Merryn Somerset Webb doubts that markets will go on rising — and advises us how not to get poorer in 2010 Back in early 2007, an interviewer challenged my stance on the housing market. She pointed out that I had been bearish on the property market for several years but that the market did not
Elliot Wilson in Reykjavik Mike, a commodities trader from Chicago, leans over the table in Reykjavik’s Prikid bar and almost whispers: ‘What’s the deal here? Where are the breadlines?’ Our group looks befuddled. An Icelandic playwright mock-whispers back: ‘What breadlines? Did you expect Reykjavik to be full of bakeries?’ No, retorts Mike, but didn’t Iceland
You may have seen the recent Georgian marketing campaign on BBC World and CNN, which looks like a splicing of The Apprentice and the title sequence from The Professionals. Among the familiar names dropped in the ad, such as HSBC, is an enigmatic one, Rakia. And this, it turns out, is not Bosnian firewater, but
Here’s my hot prediction for 2009: house price inflation at 10 per cent. Yes, that is a 10 per cent increase, and yes, I do mean 2009. Halifax figures for the year to November were still showing prices down by 1.6 per cent — but believe me, by the end of this month housing will
Karl Ludvigsen is irritated by ill-informed criticism of the troubled American auto giant — which was once a model of quick, responsive and decentralised decision-making Outraged is too mild a word for the way I felt after reading a piece in the 12 November edition of the New York Times about General Motors. Focusing on
The hills of Michimikuru are a little piece of heaven: pickers in brightly coloured scarves move slowly through the chest-high bushes of the vivid green tea-fields beneath the slopes of Mount Kenya. But as the saying goes, local colour is other people’s poverty. Just ten kilometres to either side, the desert is encroaching; the mountain’s
Few people have ever seen them, except perhaps from a plane. Yet these huge, remote structures have stood planted in the North Sea, buffeted for decades by wind and wave, pumping cash into the UK economy. They are the hundreds of oil and gas platforms which churn out the equivalent of 2.8 million barrels of
Ross Clark says it’s not so much the Prince of Wales who has put the mockers on this controversial Qatari-backed development, but the grim economics of the credit crunch Gordon Brown is well known for his bad timing in selling off half the nation’s gold reserves at the bottom of the market in 1999. But
Richard Northedge says the FTSE’s dismal performance since the millennium will deter a generation of investors The familiar fallback for fund managers when shares falter is that investment is for the long term. But how long is long? December marks the tenth anniversary of a stockmarket peak that has never been seen again. Money invested
Matthew Lynn marks the 20th anniversary of the peak of the Nikkei and asks whether we’ve learned any lessons Twenty years ago this month, as we’ve been reminded by countless documentaries, the Berlin Wall was coming down. Eastern Europe was convulsed by the revolutions from which communism never recovered. But much further east, something else
Seiko is collaborating with leaders and innovators in a variety of fields to celebrate the release of the Ananta Collection Luxury travel company Abercrombie & Kent annually moves nearly a quarter of a million people around the globe. So for president and chief operating officer Joss Kent, being organised is a given. With 62 offices
Tourists in New Orleans’ French Quarter and Garden District would be hard pressed to see Hurricane Katrina damage if they didn’t go looking for it. On a recent visit to attend a wedding between a Glaswegian brewer and a Louisiana law professor, I ate gumbo, swayed to jazz and paraded behind a brass band between
Elliot Wilson says there are synergies between the takeover protagonists — but it will be sad to see the British chocolate maker swallowed by a bloated US conglomerate When consumer goods giant Kraft tabled a £10.2 billion bid for Cadbury two weeks ago, the outcry was immediate and heartfelt. Here was an American monster buying
Bankers are often accused of having such short memories that they are condemned to repeat the errors of their immediate predecessors, only more so. They would certainly need elephantine memories to remember a time when new banks, each with a distinctive mission and marketplace, were coming to life and flourishing everywhere. Indeed it was, in
One of the oft-repeated excuses for high executive pay is the need to compete for top talent in an international market. A scan through a list of heads of FTSE 100 companies certainly shows just how many boards go abroad for their boss: 41 of the UK’s top 100 chief executives are foreigners, including three
I finally get to ask my question of the man who says he knows every statistic in a notoriously data-less country. ‘OK, mister-chief-statistics-officer-for-the-province,’ I say in my best Pashtu, with a little help from my ever-smiling interpreter. ‘Do you know how many businesses there are in Helmand?’ He gives a multi-syllabic answer. I wait keenly
Matthew Lynn investigates the rise and rise of the family-run Spanish bank that now has 24 million British customers — and wonders whether its story is too good to be true If ever a banking deal came with the curse of the black spot, it was the takeover of Dutch bank ABN Amro at the
Roger Bootle says it’s wrong to argue that bankers’ bonuses are the price we have to pay for economic success The smart thing to say — indeed, Allister Heath said it in last week’s issue — about bankers’ pay is that it doesn’t really matter: it’s a distraction from more serious concerns about regulation or
Fretting about an impending energy apocalypse has long been a diverting parlour game of the chattering classes. Projections are drawn up showing that the last drop of petrol will be squeezed into the last 4×4 in about 50 years’ time. It is said that Britain, forced by the European Union to retire a third of
Bill Jamieson wonders how badly ‘Brand Scotland’, with its associations of canniness and caution, has been damaged by the financial crisis and a dismal Scottish Prime Minister Scotland’s fortitude has certainly been tested these past 12 months. Its proud claim to have a special excellence in finance — an innate canniness and caution — has