Weakness in the midst of Russia’s strength
Ten years ago this month, the Russian financial crisis hit world markets. On August 17 1998, President Boris Yeltsin froze the domestic debt market, tightened currency controls and allowed the rouble to devalue. Millions lost their savings, western bankers turned their backs on the Kremlin and Russia seemed bankrupt politically as well as financially.
Eurozone July services PMI dips to 5-year low
The euro zone’s dominant servicessector slid further into contraction in July, hitting a five-year low, while inflationary price pressures remained near record levels.
Only free trade can guarantee food security
The British government is concerned about food security because of the recent escalation of prices caused by the apparent shortage of supply in the global market. But while it makes sense to increase agricultural outputs responsibly, this cannot be justified on the grounds of security. The term “security” is an emotive one, conjuring up images of wartime food shortages caused by German U-boats. But it is inconceivable, in today’s world, that such an emergency would re-occur.
Beijing gags Olympic protests
Beijing trumpeted its decision to establish special protest zones for this month’s Olympics as a demonstration of the liberties enjoyed by citizens of China’s capital.
China’s latest phone standard fails to win gold
As the world’s athletes strive for gold and glory in Beijing this month, China’s dominant mobile phone operator is engaged in a contest for even greater stakes: the battle to establish the commercial credibility of the nation’s new mobile phone standard.
China’s Olympic beacon for advertising
The global advertising industry will rely increasingly heavily on China for growth next year, according to a study predicting that the surge in investment by multinational brands will continue even after this summer’s Olympics.
Investing in Russia
After corporate warfare, real war. For investors, the Georgian conflict compounds what has been an appalling recent Russian news flow. Confidence has been buffeted by the shareholder fight at TNK-BP, which remains unresolved, and even more by prime minister Vladimir Putin’s verbal assault on steelmaker Mechel. The oil and commodity prices that have underpinned the Russian investment story are declining too.
The new age of authoritarianism
In 1989, the Berlin Wall fell, democracy was on the march and we declared the End of History. Nearly two decades later, a neo-imperialist Russia is at war with Georgia, Communist China is proudly hosting the Olympics, and we find that, instead, we have entered the Age of Authoritarianism.
The five lessons bankers must relearn
Our financial system will get through the present crisis, although there will be some further bumps ahead and Bear Stearns may not be the only company to go under or find a merger partner. But it is not too early to ask: what went wrong and how can we avoid such crises in the future?
China to overtake US as largest manufacturer
China is set to overtake the US next year as the world’s largest producer of manufactured goods, four years earlier than expected, as a result of the rapidly weakening US economy.
Steel king with magnetic effect
Russian billionaires are a famously footloose bunch. Most make their money in an Arctic oilfield or a Siberian mine, but settle in leafy Chelsea, the south of France or downtown Moscow. Viktor Rashnikov, whom Forbes magazine ranks as the world’s 73rd richest man with assets of L10bn, is different.
More help needed for US economy
Even if the US economy is not quite yet in a technical recession, it shows no sign of reviving. Unemployment is rising and other indicators underline the risk of a prolonged stagnation. Policymakers must be mindful of Japan’s experience. The danger that the US economy might settle into a similar pattern of slow self-destruction should be concentrating minds.
Wounded pride ignites an accidental war
Both Russia and Georgia are involved in a frantic blame game, each seeking to label the other side as the aggressor in the bloody little war that has broken out in the Caucasus.
Whispers of a Watergate for Bush
The response in the US to startling new allegations that the White House directed the forgery of evidence to support its case for the war in Iraq has been surprisingly muted so far. The charges may be false, of course, but if they are seriously examined and turn out to be true, this is – or ought to be – a Watergate-sized scandal.
Brands act local to woo a billion Chinese consumers
In preparing to host the Olympic Games, the Chinese have had to embrace western standards to meet the promises made to the International Olympic Committee. Many factories have now been shuttered, to reduce pollution and improve air quality in Beijing. Legions of Chinese soldiers have cleared infestations of algae from the coastal locations of yachting races. Beijing taxi drivers have been ordered not to spit, in deference to visiting tourists.
