Behind the Money

After the collapse of Silicon Valley Bank, markets were anxious, and the prestigious, yet scandal-ridden Credit Suisse looked as if it could be next to fall. But over the span of a single weekend, the Swiss government and Credit Suisse’s crosstown rival, UBS, raced against the clock to avert disaster. The FT’s banking editor Stephen Morris provides a front row look at how the deal came together.Clips from Bloomberg, CNBC, BBC- - - - - - - - - - - - - - - - - - - - - - - - - - For further reading:How the Swiss ‘trinity’ forced UBS to save Credit Suisse Credit Suisse: the rise and fall of the bank that built modern Switzerland Saudi National Bank chair resigns following Credit Suisse commentsAnd further listening: Behind the Money's December 2022 episode, Credit Suisse's last chance- - - - - - - - - - - - - - - - - - - - - - - - - - On Twitter, follow Stephen Morris (@sjhmorris) and Michela Tindera (@mtindera07)Read a transcript of this episode on FT.com Hosted on Acast. See acast.com/privacy for more information.

Credit Suisse… Silicon Valley Bank… Signature Bank… First Republic… After weeks of breaking headlines about banks in crisis, we are taking a big picture look at the sector with the FT’s chief economics commentator, Martin Wolf. In this episode, he explains why banks fail, and lays out the four paths that banking reform could take in the future. - - - - - - - - - - - - - - - - - - - - - - - - - - For further reading:Banks are designed to fail — and they do US capitalism is ‘breaking down before our eyes’, says Ken GriffinHow the Swiss ‘trinity’ forced UBS to save Credit SuisseFour ways to fix the bank problem- - - - - - - - - - - - - - - - - - - - - - - - - - On Twitter, follow Martin Wolf (@martinwolf_) and Michela Tindera (@mtindera07)Read a transcript of this episode on FT.com Hosted on Acast. See acast.com/privacy for more information.

The collapse of Silicon Valley Bank last week raised questions about the strength of the United States’ banking system, and whether we’re headed for another financial crisis. The FT’s US financial commentator Robert Armstrong tells us why he’s not freaking out. Clips from CBS, NBC, CNN, DW- - - - - - - - - - - - - - - - - - - - - - - - - - For further reading:SVB was only a little bit insolvent, luckilySVB’s collapse is not a harbinger of another 2008The weekend US officials hatched a plan to stave off a banking crisis Silicon Valley Bank shows the perils of regulators fighting the last warFor further discussion: Join an FT subscriber-only webinar on SVB’s collapse and the fallout, featuring Robert Armstrong and other FT journalists and guests, on Thursday March 16 1600-1700 GMT (1200-1300 ET). Register here. - - - - - - - - - - - - - - - - - - - - - - - - - - On Twitter, follow Robert Armstrong (@rbrtrmstrng) and Michela Tindera (@mtindera07)Read a transcript of this episode on FT.com Hosted on Acast. See acast.com/privacy for more information.

Over just a few years, the share price of an obscure company from the United Arab Emirates has jumped 40,000%. But little is known about International Holding Company, which has investments in everything from Elon Musk’s SpaceX to India’s Adani Group. The FT’s Middle East editor 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- - - - - - - - - - - - - - - - - - - - - - - - - - For further reading:The UAE business that went from obscurity to a $240bn valuation in 3 yearsThe sheikh’s empire driving Abu Dhabi’s meteoric stock market riseThe Abu Dhabi royal at the nexus of UAE business and national security Groovy girls, typing pools and labour camps: the complicated world of IHC- - - - - - - - - - - - - - - - - - - - - - - - - - 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.

Recently, flying in the US seems to be more chaotic than calm. And while it may seem like this all started recently, the FT’s Chicago Correspondent Claire Bushey takes us back to a decision that happened in the 1970s that got us to where we are now. Clips from NBC, PBS, CBS- - - - - - - - - - - - - - - - - - - - - - - - - - For further reading:How the US fell out of love with flyingPassengers to keep ‘paying the price’ of aviation chaos, says United CEOHyper-efficiency is bad businessUS airlines: higher fares and (hopefully) better service- - - - - - - - - - - - - - - - - - - - - - - - - - On Twitter, follow Claire Bushey (@Claire_Bushey) and Michela Tindera (@mtindera07)Read a transcript of this episode on FT.com Hosted on Acast. See acast.com/privacy for more information.

