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Help Activate Subscribe Sunday January 8th 2006 = requires subscription LOG IN: E-mail address Password Remember megfedc Newsletters ONLINE FEATURES PRINT EDITION Full contents Enlarge current cover Past issues/regional covers GLOBAL AGENDA POLITICS THIS WEEK BUSINESS THIS WEEK OPINION Leaders Letters WORLD United States The Americas Asia Middle East & Africa Europe Britain Country Briefings Cities Guide SURVEYS BUSINESS Management Reading Business Education Executive Dialogue FINANCE & ECONOMICS Economics Focus Economics A-Z SCIENCE & TECHNOLOGY Technology Quarterly PEOPLE Obituary BOOKS & ARTS Catch if you can Style Guide MARKETS & DATA Weekly Indicators Currencies Big Mac Index DIVERSIONS RESEARCH TOOLS CLASSIFIEDS DELIVERY OPTIONS E-mail Newsletters Mobile Edition RSS Feeds Economist Intelligence Unit Economist Conferences The World In Intelligent Life CFO Roll Call European Voice Economist Diaries and Business Gifts Advertisement Cities Guide Country Briefings Audio interviews Classifieds Print Edition April 23rd 2005 Business this week Politics this week Environmental economics Rescuing environmentalism Spain and its regions Clarity needed History, riots and trade rows The China question Helping poor countries Dithering on debt Corporate strategy Time to put ideas into practice Health in Britain Getting it right On Pope John Paul II, consumer power, police bureaucracy, filibusters, lawsuits South African race relations If only the adults would behave like the children China-bashing and trade Putting up the barricades North Carolina The human cost of cheaper towels Conservatives v the judiciary Judge yourself Henry Hyde Old-fashioned courtesy Amtrak's woes The end of the line? Last night of the proms Summer nights, drifting away The battle for the black vote Rebuilding the party of Lincoln Fragile states in the Andes (1) A coup by Congress and the street Fragile states in the Andes (2) Pressure builds again in Bolivia China and Japan Managing unrest India and Pakistan Point of no return? Pakistan A military reception Singapore Dicing with vice China Write us a letter China's Christians Crossing the Communists Rescuing environmentalism Market forces could prove the environment's best friend—if only greens could learn to love them … More on this week's lead article The world this week Leaders Letters Special Report United States The Americas Asia The future of journalism Yesterday's papers Ford and General Motors How much worse can it get? China's car market Shanghaied The drinks industry Santé Gold mining The Russians are coming Expatriate workers In search of stealth Japanese takeovers Livedoor cuts a deal Face value Prophet of American technodoom India's IT and outsourcing industries The Bangalore paradox American shares Looking for trouble Stock exchanges If you can't beat 'em, join 'em Consumer lending in China Safe as houses? Deutsche Börse Clash of capitalisms Ireland's property developers The Celtic reconquest Economics focus A choosier approach to aid Marjorie Deane internship Environmental economics Are you being served? Syria Son of a gun Paris La ville en rose Branding The sweet success of smell Fiction in Africa Laughing at the hyenas 15th-century Florence Medici moolah The British election What's going on Previous print editions Apr 16th 2005 Apr 9th 2005 Apr 2nd 2005 Mar 26th 2005 Mar 19th 2005 More print editions and covers Subscribe Subscribe to the print edition Or buy a Web subscription for full access online RSS feeds Receive this page by RSS feed Business Special Report Finance & Economics Science & Technology Books & Arts Obituary Advertisement Syria Sitting tight Lebanon and Iraq The influence of Shia clergymen Liberia Daddy wore a blue helmet Eritrea Whispers of a new war Great leaders think alike Correction: Human Rights Watch The pope Habemus Benedict XVI Austrian politics Haider fizzles Italy's government A comic opera Spain and the Basques Basque blues Cyprus and Turkey Talat ho! French unemployment Not working Charlemagne The great unravelling Health New blood for the health service Immigration and politics Race war Iraq and the election Polite protest Campaign diary On the trail Crime Up or down? Election turnout What makes people vote The campaign Mr Knight and Mr Nice Wind farms Fell-fight Bagehot Issues of identity Vacancy: Britain section Articles flagged with this icon are printed only in the British edition of The Economist Middle East & Africa Europe Britain Obituary Maurice Hilleman Overview Output, demand and jobs Prices and wages Portfolio poll Money and interest rates The Economist commodity price index Stockmarkets Trade, exchange rates and budgets Top exporters