Why Legal & General is trying to slay the chair and CEO role February 4, 2020 Blackrock’s Larry Fink is a big fan of using shareholder muscle to influence corporate culture. From climate change to “profit with purpose” he’s vowed to exercise his fund’s substantial clout in pursuit of “sound corporate governance” and “an unwavering focus on long-term sustainability”. Fink’s eyebrows may have risen a little, then, upon discovering that fellow [...]
All eyes turn to China ahead of markets reopening February 2, 2020 When China’s financial markets plunged into crisis in the late summer of 2015, the authorities in Beijing were left panicking. Having encouraged tens of millions of their citizens to invest in the stock market, they were unprepared for the consequences of a mass sell-off. As millions of small investors began to offload shares, the government [...]
Carney goes out not with a bang but a whimper January 31, 2020 There may be a part of Mark Carney that will be glad to see the back of the Bank of England. His eight-year tenure, which ends in March, has been dominated by political turbulence and so, perhaps inevitably, rows about the politicisation of the Old Lady. Threadneedle Street is not alone in being pulled into [...]
Sadiq Khan interview: The London mayor talks tech tax, Brexit, Labour and Uber January 30, 2020 There can be no doubt that last year’s General Election redrew Britain’s political landscape. But for an example of just how different things have become, consider that next week a Labour mayor of London will warn a Tory chancellor against imposing new taxes on multinational tech giants. Sadiq Khan tells me he enjoys a good [...]
City will be caught up in the Brexit fish fight January 30, 2020 Last night, the European Parliament ratified the UK’s withdrawal agreement. After years of torturous wrangling following the Brexit referendum, MEPs delivered the final moment of theatre — complete with a rather touching rendition of Auld Lang Syne. Though the general message was one of friendship and enduring bonds, nobody should be in any doubt that a [...]
Britain is back. Great. But where to next? January 27, 2020 The clash of ideologies personified by US President Donald Trump and Greta Thunberg dominated Davos and the coverage of this year’s World Economic Forum. Climate change was the main theme of the gathering and almost all of the public-facing events and speeches were dedicated to the cause. But alongside the forum’s preference for addressing these big-picture [...]
We should support Taiwan to the hilt January 17, 2020 Some years ago I did some work that brought me into contact with Taiwan and, more importantly, a small but powerful group of figures in Westminster who had long seen the moral and strategic case for being on the side of Taipei’s government. As a consequence of this fleeting association, I saw firsthand the way [...]
Forget Big Ben, the real rows are ahead January 17, 2020 One of the more ludicrous stories of the week concerns the efforts of a small band of pro-Brexit MPs to get the bells of Big Ben ringing out our departure from the EU at 11pm on 31 January. Parliamentary authorities have done their best to shut down the scheme, saying it would be too expensive [...]
Flybe bailout reveals Johnson’s priorities January 16, 2020 During the election campaign, Labour claimed that a Tory victory would unleash “Thatcherism on steroids”. Now, just weeks into the new Boris Johnson era, corporate bailouts are on the agenda. Hardly the rampant free-market dogma we were warned about. The troubled airline Flybe has received a £100m temporary tax break, plus the promise of a [...]
Why Larry Fink is right to hail the great reallocation January 15, 2020 When you manage over $7 trillion your investment decisions don’t just move markets, they shape them. Blackrock’s Larry Fink understands this and his annual letter to CEOs tends to set out his big-picture thoughts on what companies and boards ought to be thinking about – and what they ought to be doing. His 2018 letter [...]
