Posts in category Business and finance


Business and financeButtonwood's notebook

Capitalism and the absence of creative disruption

NINE straight highs for the Dow Jones Industrial Average might suggest that all is well with capitalism. But on the contrary, they could be a sign that things have been going profoundly wrong with the way the system is working.  

The main driver for the surge in share prices this year has been the strength of profits; second quarter profits for S&P 500 companies are around 12.6% higher than a year ago, according to Andrew Lapthorne at SG, a French bank. As the chart shows, relative to GDP, profits seem to be regaining their levels of recent years. And those levels are much higher than they have been in much of the post-war era (see chart).

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ApprovedBusinessBusiness and finance

A Google employee inflames a debate about sexism and free speech

“DON’T be evil” is Google’s corporate motto. If only it were so simple. The online-search giant is in a tricky spot after an employee published a long, anonymous memo online about why women are under-represented in the technology industry. The main reason may not be sexism, asserted James Damore, the young Harvard-educated software engineer later revealed to be the memo’s author, but biological factors. Women are more interested in people and emotions, he wrote, and tend towards “neuroticism”, meaning they are more anxious than men and worse at handling high-stress jobs.

The ten-page memo also lamented liberal Silicon Valley’s new willingness to “discriminate to create equal representation” and its reluctance to hear opinions that clash with the mainstream view on diversity. On August 7th Mr Damore told Bloomberg, a news service, that he had been fired by Google. Sundar Pichai, the company’s boss, said that portions of the memo violated its code of conduct…Continue reading

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Business and financeGulliver

Two Chinese tourists are arrested for making a Hitler salute in Germany

IGNORANCE of the law is no excuse for breaking it. Over the weekend two Chinese tourists were arrested in Germany for photographing themselves making Hitler salutes outside the Reichstag building in Berlin. The country has strict anti-hate laws, which prohibits pro-Nazi symbols and speech. The Chinese pair were released on €500 ($590) bail; police said they could face as much as three years in prison. However, the men were told they were free to leave the country, and that if a fine was handed down at trial, the bail money could be used to cover it.

Gulliver does not intend to get into the rights and wrongs of Germany’s anti-hate laws. (For what it’s worth, he would think the Hitler salute crass, insensitive and insulting while not considering that a high enough bar to curb freedom of expression.) But the incident provides an opportunity to think about the extent to which foreigners should make themselves aware of local laws and sensitivities.

We do not know for certain the Chinese travellers’ motivation for their…Continue reading

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BusinessBusiness and finance

Dame Helen Alexander, former chief executive of The Economist Group, died on August 5th

ROLE models for women in business are still too rare, not least in Britain. Last November an independent review backed by the government urged FTSE 100 companies to raise the share of women on their boards from 27% to 33% by 2020. Sadly, that push this week lost one of its leading champions, Helen Alexander, the deputy chair of the review.

Business had no better ambassador. She was self-effacing but a world-class networker—a winning combination that helps to explain, along with her intelligence and charm, why all sorts of firms flocked to have her on their board (from Northern Foods to Centrica, Rolls-Royce and the British arm of Huawei), to advise them (Bain Capital) or to chair them (the Port of London Authority and, more recently, UBM, an events business). In 2009 she became the first woman to be president of the Confederation of British Industry, the country’s main employers’ group.

But Helen had built her reputation in the media industry. From 1997 to…Continue reading

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Business and financeFree exchange

The hubris of ten-year budgets

IN February of 2001, Alan Greenspan, then still the chairman of the Federal Reserve, and still called the “Maestro”, testified to the Senate Budget Committee. The committee wanted to get started on the tax cuts George W. Bush had promised during his campaign. Mr Greenspan gave them his qualified blessing, with an argument that now sounds incredible: he was worried that America would pay down its debt too soon. 

That week the Clinton administration’s Office of Management and Budget had released its final ten-year budget projections. Firms had just completed several years of capital investments in desktop computers, and workers had become more productive. This had increased corporate revenue, and consequently taxes paid to the government. A long bull market in stocks meant that the Treasury was taking in more in capital gains taxes, too. “The experience of the last five to seven years,” said Mr Greenspan, “has truly been without precedent.” The Clinton administration had apparently left Washington with a gift. The…Continue reading

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ApprovedBusinessBusiness and finance

Western firms are coining it along China’s One Belt, One Road

“MUTUAL benefit, joint responsibility and shared destiny,” sings a choir of enthusiastic schoolgirls in a music video called “The Belt and Road, Sing Along” from Xinhua, a news service run by the Chinese government, that mixes shots of cranes and shipping containers with people enjoying foreign landmarks. Western firms are scarcely less optimistic. Launched by China in 2013, the One Belt, One Road policy, known as OBOR, has two parts. There is a land-based “belt” from China to Europe, evoking old Silk Road trade paths, then a “road” referring to ancient maritime routes.

