Behind the Money

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.

Humza Jilani, a Financial Times journalist covering Pakistan's shift to Islamic banking, shares fascinating insights on the country's financial transformation. He discusses how Pakistan is embracing a non-interest banking system, driven by cultural values. Jilani highlights the successful Mizan Bank and the unique profit-sharing principles of Islamic finance. Amid economic challenges, he examines the rise of Islamic banking as a potential solution while exploring recent policy changes and the sector's growth potential. It's a compelling look at a financial revolution!

In this discussion, Amelia Pollard, a Due Diligence reporter for the Financial Times, breaks down Sycamore Partners' bold acquisition of Walgreens Boots Alliance. She outlines the challenges that led Walgreens to this pivotal moment, including fierce e-commerce competition and operational struggles. Amelia highlights how Sycamore's typical strategies, including cost-cutting, might be applied here, and the risks involved in navigating the tricky landscape of healthcare retail. Can Sycamore pull off a successful turnaround for this troubled giant?

Aanu Adeoye, the FT’s West and Central Africa correspondent, discusses the surprising link between surging gold prices and a chocolate shortage in Ghana. He shares firsthand accounts of cocoa farmers struggling against illegal gold mining, which is wreaking havoc on local agriculture. The conversation dives into the environmental destruction caused by this gold rush and the urgent need for reforms in cocoa pricing. Aanu paints a vivid picture of the economic challenges faced by communities caught in the crossfire of these two commodities.

Sujeet Indap, Wall Street editor for the Financial Times, shares insights from the gripping legal showdown between Perella Weinberg Partners and former star banker Michael Kramer. The discussion covers the decade-long feud highlighting power struggles and ambition in investment banking. Sujeet reveals the complexities of maintaining relationships and talent, as well as the intense personal drama that unfolded during the trial. He also touches on the precarious balance between integrity and ambition within the high-pressure Wall Street environment.

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 warTo 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.Read a transcript of this episode on FT.com Hosted on Acast. See acast.com/privacy for more information.

Brooke Masters, US managing editor of the Financial Times, dives into Vanguard's evolution under a new CEO. The discussion reveals how Vanguard’s commitment to low-cost investing, championed by founder Jack Bogle, remains influential. Masters analyzes the firm’s ambitions to expand into new financial services while grappling with the impact of technology and market shifts. The conversation highlights Vanguard's innovative strategies, competitive pricing, and the delicate balance between tradition and modernization as it aims to redefine its role in wealth management.

Eleanor Olcott, the Financial Times’ China Technology Correspondent, delves into the remarkable journey of DeepSeek, an ambitious AI startup founded by Liang Wenfeng. She explores how DeepSeek emerged from a quant hedge fund to challenge big players like Silicon Valley. Olcott discusses the innovative models that set DeepSeek apart and the strategic financing that allowed the company to thrive amid China's tech industry challenges. The conversation highlights the potential implications for AI's future as DeepSeek captures global attention.

Jennifer Hughes, US markets editor for the Financial Times, dives into the NYSE's bold proposal for 22-hour trading. She discusses the surge in overnight stock trading and the implications for retail investors. Jennifer outlines the challenges of regulatory fairness and transparency that come with such a shift. The impact on traders' work-life balance is also examined, alongside the opportunities to attract Asian day traders. This conversation unveils the complexities of modernizing one of the world’s largest exchanges.

Amanda Chu, a Financial Times reporter specializing in the U.S. energy sector, discusses the tensions between President Trump’s push for increased oil production and the reluctance of major oil companies. She highlights how the shale revolution reshaped the industry, revealing the conflicting priorities between profit-driven investors and political demands. The conversation also delves into the impact of low oil prices, regulatory changes, and proposed tariffs on Mexico and Canada, emphasizing the complex dynamics shaping today’s oil market.