Features

Thursday

Matthew Lynn

Is lockdown’s tech bubble about to burst?

Netflix is not signing up subscribers at the rate it once did. Disney+ has stalled. At Boohoo, growth is not as red hot as it was just a few months ago, while Deliveroo’s float on the London stock market was quickly dubbed ‘flopperoo’ by City wags. Zoom’s shares price has stopped, er, zooming, at least in the upward direction. A random collection of snippets of business news? Well, to some degree. But there is also a common theme to all these stories, and one that is significant for investors. We are about to witness a serious bout of what might be termed the post-pandemic blues. The companies that did brilliantly while the world locked down are going to see a significant slowdown as it opens up again.

Thursday

Francis Pike

How China won over the Middle East

In April, Chinese Foreign Minister Wang Yi embarked on a six-nation Middle Eastern tour to Saudi Arabia, Turkey, Iran, the United Arab Emirates, Bahrain and Oman. ‘Belt and Road’ cooperation, economic development and the Covid pandemic were the topics of discussion. The treatment of China’s Muslim Uighur population in detention camps, which some in the West have described as genocidal, didn’t come up. Both China and Saudi Arabia cleave to the belief that internal affairs are nobody else’s business — or at least as long as there are overriding economic interests at stake. Compare the silence of Muslim countries on the Uighur issue with the loud faux anger when the Danish newspaper Jyllands--Posten published caricatures of the Prophet Mohammed in 2005.

Max Pemberton

Why are doctors still hiding behind Zoom screens?

Where have all the GPs gone? Doctors were among the first to be double-jabbed, ahead of teachers in the queue precisely so they could resume seeing patients in the flesh. But while schools have long been back, GPs have retreated behind their laptops never to be seen again (at least not in the flesh). The stethoscope has been replaced by a headset — to the despair of patients with ailments that are hard to diagnose over the phone or via a laptop. In theory, GPs can claim normal service has resumed. In the pandemic the number of appointments almost halved to just over three million a week — in spite of attempts to keep healthcare running. The consequences of this drop can only be guessed at.

Philip Thomas

The third wave: it’s here – but it shouldn’t delay our reopening

Lockdowns cannot kill off a virus — they just delay the spread. There was always going to be a new wave of infections as Boris Johnson phased out restrictions. The question was how big it would be and how much protection the vaccines would provide. Chris Whitty, the chief medical officer, summed up the case for optimism a few months ago, saying that any ‘new surges will meet a wall of vaccinated people’. His theory is now being tested: the fast-spreading Indian (Delta) variant is making its way through the most vaccinated country in Europe. What to do? And how worried should we be? Since the pandemic began, I have been trying to answer such questions. I’m a professor of risk management at the University of Bristol, not an epidemiologist.

Andrew Watts

A second home in Cornwall is nothing to be proud of

Last week there was a public toilet for sale on the coast of Cornwall. The Kent-based auctioneer called it ‘an exciting and rare opportunity’, although its video tour of the property did not even undo the padlock on the security door. It was on the market for £20,000, which was a bargain — the last exciting and rare toilet block to be auctioned in Cornwall went for five times its asking price, even though it didn’t have as nice a view. It did, however, have windows. It’s undeniable that the property market in Cornwall is overheating. The backlash to the toilet auction was such that it was withdrawn from sale, but house prices in parts of the county are increasing at double the national average.

Lawrence Osborne

It’s getting harder to laugh off the idea of UFOs

When the late-night talk-show host James Corden asked Barack Obama about UFOs last month, there was as usual an air of nervous joviality surrounding the subject. Bandleader Reggie Watts pressed him as well and Obama, as if relenting, admitted two things. Firstly, that he could not divulge all that he knew on air; and secondly, that the slew of footage released by the Pentagon in the past two years showing UAP — ‘unidentified aerial phenomena’ — is in fact real.

Ysenda Maxtone Graham

Let hymn in: the silencing of indoor singing is senseless

‘And now we sing our final hymn, number 466.’ Remember that? The euphoria of congregational hymn-singing? The well-organised types always had the book open at the correct page, balanced precariously on the pew. The rest of us hurriedly flicked to 466 while singing the first verse, knowing it by heart from a thousand school assemblies. ‘Our shield and defender, the ancient of days…’ I can’t believe I’m writing this in the past tense, but it has been so long — almost 15 months — since anyone not in a choir sang a congregational hymn. How I miss that light-headedness, almost faintness, of standing up after a long service and singing your heart out, filling and emptying your lungs, fortified by the tiny wafer and sip of sweet wine.

