Interim findings from my Really Independent Commission on banking reform The Warden of All Souls, Sir John Vickers, has revealed the outlines of what he thinks about banking reform, so perhaps the Warden of Any Other Business — that’s me — should do likewise. Vickers, a former Bank of England economist, is chairman of the
It’s business, Russian-style – and let’s hope it’sthird time lucky for BP’s Bob Dudley ‘It was just business, Russian-style.’ That was how Bob Dudley described to me his experience in 2008 of having to manage the TNK-BP joint venture in Siberia by email from a secret location in Central Europe — because BP’s Russian partners
Rising petrol prices and the death of Nigel increase my sense of foreboding I returned from a New Year expedition to the Dordogne laden with wine, walnuts and a deep sense of foreboding — not provoked by the mood of rural France, which felt unchangingly placid, but by what I’ve been reading and hearing about
A knighthood for the last banker who put his shareholders’ interests first The New Year honours list is always a vivid indicator of the times just gone by. No brand better encapsulated the feelgood consumer frenzy of the last decade than Lush, the purveyor of organic soaps and Fairtrade lotions alongside campaigns to save sharks
In the land of my Flemish forefathers, I draw a key lesson for 2011: always have a Plan B To Ghent, in the land of my ancestors, to address a conclave of ‘risk managers’. Though the mother tongue of most participants is Dutch or French, the conference is in English — and I feel obliged to
From elections to ash clouds, 2010 was a year that taught us to expect the unexpected This was a year of predictable trends and unpredictable events. It was predictable that the UK would limp out of recession behind France, Germany and the US, and a reasonable bet both that we would avoid a double dip
Why the Governor is in the soup — and how I got the soup into the Governor I’m no WikiLeaker, but I am prepared to reveal that I have, on two occasions, lunched à deux with Professor Mervyn King in his private dining room at the Bank of England. Not a single word of what
What Ireland lacks now are statesmen who can make the case that recovery is possible The screen at Manchester airport tells me I’m about to board an Aer Lingus flight to Dublin, but there’s a Lufthansa plane at the gate. ‘Blimey,’ I mutter, ‘this bailout’s moving fast.’ I’m looking at the wrong gate, however, and
My tip for enterprise tsar from Cameron’s list of loads-of-money peers: Lord Fellowes of Downton Who, I wonder, will advise David Cameron on entrepreneurship now that Lord Young of Graffham has been fed to the sharks by the Downing Street crew for his unguarded remark that in this ‘so-called recession… most people have never had
Caught between EU politicking and market sharks, the Irish deserve sympathy not scorn My sympathies are with the Irish as they find themselves being shoved towards an EU bailout which they regard as a loss of hard-won sovereignty — and it’s pointless to go on scoffing at their earlier eagerness to enjoy the low euro
Disappointed, discouraged – but American optimism will soon start to return Philadelphia ‘We should always love America, not for its leaders — who generally turn out as disappointing as our own — but for its vitality, its collective belief in the possibility of renewal.’ That’s what I wrote from Los Angeles, exactly two years ago,
Change is coming to the City – but let’s notget excited about a tacky shopping centre One New Change sounds like an unambitious and probably tautologous political slogan, but it’s actually a postal address. New Change is a cut-through from Cheapside to Cannon Street, ‘Change’ in this context being an old version of Exchange, as
Good news for the governor: a groundswell of responses to the era of bad banking ‘Of all the many ways of organising banking,’ declared the Governor of the Bank of England this week, ‘the worst is the one we have today.’ That spurred me to continue my search for ‘relationship banking’ — and the latest
If I hear one more clunking metaphor about how we’re trapped in the debt mine but there’s light at the end of the tunnel, I think I’ll bury myself in the garden. If I hear one more clunking metaphor about how we’re trapped in the debt mine but there’s light at the end of the
‘A jolly nice little place for lunch, handy because you can get to it on a number 11 bus.’ That was a senior partner of Cazenove the stockbrokers talking about the Savoy in the days when captains of industry and City grandees treated its Grill as their canteen — and my predecessor Christopher Fildes, who
The crash has led to a new boom in corporate bonds. When Tesco’s debt yields more than its shares, every little helps When the Bank of England began its £200 billion programme of quantitative easing — ‘QE’, its technical name for printing money — at the height of the credit crisis in March last year,
Outsourcing firms and insurers may find opportunity in the government’s fiscal crisis It’s an ill wind that blows no good and, counterintuitively, some companies could benefit from next week’s government belt-tightening. Despite fears that spending cuts may stall fragile economic recovery, firms which provide services more cheaply than the public sector may enjoy increased turnover
Before he became one of London’s most admired fund managers, Jonathan Ruffer had, by his own account, two spectacularly unsuccessful spells as a barrister. Not long into our interview, I gain a clue as to why this seemingly harsh self-assessment might be true. We’re discussing the credit crunch, which he predicted well before it hit,
Never before have so many people in so many places collected works of art. In the past decade, the auction houses in particular have made heroic efforts to expand their markets, both by reaching out to emerging economies and by embracing new technologies. Thanks to instant translation by online search engines and live online auction
The Irish finance minister Brian Lenihan may (or may not, depending which report you read) have been jeered by international investors and bond traders on a conference call last week, but he is widely admired by his own business community, both for his determination to steer a straight course through the banking crisis and property
