It remains one of the mysteries -- how certain things just chance to be ''in the air'' at a given time. Right now, for instance, for no reason I can discern, we are awash in accounts of American radicals in the high season of the counterculture. From media reports on the release from prison of Kathy Boudin, to the publication this month of Susan Braudy's ''Family Circle: The Boudins and the Aristocracy of the Left,'' to Sam Green and Bill Siegel's recent documentary, ''The Weather Underground,'' we are reminded at every turn of what that latter group once called the ''days of rage.''
Read it @ NYT October 5, 2003
Saturday, December 20, 2008
When a Receding Tide Leaves Lives Behind: Susan Choi
In her lustrous novel "The Foreign Student," Susan Choi wrote of the birth pains of a Korean student attempting a life in a Southern college town.
Ms. Choi, a Korean-American, did something larger and more original than ingeniously devise a foreigner experiencing America. She devised America through the experience of the foreigner ?an America seemingly strange, largely because our own eyes hadn't known where to look. It was revelation under black light; not replacing daylight's vision but extending it to show crags we took for hills and torrents we knew as streams.
Reviewed September 12, 2003 @ NYT
Ms. Choi, a Korean-American, did something larger and more original than ingeniously devise a foreigner experiencing America. She devised America through the experience of the foreigner ?an America seemingly strange, largely because our own eyes hadn't known where to look. It was revelation under black light; not replacing daylight's vision but extending it to show crags we took for hills and torrents we knew as streams.
Reviewed September 12, 2003 @ NYT
Stray Questions for: Susan Choi - Paper Cuts Blog - NYTimes.com
Susan’s Choi’s most recent novel is “American Woman.” Her new novel, “A Person of Interest,” will be published in January.
September 28, 2007 @ NYTimes.com
September 28, 2007 @ NYTimes.com
A Person of Interest - Susan Choi - Book Review - New York Times
Reading “A Person of Interest,” it occurred to me that if we’re lucky, Susan Choi’s new book may turn out to be a prototypical 21st-century novel, combining the unhurried pleasures of certain classics with the jittery tensions of more recent fiction.
February 17, 2008 @ New York Times
February 17, 2008 @ New York Times
Roger Angell Writes a New "Greetings, Friends!" Poem for The New Yorker
Longtime readers of The New Yorker will not, of course, need to be reminded who Mr. Angell is — an eminent baseball writer, an editor at the magazine since 1956 and the stepson of E. B. White. But they may wonder where “Greetings, Friends!,” an annual poem that was a New Yorker institution for nearly eight decades, has been. It was written by Frank Sullivan from 1932 until 1974, and by Mr. Angell starting in 1976. But “Greetings, Friends!” vanished after its 1998 iteration and has not been seen again until now.
Mr. Angell, for example, once won a palindrome competition with the writer Alastair Reid, Mr. Gill wrote, by composing the following epic, the speaker of which is an insane war veteran in a government hospital: “Marge, let dam dogs in. Am on satire: Vow I am Cain. Am on spot, am a Jap sniper. Red, raw murder on G.I.! Ignore drum. (Warder repins pajama tops.) No maniac, Ma! Iwo veritas: no man is God. — Mad Telegram.” Mr. Gill wrote that the palindrome was, at the time, “perhaps the world's longest.”
Get the full story @ NYTimes.com
Mr. Angell, for example, once won a palindrome competition with the writer Alastair Reid, Mr. Gill wrote, by composing the following epic, the speaker of which is an insane war veteran in a government hospital: “Marge, let dam dogs in. Am on satire: Vow I am Cain. Am on spot, am a Jap sniper. Red, raw murder on G.I.! Ignore drum. (Warder repins pajama tops.) No maniac, Ma! Iwo veritas: no man is God. — Mad Telegram.” Mr. Gill wrote that the palindrome was, at the time, “perhaps the world's longest.”
Get the full story @ NYTimes.com
Greetings, Friends!
