Now that most businesses have joined the commentators in claiming they saw the crash coming, why didn’t they act? Because they have lived through enough crises they thought they could cope.
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There is not only a dearth of takeovers at present, there is a trend to abandon bids that have already been announced. Are bidders’ eyes proving bigger than their stomachs or have predators lost their nerve?
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The first indication that post-crisis regime of low interest rates is ending has emerged – on the opposite side of the world. Australia’s quarter per cent rise will gradually trigger increases across the rest of the globe.
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There has been one set of rules for foreign firms wanting a London share listing and another for UK companies. It is right to level the playing field but it is wrong to choose the lowest common denominator by easing standards for British companies.
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It takes two quarters of negative growth to start a recession but only three months’ positive growth to end one. The UK slump is probably already over, making it deep but quick.
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Why is Shell paying nearly £10m to settle claims of human rights abuse in Nigeria if it is not guilty? Because it is cheaper to pay up than fight on – even if it encourages further claims.
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If the bad news is that oil is back over $60 a barrel, that rise is also the good news too. While it puts pressure on costs, the price increase is also telling us the recession is ending.
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An end to destocking is an end to recession.
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Good news: things are getting worse more slowly. That’s not the same as getting better however, nevermind getting back to where they were or where they should be.
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For once European legislators have seen common sense. If a UK employer wants its staff to work longer hours, the employees will have the chance to do so.
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