Overview Women in parliament Economy Financial markets Economic and Financial Indicators Emerging-Market Indicators About Economist.com | About The Economist | About Global Agenda | Media Directory | Staff Books | | Job Opportunities | Contact us Copyright The Economist Newspaper Limited 2006. All rights reserved. | Legal disclaimer | Accessibility | Privacy policy | Terms & Conditions | Help Classifieds Jobs General Advisor Funded by the Supreme Education Council of Qatar, AED is serving as a School S.... Business / Consumer Classifieds for the Masses TheMegaBoard.com All Postings FREE.... Tenders Business Opportunity - WSI Internet Start Your Own Business! Profit.... Jobs Business Opportunity - WSI Internet ! Profit from the Internet. Own #1 Rated Internet.... Business / Consumer Business Opportunity - WSI Internet Start Your Own Busines.... Tenders Request for Expressions of .... Sponsors' feature document created by NIflHeIM Business this week Apr 21st 2005 From The Economist print edition If you can't beat 'em, join 'em The New York Stock Exchange said that it was joining forces with Archipelago, an electronic exchange. If the deal goes through, the new company, of which the NYSE's owners will have 70%, will be a listed, for-profit entity, ending its mutual status. See article Pernod Ricard, the world's third-largest spirits firm, is teaming up with Fortune Brands to buy Allied Domecq, the second-biggest distiller, for around $14 billion in stock and cash. See article The world's biggest carmaker, General Motors, lost $1.1 billion in the quarter, its worst quarterly loss since 1992. It also abandoned its profit forecast for the year. Ford Motor said quarterly net income fell by 38% to $1.21 billion. See article Pfizer, the world's largest drug maker, said quarterly earnings dropped by 87% to $301m, due to a tax charge and costs to suspend sales of a drug. Meanwhile, Eli Lilly reported an 84% increase, earning $737m. Johnson & Johnson announced record profits and sales, and Roche Holding posted a 14% jump in quarterly revenue. America's Supreme Court heard arguments this week in a case between Merck, a German drug firm unrelated to the American company, and Integra LifeSciences, a medical device firm, over the leeway researchers have to use technologies without infringing patents. See article Time Warner and Comcast, America's two biggest cable-television firms, agreed to buy their fifth-largest rival, bankrupt Adelphia Communications, for $17.6 billion. Their offer beat a last- minute bid from Cablevision, a smaller cable-TV company. Viacom said quarterly profit fell by almost 18% to $585m on lower revenue at its CBS television unit, but the company cited a 19% revenue gain in its cable networks division. Viacom reiterated it is considering a breakup into a broadcast-TV entity and cable units. Adobe Systems said it will acquire Macromedia for $3.4 billion in stock, a deal that unites two of the largest digital document and online publishing firms. Adobe's PDF format is a standard for documents on computers, and Macromedia makes “flash” animation for web pages. Looking chipper The chipmaker Intel said quarterly profits rose by around 25% to $2.15 billion on revenue of $9.4 billion, a sign of increased demand for higher-end computers. The firm also raised its profit-margin expectations. See article Ebay's first-quarter profits rose 28% to $256m on revenue of $1 billion on strong international sales, which may soon surpass those in America. Conrad Black resigned as boss of Ravelston, a private firm through which he ran his media empire until a revolt in one part of it, Hollinger International, by minority shareholders. Ravelston is seeking bankruptcy protection. US Airways is reportedly in merger talks with America West to create a national low-cost airline. A merger could be the first step in airline-industry consolidation. Continental Air's quarterly loss widened to $184m due to fuel costs and competition. Royal Dutch/Shell Group is selling its interest in the power-plant InterGen for $1.75 billion to the private-equity arms of American International Group and the Ontario Teachers' Pension Plan. J.P. Morgan Chase's net income rose by 17% to $2.26 billion and revenue increased by 51% in the quarter boosted by its acquisition of Bank One. Bank of America hit record quarterly earnings of $4.7 billion, up by 75%, thanks in part to its acquisition of FleetBoston as well as trading gains. Hope springs eternal RAG, a German mining conglomerate, applied to open a coal mine in North Rhine-Westphalia that would create 2,500 jobs and produce 3m tonnes a year. Some believe the plan is motivated by state elections in May, because by most estimates it costs more to