OBOR will span 65 countries (see map), and China has so far invested over $900bn in projects ranging from highways in Pakistan to railway lines in Thailand. Western multinationals, spotting a bonanza, are selling billions of dollars of equipment, technology and services to Chinese firms building along it.

America’s General Electric (GE) made sales of $2.3bn in equipment orders from OBOR projects in 2016,…Continue reading

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ApprovedBusinessBusiness and finance

Europe’s no business as usual summer

“DON’T you know about our summer?” asks a spokesperson of a Swedish multinational, himself presumably on holiday as kids chirp in the background. Almost everyone is gone until September, he says. At a German multinational, “the whole board is away for August,” admits a spokesperson. Faced with a slew of out-of-office messages across corporate Europe, there seems little choice for a business correspondent but to report on the phenomenon itself.

The practice of collectively taking July or August off dates from the Industrial Revolution, when it made sense to send off all assembly-line workers simultaneously. In England’s north entire factories used to descend on the same resorts. As any tourist who has found themselves in front of an cream shop that is closed during a sizzling southern European summer will know, it has spread beyond factory jobs.

Until 2015 France had a rule that mandated some bakeries to stay open in August, so that Parisians—or rather…Continue reading

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ApprovedBusiness and financeFINANCEFinance and economics

A crucial interest-rate benchmark faces a murky future

EVERY working day, shortly before noon, British time, the London Interbank Offered Rate, or LIBOR, is published. For five currencies and seven maturities, from overnight to 12 months, it is the average, trimmed of outliers, of up to 20 banks’ estimates of the interest rate at which they can borrow from other banks. It is also the benchmark for financial contracts reckoned to be worth $350trn. Derivatives depend on it most. But plenty of asset-management products, as well as corporate loans and mortgages, are based on LIBOR and similar rates, notably EURIBOR, an interbank rate for euros.

Yet LIBOR’s days may be numbered. Regulators are promoting other benchmarks. On July 27th Andrew Bailey, the head of Britain’s Financial Conduct Authority, said that the FCA had spoken to banks about sustaining LIBOR until the end of 2021, but no longer. In April a working group set up by the Bank of England concluded that SONIA (the Sterling Overnight Interbank Average Rate), which the central bank…Continue reading

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ApprovedBusinessBusiness and finance

A rush for immunotherapy cancer drugs means new bedfellows

THE modern pharmaceutical firm lives or dies on the strength of its drug portfolio. As patents expire on lucrative medicines, they must replace the income that has been lost by inventing new drugs, or buying them in from outside. Both paths are expensive. But the costs of failure are greater, and this is how it was possible for a large and successful firm—such as British-based AstraZeneca—to shed 15% of its market value in a single day last week. Around £10bn ($13.2bn) was lost on news of disappointing results in one of its clinical trials (its shares have since rebounded by 4%).

The trial was to find out if a pair of drugs would treat a form of lung cancer. The drug, Imfinzi, and the experimental drug tremelimumab, belong to a new category of immunotherapy medicines called “checkpoint inhibitors”. Similar drugs are made by Bristol Myers Squibb (BMS), by Merck in America and Roche, a Swiss firm. In an interim finding, it was reported that Astra’s combination did not offer an…Continue reading

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ApprovedBusinessBusiness and finance

Is Emmanuel Macron serious about privatisation?

ONE reason for Italian anger over the decision on July 27th by Emmanuel Macron, France’s president, to stop Fincantieri, a shipbuilder from Trieste, winning control of a French shipyard at Saint-Nazaire, was that recent cross-border deals have mostly gone France’s way. Italian businesspeople have grown nervous about French firms’ “colonisation” by means of acquisitions in luxury goods, media and telecoms, including the €46bn ($55bn) merger between Luxottica, an Italian maker of spectacles, and France’s Essilor, announced in January (the group’s headquarters will be in Paris). The bad taste will linger even if the two governments strike a deal over Saint-Nazaire by the autumn, as they have pledged.

