Behind the Money

Last December executives at the Carlyle Group worked into the night to sign what they imagined would be one of the private equity firm’s most enduring deals. In 2020, however, there may be no such thing as a stable business. Carlyle is now trying to walk away from a deal with American Express Global Business Travel before any money has changed hands. Our US private capital correspondent, Mark Vandevelde, reports on the ensuing legal row, and what it could mean for dealmaking during the pandemic.  To get free access to the FT’s Coronavirus Business Update newsletter for 30 days, visit ft.com/behindthemoneycovid or https://www.ft.com/newsletter-signup/coronavirus?segmentId=12f1abd6-6f16-e2df-e4ff-7aaa9346f98e.A few stories for further reading:Inside Carlyle’s ‘long-term’ Amex bet that coronavirus cut short (paywall): https://www.ft.com/content/e710b3dc-3eba-4227-9258-6a678d66f6e1Apollo: how a private equity giant is navigating the crisis (paywall): https://www.ft.com/content/6fce9808-84ab-11ea-b555-37a289098206Coronavirus: private equity’s bailout moment (paywall): https://www.ft.com/content/f7cc82d7-70b9-40c3-b4a0-815ebc5d99d5   Hosted on Acast. See acast.com/privacy for more information.

This was supposed to be a record year for the US meat industry. But when coronavirus hit the meat-packing plants, it exposed a vulnerable link in the supply chain. We take a look at how our meat gets from the farm to the supermarket, and ask what the fall in production could mean for the US-China trade truce. With the FT’s Gregory Meyer. To get free access to the FT’s Coronavirus Business Update newsletter for 30 days, visit ft.com/behindthemoneycovid.Further reading:Coronavirus: return to work divides US meat industry (paywall) https://www.ft.com/content/f6e2b4ad-4a62-4c6f-8348-38704e3e81f6Tyson Foods warns of sales declines and rising costs (paywall)https://www.ft.com/content/f0b4f894-cd46-44f2-b7b0-10707de449dbJohn Tyson laments breakdown of meat system his family pioneered (paywall)https://www.ft.com/content/82c2f5fa-1070-4388-853b-a2ed430fbf04Pandemic accelerates shift to meat substitutes (paywall)https://www.ft.com/content/0127984a-6def-4040-9bca-002b6ffd4e0a---On 12-14 May, the Financial Times, in partnership with TNW, will gather the most senior global decision makers and leading minds in policy, business, tech and finance for three days of online conversations with top FT journalists, analysing the impact of the pandemic across global economies, industries and markets, and outlining what is required to shape the optimal conditions for recovery at this most challenging of times. Register at globalboardroom.ft.com. Hosted on Acast. See acast.com/privacy for more information.

The Trump administration’s small business bailout programme has been plagued by problems from the start, with complaints that large companies crowded out the kinds of small enterprises and independent contractors it was designed to help. With a fresh round of funding on offer from Washington, we hear from several business owners trying to get their share, as well as the FT’s Laura Noonan who has been reporting on the programme since it launched. To get free access to the FT’s Coronavirus Business Update newsletter for 30 days, visit ft.com/behindthemoneycovid.A few stories for further reading:US small business rescue fund strained by rush of claimshttps://www.ft.com/content/0467d0e1-6814-4cc4-ad4b-e25c80169466Can Congress save US small businesses? FT reporters answer your questionshttps://www.ft.com/content/55b0f191-5ea2-4762-bf8c-13d6a11e61ed‘Where is my loan?’ Small businesses miss out on US rescue fundshttps://www.ft.com/content/e6a06f94-5d2f-43a0-8aac-c7adddca0b0e----You might also be interested in a three-day digital conference hosted by the Financial Times. On 12-14 May, the FT, in partnership with TNW, will gather the most senior global decision makers and leading minds in policy, business, tech and finance for three days of online conversations with top FT journalists, analysing the impact of the pandemic across global economies, industries and markets, and outlining what is required to shape the optimal conditions for recovery at this most challenging of times. Register at globalboardroom.ft.com. Hosted on Acast. See acast.com/privacy for more information.

