Thousands of building projects across China have been halted or dramatically slowed as a rolling crisis engulfs the country’s property sector. The government’s “three red lines” policy sought to limit the leverage of property developers, but has now forced scores of them into default and restructuring. Confidence in the market has evaporated. And in a country where people buy their homes in advance, long before they are built, that wave of worry has sent sales tumbling.

On this week’s podcast, hosts Mike Bird, Alice Fulwood, and Tom Lee-Devlin ask whether there is an end in sight to China’s growing property woes. The Economist’s Don Weinland takes a trip to Zhangzhou to examine what went wrong. Long-time China-watcher Anne Stevenson-Yang explains why real estate looms so large over China’s economy and Beijing-based property analyst Rosealea Yao explains what it would take to bring the crisis to an end.

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Wealth managers occupy a unique place in their clients’ lives. Not only do they advise on picking assets and tax-efficient investment strategies—they often find out about illicit affairs and which heirs might be a problem child. These services were once the preserve of those worth $10m or more but new technology means they are accessible to people with as little as $100,000 in the bank. And now banks are fighting to be the ones to advise the moderately wealthy. 

On this week’s podcast, hosts Alice Fulwood, Tom Lee-Devlin and Mike Bird ask why wealth managers want to do business with the not-so-wealthy. Helen Watson, who’s head of UK wealth management at Rothschild & Co, shares the secrets of managing other people’s fortunes. And Markus Habbel, a consultant at Bain, explains why 250m people might soon be in need of a wealth manager.

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The mantra from the mid-2000s that “data is the new oil” is taking on a new sheen: tapping and refining it into personalised advertisements has become harder, thanks to increasing regulation and the self-serving policies of the tech behemoths. Meanwhile artificial intelligence is a data-guzzler, eschewing the pointedly personal in favour of the revealing aggregate. Both trends raise thorny questions about ownership of the precious underlying resource.

On this week’s show, hosts Tom Lee-Devlin, Mike Bird and Alice Fulwood examine how data are gathered and traded, and Kenn Cukier, a deputy executive editor at The Economist, describe the changes in online tracking that altered those paths. Sir Martin Sorrell, chairman of S4 Capital, a digital-advertising firm, describes how his industry is shifting. And Dennis Cinelli, chief financial officer of Scale AI, a data startup, surveys the land-grab of data among artificial-intelligence firms.

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Is a college degree worth it? That question hangs over millions of would-be students, as they prepare to apply to university. It is one that many graduates might be mulling over as they have to start paying off their college debts once more. America’s pandemic-era moratorium on student debt payments comes to an end in September. 

On this week’s podcast, hosts Alice Fulwood, Tom Lee-Devlin and Mike Bird examine whether college is still worth the time and the money. Constantine Yannelis from the Chicago Booth School of Business explains how the US economy will be impacted when up to 45 million Americans are confronted with their student debt payments once more. And Michael Itzkowitz, who was appointed to the US Department of Education by former President Obama, reveals how often students fail to earn a return on their investment in education.   

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When is economic decoupling not economic decoupling? When it drives your allies to tighter commercial links with your adversary. That’s the situation the US finds itself in today, when it comes to its policies directed against China. Since the Trump administration put tariffs on Chinese imports in 2018, the US has been trying to extricate itself from commercial ties with the world's second-largest economy. President Biden has expanded the policy to keep China locked out of US supply chains in a few key high-tech industries. On the outside it looks like decoupling or de-risking is actually working. Business operations are relocating to other southeast Asian countries, India, and Mexico. But in crucial ways, the process is only skin deep. Take a closer look and the exodus from China is actually driving closer integration between the Chinese economy, and those of America’s friends. 

On this week’s podcast, hosts Mike Bird, Tom Lee-Devlin and Alice Fulwood, examine whether US policy towards China is really working. Caroline Freund, Dean of the UC San Diego School of Global Policy and Strategy, explains how the countries that are expanding their exports to the US are at the same time becoming more integrated in supply chains with China. And Chris Miller, Associate Professor of international history at Tufts University and author of “Chip War: The Fight for the World’s Most Critical Technology” describes how reshoring, and lengthening supply chains is going to come at considerable cost.