produce coal in Germany than its market value. China's gross domestic product grew by 9.5% in the quarter compared to a year earlier, fuelled by surging domestic demand. Among the gains was a 22.8% growth in investment in fixed assets. See article New housing starts in America plunged by 17.6%, the biggest monthly drop in more than 14 years, according to the Commerce Department. The fall fuels fears that the housing boom may be slowing. See article Up and down America's consumer price index jumped by a larger-than- expected 0.6% in March, increasing worries about inflation. The gain, the largest in five months, suggests companies are passing along higher costs of energy and other commodities. See article Copyright 2006 The Economist Newspaper and The Economist Group. All rights reserved. Politics this week Apr 21st 2005 From The Economist print edition New pope The conclave of cardinals elected a new pope, Cardinal Joseph Ratzinger, who took the name Benedict XVI. The choice pleased traditionalists but dismayed liberals: Cardinal Ratzinger, an arch- conservative German, was John Paul II's chief theological enforcer. See article Silvio Berlusconi resigned as prime minister of Italy, with the aim of re-forming a government with the same centre-right parties. The kerfuffle was triggered by the centre-right's appalling performance in recent regional elections. See article In the Basque country's regional election, the moderate nationalist ruling party lost ground and the Socialists gained seats. The Spanish government hailed the election as signalling the end of moves towards Basque independence, though it also said it was willing to keep negotiating with the Basques. See article In Cyprus, Turkish-Cypriots returned Mehmet Ali Talat as president in place of the veteran obstructionist, Rauf Denktash. Mr Talat is keen on reunification of the island, but his Greek-Cypriot counterpart, Tassos Papadopoulos, is now the intransigent party. See article Bickering within the French government over the faltering campaign for a yes vote in its EU referendum intensified when Dominique de Villepin, the interior minister, suggested that France might need a new prime minister (eg, himself). Jean-Pierre Raffarin, the incumbent, later said that he had brought Mr de Villepin back into line. See article Power sharing Nearly three months after a general election, Iraq's prime minister-designate, Ibrahim al-Jaafari, was poised to appoint a government in which Shia and Sunni Arabs and Kurds share out the top jobs. The outgoing interim prime minister, Iyad Allawi, narrowly escaped assassination by a suicide-bomber. AP In one of the worst clashes in Afghanistan in recent months, US forces reacted to a rocket attack on one of their bases by blasting insurgents with rockets, bombs and artillery, killing at least 12. After being nominated as Lebanon's prime minister, Najib Mikati, a Sunni Muslim who is a moderately pro-Syrian MP, named a cabinet in which both pro-Syrian loyalists and opposition- backed figures who want Syria to keep out of Lebanon have big posts. Some 200 Arab Iranians were reported to have been arrested in Ahwaz, in the southern province of Khuzestan, after riots followed publication of a letter alleged to have been written by the government (which denies it) saying that the province would be reorganised to dilute the strength of the Arab population and to change Arab place-names to Persian ones. Sudan said it had found “abundant” quantities of oil in its western region of Darfur. The Sudanese government's campaign of ethnic cleansing against non-Arabs in Darfur continued. An exiled opposition leader from Equatorial Guinea was reported missing and possibly murdered. The country's despotic regime had accused Severo Moto of being behind an alleged coup plot last year. Unrest in Ecuador Ecuador's Congress voted to oust the country's elected president, Lucio Gutiérrez, who took refuge in the Brazilian embassy in the capital, Quito. Alfredo Palacio, the vice-president, was sworn in as his replacement. See article Canada's minority Liberal government published a long-awaited foreign policy review. It proposes to concentrate defence efforts on North America and target aid more closely. The review came amid talk that the opposition will seek to bring down the government, triggering an election. The FARC guerrillas besieged a small Andean Indian town in southern Colombia, killing at least seven police and troops and a small boy, and wounding dozens of people. A United Nations delegation visited Haiti and said that more security was needed if an election is to be held on schedule in November. Jeffords and Hyde Senator Jim Jeffords, who deserted the Republicans to become an independent