Fair readers, hail! Now here’s a teaser:
Who’s this pale, familiar geezer
Appearing through the mists of time
Atop a tow’r of creaky rhyme?
Why, yes, it’s us—we’re back, hooray,
To hug you each this holiday
And post sweet thoughts of you from here
To neighbors round the blogosphere.
Here's the ditty at length @ The New Yorker
Who’s this pale, familiar geezer
Appearing through the mists of time
Atop a tow’r of creaky rhyme?
Why, yes, it’s us—we’re back, hooray,
To hug you each this holiday
And post sweet thoughts of you from here
To neighbors round the blogosphere.
Here's the ditty at length @ The New Yorker
Cures for the Inevitable
Hangovers hurt. You may not remember the night before, but you never forget the morning after. But can they be avoided or cured?
The transition from prince to frog brought on by one too many was first scrutinized in ancient Greece, as indeed were remedies for the condition. The usual cure — I advise hungover readers to skip the next line — was boiled cabbage, whose pungent aroma, and powerful flavor were believed to restore the senses of the most ardent Epicurean. The poet Amphis reckoned the medicine to be worse than the ailment, and suggested that it relied on its emetic qualities for its effect.
Cures for the Inevitable - Proof Blog - NYTimes.com
The transition from prince to frog brought on by one too many was first scrutinized in ancient Greece, as indeed were remedies for the condition. The usual cure — I advise hungover readers to skip the next line — was boiled cabbage, whose pungent aroma, and powerful flavor were believed to restore the senses of the most ardent Epicurean. The poet Amphis reckoned the medicine to be worse than the ailment, and suggested that it relied on its emetic qualities for its effect.
Cures for the Inevitable - Proof Blog - NYTimes.com
Thursday, December 18, 2008
정권교체해서 좋은 이유 하나
2008년 12월 10일 경향신문 이대근 칼럼
이러자고 정권교체한 것은 아닌데…. 이런 불만도 있겠고, 정권교체해서 좋아진 것 하나 없다는 비관도 있을 수 있다. 구관이 명관이라고 노무현이 더 나은 것 아니냐는 발상도 있을 수 있다. 그러나 노무현이 밉다고 이명박을 사랑할 수 없는 것과 마찬가지로, 이명박이 밉다고 노무현을 사랑할 수는 없다. 그들간의 차이를 따지려면 따질 수 있겠지만, 가난한 자에게는 어느쪽이든 마찬가지일 뿐이다. 그런데 이런 이야기는 너무 많이 하지 않는 편이 좋다. 화병만 돋울 수 있다. 그래서인데, 가끔이라도 긍정적 사고를 할 필요가 있다. 한번 이렇게 생각해 보자. 만약 정권이 교체되지 않았다면? 그랬다면, 노건평이 동생 노무현의 돈 많은 친구들과 어울려 농협을 먹이로 마음껏 비리, 부패행위를 해도 아무도 몰랐을 것이다. 정권교체하지 않았다면, 농협 말고 다른 거래에도 끼어들어 수십억원이 아니라, 수백억원을 해먹었을지 모른다. “아무것도 모르는 시골 노인”이라는 거짓말에 모두 속아 넘어 갔을지 모른다. 정권교체하지 않았다면, 노무현이 2005년 2월 “적어도 돈으로 하는 부정부패는 제 임기동안 확실히 해소해 나가도록 하겠다”고 다짐할 바로 그 때 노건평이 증권사를 농협에 팔아서 한 몫 잡으려는 사람을 소개받고 착수금 1억원 받은 이야기가 흘러나오지 않았을 것이다. 국정 지지율이 추락해 정권이 무너지는 소리가 들린다고 했을 때인 2005년 6월 노건평이 농협회장을 호텔에서 만나 청탁한 줄 아무도 몰랐을 것이다.
