Behind the Money

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.

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.