Greece

Axa will no longer invest in the tobacco industry: the French insurance giant will sell €184 million of shares and gradually reduce its €1.6 billion bond holdings in the sector. No surprise, given Axa’s role as a health insurer and the oft-repeated statistic that smoking kills six million people a year; indeed, you might think any health-related investor would have taken the decision years ago. Except that cigarette-makers have been stellar stock market performers since the beginning of the century: British American Tobacco’s shares have multiplied in value a dozen times while paying rich dividends, and Imperial Tobacco (now Imperial Brands) has been almost as good. MSCI’s global index of

   Athens I am walking around downtown Athens watching as thousands of migrants field pitches from smugglers offering alternative routes to Germany and Austria. I ask a friendly policeman 50 years younger than me why he doesn’t arrest the smugglers and throw away the key. ‘Others will take their place quicker than we put the handcuffs on them,’ he tells me. ‘And they pretend to be migrants the moment we approach.’ Smuggling people is big business, and most of the bad guys are Afghans, as far as I can tell. It is grim stuff, especially where children are concerned. Victoria Square is a tree-lined park where long ago my grandfather

Gstaad I had the rather subversive idea of offering a six-figure sum to Oriel College, Oxford. On one condition: that the college immediately withdraw the Rhodes scholarship from the South African Ntokozo Qwabe, the hypocrite who led the campaign to remove the statue of Cecil Rhodes, and from any other recipients of Cecil’s munificence who are blackening his name a century later. It is the least these hypocrites deserve. Oxbridge has become a joke in the way it tries to emulate the LSE in radicalism and other such ludicrous poses. The group that called Jihadi John ‘a beautiful young man’ should be allowed to speak at Oxford, according to the

Athens Viewed from Mars, this is a sunny, peaceful city. Up close, however, things ain’t what they used to be. First, those wonderful Greek smiles are gone, replaced by wintry ones at best. People are worried, as well they should be. At the Divani Caravel hotel, once owned by yours truly, the staff greet me as though I were a conquering hero. I was a benevolent owner who used to party and spread the wealth. Now things are more professional, and the hotel is profitable because of expert management. The staff is the best in Athens by far. The migrant crisis is secondary, from what I hear. Pension reform and the

There is nothing waiting for people who leave school in Greece today. It does not matter how much young Greeks might be able to give to their nation, because their nation has little to give them in return. Over the weekend, The Times reported that young Greek women are selling sex for as low as €2. Some are even exchanging sessions for cheese pasties, because they cannot afford to eat. It’s not just young Greeks who are suffering. Pensioners are being squeezed by Greece’s creditors, and drugs thrive amongst the homeless in Athens. Election after election has only served to make the country’s political crisis worse, with the second general strike in

Gstaad Jeremy Clarke has wiped me out again, for a change. His accounts of the high jinks on board the Spectator At the age of 79, I’m seriously contemplating becoming a bird-watcher cruise had the mother of my children laughing out loud, something she’s not known for among those of us who consider laughing loudly a staggering breach of taste. Never mind, Jeremy’s talents and his ability to describe the indescribable in vivid prose is a badly kept secret among those of us who love good writing. The only thing wrong with Jeremy is that he shows me up week in, week out. Being the fall guy does not suit