Just when you thought it was safe to go back in the water… Late last year, a range of forecasts suggested that the likelihood of recession in the US, with knock-on effects for the rest of the developed world, had significantly diminished. Last summer, many economists were putting the chance of a substantial downturn at
It’s the season for kindness and conviviality. In that spirit — and recognising that business, like personal life, rarely follows an easy or predictable path — here’s a list of corporate heroes and anti-heroes who deserve your sympathy and a place at my fantasy Christmas table. First, those who are moving on. Bob Dudley put
You’ll have had enough of politics and punditry, so let me introduce a non-political City debate (even if rather a technical one) around the M&G Property Portfolio. Founded in 1931, M&G is a trusted brand in collective investment products for middle-class savers but appears to have done what we might nowadays call ‘a bit of a
It’s unusual for a Governor of the Bank of England to announce his next job before Downing Street has named his successor. In Mark Carney’s case, the new role turns out to be an unpaid, part-time one as the UN’s special envoy for climate action and finance, so no protocol has been breached — though
Early experiences of Uber in London did not encourage me to become a regular user. My first driver thought I wanted to go to Birmingham when the ride had been booked from Clapham to Mayfair. The next was a furious driver who would have seen off Lewis Hamilton at Hyde Park Corner. Call me old-fashioned,
Having been awarded the title of business editor of this paper by Boris Johnson in his former incarnation, I know more than most people about the extent of his interest in how businesses succeed or fail, what motivates those who run them and what they want from government. The answer is that his attention span
It cannot be other than good news that a rescuer has been found for the bankrupt remains of British Steel, and in particular for its ‘long products’ plant at Scunthorpe — even if the buyer, at a token £50 million but with a promise of £1.2 billion of investment, is a little-known Chinese group, Jingye,
Five years ago this week, George Osborne as chancellor announced a scheme to place tax revenues from shale gas fracking in Lancashire and Cheshire into a ‘sovereign wealth fund for the north of England’. Soon after that, a leaked memo revealed him urging fellow ministers to intervene with planning authorities to fast-track fracking proposals and
Mario Draghi, who retired as president of the European Central Bank this week, was arguably the first holder of that office to win international respect for himself and his institution. The ECB’s founding chief, the downbeat Dutchman Wim Duisenberg, was undermined on all sides but especially by the French — who eventually succeeded in replacing
The first time I was ever commissioned by the Daily Mail, the voice on the phone said: ‘You used to be a banker, you must know all about fraud. Everyone else is saying the SFO is rubbish, so we want a piece that says “We support the fraud fighters”.’ Not my field, I said, and
When Facebook announced details earlier this year of a global digital currency called Libra — backed by a roll call of other corporate giants — I declared myself a sceptic on the grounds that behind its libertarian sales pitch, the concept was really ‘a power-grab for cash balances and personal data out of the conventional banking
Minding my own business at 67 Pall Mall — the private members’ club favoured by oenophile West End hedge-fund managers that will serve as this week’s restaurant tip — I’m watching two tieless but well-tailored gents at the next table sampling different vintages of Château Pichon Longueville. And I’m thinking: ‘Bastards! These must be the
Private secretary: ‘The Bank of England governorship, Prime Minister… opposition MPs have been saying it’s a political stitch-up and calling for the shortlist to be made public. Have you had time to look at the file?’ Boris, distracted: ‘Stitch-up piffle! I thought we’d picked my economist chum Gerard Lyons — very sound on Brexit.’ ‘Treasury
It’s not obvious that the state has a moral obligation to repatriate holidaymakers whenever a tour operator goes bust, as Thomas Cook did on Sunday night. Being briefly stranded in a sangria-fuelled resort is not like being left behind in a war zone, after all. But when large numbers of tourists are involved such situations
An oil price surge from $60 to $72 per barrel, as happened after the drone attack on Saudi Arabia’s Abqaiq refinery caused a sudden 6 per cent cut to global supply, would once have been taken as a sure signal of economic troubles ahead. A 1990s study of postwar oil prices plotted against employment and
Long ago in my investment banking days I had a glimpse into the mind of the British Airways long-haul pilot. Chatting to an attendant on a flight from London to Delhi, I let slip what I did for a living. ‘The captain would like a word,’ she whispered a few minutes later. Up in the
Of all the stains on the reputation of UK banks, the PPI scandal is surely the most shameful, the most revealing of low human behaviour and the one with the most far-reaching consequences. Between 1990 and 2010, some 30 million customers were sold Payment Protection Insurance, supposedly designed to cover them if they became unable
The average FTSE 100 chief executive earned £3.5 million last year — 117 times the £29,574 pay of the average full-time UK worker, according to new figures from the Chartered Institute of Personnel and Development. Other sources tell us that at the last count, 54 of those FTSE 100 chiefs were British, 21 held other
A couple with a first baby sought my advice: they had accepted a low offer for their cramped London flat and bid the asking price for a nice house in commuterland. But they need a bigger mortgage and if Brexit leads to a property crash, they could face negative equity and financial stress. Should they
It came as no great surprise that the UK economy contracted by 0.2 per cent in the second quarter, following a first quarter in which growth had been artificially boosted to 0.5 per cent by stockpiling ahead of the original 29 March Brexit deadline. It’s fair to claim, as our editorial did two weeks ago,