in 2001, announced he would retire at the end of 2006, creating the first open seat in Vermont since 1988. Henry Hyde, an anti-abortion stalwart and one of the congressmen who led the attempt to impeach Bill Clinton, is also going. Republicans on the ethics committee in the House of Representatives agreed to open an investigation into allegations of wrongdoing by Tom DeLay, the majority leader. See article EPA In a blow to George Bush, a Senate committee postponed, until next month, a vote on the nomination of John Bolton to become the next American ambassador to the United Nations. The White House moaned about the Democrats dragging up “unfounded allegations”. America's largest teachers' union, The National Education Association, filed a lawsuit that would allow school districts to opt out of George Bush's No Child Left Behind Act unless the federal government pays for the reforms. An end in sight? China's government called for an end to anti-Japan protests. However, it did not apologise to Japan for damage done to its diplomatic missions by stone-throwing mobs. The Japanese foreign minister, Nobutaka Machimura, said both sides were working positively to achieve a meeting between Japan's prime minister, Junichiro Koizumi, and China's president, Hu Jintao. See article North Korea claimed to have shut down a nuclear reactor, prompting fears that it might reprocess nuclear fuel to make more atomic weapons. A North Korean diplomat said the country planned to “increase our deterrent" against military strikes”. In the Philippines, the government and a separatist Muslim rebel group said they had made significant progress towards ending a slow-burning 30-year insurgency. A human rights group accused Myanmar's army of using chemical weapons against rebels on its northern border. The military government declined to comment. A report by Amnesty International claims that more than 3,000 political prisoners have been detained in Nepal since the king seized power. Reuters Copyright 2006 The Economist Newspaper and The Economist Group. All rights reserved. Environmental economics Rescuing environmentalism Apr 21st 2005 From The Economist print edition Market forces could prove the environment's best friend—if only greens could learn to love them Get article background “THE environmental movement's foundational concepts, its method for framing legislative proposals, and its very institutions are outmoded. Today environmentalism is just another special interest.” Those damning words come not from any industry lobby or right-wing think-tank. They are drawn from “The Death of Environmentalism”, an influential essay published recently by two greens with impeccable credentials. They claim that environmental groups are politically adrift and dreadfully out of touch. They are right. In America, greens have suffered a string of defeats on high-profile issues. They are losing the battle to prevent oil drilling in Alaska's wild lands, and have failed to spark the public's imagination over global warming. Even the stridently ungreen George Bush has failed to galvanise the environmental movement. The solution, argue many elders of the sect, is to step back from day-to-day politics and policies and “energise” ordinary punters with talk of global- warming calamities and a radical “vision of the future commensurate with the magnitude of the crisis”. Europe's green groups, while politically stronger, are also starting to lose their way intellectually. Consider, for example, their invocation of the woolly “precautionary principle” to demonise any complex technology (next-generation nuclear plants, say, or genetically modified crops) that they do not like the look of. A more sensible green analysis of nuclear power would weigh its (very high) economic costs and (fairly low) safety risks against the important benefit of generating electricity with no greenhouse-gas emissions. Small victories and bigger defeats The coming into force of the UN's Kyoto protocol on climate change might seem a victory for Europe's greens, but it actually masks a larger failure. The most promising aspect of the treaty— its innovative use of market-based instruments such as carbon-emissions trading—was resisted tooth and nail by Europe's greens. With courageous exceptions, American green groups also remain deeply suspicious of market forces. If environmental groups continue to reject pragmatic solutions and instead drift toward Utopian (or dystopian) visions of the future, they will lose the battle of ideas. And that would be a pity, for the world would benefit from having a thoughtful green movement. It would also be ironic, because far-reaching advances are a


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