Yet Mr Macron’s move has been even more dismaying for those at home who want the state to get on with privatisation. During his presidential run Mr Macron promised to raise €10bn from sales of some of the state’s sprawling portfolio of holdings in firms. The aim was to pay…Continue reading

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ApprovedBusinessBusiness and finance

Shark Week meets Worst Cooks in America

Another fat bundle

FORGET your subscription to Netflix. Would you pay $5 a month for a collection of TV channels that gave you programmes such as “90 Day Fiancé”, “Pit Bulls and Parolees”, “My Cat from Hell”, “Worst Cooks in America” and “Shark Week”? Irresistible as this may seem, it is not yet on offer. But many believe that it has come closer. Discovery, a cable-network group, agreed on July 31st to buy another: Scripps Networks Interactive, owner of Food Network and HGTV, among other channels, in a $14.6bn deal. The combined firm will have 19 lifestyle- and reality-television-oriented channels including Animal Planet, DIY Network, Travel Channel and the flagship Discovery Channel (home of “Shark Week”).

The impetus for the combination is the declining market in America for expensive pay-TV bundles of 200 channels, which can cost close to $100 a month. In the past few years millions of consumers have spurned such bloated packages for…Continue reading

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ApprovedBusinessBusiness and finance

Hong Kong, the global capital of hustle, is gripped by self doubt

OF THE world’s three great commercial centres—New York, London and Hong Kong—two are on the defensive. London faces a rupture with the European Union, which wants to seize the City’s euro-related activities and shift them inside the currency zone. In Hong Kong the fear is of deeper assimilation by mainland China, followed by irrelevance.

Entrepots, after all, can become obsolete. Venice once teemed with merchants, not tourists. Yet while London’s problem is complacency, Hong Kong’s pessimism seems overdone. It remains vital both to China and to the country’s trading partners—the adaptor that converts the mainland’s financial and legal voltage into the one used by the rest of the world.

Today’s gloom partly reflects a fear of Chinese autocracy. During Schumpeter’s recent visit, Xi Jinping, China’s president, in town for the 20th anniversary of the resumption of mainland rule, warned that, while the constitutional structure of “one country, two…Continue reading

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ApprovedBusiness and financeFINANCEFinance and economics

Genetic testing threatens the insurance industry

The knowledge premium

IF A genetic test could tell whether you are at increased risk of getting cancer or Alzheimer’s, would you take it? As such tests become more accessible, more and more people are saying “yes”. The insurance industry faces a few headaches as a result.

Once used only for medical reasons, basic predictive genetic tests can now be ordered online for a few hundred dollars. One company, 23andMe, in California, has collected some 4,000 litres of sputum since 2007, enlightening 2m people on their ancestry, health risks and what they may pass on to offspring. In April it received regulatory approval to screen for risk factors connected to ten diseases and genetic conditions, including late-onset Alzheimer’s and Parkinson’s. The ruling could open the floodgates for others to sell direct to consumers.

“Information is power”, argue many who take such tests. But insurers fear that without equal access to such information, they…Continue reading

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ApprovedBusiness and financeFINANCEFinance and economics

Why national accounts might be like corporate balance-sheets

THE easiest way to get an economist to laugh sardonically is to compare a country’s finances to those of a family. It is both simplistic and wrong, they will argue, for politicians to say that a country “must live within its means”.

But in a new working paper* from the National Bureau of Economic Research, Patrick Bolton and Haizhou Huang make a different comparison; between the finances of a government and those of a company. A business can finance itself in three ways: through internal funds (its revenues); through borrowing; and through equity (the issuance of new shares). In the first two cases, it is easy to see the analogy with a nation state; governments can raise money from taxes or borrow in the form of government bonds.

But the paper’s most striking idea is that the national equivalent of equity is fiat money. Governments are able to issue money that can be used to settle debts and pay taxes—the term “fiat” comes from the Latin for “let it be done”….Continue reading

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ApprovedBusiness and financeFINANCEFinance and economics

The private-equity business learns to be more flexible

THE private-equity business presents a paradox. Its barons like to boast of revamping the companies they buy. But they themselves have been steadfast to their own business model, centred on funds with a ten-year life. Within this time span, fund managers, known as “general partners” (GPs), commit to buy, manage and sell a clutch of companies; investors commit to lock up their money for the duration. Sometimes GPs or investors chafe at the time constraint. A new segment of the secondary market, “GP-led” deals, has sprung up to help them.

