Barclays

How is it possible that we’re still reading headlines about the £4 billion fundraising from the Gulf that saved Barclays from a bailout in 2008? It’s not too sweeping to say that most of the financial world smelled something fishy in the undisclosed £322 million of advisory fees that were paid to Qatari investors – and that whiff never went away, despite the collapse of criminal charges against individuals at Barclays in 2019. The Financial Conduct Authority has called the behaviour of Barclays ‘reckless and lacking integrity’, while recognising that the bank ‘is a very different organisation today’. But not so different as to actually acknowledge its fault: Barclays ‘does

If anything, stock markets have been slow to respond to the spreading coronavirus outbreak. Stories of Chinese supply interruptions, from JCB digger components to plastic toys, have been circulating since mid-February, while hedge funds have been hard at work short-selling cruise-operator shares: Royal Caribbean and Carnival are both down 30 per cent. Now airlines have taken a pasting too, with easyJet and Ryanair among the big fallers in Monday’s sell-off of European stocks, following news of a cluster of virus cases in northern Italy. Meanwhile, a turning point may or may not have been reached in the rate of -reported cases in Wuhan, where the outbreak began. The World Health

If you know my personal history with Barclays, you may be wondering whether I’m for or against Edward Bramson. To recap, I’m a former second-generation employee of the bank as well as the custodian of a family shareholding that’s never likely to be sold — and nowadays, rather miraculously given everything that’s happened to me and the bank since I left 27 years ago, a recipient of its pension largesse. Bramson, by contrast, is a Johnny-come-lately: a New York-based ‘activist investor’ whose firm Sherborne has become Barclays’ third largest shareholder by building a 5.5 per cent stake, and who is seeking a seat on the bank’s board at next week’s

I remember the arrival of Toys ‘R’ Us in Britain, because as a young banker in 1984 I was tasked with devising a menu of exciting financial products to offer a brash American retailer that was clearly going to take a bite out of our sleepy — and in those days still Christmas-seasonal — domestic toy market. How we sneered at that childlike reversed R in the logotype; likewise the Guardian, commenting on insatiable demand for Cabbage Patch dolls, derided the chain’s huge stores as ‘-cathedrals to kiddie gratification’. But however tacky its image, this was the ultimate ‘economic disruptor’, to use The Spectator’s current favourite phrase: a business that

Home The Charity Commission said it would hold a statutory inquiry into a scandal in which Oxfam staff paid for prostitutes in Haiti in 2011. Penny Lawrence resigned as deputy chief executive of the charity, saying that allegations had been raised about Roland van Hauwermeiren, Oxfam’s country director in Chad, before he moved to Haiti. He resigned in 2011, when Oxfam referred to unspecified ‘serious misconduct’. Penny Mordaunt, the International Development Secretary, said that no organisation could be a government partner if it did not ‘have the moral leadership to do the right thing’. Last year, Oxfam received £32 million from the government. Priti Patel, the previous development secretary, said

Regular readers know I have an umbilical connection to Barclays, because my father spent his working life there, I was on the payroll myself for a decade, and I wrote a book about the bank’s modern history, called Falling Eagle. So I cannot react objectively to news that the Serious Fraud Office has brought charges against Barclays’ holding company and four former executives in relation to the £7 billion fundraising from Middle Eastern investors, including Qatar Holdings, that saved it from a taxpayer bailout in 2008. On behalf of the extended family of Barclays folk, I cannot feel anything but sadness to see a once-respected institution brought into the dock.

Tesco chairman John Allan provoked feminist fury by telling would-be non-exec directors, ‘If you’re a white male, tough: you’re an endangered species’ — then claimed he was really trying to make the opposite point, that ‘it’s a great time for women’. But to the contrary, this was a week in which tough white males grabbed the corporate prizes, while one high-flying woman from an oppressed minority was hounded out of her job. First, the blokes. HSBC announced, for the first time in its history and to the satisfaction of governance zealots, the appointment of an outside chairman. Incumbent Douglas Flint is to be succeeded by Mark Tucker, a former professional