (@mtindera07) and Bluesky (@mtindera.ft.com), or follow her on LinkedIn for updates about the show and more. Read a transcript of this episode on FT.com Hosted on Acast. See acast.com/privacy for more information.

US President Donald Trump’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.

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.

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.

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 out among 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.

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.

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

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.

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.

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.

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.

Mexico’s new president Claudia Sheinbaum is pursuing an ambitious agenda for her country. It promises a better standard of living for Mexicans. But investors in the country’s economy have their concerns – and now there’s a new threat on the horizon: US President Donald Trump. The FT’s Mexico and Central America correspondent Christine Murray explains how Sheinbaum will navigate the nation’s economic path forward. Clip from Global News - - - - - - - - - - - - - - - - - - - - - - - - - - For further reading: Mexico’s new president digs in with radical ideas as Trump threat looms Mexico pledges to shrink trade deficit with China in nod to Donald Trump Mexico’s first female president to take power under mentor’s shadow - - - - - - - - - - - - - - - - - - - - - - - - - - Follow Christine Murray on X (@chrissiemurray). 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.