Investors wanting to exit a fund early need to find a buyer for their stake in the secondary market. But sometimes none will offer an attractive price. Sometimes also, a fund nearing its expiry date may find itself still holding a large number of its investments. GP-led deals place the onus on fund managers to find buyers.

Such transactions have quickly grown from just 10% of the secondary market in 2012 to over one-third this year, according…Continue reading

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Business and financeButtonwood's notebook

A tale of two markets

THE Dow Jones Industrial Average closed above 22,000 on August 2nd, something President Trump is almost certain to mention in a tweet soon*. So it might seem as if the “Trump bump”, which began perking American stocks on the night of the election, is continuing smoothly. But the picture is a lot more complex than that as a look at the dollar’s performance against the euro shows (see chart below). The euro fell (and the dollar rose) between election day and the end of 2016. But then came a turning point. The euro has been climbing (and the dollar retreating) for much of 2017.

For dollar-based…Continue reading

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ApprovedBusiness and financeFinance and economics

Bitcoin divides to rule

COMPARED with Brexit, Bitexit seems a piece of cake. On August 1st, without much agonising or awkward negotiation, a group of Bitcoin activists and entrepreneurs managed to create a second version of the crypto-currency. It immediately gained a following: in less than a day of existence, the value of a unit of “Bitcoin Cash” jumped to over $600, and tokens worth more than $10bn were in circulation (although that is still much smaller than Bitcoin classic, which stood at about $2,700 and nearly $45bn).

This “fork”, as such events are called, came earlier than foreseen. But it is broadly how insiders had expected a two-year-old conflict over the future of Bitcoin to end. At the heart of this “civil war” was the question of how to increase the capacity of the system, which can only handle up to seven transactions per second. The new version is able to process 56 per second, but otherwise works much like the original one.

Will Bitcoin Cash be more than just another “altcoin”, as the many existing clones of the crypto-currency are called? It is backed by Chinese “miners”, firms that provide the computing power to confirm payments and mint new digital coins. They have been unhappy with how the original system has been managed by its developers—and made some further technical tweaks to ensure that the new Bitcoin survives. The followers of…Continue reading

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Business and financeGulliver

A judge rules on the case of the “incredible shrinking airline seat”

THE airlines are not doing it. Congress could not either. Nor could a petition with tens of thousands of signatures. The Federal Aviation Administration declined to do it, too. But now, a federal judge may finally do what the others failed to, or would not: stop seat rows on aeroplanes inching closer and closer together.

“This is the case of the incredible shrinking airline seat,” began Judge Patricia Millett of the Circuit Court of Appeals for the District of Columbia, in her strongly worded ruling, handed down on July 28th. The case began nearly two years ago, when FlyersRights.org, a non-profit passenger advocacy group, circulated a petition demanding regulation of the distance between rows of plane seats, known as seat pitch. Average seat pitch in America, the petition noted, had declined from 35 to 31 inches in the past few decades. (American Airlines planned earlier this year to space some rows just 29 inches apart on new planes, before agreeing under pressure to add an extra inch.)…Continue reading

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Business and financeGulliver

Many business travellers prefer not to interact with others when on trips

AS ANYONE who flies regularly for work can attest, business travellers are not constantly being doted upon. Flights are not all booked by a travel manager, nor are never-ending drinks being poured by dutiful attendants. Indeed, corporate travel might be becoming a more independent affair.

According to a recent survey, a growing number of business travellers would prefer to avoid interaction with people when on the road, at least until something goes wrong. The research by Egencia, Expedia’s business-travel arm, questioned nearly 5,000 business travellers in Europe, America and Australia. Half of them said they want to avoid human contact while travelling.

That is not because business travellers find their time on the road repugnant and want to bury themselves in their smartphones….Continue reading

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Business and financeButtonwood's notebook

Foreign investors snap up London's iconic buildings

LONDON’S skyline has altered a lot in the last 30 years. While it can’t match Manhattan or Chicago, there are quite a few trophy buildings that can be seen from this columnist’s office window (for the moment*). The British sense of humour means these offices often acquire their own nicknames, regardless of the developer’s intentions—the Cheesegrater or the Gherkin, for example.

