Martin Vander Weyer

Martin Vander Weyer

Martin Vander Weyer is business editor of The Spectator. He writes the weekly Any Other Business column.

Remember the lesson of Shaun of the Dead: some zombies eventually come back to life

From our UK edition

Funny how little phrases go viral. Suddenly everyone’s talking about ‘fasting diets’, ‘zombie companies’ and ‘leadership plots’. As to the first, the idea of the ‘5:2 intermittent fasting diet’, I gather, is to eat as little as you can for two days a week. It’s all over the media, and any moment now someone will call George Osborne’s fiscal strategy ‘the 0:7 fasting diet that’s starving us of protein for growth’, or some such. There you are, Mr Balls: yours on a plate, as it were. But ‘zombie companies’ are not so easy to explain.

I look forward to using my pensioner’s pass on HS2 – and I’ve spotted the people to run it

From our UK edition

Investing £33 billion in HS2 — £46 billion if you accept the Taxpayers’ Alliance’s calculation — won’t boost us out of this triple dip, but it might ease the one after next, early in the reign of hugely popular, three-times-married King Harry, in whose favour his elder brother will abdicate, Dutch-style, after his 50th birthday. It’s a constant theme of this column that all prediction, even one year ahead, is (in Sir Mervyn King’s phrase) ‘a mug’s game’: every element of that first sentence may turn out to be bunkum.

Travel: Timeless island

From our UK edition

‘Hong Kong is the most Chinese city on earth,’ says my old friend Jo McBride, who has lived there for more than 30 years. That may come as a surprise to those who knew the place as a resolutely British enclave of colonial officers, traders and bankers — of whom, long ago, I was one — and to more recent visitors reassured by the hands-off regime of Beijing’s stooges in the 15 years since they took over from our last governor, Lord Patten. So hands-off, indeed, that most tourists still think of China as one destination and Hong Kong as another: a stateless stopover and giant shopping mall that constantly reinvents itself to the whims of global demand.

Greek tax-dodgers, Irish horse dealers and Chinese art cheats: please skip this column

From our UK edition

It’s only fair to warn you — especially if you’re Greek, Irish or Chinese — that this week’s column contains negative stereotyping. I’ll leave the transsexuals to Rod Liddle, but I’m still bracing for the  Twitter storm. My propensity to commit this category of thought crime was first pointed out to me by Giorgos Papaconstantinou, the socialist former finance minister of Greece. A graduate of the LSE, George to his friends, he was his country’s most fluent spokesman during earlier stages of its financial crisis — and last May I came up against him in a debate about the pros and cons of ‘austerity’.

Hardly a hammer blow if 800 jobs have shifted from Swindon to Solihull

From our UK edition

My item last week about brighter prospects for car makers looked forlorn by Friday lunchtime, when news bulletins were leading with a quote from one Tony Murphy of the Unite union to the effect that an announcement of 800 job cuts at Honda’s Swindon plant was ‘a hammer blow to UK manufacturing’. This was followed at the weekend by a rather less emphatic response to a press release from Jaguar Land Rover which included news of 800 extra jobs at Solihull, continuing a sustained expansion of its workforce that began two years ago. I was hoping Murphy might declare himself ‘over the moon’, but he left it to his assistant general secretary Tony Burke to issue a pious welcome making play of the fact that JLR is only offering one-year contracts.

Gnomes of Zurich will fall like skittles before US investigators finish with them

From our UK edition

So farewell, Wegelin & Co, the oldest bank in Switzerland and the one with the simplest strategy for growth — which was to offer secret accounts to American tax-evaders who could no longer obtain that valuable service from bigger Swiss banks such as UBS. Founded by a linen merchant in 1741, which makes it half a century younger than Coutts and Barclays, Wegelin last week pleaded guilty to helping US citizens evade tax on $1.2 billion, agreed to pay $58 million in fines and restitution, and announced that it is closing down.

Ex-editor sets banking agenda – and £100 says he’ll win the climate debate too

From our UK edition

The sun shines warmly in south-west France, and rabbit bouillabaisse is the pièce de résistance of a New Year lunch at which Nigel Lawson is a fellow guest. The former chancellor and Spectator editor divides his time between his home in the Gers, the Global Warming Policy Foundation which he chairs, and the Parliamentary Commission on Banking Standards on which he has been sitting alongside the new Archbishop, Justin Welby — who he calls ‘my new friend, an excellent man’. We agree that the argument on banking reform is moving Lawson’s way. As banks continue to rack up huge fines — £2.

