‘I visited the black marble obelisk which marks the epicentre of the explosion, and I saw the plain domestic wall-clock retrieved intact from the rubble with its bent hands recording the precise time of day when the city was obliterated: 11.02 a.m. I was glad to be alone, because I could not have spoken.’ Published here
Fourteen years is a long stretch. The punishment imposed on former UBS and Citigroup trader Tom Hayes for his role as ‘the hub of the conspiracy’ to rig yen Libor rates is the same as the maximum sentence for burglary with intent to commit GBH. Even though no public attempt has been made to quantify
It’s nearly 30 years since I worked in Japan, but I still have a few words of the language and a certain idea of how the place worked. The role of the business press, for example, was to trumpet export successes of Japanese corporations, and not to report shenanigans in which securities firms boosted prices
A City insider at last month’s Mansion House dinner told me the Financial Conduct Authority had become ‘a bit of an embarrassment’ — or rather, that was my bowdlerisation of what he actually whispered. So it comes as no surprise that FCA chief executive Martin Wheatley has resigned, having been told by the Chancellor that
As an occasional lecturer on the abstruse topic of the efficacy of sanctions in conflict resolution, I find myself much more excited about the emergence in Vienna of a settlement of the Iranian nuclear stand-off than I am about a third Greek bailout — which left-wingers of the Syriza party regard as a vindictive form
George Osborne’s Budget was good politics: not so much in terms of tactical point-scoring, though there was plenty, but in terms of striving for big objectives of fiscal rectitude and wider prosperity by incentivising sensible economic behaviour and discouraging casual reliance on the state: ‘a country that backs those that work hard and do the
The Greek drama took a turn few of us expected last week, when the world thought compromise was imminent. What happens after Sunday’s referendum is anyone’s guess — but recrimination is already flying, much of it aimed at IMF managing director Christine Lagarde. Having inherited the Greek headache from her predecessor Dominique Strauss-Kahn after his
The clear winner in the Greek crisis is the author of The Little Book of Negotiating Clichés, whose royalties must have been pouring in as the clock ticked towards midnight while European leaders took positive steps back from the brink and found themselves speaking the same language, perhaps because they were reading from the same
Last week’s deadline did not allow me to report from ringside at the Mansion House dinner, but there was so much to observe that I hope you’ll forgive a late dispatch. What a vivid guide to City psychology and precedence it offered. In the anteroom, Lord (Jim) O’Neill, the Treasury’s new Northern Powerhouse minister, could
The tectonic plates of economic life rumble and shift. As ever, market watchers are obsessed by big themes — and the demand for predictions about them even though so many past predictions have turned out wrong. Right now, we’re gripped by the endgame for Greece, the timing of the first US rate rise, the future
‘In matters of criminal justice,’ said NatWest Three defendant David Bermingham after a London court extradited him and his co-defendants to face Enron-related US fraud charges even though nothing they were accused of looked like a crime under UK law, Britain was becoming ‘the 51st state of America’. Many Swiss citizens must have felt they
Which is worse, morally and reputationally — to be Thomas Cook, shamed by its refusal to show proper human concern, for fear of being taken to admit responsibility, over the death of two children by carbon monoxide poisoning from a faulty boiler while on holiday in Corfu; or to be Barclays, fined almost $2.4 billion (heading
A doff of my flat cap to Jim O’Neill, the former Goldman Sachs economist who has been made a peer, a Treasury minister and George Osborne’s ‘Northern Powerhouse’ supremo. The metro-politan media is busy trying to find reasons why this project for improved links between northern cities plus elements of devolution is a bad idea,
‘Two million jobs have been created since 2010 — but there will not be a moment of rest until we have reached our goal,’ said David Cameron in a Telegraph article a fortnight before the election: ‘Two million more jobs; or full employment in Britain.’ It was a bold statement. Indeed you might think, given
After the heat of battle: the accolades, the recriminations, the telling of history by the victors. It’s six months early for our Parliamentarian of the Year shortlist, but my nominee for this year’s top award is… the honourable member (or one of them) for the constituency of Athens B, Yanis Varoufakis. Last week, the grandstanding
If Ikea were a constituency, it would be a three-way marginal. That was my thought one morning last week as I walked a mile and a half round the Batley branch of the great Swedish retailer behind two keen shoppers (one wearing a pedometer) whom I had driven there as a birthday treat. Here are
The interesting thing about Labour’s pledge to abolish non-dom tax status — a squib designed to trap Tories into expressing sympathy for the rich, in the knowledge on the part of Ed Miliband and Ed Balls that it might cause loss of tax revenues and inward investment — is that it has been welcomed by
Helge Lund was widely expected to go into domestic politics when he ended his successful tenure as head of Statoil, the Norwegian state oil and gas company. Instead, he was hired to run BG Group, the troubled former exploration arm of British Gas, but on a promise of such ludicrously rich terms — up to
Bored with the election? Switch over to the Greek debt drama. In this week’s cliffhanger, silver-tongued finance minister Yanis Varoufakis visited IMF chief Christine Lagarde on Sunday, promised to meet his country’s obligations ‘ad infinitum’, and was expected to meet a €450 million repayment to the IMF on Thursday. But more troublesome members of the
Easter is a good time to talk about airports — or perhaps a bad time, if you bought your Spectator in the shopping labyrinth that impedes your path to the departure gate after a maddening wait in the security queue, where only a quarter of the scanners are working. I’m with you, and not just
