Word: sectoral
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...happen. What is important is how they are dealt with when they do. There was a serious bank failure in the U.K. when Johnson Matthey Bankers collapsed in 1984, while I was Chancellor of the Exchequer. After a few days of abortive attempts to find a genuine private-sector rescue, I authorized the Bank of England to take over JMB, close the business, and sort out the mess, which it duly did. Northern Rock is a larger and more complex case, but the principles are the same. Instead, Brown and his Chancellor, Alistair Darling, spent five months unsuccessfully trying...
...next big prize: an Indian Air Force order for 126 multi-role fighter jets that could be worth more than $10 billion. The prospects have Lockheed, the world's biggest defense contractor, and U.S. aerospace giant Boeing salivating along with their Russian and European rivals. "The sector is opening up fast," says Lavina Gupta, Director of Anjani Technoplast, a company based in northern India that makes body armor, helmets and armored vehicles. "People have started looking up towards India. We are good entrepreneurs, we have the talents, it's just that we are now being recognized as a market. Everybody...
...fell short of offering enough in return for the $100 billion in loans and guarantees made to Northern Rock by taxpayers. Goldman Sachs, the investment bank advising the government on its handling of the company, didn't disagree. And in a bid to return Northern Rock to the private sector as swiftly as possible - and to pay back those loans - the Treasury has made what most observers see as a credible choice: Ron Sandler, who rescued a struggling Lloyd's of London insurance market in the '90s. Sandler began meetings with the bank's management and union representatives Monday...
There'll be a lot more developments to follow. It'll be years before Northern Rock can think about returning to the private sector. And though it'll be managed by Sandler "at arms length," as Brown insisted to reporters Monday, the potential for further government embarrassment remains high. Shareholders of Northern Rock - unlikely to get much in return for their investment - are threatening legal action. Robin Ashby, founder of the Northern Rock Small Shareholders' Group, said the bank had been "stolen away from them." Worse still, the dirty business of trimming the bank's 6,000 strong staff - something...
...opposite on just about every issue. Aside from staying in the European Community and keeping the missiles, the Tories vowed that they would not resort to inflationary spending to stimulate the economy and promised to return already nationalized firms (British Airways, British Telecom, Rolls-Royce) to the private sector. The Prime Minister took special delight in promising to reform the unions, her bitterest enemies and the lifeblood of the Labor Party (they provide 90% of its funds). The middle