Georgia ceasefire fails to halt Russian attack
Georgia on Sunday said it was pulling its troops out of the separatist province of South Ossetia but its appeals for a ceasefire in the widening conflict in the Caucasus failed to halt Russia’s mounting military response.
Woman in the News: Paris Hilton
Lounging by a pool in the Hamptons in a leopard-skin swimsuit, with her flaxen hair gathered in bunches, Paris Hilton this week gave her tart response to being dragged into the US presidential campaign by John McCain. In a recent advertisement entitled “Celebrity”, his campaign used images of her in an attempt to associate Barack Obama, his rival, with vacuous celebrities.
German shoppers dig in for inflation war
Soaring food prices could soon push Wilhelmina Meusch, a pensioner, to drastic measures. “I have friends who have started digging up potatoes in farmers’ fields. I may soon have to join them,” says Ms Meusch, who lives on the outskirts of Cologne.
Rummagers face rubbishing from Rome mayor
If Rome’s new rightwing mayor goes ahead with an ordinance announced this week, it will become a criminal offence to rummage in the city’s rubbish bins and tips. But critics say rummaging is an essential part of the city’s economy, and for many their only resource.
Unveiled by Time, covered by Silvio
Not even the most enthusiastic followers of Silvio Berlusconi would claim that the Italian premier was blessed with an acute sense of irony. Yet recent events force us to reconsider.
The folly of a trans-fat tax
Fat people and over-eaters are taking money that rightfully belongs to their svelte fellow citizens, or so it is argued. A figure commonly bandied about in the UK is that this excess fat costs the economy L7bn in obesity-related medical costs and lost productivity.
The personal is political, but don’t forget the kids
A lot of the time, academic research serves mainly to confirm something we already knew. That is the case with a new, unwontedly controversial survey of British and American beliefs about how families are affected when the mother of the household also works outside the home. The Cambridge University report’s shock conclusion – it is tough for everyone when mothers bring up children and bring home a paycheck at the same time – is really no shock at all.
US stocks surge on ‘watershed’ dollar jump
US stocks soared on Friday as the dollar saw its biggest one-day jump against the euro in eight years and oil prices plunged.
Overview: Dollar rallies while oil slides
Mounting optimism that the US economy would outperform the rest of the developed world pushed the dollar to multi-month highs against major currencies this week as the oil price resumed its downward path, providing support for equity markets.
Time to turn the BIS into a global central bank
From Dr Krzysztof Rybinski. Sir, Your excellent article “Shifting down the gears” (Analysis, August 6) makes two very important points: while monetary policy in each country may seem reasonable, in aggregate they make no sense; and that Bretton Woods institutions are impotent in securing proper policy responses to mounting threats in the global economy.
Big Freeze part 3: The economy
Imagine you had fallen asleep a year ago and had just woken up, wanting to reacquaint yourself with the world economy. You would get quite a shock.
Gloom for European manufacturers
Optimism among European manufacturers has fallen sharply from the beginning of this year as the global economic slowdown and rapid input price inflation depress the business outlook, according to the latest KPMG/Market survey.
Growth risks will be Trichet’s biggest test
The European Central Bank is coming under a lot of pressure from politicians and other commentators who are unhappy with the way it is setting monetary policy. While it is legitimate to have a debate about whether the ECB should publish minutes of its policy meetings, criticism of the policy decisions it has taken over the past year has been misguided.
Brown criticises Moscow over Georgia
Gordon Brown, Britain’s prime minister, on Monday said there was “no justification” for Russia’s continued military action in Georgia, in another sign of mounting tension between London and Moscow.
Baltic states call on Europe
The Baltic states, past victims of Kremlin attacks, have called on the European Union to suspend its drive for closer relations with Russia after the invasion of Georgia.
UBS chiefs knew of rule breaches
Senior executives at UBS, the Swiss bank being investigated by US authorities, knew some of their bankers had acted in a way that meant they risked breaching American securities laws at least a year before the US inquiries began, a letter seen by the Financial Times shows.
