Behind the Money

Two economic powerhouses dive into the tumultuous landscape reshaped by recent political events. They explore the intricate dynamics of trade wars and the influence of leadership on global markets. With a 40-year friendship as a backdrop, they reflect on how personal ties shape professional insights. Expect a mix of sharp analysis and thought-provoking conversation that sets the tone for understanding today's economic shifts.

Antoine Gara, US private equity and deals editor at the Financial Times, sheds light on the diverging strategies of Blackstone, Apollo, and KKR in a complex market. He discusses how these firms have adapted their approaches amid economic challenges and interest rate fluctuations. Apollo’s integration of private capital and insurance stands out, while Blackstone maintains its traditional growth model. Gara also examines KKR's extensive $50 billion portfolio and the risks it faces in a volatile market, linking these strategies to future performance prospects.

Katie Martin is a Markets columnist and co-host of the FT's Unhedged podcast, while Chris Giles is known for his insights on central banking as an author and economist for the FT. They dive into the potential impacts of Trump's next moves and the uncertainty surrounding upcoming tariffs. The discussion touches on market reactions and the mixed perceptions between US and foreign investors. They also examine how inflation could shape voter sentiment leading up to the midterms, uncovering the political consequences of economic instability.

Jude Webber, the Ireland correspondent for the Financial Times, dives into the intricate ties between American pharmaceutical giants and Irish towns like Westport, where Botox is produced. She discusses how Trump's tariff threats loom over Ireland's pharma prosperity, potentially driving up consumer costs and shaking investor confidence. The episode also highlights the historical significance of foreign investment and the growing concerns about Ireland’s reliance on corporate tax revenues amidst a shifting economic landscape.

Amanda Chu, a former US energy reporter for the Financial Times, dives into the transformation of GE Vernova after its split from General Electric. She discusses the strategy behind divesting $20 billion in assets and the company's revival as a profitable entity. Chu explores the challenges of implementing lean manufacturing and the impact of AI on electricity demands. With a historical lens, she reflects on Schenectady's struggle to adapt after GE's decline, highlighting the community's connection to its industrial roots in an ever-evolving landscape.

Alvaro Bedoya, a former commissioner of the Federal Trade Commission, shares his gripping story of being fired by the Trump administration, which he argues was illegal. He delves into the implications of political influence on regulatory practices and consumer protection, emphasizing the FTC's autonomy. Bedoya discusses how political pressures may undermine antitrust enforcement, especially among appointees. He also connects corporate behavior and political donations, raising concerns about the balance of power in regulatory oversight.

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 wayGoldman 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.

Kate Duguid, the U.S. markets editor at the Financial Times, dives into the recent turbulence in the U.S. Treasuries market. She examines the surprising sell-off triggered by political turmoil, particularly tariff announcements. Duguid highlights the market's structural flaws and the unusual behavior of key players like hedge funds and foreign investors. With scrutiny on hedge fund regulations increasing, she discusses the potential for future chaos amid governmental changes and why understanding these dynamics is crucial for investors.

In this enlightening discussion, Joe Leahy, Beijing bureau chief for the Financial Times, delves into China's ambitious export strategy that has made it a manufacturing titan. He highlights how U.S. tariffs pose a serious threat to this export-driven economy, forcing China to rethink its approach. Leahy explores the contradictions of aiming for self-reliance while being reliant on global markets and the potential repercussions for Chinese exporters. His insights reveal a nation navigating treacherous economic waters and its quest for new trade partnerships amid rising global tensions.

Michael Acton, the Financial Times' San Francisco correspondent, discusses the impact of Trump's tariffs on Apple, which lost over $300bn in market value. He highlights Apple’s vulnerability due to its reliance on international supply chains, especially in China. The conversation delves into Tim Cook’s efforts to navigate these challenges and diversify manufacturing. Acton also addresses the potential regulatory hurdles Apple faces in the transatlantic market and the broader implications for the tech sector amidst rising tariffs and competitive pressures.