Mark Carney should learn from the failure of the Soviet shoe industry July 4, 2013 GROWING up in the West in the 1980s, new Bank of England governor Mark Carney was almost certainly inundated with stories about how the Soviet Union was not only an odious regime, but how even the possibly well-intentioned aspects of Soviet central planning inevitably resulted in sub-optimal economic outcomes. A classic example was shoes. Absent [...]
Shale find fuels hope of UK boom June 30, 2013 THE UK’s shale gas industry was given a huge boost yesterday after one exploration firm massively lifted its estimate of the amount of untapped gas resources in the north of England. Initial studies by IGas – one of the few companies with permission to explore UK shale reserves – have shown that reserves in its [...]
Economic perfect storm: The four trends that killed Western growth June 30, 2013 THE West lies at the confluence of four extremely dangerous long-term developments. Individually or collectively, they have already begun to reverse more than two centuries of economic expansion. The first is well-known: the creation of the worst financial bubble in history – “the great credit super-cycle”. Since the 1980s, a relentless shift to immediate consumption [...]
Fresh hopes for UK shale boom June 30, 2013 BRITAIN is sitting on enough shale gas deposits to power the country for the next 40 years, a report claimed yesterday, as the government promised to introduce tax breaks and incentives for explorers. The boost to the UK’s energy industry came as Ofgem warned that homes and businesses could face regular blackouts in as little [...]
Bale drops hint at Spurs stay by signing new three-year BT deal June 30, 2013 SOUGHT-AFTER Tottenham star Gareth Bale has given the biggest indication yet that he is to reject the lure of a move to one of Europe’s top clubs this summer after signing a three-year deal to become an ambassador for BT Sport. The new channel will broadcast 38 live Premier League games from next season and [...]
UK hopes new bail-in deal ends bank bailouts June 30, 2013 BRITAIN’S banks will not have to cough up to build up a bailout fund in case of future failures under an EU deal finalised in the early hours yesterday. Other countries have agreed to charge their banks to build up pots of cash to cover part of the cost of recapitalising broken banks. But the [...]
Interserve’s boss keen to take outsourcing firm to new heights June 29, 2013 Adrian Ringrose sees fresh opportunities WATCHING the former head of Virgin Galactic give a presentation to Interserve’s top management last year, Adrian Ringrose was struck by the public trust placed in a brand with no track record in a given sector. “You can get people to believe that you really are going to build a [...]
Our current membership of the EU is stifling British dreams of free trade June 29, 2013 CHAMPIONING transatlantic free trade at last week’s G8 summit, David Cameron saw off a rearguard action from European governments desperate to cocoon Mediterranean farmers and French film-makers from competition. Tory veteran Ken Clarke claims British dreams of free trade can only be realised through the EU. In reality, the EU’s ebbing value as a free [...]
Key lessons from Sir Alex Ferguson’s epic football reign June 29, 2013 AFTER 27 years in charge of Manchester United and unprecedented silverware to show for it, Sir Alex Ferguson has cemented his reputation as the most successful football manager of all time. But does his extraordinary track record have anything to teach leaders in the wider business arena? “Be lucky” might be the first lesson. Fergie [...]
It’s time for investors to engage with some accounting philosophy June 28, 2013 PEOPLE in accounting rarely talk philosophy. They tend to discuss technical detail, so it’s no wonder that financial reporting – the reports and accounts of major companies – has become ever more complex. But over the next few months, we have a once-in-a-generation chance to do something about this. And it’s up to chairmen, chief [...]