And the buildings also tend to get snapped up by foreign investors (see map). The latest to go is the “Walkie talkie” at 20, Fenchurch Street which has been bought by Lee Kum Kee, a Hong Kong food company, for £1.3bn, the highest amount ever paid for a British building. Presumably the company, best known for its oyster sauce, is not planning to transfer production to the site; this is a punt on the London property market.

Ironically, it was only a year ago that many Continue reading

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ApprovedBusiness and financeFINANCEFinance and economics

Making Bitcoin work better

IN DIFFERENT circumstances the two people could be good friends. Each is rather shy and very smart. And each is passionate about bitcoin, a digital currency. One invented hashcash, which foreshadowed components of the crypto-currency; the other is the author of the first Chinese translation of the white paper in which Satoshi Nakamoto, the elusive creator of bitcoin, first described its inner workings.

Adam Back is the chief executive of Blockstream, a British startup, which employs some of the main developers of the software that defines bitcoin’s inner workings. Jihan Wu is the boss of Bitmain, a Chinese firm, which makes about 80% of the chips that power “miners”, specialised computers that keep the bitcoin network secure, confirm payments and mint new digital coins. But far from being fellow-travellers, each represents one of the two main camps in what has come to be called a “bitcoin civil war”, fought over how, if at all, the system should grow.

The worst seems…Continue reading

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ApprovedBusiness and financeFINANCEFinance and economics

Tech stocks have regained their dotcom-era highs

CAST your mind back to when Bill Clinton was president, Tony Blair and Vladimir Putin were fresh-faced new leaders and tweeting was strictly for the birds. That was when technology stocks, as measured by the S&P 500 tech index, last traded at their current levels.

The horrendous decline in share prices that followed the peak in 2000 was the first financial calamity of this millennium. The dotcom crash had much less impact on the broader economy than the mortgage and banking crisis of 2007-08. Nevertheless, the tech revival has caused some twitchiness among investors. Might history be repeating itself?

In the intervening years the world, and the tech industry, have changed a lot. In the late 1990s enthusiasm for tech shares was so great that the sector’s market value rose far faster than its earnings. The gap is nothing like as great today (see chart). Back then, leading firms like Microsoft and Oracle were valued at more than 20 times their annual revenues, let alone earnings….Continue reading

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ApprovedBusinessBusiness and finance

Can data predict fashion trends?

World of wardrobe

IN THE film “The Devil Wears Prada”, the character of Miranda Priestly, whose role is based on a feared Vogue editor, scolds her new assistant for not understanding fashion. Fashion, she tells her, is whatever a select group of designers and critics says it is. What she does not say, however, is that their judgments are themselves often influenced by another group: fashion forecasters, who predict what will be “in”. Might these seers of style in turn be undone by artificial intelligence (AI)?

Fashion forecasting has always been a peculiar profession. The business came into its own in Paris in the 1960s when agencies began releasing “trend books”, collections of fabrics and design ideas. Retailers use these books for inspiration as they put together designs.

The biggest of these forecasting firms is WGSN, with a market share of 50%. It employs 150 forecasters who scour the world’s catwalks, bars…Continue reading

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ApprovedBusiness and financeFINANCEFinance and economics

The closing of American bank branches

WINDSOR, a community of 6,200 people two hours outside Albany in New York state, offers many of the amenities commonly found in a small town, including a bakery, a car-repair outfit and several restaurants. There is just one thing missing: a bank. The town’s only financial institution, First Niagara Bank, shut its doors in October.

Towns like Windsor are becoming ever more common in America. Since the financial crisis, banks have closed over 10,000 branches, an average of three a day. In the first half of 2017 alone, a net 869 brick-and-mortar entities shut their doors, according to S&P Global Market Intelligence, a research firm. Some fret that branch closures risk turning poorer neighbourhoods into “banking deserts”, cut off from current accounts, loans and other basic services.

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ApprovedBusiness and financeFINANCEFinance and economics

The link between poor harvests and violence

The very dark ages

LAST year over 102,000 people died in nearly 50 armed conflicts across the world, according to the Peace Research Institute Oslo, a think-tank. Much of this violence is caused by tensions between ethnic groups—two-thirds of civil wars have been fought along ethnic lines since 1946. Yet historians differ over whether cultural differences or economic pressures best explain how tensions explode into violence.