Mauren Pereira's drapery business was on track for its most financially successful year to date. That was until the coronavirus outbreak reached Virginia. Behind the Money reports on how one small business owner is navigating the current economic crisis. With Brendan Greeley, US economics editor for the Financial Times. We want to hear from you. Please go to ft.com/behindthemoneysurvey and fill out our survey for a chance to win a pair of Bose QuietComfort Noise Cancelling headphones. Hosted on Acast. See acast.com/privacy for more information.

When credit markets seized up earlier in March, more than 130 companies rushed to their lenders to draw down at least $124bn of emergency credit lines to shore up cash, with Ford and General Motors drawing the largest amounts. We look at how the auto industry is preparing for the economic uncertainty that lies ahead. With the FT's Peter Campbell and Gillian Tett.We want to hear from you. Please go to ft.com/behindthemoneysurvey and fill out our survey for a chance to win a pair of Bose QuietComfort Noise Cancelling headphones.  Hosted on Acast. See acast.com/privacy for more information.

Behind the Money wants to hear from you, our listeners, about how the coronavirus pandemic is impacting your business and your work life. Email us at behindthemoney [at] ft.com Hosted on Acast. See acast.com/privacy for more information.

A costly investigation into the conduct of senior UK bankers during the financial crisis has raised questions about what it means to prosecute allegations of corporate crime, and whether Britain’s fraud laws need overhauling. With the FT’s Caroline Binham and Jane Croft. We want to hear from you. Please go to ft.com/behindthemoneysurvey and fill out our survey for a chance to win a pair of Bose QuietComfort Noise Cancelling headphones. Read more from Jane and Caroline here:Barclays: the legal fight over a company’s ‘controlling mind’https://www.ft.com/content/f666b592-5a4b-11ea-abe5-8e03987b7b20 (paywall)Review clip: Sky News Hosted on Acast. See acast.com/privacy for more information.

More than 10 years on from the early days of the US shale boom, bankruptcy risks are rising across the sector. The FT's US energy editor, Derek Brower, reports on what weak oil prices and tightening access to credit are doing to the outlook for some producers. Further reading:Bankruptcy risks rise for US shale (paywall)https://www.ft.com/content/76c15898-52a2-11ea-90ad-25e377c0ee1fUS energy sector, shunned by investors, has ‘Pearl Harbor’ moment (paywall)https://www.ft.com/content/254bf634-5677-11ea-abe5-8e03987b7b20Chesapeake Energy raises doubt over its ability to survive (paywall)https://www.ft.com/content/46ffa4fc-ffe6-11e9-be59-e49b2a136b8dThe US shale revolution (paywall)https://www.ft.com/content/2ded7416-e930-11e4-a71a-00144feab7deThe clip of Aubrey McClendon is credited to the Switch Energy Alliance. Hosted on Acast. See acast.com/privacy for more information.

Nearly one year after the grounding of Boeing's 737 Max jet, more than 700 of these planes remain on the ground, with costs to the US manufacturing giant estimated to reach nearly $20bn. The FT's Claire Bushey reports on how the crisis unfolded, and what it will take for the aerospace company to return business as usual.Further reading:Boeing tightens its belt as Max crisis drains cash (paywall)https://www.ft.com/content/949eea64-3e44-11ea-a01a-bae547046735Boeing faces Max hurdle as pilot confidence crumbles (paywall)https://www.ft.com/content/2c0419cc-3983-11ea-a6d3-9a26f8c3cba4Aviation: Boeing parks its 737 aspirations (paywall)https://www.ft.com/content/ad45dd3e-2314-11ea-92da-f0c92e957a96Grounding a global fleet: Boeing faces its greatest challenge (paywall)https://www.ft.com/content/53b2142a-4711-11e9-b168-96a37d002cd3 Hosted on Acast. See acast.com/privacy for more information.

A brand new season of Behind the Money with the Financial Times is coming in early 2020. Subscribe now so you don't miss an episode. Hosted on Acast. See acast.com/privacy for more information.