It’s been one year since Russia launched its full-scale invasion of Ukraine. We’re spending this episode talking to FT reporters and Ukrainian entrepreneurs about the costs of this war: How individuals' lives have been uprooted, how the country’s economy has been turned upside down, and how global markets such as food and energy have been transformed. Clips from CNN, BBC, NBC, PBS, Al Jazeera English- - - - - - - - - - - - - - - - - - - - - - - - - - For further reading:Conflict with Russia hangs over Ukraine’s recoverySomething for the weekend: the year of UkraineMarking a year in the Ukraine warHe wanted an adventure. He ended up in Ukraine’s most brutal war zone- - - - - - - - - - - - - - - - - - - - - - - - - - On Twitter, follow Ben Hall, (@hallbenjamin) Emiko Terazono, (@EmikoTerazono) Tom Wilson (@thomas_m_wilson) and Michela Tindera (@mtindera07)Read a transcript of this episode on FT.com Hosted on Acast. See acast.com/privacy for more information.

The EU’s executive branch is known for leading the way when it comes to regulating crucial industries, like Big Tech. But for now, one country appears to be further ahead in the race to keep competition alive for European entrepreneurs. The FT’s EU correspondent Javier Espinoza explains who is leading the pack and what it means for everyone else.  - - - - - - - - - - - - - - - - - - - - - - - - - - For further reading:How Germany became Europe’s leading Big Tech trust busterBrussels re-energised for Big Tech battlesEU braced for legal challenges to rules designed to tackle Big TechFight breaks out between Ireland and Germany over Big Tech regulation- - - - - - - - - - - - - - - - - - - - - - - - - - On Twitter, follow Javier Espinoza (@JavierespFT) and Michela Tindera (@mtindera07)Read a transcript of this episode on FT.com Hosted on Acast. See acast.com/privacy for more information.

The dollar dominated last year as the US Federal Reserve raised interest rates quicker than other countries to tame inflation. But the so-called “king dollar” has shifted recently. FT Capital Markets Correspondent Kate Duguid dives into how the greenback has been toppled from its throne and what that means for the rest of the world. - - - - - - - - - - - - - - - - - - - - - - - - - - For further reading:US dollar hits reverse gear as Fed cedes rate-rise ‘driver’s seat’Dollar touches 7-month low as Fed rate rise expectations slideThe downturn in the dollar is not just about ratesEmerging market governments raise $40bn in January borrowing binge- - - - - - - - - - - - - - - - - - - - - - - - - - On Twitter, follow Kate Duguid (@kateduguid) and Michela Tindera (@mtindera07)Read a transcript of this episode on FT.com Hosted on Acast. See acast.com/privacy for more information.

Several Big Tech companies have recently announced job cuts - and they pinned their decisions on a pandemic-induced hiring spree. But is that actually what’s driving the cuts? We sat down with the FT’s US financial commentator Robert Armstrong to get the full picture. Clips from Reuters, MSNBC, Yahoo Finance- - - - - - - - - - - - - - - - - - - - - - - - - - BTM listeners, we want to know what you think of the show and what you want to hear more of. Visit ft.com/btmsurvey to submit your feedback. - - - - - - - - - - - - - - - - - - - - - - - - - - For further reading:Slimming down Big TechIs Big Tech flabby?Bye-bye massages and free food: Big Tech cuts back perksThe shock of mass lay-offs is only the beginning for companies- - - - - - - - - - - - - - - - - - - - - - - - - - On Twitter, follow Robert Armstrong (@rbrtmstrng) and Michela Tindera (@mtindera07)Read a transcript of this episode on FT.com Hosted on Acast. See acast.com/privacy for more information.

Last year, we talked about China needing to find a mechanism to fix its economy. It looks like it may have found it - by abruptly ending its zero-Covid policies. The FT’s Shanghai correspondent Tom Hale and Global China Editor James Kynge break down what President Xi Jinping’s main goals are and whether it’s enough to jumpstart the country’s economy.Clips from CNN, BBC- - - - - - - - - - - - - - - - - - - - - - - - - - BTM listeners, we want to know what you think of the show and what you want to hear more of. Visit ft.com/btmsurvey to submit your feedback. - - - - - - - - - - - - - - - - - - - - - - - - - - For further reading:Xi Jinping’s plan to reset China’s economy and win back friendsChina’s economy begins to reopen after 3 years of Covid isolation China’s Covid generation: the surging inequality behind Xi’s U-turnI spent 10 days in a secret Chinese Covid detention centre- - - - - - - - - - - - - - - - - - - - - - - - - - On Twitter, follow Tom Hale (@TomHale_), James Kynge (@JKynge) and Michela Tindera (@mtindera07)Read a transcript of this episode on FT.com Hosted on Acast. See acast.com/privacy for more information.