Freddy Gray

Boris, Biden and the orange elephant in the room

Donald who? As Boris Johnson meets Joe Biden in Cornwall this week, the Prime Minister will hope that the President doesn’t dwell on his efforts to woo the last occupant of the Oval Office. Boris’s dalliance with Donald Trump is a bit like his affair with Jennifer Arcuri — an embarrassing fling with a rotund, brash American conspiracy theorist, something he’d rather the world forgot. He’s moved on and so should we.

Thursday

Arieh Kovler

Naftali Bennett, the millionaire poised to be Israel’s next prime minister

Jerusalem In April 2019, Naftali Bennett received an unpleasant surprise. As the votes were counted in Israel’s general election, it became clear that his New Right party had not passed the 3.25 per cent electoral threshold needed to stay in Israel’s parliament, the Knesset. Bennett had lost his seat, his new party had failed and his political career looked like it was over. Two years, three more elections and a global pandemic later, Bennett is on the verge of ending Benjamin Netanyahu’s 12-year rule. Barring a spectacular reversal, he is about to become Israel’s prime minister. He has found himself in the right place at the right time, heading (though not necessarily leading) an eclectic coalition of parties from the left, right and centre.

Chris Daw KC

There was no Hillsborough ‘cover-up’

Eight years ago, I was instructed as leading counsel for two South Yorkshire Police officers who had overseen the force’s evidence-gathering in response to the Hillsborough stadium disaster. They were accused of trying to minimise the blame placed on the police by amending witness statements. It has been the longest and most challenging assignment of my 27-year career, with the weight of public and media opinion pitted heavily against us. Finally, last week, the only one of my two clients to be criminally charged, 83-year-old retired chief superintendent Donald Denton, was cleared, alongside a 74-year-old retired detective chief inspector and the former police solicitor. It was a just outcome that demonstrated judicial integrity and independence at its best.

Timothy Spall

The Dickensian delights of London in lockdown

I’m blessed by the fact that I live almost smack-bang in the middle of old London, a pebble’s toe punt from St Paul’s cathedral. Being an aficionado of Charles Dickens and J.B. Priestley, I’ve been able to wander along empty streets and alleys that have been immortalised in such novels as Angel Pavement and Bleak House. When I’m walking around the yards and courts at the back of the Bank of England, I can imagine the nefarious Mr Golspie darting round a corner with an enigmatic grin of triumph on his conniving, pugnacious moosh. Kicking a stone down a street for as long as possible has been a rediscovered pleasure to me over the past year.

Charles Moore

The crisis at the heart of the National Trust

When Tim Parker announced his resignation as chairman of the National Trust last week, it was a first. Since it was founded in 1895, the Trust has endured many controversies, but until now the shared acceptance of its founding purposes has seen it through. The very first meeting proposed a body ‘for the holding of lands of natural beauty and sites and houses of historic interest to be preserved intact for the nation’s use and enjoyment’. The National Trust continued thus ever since, enforced by Acts of Parliament. This unity of purpose as a conservation organisation enabled it to become the owner of more than 600,000 acres of land and 200 historic houses, with nearly six million members — the greatest heritage organisation in the world.

Anthony Browne

The ‘clean meat’ revolution is coming

On 19 December last year, some chicken nuggets were sold in a restaurant called 1880, in Singapore. This doesn’t sound like a significant turning point in history, but it was. That small plate of chicken nuggets might well have been the start of a major industrial, social and cultural revolution — one the UK needs to prepare for. That Singaporean chicken nugget was the first time in history that meat that did not come from a slaughtered animal had been sold commercially. It was genuine chicken meat, not a substitute, but it had been cultured from cells in a vat called a bioreactor.

