‘Does anyone seriously doubt that this amazing scheme is actually going to go ahead?’ boomed Boris Johnson last week. ‘No is the answer!’ He was waxing rhetorical about the redevelopment of Battersea Power Station, the fourth such scheme since the landmark hulk’s turbines were switched off in 1975. The Malaysian consortium behind this £8 million
Marc Rich, the godfather of global commodity trading who died last week, ‘deserves credit as one of the greatest creators and sharers of wealth in business history’, wrote James Breiding in the Financial Times in a counterblast to obituarists who had painted the secretive Swiss-based billionaire and former fugitive from US justice as ‘a flamboyant,
Sir Mervyn King was his own man to the end: professorial, downbeat, against the tide. At last week’s Mansion House dinner — as in his final vote in favour of more QE, on which his Monetary Policy Committee colleagues bade him farewell by defeating him six to three — he was still worrying about a
Quite a spell of bowling from the Chancellor last week, skittling Stephen Hester’s stumps at RBS and causing Paul Tucker of the Bank of England to walk even before the new Canadian umpire had time to raise his finger. The kindest thing to be said about Hester’s innings (enough of the cricket already) is that
When a politician’s speech is spun ten days in advance, you know there’s trouble behind the scenes. Next week’s Mansion House dinner will be seen by City attendees principally as a farewell to Sir Mervyn King — and journalists present (including your columnist) will be timing the ovation to see how it compares with Eddie
On my way to chair a town meeting, I was chuckling over Phillip Warner’s cartoon last week headed ‘Mary Portas reinvigorates the High Street’. First, TV’s sharp-tongued queen of retail holds forth in front of a row of abandoned shops; then townsfolk dance in the street at the news that she has ‘buggered off in
‘You are a company that says you “do no evil”,’ Margaret Hodge told Google’s Matt Brittin a fortnight ago, ‘I think that you do do evil.’ It was a soundbite of the kind we’ve come to expect from grandstanding select committee chairmen. Since then — I won’t labour the point — we’ve seen an example
When the Manchester-based Co-operative Bank was announced last July as the buyer of 632 Lloyds branches, tripling the size of its own network, I hailed the news as a step forward for ‘banking biodiversity’. In February, George Osborne was still praising the deal, codenamed Project Verde, as one that would ‘shake up the established players’.
You may have gathered from last week’s column that I’ve been cruising the Med in search of fresh subject matter. It’s the sort of cruise that includes a programme of lectures, and the star turn on that front has been the Bishop of London, Dr Richard Chartres, enjoying a change of pulpit after his much-praised
This column comes to you from the cruise ship Minerva in the Greek port of Piraeus. Why I’m aboard is a story for another day — and let me admit up front that, as financial-crisis reportage goes, observations provoked by a Homeric vista of islands and cocktails on the poop deck are unlikely to match
Economists should always leave themselves a margin for error. When challenged that free-market policies on both sides of the Atlantic in the 1980s led straight from boom to bust, Milton Friedman argued that problems arose not when politicians applied his prescriptions too dogmatically, but because they only ever did so half-heartedly. John Maynard Keynes, the
Unless you bet your life savings on gold some time in the past three years — after its price had passed on the way up the level to which it has now fallen back — there’s no need to be distressed by headlines about a ‘gold rout’, nor even the prospect of a ‘bear embrace’.
‘Margaret had no love for the banks,’ Nigel Lawson wrote in The View from No. 11. The idea that the amoral greed of the City and the banking crisis it fuelled should be blamed on Margaret Thatcher has been much bandied about this week. Let me try to put it in -perspective. In her early
A short stroll from Poultry to the Mansion House offers vistas of the old and new City. The fortress of the Bank of England awaits its new Governor while the Royal Exchange earns its keep, like much of the modern Square Mile, as an upmarket nest of boutiques and eateries. The Lutyens-designed headquarters of the
In their second attempt to clean the Augean stables of Cyprus’s banking system without jeopardising the integrity of the euro, bailout negotiators seem to have heeded most of my advice from last week. After the 36-0 rejection by the Cypriot parliament of a first set of terms that included a levy on all bank deposits,
The Cypriots are the authors of their own misfortune, having turned their banking system into a rackety offshore haven for Russian loot and lent most of the proceeds to Greece. But it was madness on the part of bailout negotiators to shake confidence in banks across the eurozone by trying to impose a levy on
‘We have written to David Cameron to applaud his decision to stick to the UK’s commitment to overseas aid to the developing world, despite the tough economic times,’ begins a letter to the Financial Times from the bosses of major companies from BP to Vodafone, with PR maestro Alan Parker of Brunswick at the top
‘Possibly the most deluded measure to come from Europe since Diocletian tried to fix the price of groceries across the Roman Empire,’ was Boris Johnson’s assessment of the proposal to cap bankers’ bonuses at 100 per cent of base salary, or 200 per cent with shareholders’ approval. This blunt exercise in market interference was tabled
‘There are two superpowers in the world today,’ said the American columnist Thomas Friedman in 1996. ‘There’s the United States and there’s Moody’s bond rating service. The US can destroy you by dropping bombs, and Moody’s can destroy you by downgrading your bonds.’ Well, not any more. Last Friday’s removal of triple-A status from British
We have had a very high failure rate in deliveries of the catalogues for Emily Patrick’s exhibition,’ says an email from the painter’s husband. ‘Over 50 per cent have been lost in the post or inexplicably delayed.’ Come to think of it, my own most recent Amazon order, allegedly dispatched a fortnight ago, hasn’t reached
