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
‘HSBC shareholders should remember that slavish adherence to corporate fashion is usually what gets banks into trouble,’ I wrote in May, in response to whispers that executive chairman Stephen Green was under pressure to make way for a conventionally non-executive outsider. ‘HSBC shareholders should remember that slavish adherence to corporate fashion is usually what gets
Martin Vander Weyer’s Any Other Business Having spent more hours than I care to remember chairing voluntary committees of all shapes and sizes, I am firmly of the view that generous benefactors do not necessarily make good board members. By all means butter up the moneybags, offer them naming rights on the new toilet block,
Another time,’ began the Gospel reading last Sunday, ‘the tax gatherers and other bad characters were all crowding in to listen…’ Bible scholars will have spotted that our curate chose the New English version of the parable of the lost sheep, and that ‘tax gatherers and other bad characters’ is the modern rendering of ‘publicans
If I say that Bob Diamond richly deserves his promotion to chief executive of Barclays, I do not intend any snide reference to the fact that he is enormously rich. If I say that Bob Diamond richly deserves his promotion to chief executive of Barclays, I do not intend any snide reference to the fact
Martin Vander Weyer’s Any Other Business If life was a Doctor Who series and I was the scriptwriter, I would have the courageous Chilean miners tele-ported instantaneously to the surface — and replaced at the bottom of the collapsed shaft by 33 gloomy economists and market commentators. They would range from New York Times columnist