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Exchange is a regular conversation with some of the most influential movers and shakers in business and markets hosted by Rob Cox, global editor of Breakingviews, the commentary publication of Thomson Reuters.

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    • Jun 17, 2025 LATEST EPISODE
    • weekly NEW EPISODES
    • 31m AVG DURATION
    • 356 EPISODES


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    Latest episodes from The Exchange

    The wobbly foundations of the stablecoin boom

    Play Episode Listen Later Jun 17, 2025 37:49


    US lawmakers endorsed digital tokens backed by dollars like Tether and USDC, collectively worth $250 bln. In this episode of The Big View podcast, banks analyst and author Dan Davies explains the risks of mingling supposedly solid crypto assets with the regulated banking system.

    Private equity's nightmare on Main Street

    Play Episode Listen Later Jun 10, 2025 36:23


    A spate of books chronicling the industry's harmful economic effects are exacerbating its financial quandaries. In this episode of The Big View podcast, ‘Bad Company' author Megan Greenwell discusses how buyout shops dash the American dream, and ways to thwart them from doing so. Visit the Thomson Reuters Privacy Statement for information on our privacy and data protection practices. You may also visit megaphone.fm/adchoices to opt-out of targeted advertising.  

    How the EU can respond to US economic warfare

    Play Episode Listen Later May 27, 2025 37:48


    As President Donald Trump threatens tariffs, Brussels is also worrying about Washington using sanctions against it. In this episode of The Big View podcast, Agathe Demarais of the European Council on Foreign Relations talks about how the bloc should deploy its own weapons. Visit the Thomson Reuters Privacy Statement for information on our privacy and data protection practices. You may also visit megaphone.fm/adchoices to opt-out of targeted advertising. 

    How Apple's China celebration became a conundrum

    Play Episode Listen Later May 20, 2025 40:46


    Factories and consumers in the People's Republic helped turn the iPhone maker into a $3 trln giant. Now geopolitical tensions are straining the relationship. In this episode of The Big View podcast, ‘Apple in China' author Patrick McGee explains why there's no easy way out. Visit the Thomson Reuters Privacy Statement for information on our privacy and data protection practices. You may also visit megaphone.fm/adchoices to opt-out of targeted advertising. 

    Europe's self-defence is battle on multiple fronts

    Play Episode Listen Later May 13, 2025 37:30


    Leaders are scrambling to shore up defences against Russia while also becoming less dependent on the US. In this episode of The Big View podcast, Bruegel Senior Fellow Guntram Wolff talks about the need for a joint European body to make the increase in spending more effective. Visit the Thomson Reuters Privacy Statement for information on our privacy and data protection practices. You may also visit megaphone.fm/adchoices to opt-out of targeted advertising.  

    Why US-China decoupling will be hard to reverse

    Play Episode Listen Later May 6, 2025 36:34


    Trade between the two economies is collapsing. In this episode of The Big View podcast, Christopher Beddor of Gavekal explains where relations could be repaired, where they could deteriorate further, and why Washington and Beijing may tacitly agree on the need to pull apart. Visit the Thomson Reuters Privacy Statement for information on our privacy and data protection practices. You may also visit megaphone.fm/adchoices to opt-out of targeted advertising.  

    What Trump's tariff tantrum will do to world trade

    Play Episode Listen Later Apr 29, 2025 33:53


    The White House is negotiating with trading partners while US-China commerce seizes up. In this episode of The Big View podcast, Professor Simon Evenett of IMD Business School explains how the tense discussions might play out, and where they will leave the global trade system. Visit the Thomson Reuters Privacy Statement for information on our privacy and data protection practices. You may also visit megaphone.fm/adchoices to opt-out of targeted advertising.  

    The theory and practice of Trump's economic policy

    Play Episode Listen Later Apr 22, 2025 41:22


    The president's tariffs have wreaked havoc in financial markets. Beneath the short-term turmoil, though, are more fundamental woes. In this episode of The Big View podcast, Edward Chancellor describes how the US became a bubble economy, and why deflating it is so dangerous. Visit the Thomson Reuters Privacy Statement for information on our privacy and data protection practices. You may also visit megaphone.fm/adchoices to opt-out of targeted advertising.  

