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What is money? And what can a small island in Micronesia teach us about how it works? On Yap, a remote island in the western Pacific, giant calcite “Rai” stones once functioned as currency, where ownership and collective
In 19th-century America almost anyone could print their own money – and many did. One of the most notable figures to take this up was a man named James Brown, a charismatic conman who built a fortune producing fake bankn
Every now and then a new technology comes along that changes everything – electricity, computers, potentially AI. In mid-19th-century America, that technology was the steam locomotive. It knitted the US economy together,
Does scientific, artistic or political brilliance translate into investing success? It’s a topical question with hedge funds today accused of sucking talent away from the rest of the economy. So, the FT’s Gillian Tett an
Long before modern economics, rulers such as Hammurabi in ancient Mesopotamia grappled with a political problem that still haunts our economies today: when people’s debts grow faster than their ability to repay them, the
For our final episode: Education start-up Byju’s quickly became the pride of India during the Covid-19 pandemic. But almost as fast as the company rose, it collapsed. The fallout has already resulted in millions of dolla
After years of fast-paced growth, private credit is facing intense scrutiny. In recent months, investors have made requests to withdraw billions of dollars from the $2tn sector’s funds. The FT’s US private equity and dea
This week Michela and the FT’s US banking editor, Joshua Franklin, interview the co-creators of the hit television show, Industry . In its fourth season, the show follows the lives of ambitious young people making their
Raids by the US Immigration and Customs Enforcement have made national headlines. But behind ICE’s operations, a sprawling web of private companies – from global powerhouses to niche family-run businesses – have secured
Partners Group pursued an innovative approach to private equity: The firm built a business serving a market of individual investors. Now, a recent executive order from US President Donald Trump is set to unlock that mark
US President Donald Trump on Friday made his pick to lead the Federal Reserve: Kevin Warsh. The former central bank governor with ties to Wall Street is seen as a mainstream pick. Still, some economists say if Warsh is c
For more than 170 years, Wells Fargo built a reputation as an all-American Main Street lender. Now, it is charting a new path and pushing into investment banking, something that many other banks have tried and failed to
The surge in scams, phishing attacks and digital fraud is raising serious liability questions. So who should be doing more? In this live recording from this year’s FT Global Banking Summit, Michela poses that questi
Despite its relatively low profile, Fidelity Investments is a sprawling beast when it comes to financial services. Last year, the firm’s revenues surpassed the world’s largest asset manager, BlackRock, by more than 50 pe
In the UK, whistleblowers are encouraged to report wrongdoing, but often at cost to their livelihoods and careers. One solution would be to pay corporate whistleblowers for coming forward. However, many in government hav
In this special episode of Behind the Money, the FT’s senior business writer Andrew Hill interviews author Stephen Witt about his book The Thinking Machine: Jensen Huang, Nvidia, and the World’s Most Coveted Microchip .
For years, corporate whistleblowers in the UK have found themselves in an unenviable predicament. They’re encouraged to report wrongdoing, but at the same time they often feel like they’ve risked everything: their career
This week we’re sharing an episode from Business History, a podcast from Pushkin Industries. Former Planet Money hosts Jacob Goldstein and Robert Smith explore what the businesses of the past can teach us about commerce
When international private equity groups first entered Japan at the turn of the 21st century, newspapers criticised them as vulture funds and politicians steered clear of public contact. Today, it’s a different story. Do
OpenAI is entering a new era. It's restructured to add a for-profit arm to its business and has signed more than a trillion dollars’ worth of deals to secure chips and build out data centres. But those huge financial com
Some of the world’s biggest financial institutions are reeling after the collapse of a little-known car parts supplier: First Brands Group. The company filed for bankruptcy last month, and since then, FT reporters have s
From KitKat candy bars to Perrier mineral water, Nestlé owns thousands of brands. But recently the world’s largest food and beverage company has severely underperformed its rivals in the wider consumer goods sector. The
In recent weeks, satellite business EchoStar has clinched multibillion-dollar deals with SpaceX and AT&T. It may sound like boom times for founder Charlie Ergen, but these deals illustrate something different: the ab
India’s tech hub Bangalore has experienced huge growth of companies and employees in the past two decades. But the city’s infrastructure is not keeping up with such rapid growth. With the tech sector contributing more th
