A big year, but it won’t Trump 2016’s shocks January 6, 2017 2016's events made fools of most pundits, and looking back at my column exactly a year ago, I fared little better. True, I correctly said that Santander UK would re-engage in an effort to buy Royal Bank of Scotland's Williams & Glyn unit, but I was well wide of the mark arguing that the FTSE-100 [...]
Tata leadership race must show open mind December 16, 2016 Trump, May, Modi: protectionism takes many forms, and has many masters (and mistresses). In India, a curious case of economic nationalism is quietly unfolding at the country’s most significant conglomerate. In one sense, that’s unsurprising – India’s track record of foreign ownership restrictions in industries like insurance, banking and technology, is a lengthy one. But at [...]
Oil boss needs buyers to Shell out for assets November 4, 2016 A brave face. That's the best way to describe this week's trading updates from Britain's two oil behemoths. It’s now a familiar visage for BP's Bob Dudley and Shell's Ben van Beurden. Oil prices continue to hover stubbornly below $50-a-barrel, raising justifiable concerns about the companies’ ability to cover their dividends without substantial further cuts [...]
Gender is secondary at Walmsley’s GSK September 23, 2016 If the patient isn't responding, change the medicine: that's been the crude, but long-running, summary of some investors' prescription for Britain's biggest pharmaceuticals group. So for GlaxoSmithKline (GSK) investors, the least important aspect of Emma Walmsley's appointment as its next chief executive is her gender. That doesn't make it unimportant, of course: as the global [...]
Pressure for pay reform may now be irresistible September 9, 2016 Chris Philp’s timing is impeccable. Theresa May’s fresh vow to reform executive pay had no sooner been uttered this week than her fellow Conservative MP was spraying bullets at company directors, institutional investors and remuneration consultants. A looming autumn crackdown by the government explains why committee room 15 in the House of Commons was packed on [...]
It’s time to purge the stock market’s noticeboard of PR puff and let activist investors report on what really matters August 12, 2016 It's not exactly needle-in-a-haystack stuff: trawl through the reams of regulatory news announcements on most days and you will spot numerous examples of public relations puff masquerading as crucial investor information. So it’s disappointing that this week has thrown into sharp focus yet another of the perversities of London’s listings regime – and one which [...]
Andrew Tyrie’s claim about banks’ back-door lobbying is holed December 4, 2014 There are few things bankers dread more than being summoned for hours of intellectual flagellation by Andrew Tyrie, the relentless chairman of the Treasury Select Committee. He has scored several notable victories, including a blueprint for regulators to hold reserve powers to break up major UK banks. On his latest target – [...]
BG vote against £12m share award may make a Norwegian blue November 19, 2014 Desperate times call for desperate measures. How else to interpret the crude insinuation from BG Group that its newly anointed chief executive might not join if investors vote down a one-off share award worth £12m? The FTSE 100 oil producer certainly falls into the camp signposted “urgent need”, which explains why the lavish pay [...]
Lord Myners’ report into Royal Mail mustn’t get lost in the post November 5, 2014 It's the privatisation row that won’t go away. Royal Mail’s shares may have performed limply since their post-flotation peak earlier this year, but their initial surge makes it a safe bet that the sell-off will feature heavily during next year’s general election campaign. Two reports – from the National Audit Office and the Business [...]
Tesco firefighter Dave Lewis has no time to pause as results come in October 22, 2014 It's day 53 for Dave Lewis as chief executive of Tesco. Ordinarily, that might be a time for a new boss to pause for breath, but the firefighting engulfing him since his arrival looks like the first act of a much longer-term drama. The word emerging from Tesco’s Cheshunt HQ is that there will [...]