    What could knock King Dollar off its throne

    Play Episode Listen Later Apr 15, 2025 41:57


    The world's dominant currency has survived devaluation, inflation, war, and many crises. US President Donald Trump's return raises new doubts. In this episode of The Big View podcast, Paul Blustein talks about the secrets of the greenback's success – and what could end its reign. Visit the Thomson Reuters Privacy Statement for information on our privacy and data protection practices. You may also visit megaphone.fm/adchoices to opt-out of targeted advertising. 

    Market turmoil rewrites the lessons of investing

    Play Episode Listen Later Apr 8, 2025 33:46


    From the crisis of 2008 to the pandemic to Trump's tariffs, governments and central banks have influenced asset prices. In this episode of The Big View podcast Mark Haefele, chief investment officer of UBS's wealth management unit, talks about the stark message for investors. Visit the Thomson Reuters Privacy Statement for information on our privacy and data protection practices. You may also visit megaphone.fm/adchoices to opt-out of targeted advertising.

    Plugging the gaping holes in economic data

    Play Episode Listen Later Apr 1, 2025 30:59


    Measuring growth requires reliable information about an economy's output. But the established methods are hopelessly out of date. In this episode of The Big View podcast, economist Diane Coyle discusses ways in which statistics could be improved, and why change is so hard. Visit the Thomson Reuters Privacy Statement for information on our privacy and data protection practices. You may also visit megaphone.fm/adchoices to opt-out of targeted advertising. 

    What investment firms can teach us about AI

    Play Episode Listen Later Mar 25, 2025 34:44


    Though artificial intelligence seems new, fund managers have used it to spot patterns for years. In this episode of The Big View podcast, Gary Collier, chief technology officer of Man Group, talks about the surprising lessons he's learned and debunks some common AI tropes. Visit the Thomson Reuters Privacy Statement for information on our privacy and data protection practices. You may also visit megaphone.fm/adchoices to opt-out of targeted advertising. 

    Why financial warfare could backfire on the US

    Play Episode Listen Later Mar 18, 2025 38:48


    Washington has sharpened the dollar and technology into powerful weapons. Now erstwhile allies fear they are targets. In this episode of The Big View podcast Edward Fishman, the author of ‘Chokepoints', explains how economic interdependence is increasingly at odds with security. Visit the Thomson Reuters Privacy Statement for information on our privacy and data protection practices. You may also visit megaphone.fm/adchoices to opt-out of targeted advertising. 

    The debit and credit of the private lending boom

    Play Episode Listen Later Mar 11, 2025 39:15


    Loans supplied by funds have swelled to some $2 trln, disrupting regular banks. In this episode of The Big View podcast, Huw van Steenis of Oliver Wyman explores the drivers of the industry's rapid growth, how much bigger it could get, and what risks it might be storing up. Visit the Thomson Reuters Privacy Statement for information on our privacy and data protection practices. You may also visit megaphone.fm/adchoices to opt-out of targeted advertising. 

    How to sort winners from losers in AI's civil war

    Play Episode Listen Later Mar 4, 2025 38:42


    Some advocates believe artificial intelligence is poised to surpass human capabilities. Others see it more as a powerful problem-solving tool. In this episode of The Big View podcast, Felix Martin explores the implications of the diverging views for investors and economists. Visit the Thomson Reuters Privacy Statement for information on our privacy and data protection practices. You may also visit megaphone.fm/adchoices to opt-out of targeted advertising.

    How to navigate Trump's trade wars

    Play Episode Listen Later Feb 25, 2025 39:10


    The US president has slapped tariffs on Mexico, Canada, steel, aluminium, and is threatening more. Few have come into force, though. In this episode of The Big View podcast, Sam Lowe of Flint Global explains the different types of levies, and what they mean for global trade. Visit the Thomson Reuters Privacy Statement for information on our privacy and data protection practices. You may also visit megaphone.fm/adchoices to opt-out of targeted advertising. 

    The long haul to reviving Britain's economy

    Play Episode Listen Later Feb 11, 2025 47:24


    Productivity has slowed, real wages are stagnant, and investment has dried up. The new UK government also faces high debt and rising interest rates. In this episode of The Big View podcast, newly appointed minister Torsten Bell makes the case for radical but incremental change. Visit the Thomson Reuters Privacy Statement for information on our privacy and data protection practices. You may also visit megaphone.fm/adchoices to opt-out of targeted advertising.  

