In connection with the receding possibility of a London Stock Exchange listing for Saudi Aramco, I wrote that the City authorities’ apparent eagerness to accommodate companies ‘from places not best known for their accounting standards, business probity or general attachment to democracy and the rule of law’ smacked of Brexit-driven desperation. Russia was one of
Another week, another blue-chip in the dock. The US Securities and Exchange Commission has brought fraud charges against London-based mining giant Rio Tinto and two former executives in relation to an ill-starred coal venture in Mozambique. Whatever its legalities, this was a colossal corporate cock-up. In 2010, Rio paid $3.7 billion for Riversdale, an Australian
How did we mislay half a trillion pounds? Revised data from the Office for National Statistics has just reduced the UK’s ‘net international investment position’ from a surplus of £469 billion to a deficit of £22 billion. Downing Street dismissed this as ‘a technical revision’ — and in truth it’s not as bad it sounds,
‘Bombardier exposes post-Brexit realities’ was the FT’s headline after the Trump administration imposed a 300 per cent tariff on sales of the Canadian manufacturer’s C Series aircraft into the US, threatening 4,000 Bombardier jobs in Northern Ireland. Irish Taoiseach Leo Varadkar weighed in: ‘There’s been a lot of talk of a new trade deal between
Monarch Airlines was the ghost of an earlier age of holiday travel. When I used to see its planes lined up at Leeds-Bradford airport alongside those of Ryanair and its brash northern rival Jet2, I sometimes wondered why Monarch was still there. Now it has been brought down by a combination of the weak pound,
An Uber insider tells me not to write off the ride-hailing giant too soon, because it’s a very smart company for all its faults — and because the numbers of drivers and users for whom it is part of daily life will make it difficult for Transport for London to uphold its licence withdrawal on
It is more than three years since Bank of England governor Mark Carney was accused by Labour MP and Treasury Select Committee member Pat McFadden of behaving like ‘an unreliable boyfriend, one day hot, one day cold’ in his hints about forthcoming interest-rate rises. And it’s more than a decade since the last time the
Should we place faith in a survey, conducted in June but published this week, that says London is still the world’s pre-eminent financial centre? Yes, in the sense that no one challenges that long-standing claim as of today; no, in the sense that complacency would be a huge mistake while every financial firm operating in
Arguably it was Robert Peston’s breathless reporting of trouble at Northern Rock on the evening of 13 September 2007 that kicked off the crisis. The next morning, depositors were queuing round the block and the drama that would almost bring down the global banking system a year later had begun. Looking back after a decade,
In Houston last November I spent an evening at the city’s industrial-scale food bank, where I heard a presentation on the Houstonian tradition of offering hospitality to refugees, including 200,000 displaced from New Orleans by Hurricane Katrina. We were also given some positive spin on the strength of co-operation, in time of crisis, between the
Removing all trade and tariff barriers as part of a hard Brexit would generate ‘a £135 billion annual boost to the UK economy’, according to Professor Patrick Minford on behalf of Economists for Free Trade — while those who claim his ideas spell economic suicide are ‘hired hands, they work for government, they work for
I can’t work up much indignation at the collapse of London’s Garden Bridge project, which has been strangled by the refusal of mayor Sadiq Khan to guarantee its continuing operational and maintenance costs — assuming its trustees, led by former banker and minister Lord Davies of Abersoch, would have succeeded in raising the £150 million
The question of what kind of border after Brexit will exist between Northern Ireland and the Republic will, I predict, become a very thorny one indeed as negotiations crawl into the autumn. Talk of ‘putting the border in the Irish Sea’ — somehow leaving the north inside the EU for customs and immigration purposes, but
It came as no great surprise to learn that the EU competition authorities are crawling all over the three major -German car-makers, Volkswagen, BMW and Daimler, to investigate collusion via ‘secret technology working groups’ dating back to the 1990s. The most damaging allegation — reported by Der Speigel — is that the three groups colluded
Now here’s a tricky question. The world’s largest oil company, potentially worth six times as much as ExxonMobil and ten times as much as Royal Dutch Shell, wants to list its shares on a major stock exchange next year, and has indicated that the choice is between London and New York. The company’s initial public
Would a cashless world be a better place, morally or fiscally? Matthew Taylor, in his relatively uncontroversial review of work practices and the ‘gig economy’ published on Tuesday, proposed that the £6 billion ‘cash in hand’ economy of payment for window cleaning, gardening, leaflet distributing and similar simple tasks should be regularised and brought into
I voted Remain last year for two reasons. First, however irritating I found some aspects of the EU, I could not vote for the chaos I believed would follow a Leave victory. From the accession of Theresa May to the night of the general election, that looked like an excess of pessimism; now it looks
There’s a passage in Philip Larkin’s All What Jazz, the collection of his writings as the Daily Telegraph’s jazz critic, that imagines his typical readers. Husbands of ‘ageing and bitter wives they first seduced to Artie Shaw’s “Begin the Beguine”’ who take comfort from collections of ‘scratched coverless 78s in the attic’, they are ‘men
Regular readers know I have an umbilical connection to Barclays, because my father spent his working life there, I was on the payroll myself for a decade, and I wrote a book about the bank’s modern history, called Falling Eagle. So I cannot react objectively to news that the Serious Fraud Office has brought charges
Take no notice of the resilience of the FTSE100 index, which, having reached record pre-election highs, shed barely 100 points at its opening last Friday and recovered most of them by Monday. Dominated by multinational companies, it is being sustained by global market sentiment and the relative weakness of the pound, which makes our blue