Electric vehicle giant Tesla took the automotive industry by storm with its innovative technology, but the company’s stock price has slid significantly since last year. And its chief executive Elon Musk has some Tesla fans rethinking their support given Musk’s moves as the new owner of Twitter. But the FT’s Richard Waters says that Tesla faces a challenge much bigger than Musk’s latest tweets. Clips from CBS, ABC News, NBC, CNBC- - - - - - - - - - - - - - - - - - - - - - - - - - BTM listeners, we want to know what you think of the show and what you want to see more of. Visit ft.com/btmsurvey to submit your feedback. - - - - - - - - - - - - - - - - - - - - - - - - - - For further reading:Trouble at Tesla: the end of a golden age of growth?Tesla cuts electric car prices across Europe and US to bolster demandOK, 2022 was a disaster for Tesla. What next?Musk/multitasking: the cost of being thinly stretched- - - - - - - - - - - - - - - - - - - - - - - - - - On Twitter, follow Richard Waters (@RichardWaters) and Michela Tindera (@mtindera07) Read a transcript of this episode on FT.com Hosted on Acast. See acast.com/privacy for more information.

The global economy has been hit hard in the past few years by the Covid-19 pandemic, high inflation and Russia’s war in Ukraine. However, there’s one emerging economy that’s managed to succeed in spite of that - Indonesia. So, what’s its secret? We sat down with the FT’s Mercedes Ruehl to understand how the country got to where it is now, and whether that success will be permanent.Clips from Associated Press- - - - - - - - - - - - - - - - - - - - - - - - - - For further reading:Indonesia’s unexpected success storyIndonesia’s president steps on to world stage as G20 hostBauxite: holding resources hostage will impede Indonesia’s growthIndonesia’s growth outlook dims as Jokowi begins final term- - - - - - - - - - - - - - - - - - - - - - - - - - On Twitter, follow Mercedes Ruehl (@mjruehl) and Michela Tindera (@mtindera07) Read a transcript of this episode on FT.com Hosted on Acast. See acast.com/privacy for more information.

Welcome back to a new year with Behind the Money! We’re starting off by paying a visit to the New York Public Library to take a peek into the past. Some 300 years ago parts of Europe were in the middle of a financial revolution that quickly turned into a financial frenzy and then — a fallout. With help from the FT’s US markets editor Jennifer Hughes, we’ll learn more about the Mississippi and South Sea Company Bubbles, and what they tell us about today. Clips from: NBC, CNBC, CBS NewsMusic: Georg Philipp Telemann’s Overture-Suite in B-flat Major performed by Tempesta di Mare / The Philadelphia Baroque Orchestra- - - - - - - - - - - - - - - - - - - - - - - - - - Learn how to visit the New York Public Library’s exhibit, Fortune and Folly in 1720. - - - - - - - - - - - - - - - - - - - - - - - - - - Further reading:Business trends, risks and people to watch in 2023FT writers’ predictions for the world in 2023- - - - - - - - - - - - - - - - - - - - - - - - - - On Twitter, follow Jennifer Hughes (@JennHughes13) and Michela Tindera (@mtindera07) Read a transcript of this episode on FT.com Hosted on Acast. See acast.com/privacy for more information.

It’s our last episode of the year, so that means we’re looking ahead to 2023 with the help of the FT’s chief economics commentator Martin Wolf. He sat down with Michela to discuss some of 2022’s biggest stories — inflation, the war in Ukraine, climate change — and how they might impact events in the new year. Clips from NBC News, AP, Sky News, Channel 4 News, Al Jazeera, CNN, TRT World, Yahoo!- - - - - - - - - - - - - - - - - - - - - - - - - - For further reading:How to think about policy in a polycrisisDelay only makes climate action more urgentXi Jinping’s third term is a tragic error- - - - - - - - - - - - - - - - - - - - - - - - - - On Twitter, follow Martin Wolf (@martinwolf_) and Michela Tindera (@mtindera07) Read a transcript of this episode on FT.com Hosted on Acast. See acast.com/privacy for more information.

At one time, Credit Suisse was considered to be among the most respected banks in Europe. The FT’s European banking correspondent Owen Walker explains how the Swiss bank is trying to make a comeback after years of scandal and losses — and what might happen if it fails.Clips from CNBC, DW News, Reuters - - - - - - - - - - - - - - - - - - - - - - - - - - For further reading:Credit Suisse chair says outflows have reversed since ‘social media storm’‘Radical surgery’: Will Credit Suisse’s gamble pay off?Credit Suisse turns to ‘Uli the knife’ to cut bank loose from scandal- - - - - - - - - - - - - - - - - - - - - - - - - - On Twitter, follow Owen Walker (@OwenWalker0) and Michela Tindera (@mtindera07)Read a transcript of this episode on FT.com Hosted on Acast. See acast.com/privacy for more information.

