This week, we’re revisiting an episode from last year. For decades, the global centre for oil trading has been Geneva, Switzerland. But Russia’s war in Ukraine changed that. Sanctions have made it harder for western traders to move Russian oil. Now, traders are flocking to a new trading hub that has no restrictions on oil from Russia: the United Arab Emirates. The FT’s Tom Wilson explains how this shift has helped the UAE replace Switzerland, and whether the global energy industry is shifting away from western economies.  - - - - - - - - - - - - - - - - - - - - - - - - - -  For further reading: How Dubai became ‘the new Geneva’ for Russian oil trade Switzerland questions oil trader over sidestep of Russian sanctions Letter: Energy trading is opaque — and that suits Big Oil - - - - - - - - - - - - - - - - - - - - - - - - - -  Register now for the FT Weekend Festival, and claim £24 off your pass using promo code FTPodcast at: ft.com/festival - - - - - - - - - - - - - - - - - - - - - - - - - -  On X, follow Tom Wilson (@thomas_m_wilson) and Michela Tindera (@mtindera07), or follow Michela on LinkedIn for updates about the show and more.  Read the transcript of this episode which was first aired in August 2023 Hosted on Acast. See acast.com/privacy for more information.

Hundreds of companies have moved their headquarters to Texas in recent years, including big names like Tesla, HP and Charles Schwab. They’ve been enticed by low taxes, light regulation and the promise to run their businesses on their own terms. But the FT’s Houston correspondent Myles McCormick explains that there might be limits to that message of economic freedom. Clips from ABC News, CBS, Fox 26, KHOU 11 - - - - - - - - - - - - - - - - - - - - - - - - - -  For further reading: Will US companies keep faith in the ‘Texas miracle’? Beware the Texas advance on Wall Street Texas group plans stock exchange to compete with NYSE and Nasdaq For further listening:  Why Elon Musk is breaking up with Delaware - - - - - - - - - - - - - - - - - - - - - - - - - -  On X, follow Myles McCormick (@mylesmccormick_) and Michela Tindera (@mtindera07), or follow Michela on LinkedIn for updates about the show and more.  - - - - - - - - - - - - - - - - - - - - - - - - - -  Register now for the FT Weekend Festival, and claim £24 off your pass using promo code FTPodcast at: ft.com/festival Read a transcript of this episode on FT.com Hosted on Acast. See acast.com/privacy for more information.