    How US presidents imposed their will on CEOs

    Play Episode Listen Later Feb 4, 2025 33:42


    Tycoons like Jeff Bezos and Mark Zuckerberg bent the knee to Donald Trump. They're not the first to bow to the Oval Office. In this episode of The Big View podcast, former White House aide Tevi Troy explores the shifting balance of power between corporate and political leaders. Visit the Thomson Reuters Privacy Statement for information on our privacy and data protection practices. You may also visit megaphone.fm/adchoices to opt-out of targeted advertising. 

    The economics of war and peace in Ukraine

    Play Episode Listen Later Jan 28, 2025 40:59


    It's almost three years since Russia invaded, unleashing death and devastation. In this live edition of The Big View podcast, economist and former minister Tymofiy Mylovanov talks about the damage to both sides, the effect of sanctions, and what a peace deal might look like. Visit the Thomson Reuters Privacy Statement for information on our privacy and data protection practices. You may also visit megaphone.fm/adchoices to opt-out of targeted advertising. 

    Donald Trump's return reverberates beyond the US

    Play Episode Listen Later Jan 21, 2025 35:34


    The immediate effects of the president's second term will be felt at home. But he's also upending parts of the US-led order. In this episode of The Big View podcast, Reuters Commentator-at-Large Hugo Dixon discusses relations with Europe, rivalry with China, and climate change. Visit the Thomson Reuters Privacy Statement for information on our privacy and data protection practices. You may also visit megaphone.fm/adchoices to opt-out of targeted advertising.

    Huawei is a microcosm of China's last four decades

    Play Episode Listen Later Jan 14, 2025 39:24


    Since its founding in 1987 the tech giant has learned from Western rivals, expanded overseas, and is now on the front lines of a new Cold War. In this episode of The Big View podcast Eva Dou, author of ‘House of Huawei', explains how the secretive firm became a national champion. Visit the Thomson Reuters Privacy Statement for information on our privacy and data protection practices. You may also visit megaphone.fm/adchoices to opt-out of targeted advertising.

    Why private credit is shrinking as it booms

    Play Episode Listen Later Dec 17, 2024 45:15


    Non-bank lenders, sitting atop $2 trln in assets, keep taking more of the market away from the traditional titans of Wall Street. Yet the industry is now rapidly consolidating. In this episode of The Big View podcast, Marc Lipschultz, co-CEO of Blue Owl Capital, explains why. Visit the Thomson Reuters Privacy Statement for information on our privacy and data protection practices. You may also visit megaphone.fm/adchoices to opt-out of targeted advertising.  

    How the world could unplug from China's batteries

    Play Episode Listen Later Dec 10, 2024 33:06


    International cell makers are struggling to compete with Chinese giants like CATL. But innovations like solid-state batteries could upend the industry in the not-too-distant future. In this week's episode of The Big View podcast, QuantumScape CEO Siva Sivaram explains how.

    Why central banks were both lucky and smart

    Play Episode Listen Later Dec 3, 2024 33:12


    Policymakers in major economies have quelled the post-pandemic inflation surge without causing recessions. In this episode of The Big View podcast, BlackRock's Alex Brazier argues big rate hikes in the US, Europe and the UK helped – but so did unusually strong labour markets.

    A financial historian's warning about the AI boom

    Play Episode Listen Later Nov 26, 2024 36:50


    Artificial intelligence hopes have unleashed an investment frenzy, propelling chip giant Nvidia's value to $3.5 trln. In this episode of The Big View podcast, mathematician Andrew Odlyzko explores parallels with the 1990s dotcom bubble and Britain's railway mania of the 1840s. Visit the Thomson Reuters Privacy Statement for information on our privacy and data protection practices. You may also visit megaphone.fm/adchoices to opt-out of targeted advertising.  

    Ireland's $25 bln tax bounty reveals OECD flaws

    Play Episode Listen Later Nov 19, 2024 29:47


    Dublin expects a record budget surplus in 2024 thanks to a cash deluge from tech giants. In this episode of The Big View podcast, Pascal Saint-Amans, the architect of a landmark tax 2021 treaty, explains how the US's failure to ratify the deal allows havens to rake in billions. Visit the Thomson Reuters Privacy Statement for information on our privacy and data protection practices. You may also visit megaphone.fm/adchoices to opt-out of targeted advertising.  

