If you were the incoming or retiring chairman of the Federal Reserve, you might be quietly pleased to see stock markets plunge on the day of the handover. As Jerome Powell was sworn in on Monday to succeed Dr Janet Yellen as head of America’s central bank, the Dow Jones index of leading US stocks
I visited St Thomas’ Hospital on Monday, to discuss fundraising for a cardiology research project. On the way in, I spotted an acquaintance taking her little boy for tests; she was busy explaining why the doctors needed to do what they were about to do, so I didn’t interrupt. I also spotted a block on
This column has long been a sucker for a grand projet. ‘Time for a trip to Boris Island,’ I gushed in 2010 when London’s then mayor came up with his much-mocked (though in engineering terms not unfeasible) wheeze to shift Heathrow to a giant man-made landing strip in the Thames estuary. But even I could
Carillion is a disaster on all fronts, but my sympathies go first to the fallen contracting giant’s sub–contractors. Upwards of 30,000 smaller firms were already facing 120-day payment delays and may now have to fight court battles to get paid at all, driving many hard-pressed entrepreneurs to bankruptcy. But the political spotlight won’t help them,
I once commissioned Michael Wolff —currently the world’s most talked-about journalist as the author of the White House exposé Fire and Fury — to write for The Spectator. It was just before the 2004 presidential election in which Republican incumbent George W. Bush looked set to see off the Democrat challenger John Kerry, and I
New Year’s Eve was certainly a day for celebration in the household of 53-year-old Jeff Fairburn, chief executive of the housebuilder Persimmon. He was due to receive the first £50 million tranche of shares under a bonus scheme that has won him total entitlements of £110 million. He must have done a terrific job, you’ll be
Last Christmas I offered you a cruel satire about a boardroom big-shot whose career went so awry that he ended up as a pantomime dame. So perhaps there’s justice in the fact that this year, that’s what’s happened to me. Instead of schmoozing the City’s festive party round, I’m cross–dressing nightly on a Yorkshire stage
The revenge tragedy at the London Stock Exchange whose plot I outlined last month has reached its third act, but the carnage may not be over. Chief executive Xavier Rolet has left the building, rather than staying one more year as the LSE first announced, and declared that he won’t come back under any circumstances.
One week you’re fighting to survive the dance-off amid vicious backstage rivalries, the next you’re scoring a perfect ten from Bruno Tonioli for your shimmering tango. As it was on Strictly for Debbie McGee, so it was — well, almost — for Philip Hammond at the despatch box. Unlike many of the Budgets of his
The Chancellor sounded purposeful when he declared that he’ll do ‘whatever it takes’ to boost the rate of housebuilding — including pushing developers and councils to use up land banks and act on existing planning permissions — with a view to hitting a politically symbolic target of 300,000 units per year. But I wonder whether
Numerous readers told me they liked my recent tale — offered as an antidote to ‘media sniping at corporate capitalism’ — about the temporary school built by Porta-kabin after the Grenfell Tower fire. I’m on the lookout for other business stories that celebrate the positive, and I had it in mind to write about an
Perhaps we should be relieved that Donald Trump has made a dull appointment to succeed Janet Yellen as chairman of the Federal Reserve, America’s central bank. He might have picked another alt-right wacko or Kremlin stooge — or his Las Vegas buddy Phil Ruffin, the casino owner he allegedly thought of sending as envoy to
In connection with the receding possibility of a London Stock Exchange listing for Saudi Aramco, I wrote that the City authorities’ apparent eagerness to accommodate companies ‘from places not best known for their accounting standards, business probity or general attachment to democracy and the rule of law’ smacked of Brexit-driven desperation. Russia was one of
Another week, another blue-chip in the dock. The US Securities and Exchange Commission has brought fraud charges against London-based mining giant Rio Tinto and two former executives in relation to an ill-starred coal venture in Mozambique. Whatever its legalities, this was a colossal corporate cock-up. In 2010, Rio paid $3.7 billion for Riversdale, an Australian
How did we mislay half a trillion pounds? Revised data from the Office for National Statistics has just reduced the UK’s ‘net international investment position’ from a surplus of £469 billion to a deficit of £22 billion. Downing Street dismissed this as ‘a technical revision’ — and in truth it’s not as bad it sounds,
‘Bombardier exposes post-Brexit realities’ was the FT’s headline after the Trump administration imposed a 300 per cent tariff on sales of the Canadian manufacturer’s C Series aircraft into the US, threatening 4,000 Bombardier jobs in Northern Ireland. Irish Taoiseach Leo Varadkar weighed in: ‘There’s been a lot of talk of a new trade deal between
Monarch Airlines was the ghost of an earlier age of holiday travel. When I used to see its planes lined up at Leeds-Bradford airport alongside those of Ryanair and its brash northern rival Jet2, I sometimes wondered why Monarch was still there. Now it has been brought down by a combination of the weak pound,
An Uber insider tells me not to write off the ride-hailing giant too soon, because it’s a very smart company for all its faults — and because the numbers of drivers and users for whom it is part of daily life will make it difficult for Transport for London to uphold its licence withdrawal on
It is more than three years since Bank of England governor Mark Carney was accused by Labour MP and Treasury Select Committee member Pat McFadden of behaving like ‘an unreliable boyfriend, one day hot, one day cold’ in his hints about forthcoming interest-rate rises. And it’s more than a decade since the last time the
Should we place faith in a survey, conducted in June but published this week, that says London is still the world’s pre-eminent financial centre? Yes, in the sense that no one challenges that long-standing claim as of today; no, in the sense that complacency would be a huge mistake while every financial firm operating in
