Martin Vander Weyer is business editor of The Spectator. He writes the weekly Any Other Business column.
From our UK edition
I usually take a stern view of corporate pay packets that are out of line with profits and shareholder value, but I’m prepared to make an exception for Bob Dudley. The American-born chief executive of BP collected $19.6 million last year, up 20 per cent on his 2014 remuneration, while the embattled oil giant clocked up
From our UK edition
What’s in next week’s budget? Not much, apparently. ‘Cabinet sources’ have been quoted saying that ‘George has been told not to rock the boat’ ahead of the Brexit referendum, and that’s why he backed away from a grab on pension relief for higher earners; likewise he may yield to pressure from his backbenchers not to
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All in all, this is an odd moment for an outburst of high spirits: not from me — I’m as phlegmatic as ever — but from commodity investors. The price of a barrel of oil has rallied from $27 to $40 after talks between Saudi Arabia and Russia about restricting supply; one pundit called that
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The London Stock Exchange is no longer the red-hot crucible it once was, given the multifarious ways by which shares, bonds and derivatives now change hands. But the prospect of the LSE passing into the control of Deutsche Börse — in what was announced as a ‘merger of equals’, but with the Germans holding the
From our UK edition
The London Stock Exchange is no longer the red-hot crucible it once was, given the multifarious ways by which shares, bonds and derivatives now change hands. But the prospect of the LSE passing into the control of Deutsche Börse — in what was announced as a ‘merger of equals’, but with the Germans holding the
From our UK edition
‘The City is in no doubt that staying in Europe is the only way ahead,’ declared Mark Boleat for the City of London Corporation. Likewise Chris Cummings of the lobby group TheCityUK praised David Cameron for delivering ‘a really special deal’. The official Square Mile is squarely for ‘remain’, confident that the Prime Minister has
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All this talk of a new financial apocalypse, so soon after the last one, is starting to annoy me. Partly because investors as a crowd are so irrational; -partly because so much that governments and central banks have done to contribute to the current market mayhem seems to work against the sensible efforts of ordinary
From our UK edition
Upbeat or downbeat? I asked last month whether the mood where you live is energised by enterprise or demoralised by public-sector retreat — or both. Replies poured in while the news mostly got worse. Governor Carney warned that ‘the UK cannot help but be affected by an unforgiving global environment and sustained financial market turbulence’
From our UK edition
A new European banking crisis. Seriously? Starting at Deutsche Bank? That’s the way markets were pointing on Tuesday as Deutsche’s shares plunged, inter-bank liquidity shrivelled, would-be investors in bank bonds hid in the toilets and speculative short-sellers did the work of the devil. And we all know there’s no smoke without fire, right? Let’s pause
From our UK edition
Amid all the turmoil in global energy markets, we should not lose sight of the UK power programme that we’re praying will keep our lights on a decade hence: it is, as you know, a hobbyhorse of mine. So how’s it going down at Hinkley Point in Somerset? My man with big binoculars in the
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Like Leonardo DiCaprio in The Revenant, we’ve just been savaged by a bear but we’ll probably survive. Leading UK-listed stocks have fallen 20 per cent from last April’s peak after a six-year climb, and the FTSE100 chart has taken on a saw-toothed downward trajectory that suggests, to those who rely on such indicators, that there
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‘Who’s to blame for financial crisis’ is a poem I wrote in 2012, rhyming ‘speculators, spivs and traders’ with ‘rich, -uncaring hedge-fund raiders’, while taking passing swipes at Gordon Brown and ‘Mervyn King, who really didn’t do a thing’. But it’s too early in 2016 to update my ditty, because the new crisis — if
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Should anyone take investment advice from Royal Bank of Scotland, the institution which so misread markets before the crash that it required the biggest taxpayer bailout in banking history? Possibly not, but a bulletin from RBS’s research team this week certainly caused a stir by declaring that ‘in a crowded hall, exit doors are small,
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Was the Financial Conduct Authority leaned on by the Chancellor to scrap its ‘review of banking culture’? Or did it decide pragmatically that its resources would be better devoted to pursuing individual cases of cheating and criminality? I suspect the answer is a bit of both. Acting FCA chief Tracey McDermott — a no-nonsense northerner
From our UK edition
Last year was a bumper year for mergers and acquisitions. Recovering prospects and relatively low price-earnings ratios made the takeover arena alluring: the global volume of deals looks certain to have passed the $4.3 trillion record of 2007. Among the new giants are Shell-BG, Heinz-Kraft, Pfizer-Allergan and monster brewer AB InBev-SAB Miller; bonuses reaped by London
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I thought you might enjoy a little parable for Christmas, so here goes… The boardroom clock said twelve minutes to one. A waft of gravy in the air indicated that Christmas lunch awaited in an adjacent room. One agenda item to go: Colin the company secretary made a throat-cutting gesture to Kevin from health and
From our UK edition
The Department for Transport announced yesterday that the final verdict on airport expansion will be put off until summer 2016. Back in October, The Spectator’s Martin Vander Weyer predicted in his ‘Any Other Business‘ column that the decision would be delayed until after the mayoral election in May: The Great British Runway final between Heathrow and
From our UK edition
I thought you might enjoy a little parable for Christmas, so here goes… The boardroom clock said twelve minutes to one. A waft of gravy in the air indicated that Christmas lunch awaited in an adjacent room. One agenda item to go: Colin the company secretary made a throat-cutting gesture to Kevin from health
From our UK edition
The high street flopperoo that was ‘Black Friday’ may have something to do with terrorism fears, or even the downturn of the Chinese economy: in last year’s ugly scenes of bargain-hunters wrestling over televisions, Chinese tiger–shoppers seemed to win most of the spoils. But this year you could have held a picnic in the entrance
From our UK edition
‘Everyone remembers the names of Applegarth of Northern Rock and Goodwin of RBS, but history may judge the HBOS men to have been the worst of the lot,’ I wrote four years ago. Judgment has arrived at last in a Bank of England report on the 2008 HBOS collapse — plus a second report, by