정권교체하지 않았다면
다 읽으려면 여기
이러자고 정권교체한 것은 아닌데…. 이런 불만도 있겠고, 정권교체해서 좋아진 것 하나 없다는 비관도 있을 수 있다. 구관이 명관이라고 노무현이 더 나은 것 아니냐는 발상도 있을 수 있다. 그러나 노무현이 밉다고 이명박을 사랑할 수 없는 것과 마찬가지로, 이명박이 밉다고 노무현을 사랑할 수는 없다. 그들간의 차이를 따지려면 따질 수 있겠지만, 가난한 자에게는 어느쪽이든 마찬가지일 뿐이다. 그런데 이런 이야기는 너무 많이 하지 않는 편이 좋다. 화병만 돋울 수 있다. 그래서인데, 가끔이라도 긍정적 사고를 할 필요가 있다. 한번 이렇게 생각해 보자. 만약 정권이 교체되지 않았다면? 그랬다면, 노건평이 동생 노무현의 돈 많은 친구들과 어울려 농협을 먹이로 마음껏 비리, 부패행위를 해도 아무도 몰랐을 것이다. 정권교체하지 않았다면, 농협 말고 다른 거래에도 끼어들어 수십억원이 아니라, 수백억원을 해먹었을지 모른다. “아무것도 모르는 시골 노인”이라는 거짓말에 모두 속아 넘어 갔을지 모른다. 정권교체하지 않았다면, 노무현이 2005년 2월 “적어도 돈으로 하는 부정부패는 제 임기동안 확실히 해소해 나가도록 하겠다”고 다짐할 바로 그 때 노건평이 증권사를 농협에 팔아서 한 몫 잡으려는 사람을 소개받고 착수금 1억원 받은 이야기가 흘러나오지 않았을 것이다. 국정 지지율이 추락해 정권이 무너지는 소리가 들린다고 했을 때인 2005년 6월 노건평이 농협회장을 호텔에서 만나 청탁한 줄 아무도 몰랐을 것이다.
정권교체하지 않았다면
다 읽으려면 여기
Wednesday, December 10, 2008
In Defense of Teasing - NYTimes.com
Very often, though, we do not want our words to be taken too literally. When we speak in ways that risk offense, for example when we criticize a friend, we may add intentional vagueness or unnecessary circumlocutions. Say a friend proves to be too confrontational at a dinner party. To encourage greater civility, we might resort to indirect hints (“Say, did you read the latest by the Dalai Lama?”) or metaphor (“I guess sometimes you just need to blow off some steam”). These linguistic acts establish a new channel of communication — off-record communication — signaling that what is being said has an alternate meaning.
Read the article @ NYTimes.com
Read the article @ NYTimes.com
Monday, December 08, 2008
US: The Big Three's real union problem - Los Angeles Times
If the UAW really is to blame at all, then, it is because of the union's utter failure to unionize any of the transplants. What has the UAW been doing all these years? Isn't it the responsibility of any good union to protect union employers from competitive labor disadvantages by organizing wall to wall, throughout the industry? How could it have left these transplants unorganized? It is not too late to save the Big Three. But the solution is not to tear down the historic and heroic gains won by prior generations of UAW workers. If there is hope long term -- for the unionized Big Three companies and for the UAW -- it rests in dealing with the unfinished business of the 1980s: unionizing the unorganized transplants.
Read the article @ Los Angeles Times
Read the article @ Los Angeles Times
Monday, December 01, 2008
Friday, November 28, 2008
"그의 여행이 어디까지 갈진 아무도 모른다"
[나도원의 '대중음악을 보다'] 나윤선과 휘루 (上)
[Voyage]의 심플한 편성은 이와 관련 있다. 오로지 단조로운 어쿠스틱 베이스만이 보조하는 Calypso Blues 등 여러 곡들은 비워서 자리를 마련하고, 여백의 밑바닥을 따라 나윤선의 낮은 울림이 조용히 물을 채워간다. 이러한 편성은 나윤선을 부각시키는 슬기이자 오래된 음악기법이다. 물론 Please, Don't Be Sad는 풍성한 연주를 품었으며, 울프 바케니우스의 기타와 유니즌 경연을 펼치는 Frevo는 나윤선의 노래마저 악기로 수렴하는 기악곡에 가깝다. 그러나 기량을 뽐내는 전횡은 미뤄지고, 가락과 장단이 겸손하게 섞여든다. [Voyage]는 특수한 기법으로 보편적인 정서를 담아냈으며, 음악성과 대중성, 동과 서, 작곡가와 싱어, 연주와 목소리가 결합하는 괜찮은 방식을 제시했다. 섣불리, 그리고 솔직히 말해도 된다면, 이러한 조화는 나윤선이 여성이기에 가능하지 않았을까.