    The power and peril of American economic warfare

    Play Episode Listen Later Nov 12, 2024 35:19


    Successive US presidents have wielded sanctions and export controls against rival nations. Donald Trump promises further escalation. In this episode of the Big View podcast, political scientist Henry Farrell explains how weaponizing finance and technology can be self-defeating.

    Making sense of China's big economic reboot

    Play Episode Listen Later Nov 5, 2024 39:09


    Officials have taken dramatic steps to boost confidence and growth in the world's second-largest economy. In this episode of The Big View podcast, Arthur Kroeber, head of research at Gavekal, explains why he sees the People's Republic turning into a high-tech, low-growth country. Visit the Thomson Reuters Privacy Statement for information on our privacy and data protection practices. You may also visit megaphone.fm/adchoices to opt-out of targeted advertising. 

    How the US election affects the rest of the world

    Play Episode Listen Later Oct 29, 2024 31:06


    Next week, voters will choose between Donald Trump and Kamala Harris. Their decision will impact governments, companies and investors outside the US. In this episode of The Big View podcast, geopolitical strategist Tina Fordham explains why markets misjudge the possible turmoil.  Visit the Thomson Reuters Privacy Statement for information on our privacy and data protection practices. You may also visit megaphone.fm/adchoices to opt-out of targeted advertising.   

    Why brewers are betting big on alcohol-free beer

    Play Episode Listen Later Oct 22, 2024 32:16


    Consumers are shunning booze due to health concerns and shifting tastes, forcing beermakers to adapt. In this episode of the Big View podcast Louise Fitzpatrick, an executive at the Dutch brewer Heineken, explains the opportunities and challenges of selling suds without alcohol. Visit the Thomson Reuters Privacy Statement for information on our privacy and data protection practices. You may also visit megaphone.fm/adchoices to opt-out of targeted advertising. 

    Why data centres are a bottleneck for the AI boom

    Play Episode Listen Later Oct 15, 2024 33:25


    Artificial intelligence tools like ChatGPT depend on chips and energy. But a $1 trln rush to build data centres faces constraints on planning and power. In this episode of The Big View podcast, Morgan Laughlin of asset manager PGIM explains the virtual frenzy's physical limits. Visit the Thomson Reuters Privacy Statement for information on our privacy and data protection practices. You may also visit megaphone.fm/adchoices to opt-out of targeted advertising. 

    Decoding the puzzle of SoftBank's Masayoshi Son

    Play Episode Listen Later Oct 8, 2024 29:16


    The Japanese tycoon shaped global technology while building and losing vast fortunes. How does he keep going? In the first episode of Breakingviews' new podcast, The Big View, former FT editor Lionel Barber discusses what he uncovered in his biography of Son, ‘Gambling Man'. Visit the Thomson Reuters Privacy Statement for information on our privacy and data protection practices. You may also visit megaphone.fm/adchoices to opt-out of targeted advertising.   

    Introducing The Big View

    Play Episode Listen Later Oct 3, 2024 2:00


    Check out the trailer for our new podcast, where Reuters Breakingviews columnists tap their best contacts to explore the biggest issues driving business and markets today. Every Tuesday, Global Editor Peter Thal Larsen and his team tackle a pressing question with a senior executive, financier, policymaker, or other expert. The Big View helps you understand what is going on, explore all sides of the argument, and think about what happens next.

    reuters breakingviews
    Boeing and Airbus headwinds are hard to escape

    Play Episode Listen Later Jul 23, 2024 35:05


    The troubled US jet maker and its European rival aren't delivering as many planes as customers want. On this Exchange podcast, AirInsight co-founder Addison Schonland explains how some problems stretch back to Covid, whether a third player can break the duopoly, and much more. Visit the Thomson Reuters Privacy Statement for information on our privacy and data protection practices. You may also visit megaphone.fm/adchoices to opt-out of targeted advertising.

