Behind the Money

This week, we’re revisiting an episode from earlier this year. Apple has spent two decades and billions of dollars building a massive supply chain for its products. At the centre of that operation is China. But as Beijing has become more authoritarian and relations with the US sour, it has become harder for Apple to do business there. The company has been signalling recently that it will diversify away from the country, but the FT’s Patrick McGee explains why cutting ties will be extremely difficult.  Clips from Fox News, CGTN, Yahoo, ABC - - - - - - - - - - - - - - - - - - - - - - - - - - For further reading:How Apple tied its fortunes to ChinaWhat it would take for Apple to disentangle itself from China‘A shot across the bow’: how geopolitics threatens Apple’s dependence on China- - - - - - - - - - - - - - - - - - - - - - - - - - On X, follow Patrick McGee (@PatrickMcGee_) and Michela Tindera (@mtindera07)

As the world transitions away from fossil fuels and the electric vehicle market grows, competition to control a piece of a new source of energy is brewing. From rival carmakers to raw materials miners, different groups are racing to carve out their spots in the supply chain of one important technology: lithium-ion batteries. How will it shake out? The FT’s commodities correspondent Harry Dempsey explains who’s likely to succeed, and what that could mean for the future of corporate and national power.     - - - - - - - - - - - - - - - - - - - - - - - - - - For further reading:Rival battery technologies race to dominate electric car marketThe search for winners in the new battery eraCan anyone challenge China’s EV battery dominance?- - - - - - - - - - - - - - - - - - - - - - - - - - On X, follow Harry Dempsey (@harrydemps) and Michela Tindera (@mtindera07)Read a transcript of this episode on FT.com

Subscribe now to the FT's Tech Tonic podcast: Some scientists believe that rapid advances in artificial intelligence may also hold the key to decoding animal sounds, allowing us to ‘translate’ them into human language. In a new season of Tech Tonic, FT innovation editor John Thornhill and series producer Persis Love explore how the same technology that powers ChatGPT is being applied to research in animal communication. Could we one day learn to ‘speak whale’ or even chat with bats? And if so, can we trust ourselves to do so responsibly?Presented by John Thornhill, produced by Persis Love, sound design by Breen Turner and Sam Giovinco. The executive producer is Manuela Saragosa and Cheryl Brumley is the FT’s head of audio.

Critics argue Russia has a playbook for people who become its targets. On the final episode of the Russian Banker, we explore how Sergei Leontiev saw his fights with Russian President Vladimir Putin as a full-blown war in which seeking US asylum would become just another battle. But how does the US decide who deserves asylum?Note: This episode was updated to clarify that Russia is responsible for forty percent of all publicly disclosed red notices to Interpol. A previous version stated it is responsible for forty percent of all red notices total.Read a transcript of this episode on FT.com

This week, we have a bonus episode for you, live from the FT Weekend Festival in London. Michela sat down with two experts on Arm, the British chip designer, to discuss its imminent initial public offering. Tim Bradshaw, the FT’s global tech correspondent and James Ashton, author of The Everything Blueprint, talk about where Arm stands as a company, and what its chances for growth are when it goes public later this month. This conversation was recorded on September 2, 2023. - - - - - - - - - - - - - - - - - - - - - - - - - - For further reading:Arm searches for growth beyond smartphonesArm: IPO valuation climb down does not go far enoughSoftBank seeks to build investment war chest on back of Arm IPOWhen SoftBank is selling, why are you buying?- - - - - - - - - - - - - - - - - - - - - - - - - - On Twitter, follow Tim Bradshaw (@tim) and Michela Tindera (@mtindera07)

Sergei Leontiev says he was a political victim of the Putin regime. But when we tracked down other people who used to work at the bank they had a different story about Leontiev — and the extent of his ties to Alexei Navalny.Read a transcript of this episode on FT.com

In 2015, Sergei Leontiev's life's work — a Russian banking business — was taken away from him overnight. Why were he and the bank being targeted? This is the first episode of The Russian Banker, a new three-part series from the Financial Times. The remaining episodes will air the following two Wednesdays on Behind the Money.Read a transcript of this episode on FT.com

Who is Sergei Leontiev? To the US asylum system, he’s an exiled Russian banker who was persecuted by the state and forced to flee. To Russia, he’s said to be responsible for massive fraud. On The Russian Banker, a new series from the Financial Times, reporters Courtney Weaver and Stefania Palma try to uncover the truth, and find a story that tells us about Russia today and how people in the west build stories about who’s good and who’s bad. The Russian Banker is a special series that will run on the Behind the Money podcast starting Aug. 30. Listen to The Russian Banker by subscribing to the Behind the Money podcast here.

The collapse of FTX sent shockwaves through the crypto ecosystem last year. But it gave rival crypto exchange Binance, the biggest in the world, a chance to dominate the markets. The FT’s digital assets correspondent Scott Chipolina explains why Binance has struggled to capitalise on that moment. Clips from CNBC, CBS News and Good Morning America- - - - - - - - - - - - - - - - - - - - - - - - - - The FT Weekend Festival is back on Saturday, September 2 at Kenwood House Gardens in London! It’ll be a day of debates, performances and more — including a live recording of Behind the Money. As a podcast listener, claim £20 off your festival pass using promo code FTPodcast. Get your pass here: http://ft.com/festival - - - - - - - - - - - - - - - - - - - - - - - - - - For further reading:Has Binance blown its chance to rule the crypto markets?Small crypto exchanges take advantage of Binance’s declineWhen tackling crypto, the SEC should be wary of overreachChangpeng ‘CZ’ Zhao, crypto’s ‘corporate raider’- - - - - - - - - - - - - - - - - - - - - - - - - - On Twitter, follow Scott Chipolina (@ScottChipolina) and Michela Tindera (@mtindera07)Read a transcript of this episode on FT.com