Society

How to make money out of turmoil

This is the best financial advice I’ve heard all week: If you had purchased £1000 of Northern Rock shares one year ago it  would now be worth £4.95.  With HBOS, earlier this week your £1000  would have been worth £16.50, £1000 invested in XL Leisure would now  be worth less than £5, but if you bought £1000 worth of Tennents Lager  one year ago, drank it all, then took the empty cans to an aluminium  re-cycling plant, you would get £214. So based on the above statistics  the best current investment advice is to drink heavily and recycle. For more from Michael Millar, head over to Trading Floor.

The Ryder Cup tees off

We’ve all been there: the first tee, the dimpled white orb sitting serenely on its throne, the shimmering green fairway, sirenlike in the distance. We’ve all felt the weight of the club in our one-gloved grip, the flex of the shaft; envisaged the crack and ping of contact. The 37th Ryder Cup starts today and that exact same feeling of expectation will be experienced by each of the European elite as they take on the much-scorned might of American golf. Of course, I had to stop the personalised introduction at a rather crucial place for it to have any validity, as after that point the comparison quickly wanes. Whereas the

Fraser Nelson

China steps in

This is the moment I’ve been waiting for – China moving in to the chaos and snapping up the giants of Western capitalism. Bloomberg reports that China Investment Corp. may be buying half of Morgan Stanley. The Gulf States got burned by using their sovereign wealth funds to take a chunk of Citibank when the bear market still had plenty to go. I suspected China would wait until the market bottomed, then move with a vengeance. America is particularly allergic to Chinese deals – remember that kerfuffle over New York’s ports coming under Arab control a couple of years back? But things were liquid then. If it’s a Chinese takeover

Alex Massie

Sports for people who don’t like sport

At Culture11, Michael Brendan Dougherty has a fine piece on how the people who run sports are more interested in catering to people who don’t like sport than for those who, like, actually do. He’s writing about the modern baseball experience but everything he says also, of course, applies to cricket. Especially Twenty20 cricket: Like so many modern stadiums, the Nationals Ballpark experience doesn’t trust the show it is ostensibly putting on: a baseball game. It partakes in the sensibility the brain-zapped sensibility that’s come to dominate live sports. That’s perfect for the jerks who don’t care for the sport. For the rest of us, though, it’s disheartening. The operating

James Forsyth

Newsnight’s focus group offers encouragement to Clegg and a warning to the Tories on tax

Frank Luntz is the Marmite of polling: you either love him or hate him. His focus group on Newsnight tonight comparing the three party leaders made—as expected—for interesting viewing. Although I’d have preferred to see the potential Labour leadership candidates tested. I imagine that the Lib Dems will be crowing for weeks about its finding that people warmed far more to Clegg than the other two party leaders. The first thing that struck me was how Tony Blair still so dominates British politics. The panellists saw both Brown and Cameron through the prism of Blair. When the group were offered the chance to bring Blair back, they went for it

James Forsyth

The Labour form book: Jon Cruddas

Coffee House is running a series of posts on the contenders to succeed Gordon Brown as Labour party leader.  The latest is below.  To read our profile of David Miliband, click here. Jon Cruddas, 46 Pros Clean hands: Cruddas has served in neither the Brown nor the Blair cabinets so it would be harder for the Tories to pin Labour’s failures on him, and he is not compromised by association with the failed Brown premiership. Also, Cruddas hasn’t been a participant in the Blairitie-Brownite wars so he gives Labour a chance to break out of that destructive cycle. Anti-politics politics: Cruddas doesn’t look or sound like a typical Westminster politician.

James Forsyth

Brown’s dangerous interventionism

Yesterday, Downing Street was keen to take the credit for the Lloyd’s HBOS deal. But Brown is playing a dangerous game. First of all, there is the issue highlighted by Alphaville of whether there has been tinkering with the deal to make sure that Edinburgh remains a major UK financial centre. It also appears that someone has leaned on Lloyds not to make the maximum efficiency savings. Then, there is the question of what Brown is doing apparently telling Lloyds to lend in the way that HBOS did. The FT’s Westminster blog reports Brown as saying, “We’ve also insisted on assurances from the new company [Lloyds/HBOS] about their mortgage lending

Introducing the new Spectator Wine Club

The new, online incarnation of the Spectator Wine Club has just been launched – you can access it by clicking here, or by using the tab at the top of this page.  We’ve partnered with the very best merchants to bring you some of their finest wines at prices to suit your palette.  And there are also feature articles, tasting notes, insider tips from wine-sellers, and even a discussion board.  To find out more, just read my full introduction here.  Cheers!

