Behind the Money

Stephen Foley, US accounting editor for the Financial Times, delves into the scandal surrounding Boston Consulting Group’s involvement in Gaza. He scrutinizes the fallout from BCG’s controversial plan to 'relocate' Palestinians as part of a multimillion-dollar aid project. The discussion reveals internal communication breakdowns within BCG and raises crucial ethical questions about the consulting industry's role in sensitive geopolitical matters. Foley also emphasizes the need for strict compliance measures to safeguard against reputational risks in the field.

Claire Jones, the US economics editor for the Financial Times, unpacks the surprising resilience of the American economy amidst ongoing trade tensions. She discusses the implications of paused tariffs and the evolving dynamics of U.S. relations with China and Vietnam. The concept of 'Schrödinger's tariffs' highlights the delayed effects on markets, consumer prices, and inflation. Jones also warns of a cycle where rising tariffs could lead to self-fulfilling inflation, emphasizing the broader economic implications of these trade policies.

Malcolm Moore, the Financial Times’ energy editor, dives into the intriguing world of oil trading amidst Middle Eastern conflicts. He reveals how traders defied expectations by predicting a short-lived crisis when Iran attacked a U.S. airbase. The discussion explores how geopolitical tensions, instead of spiking oil prices, led to market confidence. Moore also highlights the role of technology and social media in shaping traders' strategies, illustrating a shift in trader psychology in the face of conflict.

In this engaging discussion, Akila Quinio, the Financial Times' banking correspondent, delves into the end of the UK's bailout era marked by the privatization of NatWest Group. She shares insights on the tumultuous journey of the Royal Bank of Scotland, from its nationalization to its rebranding and eventual recovery. The conversation highlights the financial implications of the government’s ownership on taxpayer burdens and public spending. Quinio also explores ongoing economic challenges in the UK and the potential risks of deregulation.

Adrienne Klasa, the Financial Times' Paris correspondent specializing in luxury businesses, dives deep into the recent challenges faced by Moët Hennessy. She explores the company's strategic missteps under previous leadership, revealing how poor decisions have led to a financial downturn. Klasa discusses the impact of changing consumer behaviors, rising prices, and the repercussions of the U.S.-EU tariff dispute. The conversation sheds light on the complexities of crisis management in the luxury sector and questions whether Moët Hennessy can make a strong comeback.

A. Anantha Lakshmi, the Jakarta correspondent for the Financial Times, shares insights on Indonesia's transformation from a nickel underdog to a dominant market player. Discover how a 2014 export ban ignited foreign investments and reshaped global dynamics. The conversation delves into the geopolitical tensions affecting supply chains, particularly the West's reliance on China. Also highlighted are alarming worker safety issues in the nickel industry, raising questions about environmental practices in this booming sector.

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.