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...assets, and a share price in freefall, a takeover is another potential outcome. "Who would be doing it?" asks Justin Urquhart Stewart at Seven Investment Management in London: "Anyone wishing to buy that asset book at discounted value." And further fallout from the squeeze on credit could yet follow in the U.K. Northern Rock rivals Alliance and Leicester and HBoS similarly rely on liquid credit markets, albeit to a degree that's "smaller in magnitude," Collins Stewart's Potter wrote in a research note. Northern Rock, in other words, may not be the last financial institution to find itself...
...Further twists and turns could follow. McLaren - which is also subject to a related criminal probe in Italy - is expected to appeal the sanctions. "We have never denied that the information from Ferrari was in the personal possession of one of our employees at his home," McLaren chairman and CEO Ron Dennis said in response to the verdict. "The issue is: was this information used by McLaren? This is not the case and has not been proven today." And sanctioning the team, but not the drivers who represent it, has befuddled some inside the industry. "I'm not promoting...
...President is sullied by his relationship with Washington. Warns Gul: "The more the people of Pakistan become disillusioned with their leadership, and the more America gives support to that government which is failing the Pakistani people, the closer the time comes that someone picks up a flag and says, 'follow me, we are going to fight the Americans.' As President of Pakistan, as military leader, Pervez Musharraf is history. And if Americans try to reverse the course of history then it will be to their own disadvantage...
...from natural resources - or from foreign aid, for that matter - tends to drive up exchange rates, making exports less internationally competitive. But thriving export industries, Collier argues, are precisely the reason for Asia's dramatic economic rise. They are also what Africa will need to develop in order to follow the same trajectory. Collier's idea seems to be sinking in: last month, the large international aid organization CARE announced that it would no longer accept subsidized food aid from the U.S. because it was depressing local farm economies in poor countries...
...That's a bold statement. It's also utterly specious. As every high-school biology student knows, evolution is neither a tidy nor quick process. Even if Clark could somehow prove that prosperity is hereditary - survival of the richest, he terms it - it doesn't follow that genetics, rather than geography or blind luck, caused Europe to industrialize before the rest of the world. Isn't it just as likely that innovations such as the steam engine, and the exploitation of its colonies, made England wealthy? And Clark's social Darwinism doesn't explain why equally stable and sophisticated societies...