    European board pay requires a US-style overhaul

    Play Episode Listen Later Jul 16, 2024 26:32


    Non-executive directors at UK and EU-based firms own little equity in the companies they oversee. In this Exchange podcast, Liad Meidar of the hedge fund Gatemore argues that this is a problem, while Peter Boreham of the pay consultancy Mercer explains why it's hard to change. Visit the Thomson Reuters Privacy Statement for information on our privacy and data protection practices. You may also visit megaphone.fm/adchoices to opt-out of targeted advertising.

    Copper's green step change is an uphill struggle

    Play Episode Listen Later Jul 9, 2024 29:55


    Supplies of the red metal have to motor if the world is to adequately decarbonise. In this Exchange podcast Tae-Yoon Kim, senior energy analyst at the International Energy Agency, lays out the challenges that need to be overcome if the private sector is going to make that happen. Visit the Thomson Reuters Privacy Statement for information on our privacy and data protection practices. You may also visit megaphone.fm/adchoices to opt-out of targeted advertising.

    India's consumer market is large but demanding

    Play Episode Listen Later Jul 2, 2024 24:43


    Consumption is not a bright spot in the South Asian country, with growth half the pace of GDP. In this Exchange podcast, former Nestlé India board member Rama Bijapurkar explains why international companies need to stick their elbows out to tap the low-earning masses. Visit the Thomson Reuters Privacy Statement for information on our privacy and data protection practices. You may also visit megaphone.fm/adchoices to opt-out of targeted advertising. 

    Why the French vote also matters to Italy

    Play Episode Listen Later Jun 25, 2024 32:18


    The outcome of snap elections in France will reverberate beyond its borders. Debt-laden Italy is particularly exposed if borrowing costs rise. In this Exchange podcast, former top Treasury official Fabrizio Pagani discusses Rome's fiscal challenges in a changing EU landscape. Visit the Thomson Reuters Privacy Statement for information on our privacy and data protection practices. You may also visit megaphone.fm/adchoices to opt-out of targeted advertising.

    China's EV makers can ride the tariffs backlash

    Play Episode Listen Later Jun 18, 2024 27:45


    The US and the EU have imposed hefty import duties on electric vehicles BYD, Tesla and others make in the People's Republic. In this Exchange podcast, consultant and former Chrysler executive Bill Russo explains why Europe's levies are more a speeding fine than a stop sign. Visit the Thomson Reuters Privacy Statement for information on our privacy and data protection practices. You may also visit megaphone.fm/adchoices to opt-out of targeted advertising. 

    McKinsey powers through its many missteps

    Play Episode Listen Later Jun 11, 2024 31:08


    Despite scandals from South Africa to Big Oil, the secretive consultancy charms Ivy League recruits and blue-chip clients. In this Exchange podcast, investigative reporter Michael Forsythe explores the mystique and whether opioids advice threatens the firm's $16 bln of revenue. Visit the Thomson Reuters Privacy Statement for information on our privacy and data protection practices. You may also visit megaphone.fm/adchoices to opt-out of targeted advertising.

    Investors are hunting securitization's oddballs

    Play Episode Listen Later Jun 4, 2024 38:57


    Whether a bundt cake bakery or an internet address, if it generates steady cash, it can be diced up in the financial alchemy of securitization. In this Exchange podcast, Janus Henderson's John Kerschner explains the promise and perils, and why the oddest assets can be the best. Visit the Thomson Reuters Privacy Statement for information on our privacy and data protection practices. You may also visit megaphone.fm/adchoices to opt-out of targeted advertising.

    Japanese funds will unlock powerful virtuous cycle

    Play Episode Listen Later May 28, 2024 27:08


    Pushy foreigners helped boost short-term value in the Nikkei stock index. In this Exchange podcast, Hiroyuki Otsuka, CEO of Newton Investment Partners and ex-Carlyle executive, explains how local asset managers will create the next wave of gains and usher in dramatic change for Japan. Visit the Thomson Reuters Privacy Statement for information on our privacy and data protection practices. You may also visit megaphone.fm/adchoices to opt-out of targeted advertising. 

    China's cars fine-tune their driving skills

    Play Episode Listen Later May 21, 2024 26:23


    Automakers in the country are touting autonomous driving, and Tesla is preparing to join the fray. On this week's Exchange podcast, Maxwell Zhou, CEO of Alibaba-backed DeepRoute.ai, explains why progress is accelerating and how that is already changing consumers' expectations. Visit the Thomson Reuters Privacy Statement for information on our privacy and data protection practices. You may also visit megaphone.fm/adchoices to opt-out of targeted advertising.