기사 읽기 - 프레시안
[Voyage]의 심플한 편성은 이와 관련 있다. 오로지 단조로운 어쿠스틱 베이스만이 보조하는 Calypso Blues 등 여러 곡들은 비워서 자리를 마련하고, 여백의 밑바닥을 따라 나윤선의 낮은 울림이 조용히 물을 채워간다. 이러한 편성은 나윤선을 부각시키는 슬기이자 오래된 음악기법이다. 물론 Please, Don't Be Sad는 풍성한 연주를 품었으며, 울프 바케니우스의 기타와 유니즌 경연을 펼치는 Frevo는 나윤선의 노래마저 악기로 수렴하는 기악곡에 가깝다. 그러나 기량을 뽐내는 전횡은 미뤄지고, 가락과 장단이 겸손하게 섞여든다. [Voyage]는 특수한 기법으로 보편적인 정서를 담아냈으며, 음악성과 대중성, 동과 서, 작곡가와 싱어, 연주와 목소리가 결합하는 괜찮은 방식을 제시했다. 섣불리, 그리고 솔직히 말해도 된다면, 이러한 조화는 나윤선이 여성이기에 가능하지 않았을까.
기사 읽기 - 프레시안
Wednesday, November 26, 2008
MB정부의 진짜 목적은 다주택자 확대다
[종부세, 대안을 논하자] 다주택 인정, 임대소득세 부과가 전제돼야
그러나 매우 중요한 사실이 알려지지 않고 있다. 이들 나라에서는 여유주택을 임대하여 수입을 올리게 되면 임대소득세를 꼬박꼬박 내야 한다. 등록해야 되는 것은 물론이다. 임대료도 함부로 올릴 수 없다. 임대료가 급격히 오를 때는 인상 상한선을 정해 규제하기도 한다. 정부의 융자나 지원을 받아서 여유주택을 마련할 경우는 임대료 자체를 정부 기준에 맞춰야 할 수도 있다.기사 읽기 @ 프레시안
그러나 매우 중요한 사실이 알려지지 않고 있다. 이들 나라에서는 여유주택을 임대하여 수입을 올리게 되면 임대소득세를 꼬박꼬박 내야 한다. 등록해야 되는 것은 물론이다. 임대료도 함부로 올릴 수 없다. 임대료가 급격히 오를 때는 인상 상한선을 정해 규제하기도 한다. 정부의 융자나 지원을 받아서 여유주택을 마련할 경우는 임대료 자체를 정부 기준에 맞춰야 할 수도 있다.기사 읽기 @ 프레시안
Friday, November 21, 2008
Head of Teachers’ Union Offers to Talk on Tenure and Merit Pay - NYTimes.com
Randi Weingarten, president of the American Federation of Teachers, said Monday that given the economic crisis, her union would be willing to discuss new approaches to issues like teacher tenure and merit pay.
Ms. Weingarten, who was elected president of the national union in July and continues as president of its New York City local, the United Federation of Teachers, spoke in detail about three issues that have often led critics to portray teachers’ unions as obstacles to the improvement of student achievement: seniority and other contract provisions that have tended to assign rookie teachers to poor schools with the neediest students, many union locals’ opposition to merit pay, and tenure rules that have made it hard to remove incompetent teachers.
