Martin Vander Weyer is business editor of The Spectator. He writes the weekly Any Other Business column.
The Dow Jones Industrial Average of leading US stocks passed 13200 for the first time last week, after its strongest run (23 rises in 26 sessions) since 1955. The S&P 500, a broader indicator, stood at just over 1500, a fraction below the record high set in the final spurt of the dotcom boom. London’s
If you have a long-lost Continental lover, you have a little under six months to arrange the perfect reunion under the clock at St Pancras on 14 November. That is the date when Eurostar will commence its new service along the full length of what is now called High Speed 1, the much-troubled fast link
The Business section of this week’s Spectator includes a fascinating interview with Sir Michael Bishop, founder-boss of the airline BMI. The interview is, in two respects, an example of the kind of civility and discretion that many readers, having just heard or read the story of Lord Browne’s sad downfall, may feel has disappeared from
Spring sunshine encourages us all to browse estate agents’ windows. This week’s featured property, Dumfries House, looks at first glance like a rare example of value for money in an overheated market. This exquisite mid-18th-century mansion designed by Robert and John Adam comes with 1,940 acres — yet for the same price, £6.75 million, from
To Armoury House, headquarters of the Honourable Artillery Company, for lunch with the recruiting officer — not with a view to joining up, though the PT would do me good, but to inspect the morale of this ancient City institution and inquire how it is adjusting to the pressures of the modern world, military and
By far the stickiest moment of my journalistic career was the time I interviewed a foul-tempered Michael Howard on his battlebus between Bristol and Cardiff during the 2004 European elections. But I’m sure I would have fared worse, much worse, if I had ever attempted to cross-question Gordon Brown. As it is, I’ve never even
The current row about private equity seems to me to have much more to do with the flexing of union muscles in anticipation of a return to influence under Gordon Brown than it has to do with efficiency and fairness in the use of capital. The GMB union has taken the lead, publicising its claim
Peter Hain says two thirds of City bonuses should be redirected to charity, or employers who dish them out should face tax penalties. David Cameron is trying to find a formula to suggest he disapproves of City greed while signalling that the City need fear no tax-grab from him. Those who find the disparity between
It is exactly 20 years next week since British Airways was privatised. Arguably, it was the most successful of all the Thatcher-era privatisations. Under the redoubtable Lord King and his marketing-wizard sidekick Colin (now also Lord) Marshall, a demoralised, loss-making state enterprise had been turned by five years of vigorous, not to say brutal, leadership
An entry in the new edition of Who’s Who isn’t quite like a knighthood — you can’t buy one, for a start — but it is nevertheless a distinction. It’s also a useful indicator of trends. Business leaders appearing in the big red book for the first time this year illustrate the march of international corporate life:
I like to think I helped start the national debate about fairness and executive pay with an article here in May 1993 headlined ‘Snouts in the Trough’, illustrated by Garland with pin-striped porkers helping themselves to huge portions of gravy. Since then, bosses’ pay packets have ballooned — the heat in 1993 was caused by
Think of this as a two-for-one Christmas special, a City Life column gift-wrapped inside Any Other Business. The city is Istanbul, where I am on a mission — in the steps of Pope Benedict, as it were — to salute loyal expatriate Spectator readers. And what a life this city offers. ‘Very cosmopolitic!’ exclaimed Mustafa
On the way into Boston from Logan Airport, you pass a cavernous, closed-off tunnel entrance, full of construction vehicles, looking at night like an avant garde set for Siegfried. This is one end of the ‘Big Dig’, America’s greatest civil engineering fiasco, and it offers a useful corrective for the British inferiority complex about competence
‘Who’s the most impressive business leader you’ve ever met?’ ‘Who’s the most impressive business leader you’ve ever met?’ I asked a group of senior executives the other night. I confess I interjected the question (as I do here) to enable me to mention that I have just edited a book of business obituaries. But it
As the absurdly coiffed and probably deranged Kim Jong-Il fingers his nuclear button, not even the ballsiest hedge fund manager would contemplate investing in the prospect of Korean reunification. But I could name one secretive London investor who took a big punt back in the 1980s, buying a bundle of North Korean government debt at
I have been following with interest — not to say glee — the spat between the government of Kazakhstan and ‘Borat Sagdiyev’, the latest alter ego of the comedian Sacha Baron Cohen. Kazakhstan’s autocratic President Nursultan Nazarbayev has evidently failed to see the funny side of Borat’s characterisation of Kazakh men as brutal racists and
One of the lessons taught in these pages over many years by Christopher Fildes was that, because financial markets are human nature in action, anything that goes wrong in them is almost certain to have happened before and highly likely to happen again. Technology may advance, the language and methods of business may evolve, the
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
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
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