Martin Vander Weyer is business editor of The Spectator. He writes the weekly Any Other Business column.
This oil price slump is turning into a ‘black swan’: one of those economic events that seem to come from nowhere with strange and unforeseen effects. As Brent Crude dips below $70 a barrel and Opec sits on its hands, major banks face losses on financings for US energy companies that must have looked like
A theme of this autumn has been conversations about corporate reputation and how it is guarded or lost. To name but three, I have kicked this around at a ‘Trust Forum’ sponsored by the lawyers DLA Piper at Oxford’s Said Business School, at a lunch hosted by the wealth managers McInroy & Wood, and in
The first time I checked in to a French hotel with a golden retriever — his name was Gregory, predecessor of the incumbent Douglas — I left him, clearly unhappy, in the bedroom when I went to dinner. Then I realised that every other party already in the dining room included a dog, in some
I’ve written before of a ‘curse of Qatar’ that might explain misfortunes attending the Gulf state’s UK investments, of which the seven-years-delayed Chelsea Barracks redevelopment is an example. I also claim to have coined ‘curse of Canary Wharf’, a phenomenon afflicting not only financial tenants of the Docklands complex but visitors such as Gordon Brown,
I didn’t realise that the Rialto Bridge has a moving walkway and muzak, that the gondolas beneath it float on a clear blue pool, and that the school of Tiepolo had so many apprentices available to paint hotel ceilings. ‘Still in Venice, Martin?’ you’re thinking. ‘Surely that was last month?’ Well no, your intrepid columnist
Michael O’Leary of Ryanair has long been an anti-hero of this column. I loved his airline when it was consistently rude to me as a passenger, because it set benchmarks of ruthless punctuality and rock-bottom fares that shook the whole European airline sector. I was suspicious of the idea that, having exhausted other routes to
This issue includes the new Spectator Money supplement, in which I hope you’ll find a bouquet of stimulating ideas. The cover piece by the enterprise campaigner Michael Hayman waxes lyrical on the important theme of investing in high-tech start-ups: important because it’s an exciting thing to do with the slice of savings on which you’re
Continuing last week’s theme, it was the Italian banks — with nine fails, four still requiring capital injections — that bagged the booby prize in the great EU stress-testing exercise, followed predictably by Greece and Cyprus, while Germany and Austria (with one fail each) fared better than some of us had feared. The most delinquent
This dispatch comes to you from Venice — where I arrived at sunset on the Orient Express. More of that journey on another occasion, I hope. Suffice to say that if you happen to have been wrestling with the moral choice of bequeathing what’s left of your tax-bitten wealth to ungrateful offspring or spending it
Last week’s market tremor, provoked by renewed fears of eurozone stagnation and a slowdown in global growth, was serious enough for IMF chief Christine Lagarde to feel the need to pronounce, in her most soothing tone, that it was ‘maybe at this stage an over-reaction’. But if you were listening to the Today programme on
October is always a turbulent month, and I’m feeling uneasy about this one. The FTSE100 index, which looked set to break through 7,000 in September, has lost more than 500 points since then — and would have lost more but for manoeuvres in the mining sector. Pessimism stalks the bond markets, and even a falling
‘Payday Lady is not trading at this time,’ says her website, sounding a little like La Dame aux camélias. Indeed (since I could not find her anywhere) the message may indicate that Payday Lady is not just temporarily indisposed, but has given up the game altogether. I’ll be glad to hear from her if she hasn’t.
George Osborne’s promise to crack down on multinational companies’ avoidance of UK taxes by the use of impenetrable devices such as the ‘Double Irish’ and the ‘Dutch Sandwich’ certainly has the support of this column. I have long argued that the ‘fiduciary duty’ (identified by Google chairman Eric Schmidt) to minimise tax bills within the
Here’s one for all you conspiracy nuts out there, prompted by readers’ comments on my recent item about whether BP has been unjustly targeted by the US political and judicial establishment. I gather there’s a theory that the hounding of non-US banks by the US Department of Justice for sanctions-busting and trading misdemeanours has a
Four years ago, I wrote that I knew no dark rumours about Santander, the rising force in UK high street banking, but that history taught me banks which expand rapidly and globally ‘always come unstuck in the end… partly because the challenge of risk control across such vast portfolios becomes impossible… Banks that have been
No-nonsense businesspeople will be very much what’s needed in the aftermath of the Scottish Catastrophe, as it will surely come to be known whichever way the vote has fallen. No nation, independent or semi-autonomous, can hope to prosper on the basis of the wild welfare promises of the SNP, unsupported by any plan to attract
I should declare two connections before I start offering opinions about the latest US judgment against BP relating to the ‘Macondo’ disaster — the explosion on the Deepwater Horizon oil rig and subsequent spillage in the Gulf of Mexico in 2010. The first is that I’m occasionally invited to interview BP executives for its in-house magazine.
Hats off to Rona Fairhead, the former Financial Times executive who will succeed Lord Patten as chairman of the BBC Trust. It requires a brave spirit to take on this poisonously politicised role — and Fairhead starts with the disadvantage that everyone thinks they know the roll call of candidates who might have been preferred
This is an extract from this week’s Spectator. Subscribe here: Hats off to Rona Fairhead, the former Financial Times executive who will succeed Lord Patten as chairman of the BBC Trust. It requires a brave spirit to take on this poisonously politicised role — and Fairhead starts with the disadvantage that everyone thinks they know
European Central Bank President Mario Draghi secured a place in history by his demonstration, on 26 July 2012, of the power of words in a financial crisis. Not long in office, he had already shown willingness to act firmly, averting a liquidity crunch by providing three-year lending facilities for European banks. That day, he told