A new study* by Robert Warren Anderson, Noel Johnson and Mark Koyama suggests that, historically, economic shocks were more strongly associated with outbreaks of violence directed against Jews than scholars had previously thought. The authors collected data for 1,366 anti-Semitic events involving forced emigration or murderous pogroms in 936 European cities between 1100 and 1800. This was then compared with historical temperature data from a variety of sources, including tree rings, Arctic ice cores and contemporary descriptions of…Continue reading

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ApprovedBusiness and financeFINANCEFinance and economics

Pandemic bonds, a new idea

Better coverage needed

WHEN the Ebola virus hit west Africa in 2014, it took months to get together the money needed to combat the outbreak. Donors ended up committing more than $7bn. But the money came too late and too inefficiently, says Tim Evans, who directs the World Bank’s global health practice. Lives that could have been saved were lost. The bank estimates that GDP in Guinea, Liberia and Sierra Leone was reduced by $2.8bn.

Such outbreaks are likely to become more common: they have increased in frequency and diversity over the past 30 years, in step with the increased mobility of people, products and food. The World Bank says the probability of another pandemic in the next 10 to 15 years is high. That is why it has issued $425m in pandemic bonds to support its new Pandemic Emergency Financing Facility (PEF), which is intended to channel funding to countries facing a deadly disease.

The bonds cover six viruses likely to spark outbreaks: new…Continue reading

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ApprovedBusinessBusiness and finance

The wage gap between men and women varies depending on job types

IT HAS been a turbulent few days for the BBC, Britain’s public broadcaster. On July 19th it published the names of those to whom it pays £150,000 ($195,000) or more a year. The ensuing furore was less over the level of pay, but the differences between men and women. Some female presenters discovered that they earned much less than their male peers. Of the 96 people listed, two-thirds are men; across the BBC, just over half are.

In a petition, female presenters said this was evidence that women at the BBC are paid less than men “for the same work”. Although this may be true for people on the BBC’s list, it is much less clear for the rest of its 9,000 female employees: a gender pay gap at the top of an organisation does not necessarily mean that similar gaps exist at lower levels.

In Britain, as in other European countries, the average gap in pay between men and women in exactly the same jobs is tiny or non-existent, according to data for 8.7m employees worldwide gathered by…Continue reading

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ApprovedBusinessBusiness and finance

Foreign executives need to get their feet dirty to succeed in Africa

NAIROBI, Kenya’s capital, is also known as the “Green City in the Sun”. It might as well be called the city of malls: it has never had such a wide choice. The newest outlet, named Two Rivers, sits on a road near the American embassy and contains no less than three different malls in the space of a square mile or so. Here, you can scoff a Burger King before wandering around a huge new Carrefour supermarket to stock up on French cheese, British-made breakfast cereals and Turkish-made clothes. The owners proudly proclaim that it is sub-Saharan Africa’s biggest mall. It is certainly among the glitziest.

And yet walking into Two Rivers is an odd experience. The scale is huge, but the place is eerily quiet. More than a few shopfronts are empty, with hoardings instead of windows. Those that are occupied have a mere trickle of customers, and the goods they sell—furniture, clothes, electronics—are ambitiously priced. Two Rivers feels a bit like a Potemkin village, projecting an illusion…Continue reading

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ApprovedBusinessBusiness and finance

A bad week for Germany’s carmakers

STRENGTH and reliability were once the watchwords of Germany’s carmakers. Tardiness and scheming seem more apt terms now. Nearly two years after Volkswagen (VW) was caught rigging emissions tests, the difficulties continue to pile up. Europe is turning against diesel, and even petrol. And German firms are facing accusations of collusive behaviour, including claims of more widespread rigging of emissions tests for diesel engines.

Diesel’s days look numbered. Sales in Europe are falling fast. Before VW’s misdemeanours came to light, they accounted for over half the market in large European countries. No longer: Morgan Stanley, a bank, notes that diesel passenger cars took less than 39% of sales in Germany in June. Another bank predicts that diesel’s share will soon drop to 30% across Europe.

Dismay over premature deaths caused by pollution is one reason. The European Environment Agency says smog causes nearly half a million early deaths in Europe annually. Diesel engines…Continue reading

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