Neither catharsis not cataclysm, but a year of mobile money and digital books

From our UK edition

In a recent Spectator panel debate titled ‘Review 2012, Preview 2013’, Matthew Parris startled an expectant audience by observing that in his view nothing very interesting had happened in the past 12 months, and not much excitement lies in wait for next year. Prediction, we know, is a mug’s game — those ancient Mayans who said the world was going to end last week must be feeling more sheepish than a flock of Treasury growth forecasters. Even predicting ‘not much excitement’ is to risk being horribly wrong if our banks turn out to be as under-capitalised as the doomsters suggest, and it all kicks off again like September 2008.

There may be troubles ahead, but here’s my Christmas recipe for keeping the pecker up

From our UK edition

I tried, I really did, right to the bitter end. No column has made more effort than Any Other Business to spot pinpoints of light on this year’s dark economic horizon. If there was a Spectator Optimist of the Year award, I’d walk it. But with the Chancellor and the Governor drowning out the carol singers with what has become a dirge-duet about the long, hard and winding road to recovery — and with evidence even I can’t deny of an autumn setback after the late summer bounce — my self-appointed role in the national conversation has begun to look more eccentric than ever. All I can do at this stage is invite you to charge your glass for a toast or two, and offer my Christmas recipe for staying cheerful against the odds. Here goes.

America’s hounding of BP no longer has much to do with Louisiana’s sad pelicans

From our UK edition

BP continues to pay a full price for the Deepwater Horizon disaster — deservedly so, you might say, given that 11 rig workers died in the April 2010 explosion that caused ‘the world’s worst oil spillage’ in the Gulf of Mexico. The contractor Halliburton and the rig operator Trans-ocean were also implicated, but blame has been heaped by all parties upon BP, which last month agreed a settlement with the Department of Justice that included pleading guilty to felonies and paying a $4.5 billion fine — to add to tens of billions paid in compensation to businesses along the Louisiana coast, manslaughter charges pending against BP executives, and the possibility of further huge fines for water pollution.

The Goldman Sachs candidate wins, but spare a thought for the popular loser

From our UK edition

So now we know. It’s not the popular insider, the All Souls professor or the Whitehall veteran. It’s not an Old Etonian — uniquely, they couldn’t find one for the shortlist. The winner of the Governorship stakes turned out to be the Goldman Sachs candidate, Mark Carney, currently at the Bank of Canada but formerly of the Wall Street investment firm, the ‘giant vampire squid’ whose tentacles get everywhere. And that’s just about the only jibe that anyone has found to aim at him, because his credentials are pretty outstanding. To call him ‘the best person in the world’ for the job, as the Chancellor did, is tempting fate — remember when John Browne of BP was repeatedly labelled ‘the world’s best business leader’?

‘It’s mine, I spend it’: guessing the rapper’s thoughts about Obama’s fiscal cliff

From our UK edition

The most stylish fellow passenger in Delta Air Lines’ business class cabin from Atlanta to Heathrow last week was a chap in shades and a hoodie with a couple of kilos of bling round his neck. Inquiries in the galley identified him as ‘2 Chainz’, a Georgia-born rapper whose real name is Tauheed Epps. I gathered he had invited the flight crew to call him Tad — and naturally I was keen to befriend him myself, but the Dracula’s-coffin configuration of Delta’s flatbeds made conversation all but impossible. So I was left trying to guess his thoughts on the issue of the ‘fiscal cliff’. That is the impending crisis in which the expiry of George W.

Business as usual | 22 November 2012

From our UK edition

Dear old Pesto, we all make jokes about him but we all secretly admire him. The BBC business editor’s strangulated elocution and stream-of-consciousness style were never going to make him a natural broadcaster — ‘He won’t last six months,’ one of his household-name colleagues whispered to me in the early days.