Cindy Yu

Why Chinese women don’t want more children

Years after my mother and I left China, I found out the real reason why. A neighbour had reported my mother for being pregnant with her second child. She was paid a visit by local officials who gave her a choice: she could either take herself to the abortion clinic or they’d take her there themselves. She chose a third option: to move to London to join her husband, who was working in the UK. In August 2004, when six months pregnant, she left her family and friends behind in Nanjing. My brother was born later that year in Kingston Hospital. Other families weren’t so lucky. Beijing demographers were concerned that food production would not keep up with population growth. And it wasn’t just the Chinese who were worried.

Laura Freeman

What does your wedding reading say about you?

Arts journalism, like crime, doesn’t pay. So I’ve been thinking of getting a side hustle. ‘You know about books and stuff,’ say friends who are getting married. ‘What should we have for our readings?’ If I can advise friends, why not strangers? By the laws of wedding economics — pick a number and add some noughts — I could make a marital mint. We’d start with a couple’s questionnaire. No good my offering Rainer Maria Rilke if they’re more of a Purple Ronnie pair. Then a consultation over Zoom, before proposing something old, something new, something sonnet, something haiku. It is, tentatively, wedding season again. Boris and Carrie kicked us off last weekend. I wonder what they went for?

Sam Russell

How TikTok can turn a book into a bestseller

I have an American friend who loves reading, but is clueless about technology. The last time I visited him he was still using Internet Explorer, which even Microsoft has given up on. My friend was puzzled when he walked into his local bookshop and was met by a table of books with the sign ‘#BookTok made me read it’. Soon afterwards I received a bewildered WhatsApp message: ‘What is BookTok?!’ Until recently, I didn’t know. Before the pandemic, I was a working stand-up comic. I’ve never been on television and you probably haven’t heard of me, but I was happy. I worked six nights a week, made enough to pay the bills and was recognised occasionally by someone in Tesco. And then came lockdown.

Thursday

Matt Ridley

The Covid lab leak theory is looking increasingly plausible

In March last year, it was widely agreed by everybody sensible, me included, that talk of the pandemic originating in a laboratory was pseudoscientific nonsense almost on a par with UFOs and the Loch Ness monster. My own reasoning was that Mother Nature is a better genetic engineer than we will ever be, so something as accomplished at infection and spread could not possibly have been put together in a lab. Today, the mood has changed. Even Dr Anthony Fauci, the US President’s chief medical advisor, now says he is ‘not convinced’ the virus emerged naturally.

Harry Mount

In our narcissistic age, nothing beats good manners

Last week, a 20-year-old student came into my office, looking for work experience this summer. He was so polite — in a shy, understated, non-oily way — that I was very keen to help him. It was like meeting a time-traveller from the 1950s: no showing-off, just a gentle display of intelligence teased out from behind his veil of self-effacement. He even washed up his cup after I’d told him he didn’t need to. I must introduce a Teacup Test for future interviewees, to see what they do with the cup at the end of the interview. It’s inspired by the Escalator Test, invented by a colleague at the Evening Standard a few years ago. He would watch interviewees leave our office by the down escalator in Northcliffe House, Kensington.

Ross Clark

The many failures of China’s vaccine programme

At the start of the year Sebastián Piñera, president of Chile, went to Santiago airport personally to greet a consignment of vaccines from China. ‘Today is a day of joy, excitement and hope,’ he said from a podium on the tarmac. ‘As you see behind me, there is the plane that brought a shipment of almost two million doses of Sinovac vaccines.’ By April, Chile had suffered one of the worst Covid surges in Latin America. The joy and hope, it seemed, had been misplaced. A few weeks ago, Chile’s government announced that, after a real-world study involving 10.5 million Chileans, Sinovac turned out to be only 16 per cent effective at reducing the risk of infection after one shot and 67 per cent effective two weeks after the second dose.

Lisa Bjurwald

Is Sweden ready for a woke monarchy?

Stockholm The House of Sussex may have flopped in Britain, but elsewhere it does seem to be inspiring others. Here in Stockholm a trendy podcast Värvet (The Task), known for host Kristoffer Triumf’s in-depth interviews with media and entertainment figures, had a surprise guest recently: Carl XVI Gustaf, King of Sweden. He was not so gauche as to attack the constitution or to drop any Prince Harry-style bombs, but his presence on a podcast was seen as the latest part of a royal awokening. Even in exile, Harry has created an interesting challenge for the world’s monarchies. They can be regarded as old-fashioned — normally aligned with the state religion and run by a pensioner.