On teacher assignments, she pointed to new contract rules the union negotiated with New York City that no longer require principals to accept teachers, or teachers to take jobs, in schools that are not a good fit for them. Ms. Weingarten said she was working with civil rights and other groups to develop similar approaches that could work elsewhere in the nation.
On merit pay, she pointed to a system she negotiated in New York that allows all teachers in a participating school to receive extra pay when that school excels. She said her union was willing to discuss adopting similar plans elsewhere.
On tenure, Ms. Weingarten recommended increased use of peer review, in which veteran teachers mentor less effective colleagues and even, she said, “counsel unsuccessful colleagues out of the profession.” Peer review has been used in Toledo, Ohio, and other communities for many years, and she said she hoped to “put it to work in many more.”
Read the article @ NYTimes.com
Ms. Weingarten, who was elected president of the national union in July and continues as president of its New York City local, the United Federation of Teachers, spoke in detail about three issues that have often led critics to portray teachers’ unions as obstacles to the improvement of student achievement: seniority and other contract provisions that have tended to assign rookie teachers to poor schools with the neediest students, many union locals’ opposition to merit pay, and tenure rules that have made it hard to remove incompetent teachers.
On teacher assignments, she pointed to new contract rules the union negotiated with New York City that no longer require principals to accept teachers, or teachers to take jobs, in schools that are not a good fit for them. Ms. Weingarten said she was working with civil rights and other groups to develop similar approaches that could work elsewhere in the nation.
On merit pay, she pointed to a system she negotiated in New York that allows all teachers in a participating school to receive extra pay when that school excels. She said her union was willing to discuss adopting similar plans elsewhere.
On tenure, Ms. Weingarten recommended increased use of peer review, in which veteran teachers mentor less effective colleagues and even, she said, “counsel unsuccessful colleagues out of the profession.” Peer review has been used in Toledo, Ohio, and other communities for many years, and she said she hoped to “put it to work in many more.”
Read the article @ NYTimes.com
Thursday, November 20, 2008
Firms Seek Delay in Payments to Pension Funds - NYTimes.com
Stung by outsize investment losses, some of the nation’s biggest companies are pushing Congress to roll back rules requiring them to put more money into their pension funds, just two years after President Bush signed a law meant to strengthen the pension system.
The Pension Protection Act of 2006 was enacted in response to a string of big corporate bankruptcies and pension failures at the beginning of this decade. Federal law requires companies to put money into their pension plans on a regular schedule, but the bankruptcies revealed gaping loopholes that were allowing companies to go for years without adding money. The 2006 amendments were intended to close some of the loopholes and make the pension system less risky. Until this year’s market disaster, most company pension funds had been making great gains.
The Pension Rights Center, an advocacy group in Washington, said the financial crisis had clearly shown that defined-benefit pensions were superior to 401(k) plans, which make participants bear all the market risk. The center said it would make sense to encourage companies to keep offering pensions by giving them a break on their contributions — but only if they agreed not to freeze their plans. In a pension freeze, employees keep the benefits they have earned, but stop building up new benefits with additional years of work. Even a frozen pension fund still needs contributions, albeit smaller ones, and the companies seeking relief include those with both frozen and active plans.
Read the article @ NYTimes.com
The Pension Protection Act of 2006 was enacted in response to a string of big corporate bankruptcies and pension failures at the beginning of this decade. Federal law requires companies to put money into their pension plans on a regular schedule, but the bankruptcies revealed gaping loopholes that were allowing companies to go for years without adding money. The 2006 amendments were intended to close some of the loopholes and make the pension system less risky. Until this year’s market disaster, most company pension funds had been making great gains.
The Pension Rights Center, an advocacy group in Washington, said the financial crisis had clearly shown that defined-benefit pensions were superior to 401(k) plans, which make participants bear all the market risk. The center said it would make sense to encourage companies to keep offering pensions by giving them a break on their contributions — but only if they agreed not to freeze their plans. In a pension freeze, employees keep the benefits they have earned, but stop building up new benefits with additional years of work. Even a frozen pension fund still needs contributions, albeit smaller ones, and the companies seeking relief include those with both frozen and active plans.