    China tests EU resolve on export trade fight

    Play Episode Listen Later May 14, 2024 29:29


    France's Emmanuel Macron got little to show from President Xi Jinping's European tour this month. In this Exchange podcast, MERICS expert Grzegorz Stec explains the difficulty of managing ties with Beijing and why balancing risk and business opportunity is so tricky. Visit the Thomson Reuters Privacy Statement for information on our privacy and data protection practices. You may also visit megaphone.fm/adchoices to opt-out of targeted advertising.

    How investing in news can make sense

    Play Episode Listen Later May 7, 2024 33:52


    The media industry has been struggling since the digital era and VC-led initiatives like BuzzFeed and Vice failed. Yet betting on independent outlets can reap decent financial rewards, Harlan Mandel, who runs a specialised impact fund, tells The Exchange podcast. Visit the Thomson Reuters Privacy Statement for information on our privacy and data protection practices. You may also visit megaphone.fm/adchoices to opt-out of targeted advertising.

    Global retailers are headed for Shein reckoning

    Play Episode Listen Later Apr 30, 2024 29:15


    Zara owner Inditex, H&M and other apparel giants are holding ground against the Asian fast-fashion upstart. However, AlixPartners' retail expert Matt Clark argues in this Exchange podcast that Shein's focus on garment quality could threaten the dominance of pricier rivals. Visit the Thomson Reuters Privacy Statement for information on our privacy and data protection practices. You may also visit megaphone.fm/adchoices to opt-out of targeted advertising.

    Chinese stocks have found a bottom

    Play Episode Listen Later Apr 23, 2024 26:38


    After a $5 trln crash, there are early signs of healthy buying. In this Exchange podcast, Herald van der Linde, HSBC head of equity strategy, Asia Pacific, unpicks the shifting sentiment of Chinese households and implications for the rest of the region's capital markets. Visit the Thomson Reuters Privacy Statement for information on our privacy and data protection practices. You may also visit megaphone.fm/adchoices to opt-out of targeted advertising. 

    Why rich nations have to keep helping poorer ones

    Play Episode Listen Later Apr 16, 2024 24:31


    The world faces many onerous financial and climate challenges. Still, as Axel van Trotsenburg, the World Bank's Senior Managing Director, explains in this Exchange podcast, governments and companies in advanced economies cannot afford to stop supporting developing ones. Visit the Thomson Reuters Privacy Statement for information on our privacy and data protection practices. You may also visit megaphone.fm/adchoices to opt-out of targeted advertising.

    How new stock rules are boosting Europe's startups

    Play Episode Listen Later Apr 9, 2024 20:51


    Young companies in the European Union have traditionally lagged US rivals in both value and numbers. But in this Exchange podcast, Index Ventures Partner Hannah Seal explains how friendlier regulations on employee share ownership are helping EU-based entrepreneurs fill that gap. Visit the Thomson Reuters Privacy Statement for information on our privacy and data protection practices. You may also visit megaphone.fm/adchoices to opt-out of targeted advertising.

    Big banks' shock absorbers are still far too slim

    Play Episode Listen Later Mar 26, 2024 32:34


    Credit Suisse and a string of US regional banks failed last year. In this Exchange podcast, Stanford Professor Anat Admati argues that lenders' equity buffers are punier than they seem – and that fixing the problem needn't cause a credit crunch. Visit the Thomson Reuters Privacy Statement for information on our privacy and data protection practices. You may also visit megaphone.fm/adchoices to opt-out of targeted advertising.

    Crypto's roaring comeback may be harder to undo

    Play Episode Listen Later Mar 19, 2024 29:48


    Bitcoin's price broke its record, nearly two years after crypto exchange FTX went bust. In this Exchange podcast, Andreessen Horowitz's Arianna Simpson explains why digital assets and the ledgers underpinning them are inextricable, and what's driving new excitement around both. Visit the Thomson Reuters Privacy Statement for information on our privacy and data protection practices. You may also visit megaphone.fm/adchoices to opt-out of targeted advertising.

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