James Forsyth

Brown’s golden touch

Gordon Brown ignored the Bank of England’s advice and sold off half this country’s gold reserves between 1999 and 2002 at an average price of $275 an ounce. Last night, gold reached $870 an ounce in after-hours trading in New York.

James Forsyth

Hutton and Purnell: We support Gordon because it is a requirement of our job to do so

There’s some pretty tough competition at the moment for the award for the weakest statement of support for the Prime Minister by a Cabinet Minister. But John Hutton is probably the front-runner for his comments on the Andrew Marr on Sunday. Marr asked Hutton whether he was on the side of the rebels or Gordon Brown. Here’s how Hutton replied: JOHN HUTTON: Well I’m, I’m on the side of the government and the Prime Minister. I’m in the Cabinet. It’s my job to support… ANDREW MARR: So, so… So you would tell those people… JOHN HUTTON: … the work that the Prime Minister is doing and the work that the

James Forsyth

Until the Tories move on tax, they’ll be vulnerable to being outflanked

The most interesting conversation in Westminster right now is what a new Labour leader could do to restore the party’s fortunes. One idea that could be particularly politically potent is a bold move on tax. Since Labour came to power, the number of people paying the top rate of tax has pretty much doubled. Brown has kept Labour’s 1997 manifesto promise not to raise the top rate of income tax but he has done so at the cost of making more and more people pay tax at the top rate; a typical Brown dodge. This fiscal drag has had the same effect as an actual tax rise and resulted in

James Forsyth

The mood in cabinet

Anne McElvoy has some telling details from inside yesterday’s meeting of the cabinet in her Evening Standard column this morning: “It can’t go on for much longer,” says one Cabinet member who described yesterday’s meeting as “excruciating: an embarrassment”. “It’s not just the country that’s not listening to Gordon any longer: the Cabinet isn’t listening to him. Something is going to give. There were people staring at their hands, some scribbling on their papers, someone else on their BlackBerry.” Anything rather than look their own leader in the eye. Mr Brown told his Cabinet that issues about the direction of the party should not be raised until after the present

Global Warning | 17 September 2008

My one regret at having retired from the National Health Service is that I no longer receive official circulars. I used for a time to derive a small secondary income from publishing them; and such was their idiocy that very little commentary on my part was required. They spoke for themselves; it was money for old rope. I am glad to say, however, that old friends keep me in touch with Gogolio-Kafkaesque-Orwellian developments in Europe’s biggest employer (now that the Gulag is no more). One of them, a senior doctor, recently passed on to me an email written about him by someone rejoicing in the title of Lead Nurse Manager,

From Northern Rock to Lehman: who should share the blame?

Martin Jacomb assesses the extent of the damage to the banking system so far — and the effectiveness of responses by central banks, regulators and lawmakers Will it be short and sharp, or drawn out and deep, with lasting damage? A recession is upon us, but no one knows its path. Its course and its force are, like Hurricane Gustav’s, unpredictable. It is already more than a year since it all started. Banks everywhere have made enormous losses; some, even important ones such as Lehman Brothers in New York, have collapsed, and more may do so. They are being blamed for the catastrophe. But it is not as simple as

James Delingpole

‘You grow up with footballs. We grow up with kukris’

It’s not often a chap gets to shake a hand that has personally accounted for 31 Japs in the space of one battle. But such was your correspondent’s privilege outside the Royal Courts of Justice this week at the launch of a splendidly righteous case demanding fair and just citizenship rights for Gurkha veterans. A tearful Joanna Lumley was there — her father fought with the Chindits as a major in the 6th Gurkha Rifles — as was a typically well-mannered crowd of perhaps 300 ex-Gurkhas and their families. But the stars of the show were the two frail, elderly men sitting impassively in wheelchairs, with their un-mistakable crimson-ribboned bronze