Behind the Money

The UN climate conference COP28 is in full swing, and officials from around the world are discussing ways to combat climate change. The agenda includes questions around how to regulate a market that could soon take off — carbon credits. Right now, these credits serve as a way for private buyers, such as companies and individuals, to offset their emissions. But countries may be able to start using these too. FT climate reporter Kenza Bryan explains the risks that could come with this market expanding.  Clips from CNBC, The National - - - - - - - - - - - - - - - - - - - - - - - - - - For further reading:The looming land grab in Africa for carbon creditsThe cheque book COP: UAE’s $200bn bid for climate influenceScandal bares the problems of the Amazon carbon credit marketSpecial report: Decarbonisation - - - - - - - - - - - - - - - - - - - - - - - - - - On X, follow Kenza Bryan (@KenzaBryan) and Michela Tindera (@mtindera07), or follow Michela on LinkedIn for updates about the show and more. Read a transcript of this episode on FT.com

In 2007, when Dan Och took his hedge fund public, he was making a bet that his company would stand the test of time. More than 15 years, a bribery scandal, and a feud with his protégé later, things have not worked out as planned. The FT’s Ortenca Aliaj and Sujeet Indap go inside the saga that lost shareholders more than $10bn. - - - - - - - - - - - - - - - - - - - - - - - - - - For further reading:Sculptor Capital: grey areas cause grey hairs in messy bidding warFight over Sculptor hedge fund sale entwined in Daniel Och’s tax affairsSale of Sculptor Capital on cusp of approval after hedge fund brawl- - - - - - - - - - - - - - - - - - - - - - - - - - On X, follow Ortenca Aliaj (@OrtencaAl), Sujeet Indap (@sindap) and Michela Tindera (@mtindera07), or follow Michela on LinkedIn for updates about the show and more.Read a transcript of this episode on FT.com

This week we’re revisiting an episode from earlier this year about the London Stock Exchange’s decline. The exchange once held the top spot in global financial markets, but that’s changed completely in recent years. The FT’s Harriet Agnew and Katie Martin explain how a yacht floating off the Canary Islands 30 years ago played a critical role in changing the stock market.Clips from CBS, Thames News- - - - - - - - - - - - - - - - - - - - - - - - - -For further reading:Britain’s ‘capitalism without capital’: the pension funds that shun risk‘There are no domestic equity investors’: why companies are fleeing London’s stock marketWhy Europe’s stock markets are failing to challenge the US- - - - - - - - - - - - - - - - - - - - - - - - - -On X, follow Harriet Agnew (@HarrietAgnew), Katie Martin (@katie_martin_fx) and Michela Tindera (@mtindera07), or follow Michela on LinkedIn for updates about the show and more.Read a transcript of this episode on FT.com

Introducing Life and Art, from FT Weekend. It's a new twice-weekly culture podcast from the Financial Times. On Monday, we talk about life, and how to live a good one, in a one-on-one conversation that explores everything from food and travel to philosophy and creativity. On Friday, we talk about “art” – in a chat show! Three FT journalists come together to discuss a new cultural release across film, TV, music and books. Hosted by Lilah Raptopoulos, together with the FT’s award-winning writers and editors, and special guests.Click here to follow Life and Art, from FT Weekend.

In its early days Citigroup styled itself as a “financial supermarket”, a one-stop shop for all kinds of banking services around the world. But that plan has backfired in recent years. Stepping up to the challenge of repairing the bank is chief executive Jane Fraser, who announced her restructuring plan in September. The FT’s US banking correspondent Stephen Gandel and US banking editor Joshua Franklin discuss whether Fraser can turn the bank around, and if not, what happens to Citi. - - - - - - - - - - - - - - - - - - - - - - - - - - For further reading:‘Get off the train’: Citi’s Jane Fraser sends tough message on big overhaulJane Fraser: the woman trying to turn Citi around Citi: Fraser the Razor needs sharper edge in her battle with The Blob - - - - - - - - - - - - - - - - - - - - - - - - - - On X, follow Stephen Gandel, (@stephengandel), Joshua Franklin (@FTJFranklin) and Michela Tindera (@mtindera07), or follow Michela on LinkedIn for updates about the show and more.Read a transcript of this episode on FT.com

 In a new series of Tech Tonic, FT journalists Madhumita Murgia and John Thornhill look at the concerns around the rise of artificial intelligence. Will superintelligent AI bring existential risk, or a new renaissance? Would it be ethical to build conscious AI? How intelligent are these machines anyway? The new season of Tech Tonic from the Financial Times, drops mid-November.Presented by Madhumita Murgia and John Thornhill. Senior producer is Edwin Lane and producer Josh Gabert-Doyon. Executive produced by Manuela Saragosa. Sound design by Breen Turner and Samantha Giovinco. Original music by Metaphor Music. The FT’s head of audio is Cheryl Brumley.

In the US, nearly half a million people have gone on strike this year demanding better pay, working conditions and job security. With the FT’s US labour and equality correspondent Taylor Nicole Rogers, we’re zooming in on the strategies that three major labour movements have used in recent months to try and secure new contracts, and whether their efforts could signal a new era of power for unions in America. Clips from Associated Press- - - - - - - - - - - - - - - - - - - - - - - - - - For further reading:US carworkers suspend strike after reaching tentative deal with GMHow ‘true believer’ Shawn Fain reignited pro-union fervour in DetroitHollywood strikes take $5bn bite out of California economyTeamsters boss vows tougher line in US labour talks- - - - - - - - - - - - - - - - - - - - - - - - - - On X, follow Taylor Nicole Rogers (@TaylorNRogers) and Michela Tindera (@mtindera07), or follow Michela on LinkedIn for updates about the show and more.Read a transcript of this episode on FT.com

In October two US oil and gas giants announced massive deals: Chevron bought Hess, and ExxonMobil acquired Pioneer Natural Resources. These deals expand each company’s operations and secure their access to more oil for decades to come. But recent forecasts say global demand for fossil fuels will soon reach its peak. The FT’s Myles McCormick looks at why these companies are betting oil demand will stick around and whether that bet will pay off. Clips from Yahoo Finance, Reuters, CNBC, Bloomberg - - - - - - - - - - - - - - - - - - - - - - - - - - For further reading:Oil megadeals usher in an age of energy uncertaintyDealmakers see Chevron-Hess tie-up as the start of oil ‘arms race’The race to be last man standing in Big Oil ‘Jewel in the crown’: Chevron follows Exxon to Guyana’s oil riches- - - - - - - - - - - - - - - - - - - - - - - - - - On X, follow Myles McCormick (@mylesmccormick_) and Michela Tindera (@mtindera07), or follow Michela on LinkedIn for updates about the show and more. Read a transcript of this episode on FT.com

In the 1990s, Microsoft was seen as a tech industry bully. Once viewed as combative and ruthless in the eyes of regulators, the company underwent an image makeover in the decades since. Now, the FT’s Richard Waters explains how Microsoft’s transformation pushed their $75bn acquisition of video game publisher Activision Blizzard over the line earlier this month. Clips from Activision Blizzard- - - - - - - - - - - - - - - - - - - - - - - - - - For further reading:How Brad Smith used Microsoft’s $1bn law and lobbying machine to win Activision battleThe newfound influence of the UK’s competition watchdogUS v Microsoft: who really won? - - - - - - - - - - - - - - - - - - - - - - - - - - On X, follow Richard Waters (@RichardWaters) and Michela Tindera (@mtindera07), or follow Michela on LinkedIn for updates about the show and more. Read a transcript of this episode on FT.com