Society

In the passport queue at Baghdad airport, my heart sinks. This place vies with Cairo for the title of most venal airport in the Middle East. Our luggage is minutely examined by the Mukhabarat, or secret police, then customs. Early morning becomes mid-afternoon. Our papers (scrupulously in order) lie unattended on a desk. Eventually, a customs man, with a large moustache and belly hanging over his belt, waddles over. ‘We cannot stamp these today,’ he says. ‘We will have lunch now, and then we will sleep. Come back tomorrow. Or the next day.’ Our bags are moved into a room piled high with luggage seized from other TV crews: flak

In a one-horse town called Hestrud, on the Franco-Belgian border, there’s a monument which encapsulates Europe’s enduring fascination with Napoleon. The story carved upon this plinth is more like poetry than reportage. As Napoleon passed through here, on his way to Waterloo, he struck up a conversation with a bold little boy called Cyprien Joseph Charlet. ‘You think victory will always follow you, but it always disappears,’ this audacious lad told him, apparently. ‘If I were you, I’d stay at home. Tomorrow your star will surely dim.’ Well, that’s the story, anyway. Fact or fiction, or a bit of both? In a way, it hardly matters. Napoleon recorded this incident

It was at the Mansion House dinner last year that a City gent two seats away announced himself to be the custodian of one of London’s ‘dark pools’. The phrase sounded pleasingly Tolkienian but his first explanation — an electronic exchange in which large share transactions are completed in total privacy — dispelled the charm. My reaction was sharp enough to make the Downing Street spin-doctor between us fiddle nervously with his Twitter feed. If institutional investors can shift blocks of stock on the quiet, without moving public markets, what happens to the normal process of ‘price discovery’ between buyers and sellers? Surely small investors are being ripped off? Sounds