Opec pushes output to record level
Opec last month pushed its production to the highest level in its 48-year history even as demand was slipping in the US and Europe, the International Energy Agency (IEA) said on Tuesday.
US trade deficit
Recessions are like viruses: devastating and tricky to pin down. Many fix upon two consecutive quarters of negative growth as marking a recession, but there is no one agreed definition.
Tesco finally breaks into India
Tesco is breaking into the Indian retail market with plans to open cash-and-carry stores and sell its own-branded products to hypermarket shelves in an alliance with the Tata conglomerate.
Russia has the most to lose in this costly conflict
Despite Russia’s overwhelming advantage in size and firepower in its conflict with Georgia, the Kremlin may have the most to lose. It is too soon to know with certainty who was responsible for the initial outbreak of violence in South Ossetia, but the war that began there is no longer about Georgia’s breakaway regions or Russian peacekeepers.
The City lawyer, the intern and the strip club
Sexual harassment is a good thing: the human race would die out without it. This was the verdict of a judge in Russia last month, dismissing a case brought by a 22-year-old woman in advertising.
Russia’s Arctic ambitions challenged
Unexpected partnerships are forming among nations vying to extend their Arctic undersea territories as they join to counter Russia’s aggressive Arctic claims.
The Spies of Warsaw
Like another languorous night spent with one’s favourite Parisian mistress comes Alan Furst’s 10th spy thriller. The ingredients, as ever, are a high-born, melancholy hero, a delectably not-quite-available love interest, and the smoky hinterland of second world war espionage, all parcelled up in cool, insouciant prose.
Gloom to increase fears of global recession
Mounting fears about the likelihood of a global recession will be fuelled by this week’s data, which promise further bad news from the US housing market, disappointing inflation data and more evidence that industrial activity is weakening.
Investment banks are bad taxpayers
The penny has dropped in London and New York that banks are not reliable sources of tax revenues. Losses from the credit crisis means that some investment banks may not pay taxes, as Michael Bloomberg, mayor of New York, gloomily phrases it, “for years”.
TP: Nie inwestujemy przez UKE
UKE źle traktuje Telekomunikację Polską, a rząd nie wywiązuje się ze swoich zobowiązań - takie wnioski płyną z raportu narodowego operatora dotyczącego inwestycji w infrastrukturę telekomunikacyjną.
Program "Mediacja dla potrzebujących"
Do końca września potrwa program "Mediacja dla potrzebujących", w ramach którego strony sporów cywilnych mogą skorzystać z bezpłatnej pomocy mediatora przy rozwiązaniu swojego konfliktu
Rosja ponownie grozi Polsce atakiem rakietowym
Dowódca sił strategicznych Rosji generał Nikołaj Sołowcow oświadczył, że przyszłe obiekty amerykańskiej tarczy antyrakietowej w Polsce i Czechach mogą stać się celami dla rosyjskich rakiet.
Donald Tusk w Szwecji o Partnerstwie Wschodnim
Polski premier złożył w środę kilkugodzinną wizytę w Szwecji. Podczas spotkania z premierem Fredrikiem Reinfeldtem gospodarz podkreślił, że w Unii Europejskiej panuje zgoda w kwestii wsparcia interesów Gruzji i jej pełnej integracji terytorialnej.
Jeszcze tańszy roaming?
Jest nadzieja na jeszcze większe obniżki cen za rozmowy z telefonów komórkowych za granicą. Komisja Europejska zastanawia się nad sekundowym rozliczaniem połączeń.
Rozdano nagrody festiwalu "Plus Camerimage"
Angielski operator Anthony Dod Mantle zdobył główną nagrodę łódzkiego festiwalu "Plus Camerimage". Artysta otrzymał statuetkę "Złotej Żaby" za zdjęcia do filmu "Slumdog Millionaire".