The recent collapse of Tricolor Holdings, a subprime auto lender in Texas, has left a trail of losses and questions from Wall Street to low-income immigrant communities throughout the American south-west. The FT’s US ban
Ecommerce start-up Jumia was supposed to become the “Amazon of Africa”. Its prospects seemed promising after raising close to $800mn prior to its IPO in 2019 — more than any African start-up. But in the years since, thin
The natural diamond industry is facing an existential threat: lab-grown diamonds. They’re chemically and physically identical to natural stones, and they're just a fraction of the price. Eleanor Olcott, the FT’s China te
Earlier this summer, energy supermajor Chevron secured access to one of the most valuable oilfields in the world. It was the culmination of a months-long battle that pitted America’s second-largest oil company against th
This week we're sharing an episode from, Unhedged, another podcast from the FT network. The annual meeting of central bankers in Jackson Hole, Wyoming, is supposed to be an intellectual retreat. Instead, it was overshado
Palantir shares have soared this year, making the data analytics company one of the most valuable listed US tech groups. The FT’s Tabby Kinder explains how a paradigm shift in Silicon Valley helped propel Palantir to new
This is a revised version of an earlier episode and clarifies the position of Zyn in the US market. As the popularity of cigarettes has slid in the past couple decades, Big Tobacco has been searching for a new hit produc
Two summers ago, hedge fund manager Bobby Jain set out with a huge goal: build a hedge fund that can rival the likes of industry giants Citadel and Millennium. But in the year since his firm started trading, Jain has fou
This week we’re sharing an episode from Fixable, a podcast from TED. In it, hear about the resurrection of Barnes & Noble. Chief revival architect and CEO James Daunt joins hosts Anne Morriss and Frances Frei t
The competition for junior talent between private equity and Wall Street banks reached a new peak this summer. That’s thanks to a controversial recruiting practice that is causing both industries to find talent earlier a
Top consulting firms have repeatedly found themselves facing a reputational crisis. The most recent example was in early July, when a Financial Times investigation revealed that Boston Consulting Group had modelled a pla
It’s been exactly 90 days since US President Donald Trump paused most of his ‘reciprocal’ tariffs. With just a 10 per cent blanket tariff on all imports and a higher tariff on China, economists predicted the America
When Iran attacked a US airbase in Qatar – a response to strikes on its nuclear facilities – many feared a global war may be imminent. But there was one market that didn’t break a sweat: oil. It’s typically a commodity t
The Royal Bank of Scotland was once the biggest bank in the world. Then, hubris got the best of it. During the financial crisis the UK government spent £46bn to bail out the bank. Seventeen years and a rebrand to NatWest
LVMH’s wine and spirits division, Moët Hennessy, has long been a source of success – and cash – for the luxury goods behemoth. But more recently, that’s changed. The FT’s Paris correspondent Adrienne Klasa, found that ce
A decade ago, Indonesia produced only 6% of the world’s supply of refined nickel. Now, it has a de facto monopoly on the market. How did it happen? The FT’s Jakarta correspondent A. Anantha Lakshmi and FT’s commodit
Blackstone, Apollo and KKR. Although they have similar origins, these three top private capital groups are moving in different directions amid tumultuous markets. What do these approaches look like? And will they hold up
This week, Swamp Notes goes to London for a live recording. Katie Martin, host of the Unhedged podcast, and Chris Giles, author of the FT’s Central Banks newsletter, discuss what Trump’s next few months might be like. Ha
Ireland has become a major base for US pharma companies, including Pfizer, Eli Lilly and Johnson & Johnson. That’s bolstered the economies of individual towns and played a role in the country’s massive budget surplus
Massive conglomerates used to define corporate best practice. Think about a company like General Electric, known as “the everything company”. But today, there’s a new popular model: de-conglomeration. The FT’s former US
In March, Alvaro Bedoya and Rebecca Kelly Slaughter, two Democratic members of the Federal Trade Commission, were fired from their jobs by the Trump administration. They say this was done illegally and are challenging th
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
Markets shook after US President Donald Trump announced his so-called reciprocal tariffs earlier this month. But there was one market in particular that got investors particularly worried: Treasuries. What’s usually a sa
Over the past three decades, China has built itself into a manufacturing powerhouse. The plan was simple: use exports as a way to avoid becoming too dependent on the west. But with US President Donald Trump imposing 145
US President Donald Trump’s announcement of “reciprocal” tariffs caused havoc in the markets, notably hitting Big Tech stocks such as Apple. The company lost more than $300bn in market value the next day, and its pa
A huge chunk of any typical bank’s profits comes from charging interest. But what happens when you can’t do that? This week, we’re traveling to Pakistan with the FT’s Humza Jilani, where the country has decided to make i