It was not an iceberg that caused the crash of Northern Rock and fortunately there was no loss of life; but it will be remembered, like the sinking of the Titanic, for years to come. None of us had seen queues of worried depositors outside bank branches before. We can remember it happening in It’s
A tiny door marked ‘Pret a Manger Academy’ in the back wall of Victoria station leads up two narrow flights of metal stairs to a warm, colourful room where rock music is playing softly. Strangely shaped leather chairs scattered with fluffy cushions give the faint air of a bordello. This is the headquarters of Pret
Gordon Brown can’t stop himself from meddling, even with his own good ideas. Soon after he moved into No 11 Downing Street, he introduced one of the best pro-growth capital gains tax regimes in the world. Last week his Chancellor Alistair Darling, with Brown grinning approval beside him, undid much of that good work in
The concentrated aroma of — how shall I put it — deep piggy doo-doo that wafts through your car window as you motor up the A1 through North Yorkshire is, in normal times, nothing more nor less than the smell of money. So I was taken aback to hear a farmer from that part of
Over the past 20 years or so, I have found myself almost continuously on the client side of building contracts, large and small, domestic, corporate and charitable, in four different countries: Britain, France, Hong Kong and Japan. It is an activity in which optimism is rarely justified by experience: builders the world over tend habitually
‘I’m on the beach with my BlackBerry,’ a senior banker told the Financial Times back in early August. ‘Normally, banks run on half or two thirds of normal staff in August, which can make it difficult, so every banker has to remain vigilant, even if you’re on the beach like me.’ But, at precisely the
Extreme stock market volatility and the crisis at Northern Rock have prompted some crass comment about how to look after savings in uncertain times like these. Probably the worst is the glib recommendation, so often trotted out during a panic, that you might as well keep your money under the mattress. But the only people
John Stepek says the price of gold is a gauge of investment fear — and there’s a lot of fear around right now Last week, we had a power cut. It was already pitch-dark outside — not the best time to discover that the children had hidden our only torch. We stumbled about in the
James Delingpole admits to ‘utter crapness’ as an investor in the past, but thinks he now has a winning strategy It has been over a year since I checked my share portfolio but when I did the other day I had the most pleasant surprise. Apparently, despite understanding next to nothing about the workings of
Where do most investors go wrong in making their investment decisions? Warren Buffett, whom many like to think of as the world’s most successful stock market investor, has no doubts. People need to spend more time with their nose in a book, thinking about the way the world works, and less time looking at the
If recycling your domestic rubbish is a pain, imagine what it’s like running a car-repair workshop: batteries, bolts, bulbs, bumpers, plastics, oily rags, scrap metal and toxic liquids are just a few of the nasties. Understandably, most of Britain’s 25,000 garage owners either don’t bother — nearby rivers are handy — or they take the
John Andrews on city life in Liechtenstein. The speed limit on Swiss motorways is 120km per hour and, if you’re travelling from northern Italy to southern Germany through Switzerland at exactly that speed, you’ll spend a scant ten minutes traversing the entire western border of the sovereign Principality of Liechtenstein. Glance to your right about halfway up
To me, history has always had a double magic. On the one hand it is a remorseless, objective account of what actually happened, brutally honest, from which there is no appeal to sentiment. On the other, it is a past wreathed in mists and half-glimpses, poetic, glamorous and sinister, peopled by daemonic or angelic figures,
The proposals in the pre-Budget report were a desperate, knee-jerk response to the swing to the Tories in the polls. Rather than demonstrating Gordon Brown and Alistair Darling’s vision for the country, it revealed their commitment to blatant, vote-chasing expediency. Ultimately, this will make the country think less of them. Martin Vander Weyer There’s a
Can we make a link between the chopping of 1,500 jobs, mostly in London and New York, by the Swiss banking giant UBS, and the news that the City of London Corporation has come up with a £300 million contribution to the financing of Crossrail, the long-awaited Heathrow-to-Docklands transport link? Well, connecting unrelated news events
This is the time of year when I am irritated by the pop-pop of shotguns near my house in Over Stowey. Not that West Somerset is a great county for shooting. It is a place for hunting. I have counted up to 13 packs of hounds in the neighbourhood. Most of them are foxhounds, and
It wasn’t hard to see what was in it for President Nicolas Sarkozy when he appointed Christine Lagarde as France’s new finance minister in June this year. After a glittering career in international law, Lagarde had become a star in American business circles: the 30th most powerful woman in the world, according to that ultimate
What’s the biggest threat to the stability of the global economy today? Derivatives? Hedge funds? The credit crunch? Actually it could be Pearson, the company that owns the Financial Times. How so? By allowing its Penguin imprint to pay $8.5 million for the memoirs of Alan Greenspan, the former chairman of the US Federal Reserve.
Elliot Wilson says there isn’t enough arable land in the world to make plant-based fuels a viable alternative to oil ‘Biofuels?’ Ricardo Leiman gives an imperious snort, his eyebrows wobbling. ‘Biofuels?’ he repeats in an offended tone, as if asked to perform a lewd act. ‘There’s about 20 million tonnes of processed edible oil on
When I bumped into Barclays chief executive John Varley at Wimbledon one mid-week afternoon in July, I thought he looked remarkably relaxed for a man locked in a potentially career-breaking takeover battle with his deadliest rival. We had just watched Venus Williams make mincemeat of Maria Sharapova, and perhaps Varley was cheered by the thought