Read the article @ NYTimes.com
11월 20일 공교로운 날
오늘, 11월 20일은 참으로 공교로운 날이다. '공교(工巧)롭다'는 것은 뜻하지 않은 사실이나 사건, 인물이 우연히 마주치게 된 것이 기이하다고 할 만하다는 뜻이다. 오늘, 11월 20일은 실로 공교로운 날이고, 그 모든 '공교로움'은 국가보안법과 연관되어 있다.
우선 그 열쇠가 되는 국가보안법은 1948년의 오늘, 11월 20일에 국회에서 통과되었다. 60년이 된 것이다. 1948년 8월 15일에 정부가 수립되고 나서, 거의 동시적으로 이 법이 논의가 진행되었다. 그해 9월 29일에 '내란행위특별조치법안'이 국회 본회의에 제출되어 여야간에 뜨거운 공방이 벌어졌다. 이 법의 이름은 곧 '국가보안법'으로 바뀌었다. 60년 전, 그해 가을의 논쟁점 역시 '공산주의의 정의와 처벌 규정이 매우 모호해 정권이 정적을 제거하는 데 악용할 수 있다'는 점이었는데, 이는 실로 60년의 역사를 가진 현대사의 핵심이다.
몇 가지 공교로운 일들을 적는다면, 우선 오늘 11월 20일은 시인 박노해(본명 박기평)가 전남 함평에서 태어난 날이다. 그는 사제를 꿈꾸던 청년이었고 공단의 노동자였고 그 삶의 참다운 해방을 위해 시를 쓰고 또한 실천운동을 한 활동가였으며 지금은 '나눔문화'를 통하여 낮은 곳의 진정한 위로와 평화의 확산을 꿈꾸는 활동을 하고 있다.
또 한 사람, 기억해야 될 중요한 인물이 있다. 1937년의 오늘, 11월 20일에 경남 진주에서 태어난 전 서울대 사회학과의 김진균 선생이다. 김진균 선생은 진주고교를 마치고 1961년에 서울대 사회학과를 마쳤으며 이 대학에서 석박사 학위를 거친 후 1968년부터 전임강사를 시작으로 하여 평생 동안 서울대에서 교편을 잡아 왔다. 그는 1980년에 총칼로 권력을 잡은 전두환 정권에 의하여 강제 해직을 당한 바 있다. 이에 김진균 선생은 1982년부터 서울 상도동의 창고 건물에 개인연구실인 ‘상도연구실’을 열었는데, 이 작은 공간이 80년대 진보적 학술운동의 진원지가 되었음은 두말 할 것도 없다. 김진균 선생의 진보적 학술 연구와 그 실천 활동은 결코 쉽지 않은 결단의 연속이었던 것이다.
마지막으로 한 가지. 오늘 11월 20일은 최근에 배우 문근영씨의 남다른 활동을 '‘빨치산 선전용’이니 ‘좌익세력의 영웅 만들기’라고 힐난했던 지만원씨가 1942년에 강원도 횡성에서 태어난 날이기도 하다.
정윤수의 BOOK...ing 365에서 글 보기
우선 그 열쇠가 되는 국가보안법은 1948년의 오늘, 11월 20일에 국회에서 통과되었다. 60년이 된 것이다. 1948년 8월 15일에 정부가 수립되고 나서, 거의 동시적으로 이 법이 논의가 진행되었다. 그해 9월 29일에 '내란행위특별조치법안'이 국회 본회의에 제출되어 여야간에 뜨거운 공방이 벌어졌다. 이 법의 이름은 곧 '국가보안법'으로 바뀌었다. 60년 전, 그해 가을의 논쟁점 역시 '공산주의의 정의와 처벌 규정이 매우 모호해 정권이 정적을 제거하는 데 악용할 수 있다'는 점이었는데, 이는 실로 60년의 역사를 가진 현대사의 핵심이다.
