Banking governed by Koranic principles is a rare growth market in a shaken financial world, says Edie Lush — but is it really more stable than its Anglo-Saxon equivalent? The clash of civilisations between the Muslim world and the West takes many forms. Even on the financial front, there are deep differences of philosophy in
In the autumn of 1984, solicitors were allowed to advertise for the first time, but if the public failed to spot their modest announcements it was probably because the newspapers were awash with a much more unusual publicity blitz. The government was selling half of British Telecommunications, as the phone company was then called, and
Dominic Midgley says a great institution of national life is under threat from the credit crunch, the smoking ban and cheap supermarket booze — but there are signs of hope The sounds of merry-making could be heard from the street as 300 journalists, suppliers and associated hangers-on gathered at The Northcote pub in Clapham last
ITV shareholders did not wait for Sir Crispin Davis to be appointed chairman before saying publicly they didn’t like him. No wonder people are thinking twice before putting themselves forward to head our major companies. Even salaries of £500,000 plus share options have left supply well short of demand in the ‘C-suite’. A large number
2nd October New York: Opera Verdi’s Aida opens at the Met, conducted by Daniele Gatti, former principal conductor of the Royal Philharmonic Orchestra. Lithuanian soprano Violeta Urmana sings the title role. 4th October Paris: Racing The Prix de l’Arc de Triomphe is a Group 1 flat race held at the Longchamp course and one of
Five travel writers journey far and wide to find the world’s last unexplored wildernesses Patagonia Lucinda Baring Arriving in Patagonia, the region spanning Argentina and Chile at the southernmost tip of South America, I really felt I’d reached the end of the earth. The journey is an epic but rewarding one – this was the
I was Shriti’s speechwriter once upon a time — but she won’t need me in Seoul Several national newspapers lazily copied each other last week in describing me as ‘a former speechwriter to Shriti Vadera’ — the business minister who is leaving the government to become Gordon Brown’s emissary to the G20, and perhaps to
The best moment in a chancellor’s life comes early. ‘Mr Deputy Speaker,’ he says, ‘we have examined the books. The position is grave. My first duty is to put the public finances in order.’ He then sends for the Hungarian middle-distance runner, Savij Kutz. This bogeyman, first identified by Alan Watkins, has been off the
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