Creative destruction: lessons from New Orleans seven years after Katrina

From our UK edition

Never say this column doesn’t offer global perspectives. OK, sometimes it comes in folksy Yorkshire parables — but a fortnight ago I was up close with Branson in Mumbai and today I’m speaking to you from the Louisiana Superdome. Yes, I’m standing right on the plastic turf of one of America’s most hallowed football fields, watching the New Orleans Saints warm up for a crunch game against the Atlanta Falcons. You might get weightier economic theories on the op-ed page of the FT, but you don’t get opening lines like that. The proper name of this glitzy concrete bubble, by the way, is a parable of globalisation in itself: the Mercedes-Benz Superdome.

Good news for City job-losers: it’s your chance to be reborn as useful citizens

From our UK edition

‘Like a scene out of Village of the Damned,’ one UBS banker describes the moment of collecting his redundancy envelope. He’s over-dramatising, I’m sure, but let’s not be unsympathetic: in my banking days I found myself on both sides of that life-changing moment, doing the sacking and being sacked, and it’s never painless, even when you’ve got a mass of fellow sackees for company. The Swiss group is culling one sixth of its worldwide workforce.

Branson, Bollywood, Virgin beauties – and a bit less of the usual cynicism

From our UK edition

So here I am on a morning flight from Delhi to Mumbai, sitting next to an Englishman in his early sixties with bright blonde hair and a heavy cold. He has his feet up on the bulkhead and I’m distracted by his sensible black lace-ups: his wife packs for him, an aide whispers later. He’s Sir Richard Branson, the billionaire entrepreneur about whom I’ve written so much over the years, most of it sceptical and unflattering, but never previously met. Between visits to Warsaw, Cairo and Moscow he’s in India for 48 hours to relaunch Virgin Atlantic’s Mumbai route, which closed four years ago when too many carriers got in on the act and passenger demand dropped after the financial crisis. I’m a guest for the jamboree and this is my one-to-one slot.

A bad week to bury relatively good news from the economic front

From our UK edition

The news agenda has gone mad. Imagine this is the issue of 27 October 1917, and our headlines are filled with allegations concerning the depravities of the late Mr Oscar Wilde, calls for a new enquiry into police handling of the 1888 Match Girls’ Strike, and rumours that Mr Bonar Law is habitually rude to servants — while reports of the first engagement of US infantry, a potential turning point in the war in France, are consigned to the inside pages. That’s more or less how it is today: analysis of what may be a turning point in the great economic war, at least on the domestic front if not on the more tumultuous European one, barely makes it into the bulletins at all.

Memories of the Black Monday crash and how soon we forgot about it

From our UK edition

Twenty-five years ago this week, I became managing director of BZW (predecessor of Barclays Capital) in Hong Kong. The office was unstable after a summer of firings, and I had been dispatched from Tokyo to steady the ship. On Friday afternoon, a man called Reggie from Warburgs shouted ‘Heard the news from home?’ across the lobby: the ‘great hurricane’ was battering BZW’s Thames-side headquarters and reducing its trading desks to a chaos of sodden paper and broken glass. On Monday markets crashed everywhere and I flew overnight to London to find panic turning to stoic resignation as our firm, barely a year old, sustained losses of £70 million.

Osborne sends boys up chimneys – but offers them shares in the sweeping company

From our UK edition

George Osborne knows how to stick pins in his enemies. Using the phrase ‘Workers of the world unite’ to introduce a wheeze that will allow employees to swap employment rights for shares in their employer got well up the noses of the left. ‘There are so many holes in this it deserves to sink without a trace,’ said Mark -Serwotka of the Public and Commercial Services Union, no doubt hoping to restore his good name after his calls for public-sector workers to use the Olympics as an opportunity to strike. ‘Remember this lot were quite content to put small boys up chimneys,’ typed one Guardianista with a loose recollection of the last Conservative manifesto.

In the Governorship race, my money’s on the hedgehog to beat the fox

From our UK edition

Like most country dwellers, I have a sneaking admiration for the fox but for the hedgehog I have real affection. So I was entertained to find references to these creatures which might help Downing Street decide who to appoint to the governorship of the Bank of England, for which applications close on Monday. Both draw on the philosopher Isaiah Berlin’s categorisation of great thinkers according to a fragment from the ancient Greek poet Archilochus: ‘The fox knows many little things, but the hedgehog knows one big thing.