Behind the Money

Leo Lewis, the Tokyo bureau chief for the Financial Times, explores the implications of Canada-based Couche-Tard’s bid for Japan’s 7-Eleven. This potential acquisition marks a pivotal moment in Japan’s traditionally closed corporate culture towards foreign deals. Lewis discusses the shift in attitudes and evolving regulatory practices that may usher in a new era of foreign investment. He also delves into the paradox of 7-Eleven’s success amidst stagnant shareholder returns, highlighting how this takeover could reshape Japan's M&A landscape.

Jay Powell, the Chair of the Federal Reserve, discusses his efforts to manage inflation without derailing the economy, joined by Robert Armstrong, a US financial commentator from the Financial Times. They delve into whether Powell's strategies are the result of skill or serendipity. The conversation also touches on comparisons with past central banking legends like Paul Volcker, and the challenges of navigating today's economic uncertainty while balancing inflation and employment. Ultimately, they ponder how history will evaluate Powell's leadership.

Tom Wilson, a journalist specializing in global oil trading and its geopolitical implications, discusses the dramatic shift in oil trading from Switzerland to the UAE. With Western sanctions on Russian oil, Dubai has emerged as a new trading hub, capitalizing on increased oil flows and logistical advantages. Wilson explores the impact of these changes on the global energy landscape and how lesser-known companies are gaining prominence. The conversation highlights the complexities and opportunities reshaping oil trading dynamics in today's market.

Join Eric Platt, a senior US corporate finance correspondent, and Amelia Pollard, a Due Diligence reporter, as they unpack the growing challenges facing private credit, especially highlighted by Pluralsight's loan troubles. They explore how this once-thriving sector now reveals hidden risks amid rising interest rates. The discussion dives into private equity's evolving strategies and the potential shortcomings of private credit firms in restructuring distressed companies. Tune in for insights that could shape the future of private lending.

Myles McCormick, the Financial Times' Houston correspondent, dives into why numerous companies have migrated to Texas, drawn by low taxes and regulatory freedom. He discusses the impact of this influx, spotlighting giants like Tesla and HP. However, Myles warns of rising costs and infrastructure challenges that threaten this allure. The conversation also touches on how Texas’s conservative politics clash with corporate interests, raising questions about the long-term sustainability of its business-friendly image.

Chris Kay, a Mumbai-based correspondent, dives into the booming Indian equity market, which has doubled in just five years. He discusses the influx of young domestic investors, inspired by dramatic success stories, leading to fears of a possible bubble. Kay highlights the challenges posed by unregulated finfluencers and the risks they bring to new investors. He also addresses broader economic implications, including inequality and employment, as the market experiences unprecedented growth amidst regulatory scrutiny.

Sir Angus Deaton, a Nobel Prize-winning economist, delves into the evolving landscape of economics, expressing his reconsideration of foundational assumptions. He critiques the narrow focus on efficiency, discussing the intricate dynamics of globalization and poverty with contrasting case studies from India and China. Deaton emphasizes the need for a comprehensive approach to measuring poverty and challenges the effectiveness of randomized control trials. As he navigates through these complex topics, he advocates for an economics that integrates ethics and historical context.

Elon Musk, the visionary CEO of Tesla and SpaceX, joins corporate governance reporter Patrick Temple-West to discuss the skyrocketing pay of executives compared to stagnant worker wages. They delve into the reasons behind this dramatic increase in compensation, scrutinizing the influence of major asset management firms. The conversation addresses the implications of such inequality on corporate culture and employee morale. With insights on Dodd-Frank's role in transparency, they're raising vital questions about fairness and accountability in the corporate world.

Recent Supreme Court decisions are changing rulemaking power, worrying US businesses despite CEOs' preference for less regulation. The impact on businesses, regulatory practices, and compliance costs is discussed. The podcast also explores the future of federal agencies, potential consequences of decreased regulatory power in the US, and insights into the premium spirits market.

The FT’s chief UK business correspondent Michael O'Dwyer analyzes the expectations of City of London executives from the newly elected Labour government. Topics include the role of the UK's financial services sector, challenges post-Brexit, city executives' perspectives on regulations, and expectations from the new government for stability and reform.