Polki zagrają w mistrzostwach Europy
Reprezentacja Polski pokonała w Stargardzie Szczecińskim Turcję 76:64 i zapewniła sobie awans do finałów Euro, które w przyszłym roku odbędą się na Łotwie
Mobilne Gadu-Gadu na Symbiana
Od dzisiaj użytkownicy komórkowych wersji komunikatora mogą korzystać z nowego Mobilnego Gadu-Gadu na urządzenia z systemem Symbian.
Słabnie entuzjazm Polaków
Zadowolenie z tego, że za cztery lata Polska i Ukraina zorganizują mistrzostwa Europy w piłce nożnej, deklaruje 60 proc. badanych, czyli o 7 proc. mniej niż przed rokiem - wynika z sondażu CBOS.
Krwawe starcia w Dagestanie i Czeczenii
Pięciu rebeliantów i 4 policjantów zginęło, a 4 osoby zostały ranne w Dagestanie i Czeczenii - poinformowały władze rosyjskie.
Posłowie wsparli Gruzję
Sejm przyjął przez aklamację uchwałę w sprawie kryzysu gruzińskiego. W uchwale Sejm potępia rosyjskie działania i deklaruje solidarność z narodem gruzińskim.
Wróżenie z kryształowej kuli
Zakończył się konkurs Prodeco promujący polskie wzornictwo. Pojawiły się młode talenty, świetne projekty pozostały w cieniu
Brazylia: 17 zabitych w wypadku ciężarówki
Przewróciła się ciężarówka wioząca do domów pracowników plantacji kawy. Co najmniej 17 osób zginęło, a 15 zostało rannych.
Kryzys korzystnie wpływa na przyszłoroczne budżety IT
Wzrasta rola technologii informatycznych jako narzędzia umożliwiającego podniesienie efektywności procesów biznesowych. Wynikiem tego jest planowany wzrost nakładów na IT. Takie wnioski płyną z raportu opublikowanego przez organizację The Society for Information Management.
Panasonic Executive CF-T8
Dotykowy i niezniszczalny. Toughbook CF-T8 to superodporny laptop z funkcją dotykowego ekranu. Producent zapewnia, że dzięki obudowie ze stopu magnezu CF-T8 wytrzyma ?bez uszczerbku nacisk do 100 kg, wstrząsy, drgania i uderzenia, a nawet upadek na spodnią stronę z 76 cm, również w trybie włączonym?.
Learning to live with excess debt
The credit boom of the early years of the new millennium left financial institutions unhealthily bloated. Yet only a few months ago a smooth return to the pre-credit crunch world seemed conceivable. No longer. Deleveraging is in full swing. It is a necessary but painful process, hitting all sectors of the economy. Here, we focus on banks, but we will discuss the impact on other financial firms in due course.
Nazwa.pl: problemy z szyfrowanymi połączeniami
Czy certyfikaty *.nazwa.pl są nieważne? - pyta w liście jeden z naszych Czytelników, który zauważył niepokojące komunikaty po zmianie konfiguracji swojego programu pocztowego. Firma NetArt zapewnia, że wszystko jest w porządku i oferuje pomoc w konfiguracji oprogramowania.
Hack.pl zhackowany?
Serwis poświęcony bezpieczeństwu systemów komputerowych prawdopodobnie okazał się łakomym kąskiem dla hackerów. Od piątku ok. godziny 15 hack.pl jest niedostępny dla odwiedzających. Obecnie nie wiadomo czy faktycznie doszło do włamania, jednak wiele na to wskazuje.
UKE: 60 proc. powierzchni UE w zasięgu usług operatorów satelitarnych
- Każdy z operatorów satelitarnych, których Komisja Europejska wybierze do świadczenia usług telekomunikacyjnych w Unii Europejskiej, musi tymi usługami objąć co najmniej 60 proc. powierzchni UE - poinformował Urząd Komunikacji Elektronicznej (UKE).
Przed siedzibą baskijskiej telewizji eksplodowała bomba
W pobliżu siedziby baskijskiej telewizji EiTB w Bilbao na północy Hiszpanii eksplodowała bomba. Wcześniej po otrzymaniu ostrzeżenia w imieniu organizacji ETA budynek ewakuowano