Martin Vander Weyer

Here’s a question for a Guinness-sponsored pub quiz: who or what is a ‘jarvie’? The answer is the gypsy driver of a ‘jaunting car’ — or pony and trap — you can hire to drive you up the Gap of Dunloe between the Purple Mountain and Macgillicuddy’s Reeks just west of Killarney in south-west Ireland. If that sounds a bit touristy, it certainly is; but the Gap, with its ruined cottages, Wishing Bridge, placid lakes and mountain goats glowering from dark parapets, is also an authentic glimpse of the wild place that was pre-modern Ireland before the struggle, boom and bust of the past hundred years.

Is the housing market really starting to cool, or is the heat moving to unexpected places? The number of mortgage approvals in May was down almost a fifth from a peak at the beginning of the year — reflecting tougher affordability tests and slower processing as a result of the Mortgage Market Review in April, as well as fears of interest rate rises. Bank of England restrictions on high-risk lending announced this week will add to the dampening. Meanwhile, at the top end — the market for £10 million-plus London ‘super-prime’ properties — foreign buyers are reported by Knight Frank to be in retreat, deterred by the strength of sterling.

It was at the Mansion House dinner last year that a City gent two seats away announced himself to be the custodian of one of London’s ‘dark pools’. The phrase sounded pleasingly Tolkienian but his first explanation — an electronic exchange in which large share transactions are completed in total privacy — dispelled the charm. My reaction was sharp enough to make the Downing Street spin-doctor between us fiddle nervously with his Twitter feed. If institutional investors can shift blocks of stock on the quiet, without moving public markets, what happens to the normal process of ‘price discovery’ between buyers and sellers? Surely small investors are being ripped off? Sounds like another market abuse to me, I shot along the table.

‘Iraq turmoil sends crude oil prices to nine-month high’ is the sort of headline that used to send shivers down economists’ spines, especially if it appeared on the same page as ‘Europe faces gas shortage as Russia cuts Ukraine supply’. How worried should we be at the current turn of events in the energy world? Since Iraq’s new insurgency kicked off, the price of a barrel of Brent Crude has blipped from $105 to $115 — nothing to panic about — but the more pessimistic analysts are talking of a further $30 rise if Iraqi oil flows of 3.6 million barrels a day (representing about 4 per cent of global demand) are seriously disrupted.

‘The internet is broken,’ a corporate chieftain told me last week. It was an arresting remark, but he did not mean that his home Wi-Fi hub had gone down and required a jab with a paperclip, as mine frequently does. He meant that the entire web has become so insecure — so plagued by industrial-scale scammers, viral anarchists and, according to the US Department of Justice, Chinese military hackers — that it can no longer be trusted for any form of confidential data transmission, from online payments to state secrets. By way of confirmation, as I type, in comes an email with a toxic fake ‘invoice’ attached.

The postman at the door is stooped by his burden like an allegorical statue of Labour Oppressed by Capital. His wearisome, low-waged task is to deliver a copy of Thomas Piketty’s Capital in the Twenty-First Century — or perhaps multiple copies all round the town, since this breezeblock of a thesis on the iniquities of accumulated wealth stands second in this week’s bestseller lists, pipped only by the life story of someone called Guy Martin.

The Billionaires’ Diet Book would not be a bestseller — or so I judge from limited experience of lunching with the denizens of this week’s Sunday Times Super-Rich List. They’re just not happy eaters. Lord Bamford (£3.1 billion) described the elegant little salad served in his office as ‘rabbit food’. In 48 hours of partying across India with Sir Richard Branson (£3.6 billion), I never once saw him tackle a sumptuous buffet. As for the list’s winners, Sri and Gopi Hinduja (£11.

Do we really mean to kill investment banking, or are we trampling it by accident in a fit of righteous zeal? By ‘we’ I mean politicians, regulators and public opinion, and by ‘kill’ I mean rendering it unattractive or unviable for any shareholder-owned financial business except on the most limited scale — and as uncertain a career choice as, say, Liberal Democrat politics or freelance journalism. The announcement last week of a radical scaling back of Barclays’ trading and deal-making arm has stoked a debate that had been smouldering for some time; for background reading, I recommend recent articles by Philip Augar in the FT and Frances Coppola in Forbes.

The pattern of the global pharmaceutical industry has long been towards cross-border mergers that combine research strength, market access and the capital needed to sustain new drugs through multinational approval processes.The UK has done well in this game, with excellent laboratory work and two giants still headquartered here, GlaxoSmithKline and AstraZeneca. The latter is part-Swedish but has 6,700 British staff and a heritage that descends from the pharmaceuticals business of ICI, greatest of 20th-century British industrial names.

A bouquet to Alison Kennedy, ‘governance and stewardship director’ at the Edinburgh-based pensions provider Standard Life, for leading the rebellion of Barclays shareholders against the bank’s decision to pay increased bonuses of £2.4 billion, far outstripping dividends to shareholders and despite a fall in profits. At last week’s AGM, 34 per cent of shareholders refused to endorse the board’s remuneration report after Kennedy declared herself ‘unconvinced’ that the bonus pot was ‘in the best interests of shareholders’ and warned of ‘negative repercussions on the bank’s reputation’.

‘Care, respect, clarity and reassurance’ are what the Co-operative funeral service says it offers the bereaved, and the parent Co-op Group may soon find itself in need of just such support to help it come to terms with the resolution of the Co-op Bank. ‘Resolution’ is modern banking jargon for an orderly burial, involving powers vested in the Bank of England to transfer all or part of a troubled bank’s business to a private-sector purchaser, or (if the Treasury is so inclined) into temporary public ownership, or to force an accelerated insolvency procedure that ensures depositors are either paid out by the Financial Services Compensation Scheme or have transferred to healthier banks.