This week, we revisit one of our favourite episodes. After years of mega-deals and mega-money gushing into start-ups, venture capital fundraising hit a record-high last year. Now, the FT’s Richard Waters says the fundraising bonanza is over and helps us explore what that means for the future of start-ups. Clips from Looney Tunes: ⓒ Warner Bros. - - - - - - - - - - - - - - - - - - - - - - - - - - For further reading:Venture capital’s silent crash: when the tech boom met realityKlarna’s valuation crashes to under $7bn in tough funding roundVenture capital’s delayed rendezvous with reality- - - - - - - - - - - - - - - - - - - - - - - - - - On Twitter, follow Richard Waters (@RichardWaters) and Michela Tindera (@mtindera07)Read a transcript of this episode on FT.com Hosted on Acast. See acast.com/privacy for more information.

Qatar is in the spotlight as the host of this year’s World Cup — and the small, oil-rich nation has had to confront a lengthy human rights record with the world watching. The FT’s Gulf correspondent Simeon Kerr breaks down Qatar’s larger goals due to hosting the tournament, and what changes it has — and hasn’t — made to see those through. Clips from BBC, AP, PBS NewsHour, France24, The Guardian- - - - - - - - - - - - - - - - - - - - - - - - - - For further reading:The ethical case for watching this possibly unethical World CupQatar counts down to World Cup kick-off after $200bn soft power betHow the unlikeliest World Cup ever came to beQatar 2022: the weirdest World Cup in history- - - - - - - - - - - - - - - - - - - - - - - - - - On Twitter, follow Simeon Kerr (@simeonkerr) and Michela Tindera (@mtindera07)Read a transcript of this episode on FT.com Hosted on Acast. See acast.com/privacy for more information.

The crypto exchange FTX was supposed to be among the “credible” players operating in digital finance. But its swift descent into bankruptcy shocked the financial industry. The FT’s asset management correspondent Josh Oliver explains what went wrong, and markets editor Katie Martin tells us what it says about the future of crypto. Clips from CBS, ABC- - - - - - - - - - - - - - - - - - - - - - - - - - For further reading:How Sam Bankman-Fried seduced blue-chip investorsDD goes forensic on FTX: A deep dive into the crypto collapse that has stunned financeFTX held less than $1bn in liquid assets against $9bn in liabilitiesHedge fund admits half its capital stuck on FTX exchange- - - - - - - - - - - - - - - - - - - - - - - - - - On Twitter, follow Josh Oliver (@joshckoliver), Katie Martin (@katie_martin_fx) and Michela Tindera (@mtindera07) Read a transcript of this episode on FT.com Hosted on Acast. See acast.com/privacy for more information.

Tech Tonic is back with a new season about climate tech.As more people fly, aviation is on track to becoming a much bigger problem for climate change. Host Pilita Clark, FT columnist and climate journalist, looks at the potential for a more sustainable aviation industry, a sector that’s struggled to come up with new technology to cut its emissions. Could we end up being forced to cut back on flying altogether? Producer Josh Gabert-Doyon travels to Farnborough Airshow, and we hear from Zero Petroleum’s Paddy Lowe, Boom Supersonic’s Blake Scholl, and executives from Boeing, Airbus, ADS, United and EasyJet. Follow Tech Tonic to hear the full season here. Hosted on Acast. See acast.com/privacy for more information.

Russia’s invasion of Ukraine earlier this year triggered a global food crisis. Recently, FT correspondents Polina Ivanova, Chris Cook and Laura Pitel found out how Russia aims to profit from this. Ivanova explains how they used satellite photos, transponder data and a document trail to track a Russian company’s shipment of 2,675 metric tonnes of milling wheat out of the occupied Ukrainian port of Berdyansk, across the Black Sea and over to a port in Turkey. Clips from CNN, PBS- - - - - - - - - - - - - - - - - - - - - - - - - - For further reading:How Russia secretly takes grain from occupied UkraineRussian exit from Ukraine grain deal ‘catastrophic’ for poor nationsShips going dark: Russia’s grain smuggling in the Black Sea- - - - - - - - - - - - - - - - - - - - - - - - - - On Twitter, follow Polina Ivanova (@polinaivanovva) and Michela Tindera (@mtindera07) Read a transcript of this episode on FT.com Hosted on Acast. See acast.com/privacy for more information.