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.

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
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
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
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
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
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
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
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
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
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
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
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
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
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
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
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
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
Silicon Valley’s post-Covid brain drain
Before the pandemic, 75% of venture capital was invested in California, New York and Massachusetts. In this Exchange podcast, AOL co-founder Steve Case explains that a hybrid working revolution is reversing that trend and encouraging permanent investment away from the coasts.
34 min
Nissan’s Ashwani Gupta on the need for speed
The arrest and escape of former Chairman Carlos Ghosn in 2019 put a harsh spotlight on the Japanese auto giant. Covid and inflation have added pressure since. In this episode, Nissan’s COO talks to Pete Sweeney about electrification, fast cars and turning the business corner.
47 min
Italy’s next government has tricky to-do list
A rightist coalition is poised to win Italian general elections this month. In this week’s Exchange podcast Muzinich’s Fabrizio Pagani discusses the next executive’s immediate economic challenges. These include coping with an energy crisis, high public debt and a bailed-out bank.
28 min
AstraZeneca’s Soriot on cures for pharma ills
The $208 bln drugmaker’s CEO is celebrating 10 years at the helm. In this edition of the Exchange podcast, he explains why after quadrupling the company’s share price, there is more to do. He also delves into Chinese competition and the consequences of caps on U.S. drug prices.
49 min
Australia’s investing giant is taking on the world
Inflation and rate hikes made for a tough first year atop AustralianSuper for Paul Schroder. In this week’s Exchange podcast, he lays out his plan to quadruple the country’s largest pension manager in size by expanding abroad, learning from peers and targeting private equity.
48 min
Thoma Bravo is riding the tech downturn
Tech valuations are in freefall amid a darkening economic picture, leaving private equity buyers to sift through the wreckage. In this episode of The Exchange podcast, Thoma Bravo managing partner Seth Boro explains how his firm is navigating the market shift.
26 min
ESG is more of a muddle than a fiddle
Environmental, social and governance investing is under the spotlight. In this episode of The Exchange podcast, Bridgewater’s sustainable finance gurus Karen Karniol-Tambour and Carsten Stendevad explain how ESG’s main problem is a lack of clarity over its goals.
40 min
GSK’s bid to dominate longer-life HIV drugs
Deborah Waterhouse and Dr Kimberly Smith have spent decades battling the deadly virus. In this edition of The Exchange podcast, the leaders of the British drug giant discuss breakthroughs in the $26 bln market and how Gilead is also making a play for the growing sector.
28 min