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Grocery shopping is a giant prize–accounting for around $800bn of spending a year in America. But it is also a notoriously tough business, with price-sensitive customers keeping a tight lid on margins. Add in online delivery and it often becomes unprofitable. Convincing customers to buy more of their groceries online is the holy grail for a digital-native company like Amazon, which is a newcomer to the business. But Amazon’s “technology first” approach hasn’t been enough to win over the market, or the customers who still see the value of shopping in-store. This leaves grocery stalwarts like Walmart with an opportunity–to expand online, while utilising their foothold in brick-and-mortar stores. With margins so tight, yet the lure of convenience strong, what is the future for online grocery shopping?

On this week’s podcast, hosts Tom Lee-Devlin, Alice Fulwood, and Mike Bird examine how the grocery business is adapting to the digital age. Bill Aull, leader in the North America Retail and Consumer Practice at Mckinsey, explains how online grocery shopping has struggled to make a mark in the US. And Jason Del Rey, author of "Winner Sells All", lays out what the battle between Amazon and Walmart tells us about the future direction of the industry.

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American economists are scratching their heads in confusion. The Fed’s aggressive rate hikes hasn’t produced the outcome many expected. Instead of recession and massive layoffs, the US economy now looks tantalisingly close to a fabled “soft landing” with the jobs market remaining resilient, and inflation tumbling. The unique set of circumstances of the post-pandemic US economy have perplexed almost everyone. The Fed's latest rate rise could now be the last for a while. What can this rate hike cycle teach us about interest rates and the US economy?

On this week’s podcast, hosts Mike Bird, Alice Fulwood, and Tom Lee-Devlin examine how interest rates and policy transmission have functioned in the post-covid US. The Economist’s US Economics Editor Simon Rabinovitch explains why economists across the board have had their expectations confounded. Founder of Macropolicy Perspectives Julia Coronado lays out the key lessons from this unusual rate hike cycle. And former Fed governor Frederic Mishkin tells us why he thinks recession is still a likelihood for the US economy.

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The only action taking place in Hollywood is on the picket lines. Thousands of writers and actors have taken to the streets to protest the way that technology has affected their wages. At the top of their list of demands is a change to the way they are compensated when shows air on streaming services, like Netflix. But filmmakers' use of artificial intelligence is also in the spotlight as concerns mount about how companies might use actors’ likenesses. 

On this week’s podcast, hosts Alice Fulwood and Mike Bird examine how tech is transforming Tinsel Town. The Economist’s Aryn Braun hears from actors on the picket line. Analyst Michael Pachter explains why Netflix may benefit from giving actors a big pay rise. And Tom Graham, the boss of effects firm Metaphysic, says AI could deliver Hollywood-quality fan fiction movies.

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Newspaper sports pages have - in recent years - often read more like business sections with reports of mergers, acquisitions and well-funded startups trying to steal market share. But those deals tend to be structured with the interests of team bosses and players in mind, rather than the fans. That got the “Money Talks” team wondering: where does the balance lie between commercial imperatives in sport and fan support? 

On this week’s podcast, hosts Mike Bird and Alice Fulwood draft in The Economist’s resident sports geek Arjun Ramani to examine what makes a good sports business. The deputy commissioner of the National Basketball Association, Mark Tatum, tells them how to structure a league to keep fans engaged. And Chatri Sityodtong, the founder of martial arts league ONE Championship, explains how to make money from those fans. But Bobby Sharma, the founder of Bluestone Equity Partners, says the rules of the game are changing as younger fans turn to streaming services rather than cable. 

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Jamie Dimon runs America’s biggest and most successful bank: JP Morgan Chase. That makes him the boss of 300,000 people across more than 60 countries. He’s the only CEO of a major bank to have been in his role since before the financial crisis. But there is a question about what he does next—Mr Dimon’s enthusiasm to talk policy has led to speculation that his next act could be political.

On this week’s podcast, Mr Dimon speaks to The Economist’s editor-in-chief Zanny Minton Beddoes about recession, China and what he does next.

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