Every city needs a David Webb. Hong Kong, a heaving, sweating shrine to capitalism, cronyism and cartels, is lucky it has the real thing. Shareholder rights and corporate governance remain largely alien concepts in this former British colony, which is about to mark the tenth anniversary of its return to China. It sometimes feels that
On Wednesday, when John Prescott finally steps down as Deputy Prime Minister, the city of Hull will breathe a collective sigh of relief. Just as Joseph Chamberlain defined Birmingham in the 1870s, so Prezza personified Hull for the past decade. Chamberlain built a great industrial city — but Prescott has reduced this proud, historic port,
Lady Diana Cooper used to relate that, at a dinner she gave in the British embassy in Paris, not long after the war, Madame de Gaulle was asked what she was looking forward to now her husband had left office. To the consternation of the table she replied, ‘A penis.’ Whereupon the General spoke: ‘No,
One of the secrets of the universe is buried in the word rubbish. The word itself is secretive: no one knows its precise provenance. The big OED says: ‘Of obscure origin app. related in some way to rubble.’ But if you look up rubble, it says: ‘Of obscure origin, app. related in some way to
Imagine you’re the finance director of a quoted financial services company. You receive an anonymous invitation to a ‘Party of a Lifetime’ in the form of a USB memory stick. Hopeful of some welcome distraction, you plug it into your office computer. But unbeknown to you, the stick has been sent by a criminal gang
When Sir Alan Sugar set up Amstrad selling car aerials nearly 40 years ago there was no television programme to encourage budding entrepreneurs. Britain was locked in an era of corporatism in which the conventional aspiration was to work for a multinational such as Shell or to be a civil servant. In fact, the two
The hills are alive with the sound of golf balls. The hills in question are the highest in the world: the Himalayas. And golf is the new buzzword in Nepal. A global sport, golf attracts high-net-worth tourists, especially from South Korea and China, which have recently begun direct flights to Kathmandu’s Tribhuvan Airport. That’s good
I was sitting in a train recently, wondering why everyone’s mobile telephone conversations, except my own, were so utterly banal, when a young black man sitting two rows behind me answered the irritating wail of his instrument of the devil. He began to speak, and I wished that I had learnt shorthand. ‘Hancock’s definitely put
One of the many things which makes me love Edward Elgar is that both the man and his music are so tremendously unfashionable. No wonder tax-funded quangos set up to ‘promote culture’, and run by New Labour bureaucrats, are refusing to mark his 150th birthday. He does not correspond with their criteria of approval at
The City summer party season has begun. I kicked it off with a fifth-anniversary party for Neptune Investment Management last Thursday. I like Neptune: they’ve got good funds and a good business, and offering drinks after hours at the Wallace Collection is clearly a fine way to win fans. But the party had one faintly
A Martian called Zog visits Earth to see what it can offer in the way of the latest investment funds. He meets an independent financial adviser called Charlie who asks him what kind of investment he’s looking for. ‘I’ve been reading about funds of funds,’ says Zog. ‘They sound good. You get access to a
‘The customer is always right,’ said the 19th-century American retail pioneer Marshall Field — and shoppers at his Chicago store became so enamoured of their omnipotence, and of his assistants’ assistance, that they spent enough to make him the wealthiest businessman in the city. His retail innovations — unconditional refunds and consistent pricing — soon
Waiting for the bursting of the Chinese share bubble is like waiting for an avalanche. You can hear the rumbling but you have no idea when and where it will strike. Among the most bemused of those waiting to find out are the Chinese authorities — torn between pride in the prowess of their markets
I have long been a fan of Patak’s, the Lancashire-based Indian sauce-and-pickle empire that was acquired last week by Associated British Foods for an undisclosed price thought to be somewhere north of £100 million. The business that now sells 30 million jars of curry sauce a year and supplies three quarters of Britain’s Indian restaurants
Not hell, but drunkenness, is other people. This insight was vouchsafed me in the London Underground the other evening. I had just passed a notice from the Mayor of London warning passengers to be careful after a few drinks. In the previous year, it said, two people had been killed and hundreds injured after a
I studied with interest the recent photo of Prince William and Prince Harry attending a military occasion in mufti. For officers in the Foot Guards and the Household Cavalry, the sartorial drill is, or used to be, strict. Here is my report on the two young men. Bowlers: all right but nothing spectacular. Harry’s better
When Lazard presented its results at the start of May, you might have expected the investment bank’s smooth-talking chairman Bruce Wasserstein to have been in upbeat mood. After all, Wasserstein trades on his reputation as the greatest mergers and acquisitions banker of all time. Lazard likes to think of itself as the finest M&A house
No official visit to China’s capital is complete these days without paying homage at a large and rather shabby building in the sprawling northern suburb of Haidian. The Beijing Olympic Tower is the nerve-centre of a seven-year, $48 billion project that has the potential to define China’s rapid ascent to economic superpowerdom — or to
Imagine coming across a book that has lain untouched for 100 years, and making an unexpected historical discovery. Ed Maggs, an antiquarian bookseller, had just such a thrill recently. ‘I was reading the epistolary diaries of a rather eccentric Victorian called Cuthbert Bede. I became strangely fixated by the story of this man who was
The Daily Telegraph estimated last month that roughly a third of the bosses of FTSE 100 companies use a personal coach — ‘and not the guy who tells them to do more press-ups in the company gym’. But you would be hard-pressed to find a newspaper feature anytime soon in which any of those business