The Exchange
The Exchange is a regular conversation with some of the most influential movers and shakers in business and markets hosted by Peter Thal Larsen, global editor of Breakingviews, the commentary publication of Thomson Reuters. Breakingviews debates and discusses trends in finance and economics with those who shape them, from central bankers and corporate executives to authors and film directors.
51
Ferrari’s green journey takes surprise turn
Europe’s plan to support carbon-neutral fuels is good news for the $50 bln luxury carmaker, CEO Benedetto Vigna says on the Exchange podcast. It will allow the group to flog the roaring engines that made its fortune. Electric cars remain a goal, but self-driving Ferraris are not.
42 min
52
Busting through the brick wall barricading M&A
Worldwide merger activity is down by about half this year to $470 bln, stymied by tough financing conditions, assertive trustbusters and more. In this Exchange podcast from New Orleans, JPMorgan’s head of M&A Anu Aiyengar debates downbeat dealmakers and the pockets of optimism.
20 min
53
Bayer pumps H2O to top of climate agenda
The UN is hosting its first confab on water security in almost 50 years as floods and droughts worsen with rising temperatures. In this Exchange podcast, Bayer executive and former member of Germany’s Green Party Matthias Berninger lays out the drugs-to-seeds maker’s remedies.
49 min
54
Hollywood faces a content reckoning
Netflix and other streaming giants are refocusing on profitability over subscriber growth. In this episode of The Exchange, Vania Schlogel, an investor in Brad Pitt’s production firm, explains what challenges lie ahead for those selling TV shows, movies and music rights.
34 min
55
American labor shortage is a rose with many thorns
The short supply of US workers is starting to look more permanent than temporary. In this Exchange podcast, former White House economist Jason Furman explains how near-record job openings could lift prices, and why unemployment probably needs to rise for inflation to cool off.
22 min
56
Navigating the bumps in the energy transition road
War and power crises raise questions about the smoothness of global decarbonisation. In this episode of the Exchange podcast, former Shell Chief Executive and current ABB Chair Peter Voser explains how global companies are adapting, and why European oil majors can still go green.
38 min
57
War puts defence firms on investors’ radar
The Ukraine conflict is prompting once-wary capital to engage with defence and aerospace companies. In this Exchange podcast Lorenz Meier, CEO of drone software firm Auterion, accepts ethical issues remain. But defence tech startups should brace for new venture capital cash.
25 min
58
How central banks got the inflation crisis wrong
Western policymakers have hiked interest rates by more than 10 percentage points since 2021. Yet prices remain high. In this Exchange podcast, Paul Donovan, chief economist at UBS Global Wealth Management, explains how rate-setters failed and what they should do next.
27 min
59
The plastic waste fight is just beginning
Where does packaging waste go? Ellen MacArthur Foundation expert Sander Defruyt tells The Exchange podcast about the challenges companies like Coca-Cola and Danone face cutting the 140 mln tonnes of plastic discarded each year. With progress stalling, global rules are afoot.
30 min
60
Global supply chain scars will spark sea change
The business of shifting goods around the world plunged into chaos during the pandemic. In this Exchange podcast Alan Murphy, boss of researcher Sea-Intelligence, explains China’s changing role in global trade and how that impacts the price of everything from iPhones to cars.
34 min
61
California floods underscore rising climate costs
Catastrophic storms have devastated the Golden State’s economy and left more than $1 bln in damages. In this Exchange podcast, climatologist Adam Smith explains how global warming has made weather events more expensive, and what governments can do to protect against them.
26 min
62
How to navigate a bewildering market landscape
The pandemic boom lured in new and younger investors. Now interest rates are up, asset prices are down, and ESG investing faces a backlash. In this Exchange podcast, Morningstar CEO Kunal Kapoor talks about personalising investment, the value of data, and taking the long view.
31 min
63
How geopolitical shocks will spread in 2023
Traders and chief executives were caught out by shock events in 2022. In this Exchange podcast, Tina Fordham, founder of Fordham Global Foresight, discusses the new risks emerging from China, Iran and Russia this year.
22 min
64
Activists will be no-holds-barred in 2023
As once-hot companies lost market value, investors did lots of wrestling with management in 2022. Even more is to come, according to Lazard’s Chris Couvelier, who joins The Exchange to explain how corporate giants’ strategic woes and tempting cash piles will shape activism in the new year.
43 min
65
Betting against the Bank of Japan
Investors are closely watching for signs that Tokyo might finally start winding down its ultra-low interest rates as inflation rises. In this Exchange episode, Pete Sweeney chats with Sayuri Shirai, former BOJ policy board member, about whether and how Japan might adjust.
20 min
66
The complexities of EY’s big breakup bet
The Big Four firm is pushing a plan to separate its auditing unit from its consulting business. In this Exchange podcast Andy Baldwin, global managing partner, discusses the challenges of convincing partners in over 70 countries to back the split – and what happens if it fails.
47 min
67
Consumer spending anomalies are the new norm
High inflation and glum sentiment are changing how people use their money. In this edition of The Exchange podcast, Brookings Institution economist Wendy Edelberg explains what shoppers are loath to give up during times of duress and why strange patterns will persist.
32 min
68
Energy crises speed up the green transition
In 2022, war and power shortages have led to more fossil fuel use. But they also act as a catalyst for the rollout of renewable energy. In this edition of The Exchange podcast, ex-Snam boss Marco Alverà tells George Hay how Europe’s leaders can capitalise on this dynamic.
35 min
69
Crypto readies itself for a post-FTX hose-down
The collapse of Sam Bankman-Fried’s empire exposed the vulnerabilities of a vast, unregulated world of digital finance. Rivals like Circle CEO Jeremy Allaire hope to prove there’s a safer side of crypto worth saving. He presents his case in this episode of The Exchange podcast.
39 min
70
The politics and economics of superpower rival...
Are America and China heading for a showdown, and what does it mean for the world order? In this edition of the Exchange podcast Paul Tucker, former deputy governor of the Bank of England, discusses the financial and foreign policy fallout and his new book, “Global Discord”.
33 min
71
Climate fight’s main event battles sophomore slump
COP26 put climate change centre stage in 2021, but this year war and energy crises have distracted attention. In this episode of The Exchange, the United Nations’ key COP27 players Mahmoud Mohieldin and Nigel Topping tell George Hay why the event could still make a splash.
35 min
72
China’s chairman of everything wins again
President Xi Jinping dramatically consolidated his political power at the recently concluded Communist Party Congress. In this episode of the Exchange, Dan Rosen of the Rhodium Group and Pete Sweeney delve into the role Xi-style socialism will play in China’s economic future.
30 min
73
Europe’s energy crisis nears winter of discontent
Germany, Italy and others have scrambled to replace Russian gas and pipeline attacks have become a concern. The Oxford Institute for Energy Studies’ Jack Sharples tells The Exchange podcast Europe must learn to live with less power. Next year may be even more challenging.
35 min
74
A private lender eats buyout bankers’ lunch
With public debt markets shut, funds that help finance leveraged buyouts and other deals have become the only game in town. In this episode of the Exchange podcast, Blue Owl co-founder Marc Lipschultz explains how private credit has muscled in on investment bankers’ home turf.
40 min
75
Canary Wharf’s post-pandemic property conundrum
The east London financial hub’s owner is expanding even as tenants like HSBC consider ditching their leases. In this Exchange podcast, CEO Shobi Khan explains how renting out swanky apartments and luring a new breed of tenant can insulate the landlord from a property slump.
28 min