It’s an axiom of auto-makers — as it is of most producers of goods — that they are squeezed between suppliers and customers. Upstream suppliers have options to reduce costs and improve profits while their customers downstream, the retailers, can set prices to suit their markets. Although the producer likes to think of himself as
We’ve been bingeing on plastic for the past decade, says Matthew Lynn, and the £54 billion we owe as a result is about to knock another hole in the banking system One year on from the period of panic that followed the collapse of Lehman Brothers, you might be forgiven for thinking the worst of
If John Maynard Keynes were alive today, he would be appalled at the disastrous state of our public finances. He is loved and hated in equal measure as the man who made pump-priming during downturns intellectually respectable. But nothing he ever wrote could be used to justify the scandalous mess in which Gordon Brown has
Bourneville chocolate with Kraft cheese slices? Not a recipe I’d recommend The £10 billion bid for Cadbury by Kraft Foods, Inc of the US has provoked little protest — other than from the chocolate maker itself, which says it would rather remain a ‘pure-play confectionery business’ than become a component of Kraft’s ‘low-growth conglomerate’. The
A few months ago I appeared on a panel organised by a leading firm of pay consultants, Hewitt New Bridge. The audience, in the City, was packed with ‘human resources’ directors, pay experts and members of ‘remuneration committees’ — the directors who set pay in leading public companies — among whom there was broad acceptance
Flying out of JFK on 11 September was a sombre experience. As I checked out of my hotel the concierge dropped his daily niceties as a mark of respect, and instead gently urged me to ‘have a thoughtful day’. The handful of star-spangled banners that lined Madison Avenue flapped at half-mast and the skies opened
The former Fed chairman tells Dominic Crossley-Holland that, on mature reflection, he doesn’t feel he should be blamed for a financial bubble blown by global economic forces ‘I feel bribed,’ said Dr Alan Greenspan in a soft voice. It had been a bit like a dinner party game. What do you give the world’s greatest
Having made an ambitious campaign pledge and staked his domestic credibility on the promise to radically reform and restructure the health insurance industry, Barack Obama has been forced to endure a sticky summer of sliding poll ratings and sustained Republican attacks. One gets the impression that even die-hard Democrats are slightly ‘over’ their initial enthusiasm
A Guardian survey published last Friday showed that eight out of ten members of the public backed the BBC against its detractors. The opinion poll was commissioned in response to a wide-ranging attack on the corporation by James Murdoch, son of Rupert and chief executive of News Corporation for Europe and Asia. In his MacTaggart
Richard Orange investigates endemic corruption, from pilfering and kickbacks to mafia rackets, in the state-owned coal mines that provide almost half of India’s energy needs The first sign of illicit industry in the West Bengal district of Raniganj is the number of bicycles wobbling precariously down its village tracks, their panniers piled to an improbable
After 50 years of communist gristle, no wonder old Fidel’s guts are playing up There’s a degree of natural justice in the fact that Fidel Castro had to cede power to his brother Raúl last year because of serious gastro-intestinal problems. Put bluntly, after 50 years of Castro communism, Cuban cuisine is absolutely revolting. It’s
Louis Armstrong singing the Gershwins’ ‘Let’s Call the Whole Thing Off’ only touched the tip of the iceberg. Potato — potahto, tomato — tomahto; for two countries ostensibly sharing the same language, England and America have deeper cultural disparities than merely amusing colloquialisms, and never is this discrepancy more apparent than in the naming of
For centuries, intrepid explorers went in search of Arctic treasure — but pursued only a mirage. From the time of Marco Polo, numerous expeditions were made to map a mythical Northwest Passage between east and west, but many ended in tragedy and a viable route was never found. Others vainly scoured neighbouring lands for fabulous
A new twist on an old favourite. Question: How many ministers/blondes/psychiatrists (feel free to fill in the social stereotype of your choice) does it take to change an old-fashioned 100-watt light bulb? Answer: None. From 1 September the joke will have become redundant due to the fact there won’t be any traditional light bulbs left
If you’re spending this weekend listening to music in a muddy field, you’re part of a significant economic trend, says Janice Warman: festivals are Britain’s boom sector There was no doubt about it. I was irretrievably stuck. Each boot was lapped by a shining circle of mud which, as I tried to move, made ominous
Deep in the Dordogne, I can’t find a damned thing to be miserable about Sometimes in this job you feel you’re right in the thick of it, setting agendas, kicking butt, lobbing firecrackers into the national debate. Other times you might as well be some no-mates blogger in the middle of the night. Here I
The Borat-ish ‘burkini’ edict that’s currently causing ripples of concern in a handful of council-run leisure centres is undoubtedly going to provide a lot of challenging design opportunities for fashionistas. Officials are attempting to bar both Muslim and non-Muslim swimmers from entering pools in normal swimming attire during certain sessions unless they comply with strict
My abiding Bradford memory is of the aftermath of the terrible fire at the Valley Parade football ground in May 1985, which claimed 56 lives. As a young reporter on a Yorkshire paper, I had been sent to the scene to write what was then quaintly called a colour piece. There was precious little colour
Oh dear. Nearly 80 years ago Dorothy Parker wrote a bleak poem entitled ‘Resume’. Back then she must have thought she’d been fairly comprehensive in covering all possible self-inflicted exit routes. Razors pain you; Rivers are damp; Acids stain you; And drugs cause cramp. Guns aren’t lawful; Nooses give; Gas smells awful; You might as
James Doran says the instant success of America’s car scrappage scheme merely highlights the failures of the rest of Obama’s $787 billion economic stimulus package America’s tortured love affair with the gas-guzzler is finally drawing to a close thanks to the Obama administration’s so-called ‘Cash for Clunkers’ scheme. By promising anyone with a clapped-out old