Irwin Stelzer argues that in trade and finance, Anglo–US relations are surprisingly well balanced Britain’s ‘special relationship’ with America is not confined to foreign policy. In more ways than one, our economies are interconnected in special ways, with neither being the other’s ‘poodle’. Start with finance, where Britain seems set to be the dominant partner,
If you happen to be reading this on Friday evening, I invite you to picture me making merry at the Michaelmas Feast of the Company of Merchant Adventurers of the City of York, which is about to celebrate its 650th anniversary and of which I am a rather junior member. Our founders — mercers trading
My local supermarket in Moscow is, by any standards, a well-heeled place. It’s called the Alphabet of Taste, and its mission is to present its wealthy Moscow consumers with refined new ways of parting with their money. The deli counter offers more than 80 cheeses (including such exotica as Bûche d’Affinois and two sorts of
Rupert Steiner meets Bupa chief Val Gooding, one of Britain’s most successful female bosses A silhouette of a faceless giant hangs on Bupa’s atrium wall. The piece is bisected and has vaguely medical undertones, appropriate for the corporate offices of a private healthcare group. But the parallels do not stop there. Bupa has another almost
Larry Silverstein, the 75-year-old property developer who bought a lease on the twin towers of the World Trade Center six weeks before they collapsed, has been a lonely defender these past five years of his right to build the office space of his choosing on what to others is sacred ground. But he has played
Heroes of anti-capitalist protest don’t usually hang out at the Savoy. But Joe Stiglitz is different: the establishment figure who turned on the establishment. He’s a former chief economist at the World Bank and a Nobel laureate. He chaired Bill Clinton’s Council of Economic Advisers and he’s not afraid to tell you about it (‘When
What has been the single most successful and socially useful investment innovation of the last 30 years? Although paradoxically few investors will know what it is, or why they should be grateful that it exists, my nomination is the index fund. On 31 August this year, largely unheralded in the media, this dull but remarkable
Can there be a middle-aged man in Britain whose heart did not beat a little faster last week at the news that Hornby has expressed an interest in acquiring Airfix? This would be a merger that might have been dreamed up in a 1960s toy cupboard. Ailing Airfix is owned by Humbrol, which makes the
After the chaotic scenes of the past few weeks, with probably more than a million travellers caught up at Heathrow alone, it is surely time to rebrand BAA. In the fashionable corporate way, those three initials no longer actually stand for anything, but everyone thinks they still signify the British Airports Authority. This unloved operator
Iran hardly counts as an ‘emerging market’ these days, even for the most adventurous stock-pickers. But there is one Iranian export that appeals to the most sophisticated investors — not oil traders or arms buyers, but those who search for trophies that please the eye as well as making interesting conversational gambits at dinner parties.
For the first time in my life I had to call an ambulance, because my mother was suffering from chest pains. It was a fascinating episode: so much so that my mother, when she was feeling a little better, accused me of actually enjoying it. The reality of Monday morning in a south London A&E
A traditional British brand. A great history. Businessmen love it. Strong in the home counties. Younger people don’t have much idea what it stands for, and probably wouldn’t want it if they did. If these were the political pages, you’d assume we were discussing the Conservative party. But this is the Business section, and we’re
When Harry Truman was president of the United States, he famously displayed on his desk in the Oval Office a sign that read: ‘The buck stops here’. He understood the need to take responsibility not only for his own actions but also for those of his administration, and that this applied even to the toughest
It is a long time since I have experienced a ‘touch’. When I was a young man, people were always borrowing from me. I was brought up very strictly. My father said, ‘Never have an overdraft. Never have a mortgage except on your first house, and pay that off as quickly as possible. Never borrow.
France’s crusade against Anglo-Saxon incursions into its culture has entered cyberspace. To the list of alien influences the French establishment is determined to resist — ranging from words such as ‘weekend’ and ‘cheeseburger’ to radio broadcasts of British pop songs and hostile cross-border takeover bids — have been added two American giants of the internet:
More interesting than the Governor of the Bank of England’s letter to the Chancellor explaining why inflation has exceeded the official target will be Gordon Brown’s reply. Mervyn King has admitted there is an even chance he will have to write the letter, and a prudent Governor would already be drafting it. King might want
Dates are important to me. I have always been good at learning them, helped by mnemonics taught me by my mother. When I was seven, attending the convent school and in the class of Sister Angela whom I adored, I had a meretricious triumph, my first of a quasi-public nature. An official visit was paid
Think Formula 1 and it’s not long before a short man with a terrible haircut and an unfeasibly tall wife comes to mind. But while Bernie Ecclestone is very much the face of the world’s premier motor-racing series, it’s a different story with A1 Grand Prix. This weekend the upstart rival to Formula 1 will
The recent scorching weather in London has brought out some repellent pairs of trousers, particularly those baggy half-length affairs, worn by stocky, thick-calved, T-shirted young men, with shaven heads and beer bellies, who now appear to epitomise English youth. Trousers are useful, indeed indispensable garments, but sartorially the only solution to the trouser problem is
A poster on the District Line at Earls Court inviting me to holiday in ‘the 24-hour Mediterranean city, Tel Aviv’ made me want to know more about the local economic impact of the war between Israel and Hezbollah. The rather severe-looking bikini-clad model in the poster is probably in uniform by now, and if Hezbollah’s