몇 가지 공교로운 일들을 적는다면, 우선 오늘 11월 20일은 시인 박노해(본명 박기평)가 전남 함평에서 태어난 날이다. 그는 사제를 꿈꾸던 청년이었고 공단의 노동자였고 그 삶의 참다운 해방을 위해 시를 쓰고 또한 실천운동을 한 활동가였으며 지금은 '나눔문화'를 통하여 낮은 곳의 진정한 위로와 평화의 확산을 꿈꾸는 활동을 하고 있다.
또 한 사람, 기억해야 될 중요한 인물이 있다. 1937년의 오늘, 11월 20일에 경남 진주에서 태어난 전 서울대 사회학과의 김진균 선생이다. 김진균 선생은 진주고교를 마치고 1961년에 서울대 사회학과를 마쳤으며 이 대학에서 석박사 학위를 거친 후 1968년부터 전임강사를 시작으로 하여 평생 동안 서울대에서 교편을 잡아 왔다. 그는 1980년에 총칼로 권력을 잡은 전두환 정권에 의하여 강제 해직을 당한 바 있다. 이에 김진균 선생은 1982년부터 서울 상도동의 창고 건물에 개인연구실인 ‘상도연구실’을 열었는데, 이 작은 공간이 80년대 진보적 학술운동의 진원지가 되었음은 두말 할 것도 없다. 김진균 선생의 진보적 학술 연구와 그 실천 활동은 결코 쉽지 않은 결단의 연속이었던 것이다.
마지막으로 한 가지. 오늘 11월 20일은 최근에 배우 문근영씨의 남다른 활동을 '‘빨치산 선전용’이니 ‘좌익세력의 영웅 만들기’라고 힐난했던 지만원씨가 1942년에 강원도 횡성에서 태어난 날이기도 하다.
정윤수의 BOOK...ing 365에서 글 보기
Saturday, November 15, 2008
FT.com / In depth - Into the storm
After the sudden end to a credit boom coincided with last year’s surge in commodity prices, the outlook for the world’s richest countries has not been worse in generations. Oil may again be cheaper but banks are in trauma. G20 leaders gathering in Washington know that big risks remain. Use the hyperlinks below to explore this FT guide to the causes and effects of the daunting, near-global recession that is taking hold.
Read @ FT.com
Read @ FT.com
Tuesday, November 11, 2008
바람의 화원 (2008) 신윤복 - 조선시대 해방된 여성?
신윤복은 타의에 의해 '남장여자'가 된 캐릭터이니, 조작된 남성성에 의해 여성성이 억압되어 있었고 그것이 나중에 해방된다는 일반논리는 그럴싸해보이지요.
하지만 과연 그게 그렇게 단순합니까? 일단 드라마 신윤복이 과연 억압된 사람처럼 보입니까? 암만 봐도 이 캐릭터는 감추는 게 없습니다. 윤복의 허세 떠는 성격이나 바람둥이와 같은 태도는 그 사람의 원래 개성입니다. 자신의 여성적인 본성은 미술이라는 매체를 통해 거의 여과 없이 터져 나오고 있고요. 물론 남장이라는 설정에 따른 스트레스는 있습니다. 그러나 그럼에도 불구하고 윤복은 이 드라마에 나오는 사람들 중 정신적으로 가장 건강하고 자유로운 사람입니다. 오히려 부당할 정도로 건강하지요. 정조시대 사회적 규칙을 멋대로 위반하면서 그런 자유를 얻었으니까요.
게다가 이 작품에서 [미인도]로 대표되는 조선시대의 여성성이 과연 건강한 것입니까? 조선 시대의 평범한 여인네들에게 강요된 '여성성'은 사회적 편견의 산물이었고 결코 자연스러운 것이 아니었습니다. 그들은 신윤복이 당연하다는 것처럼 누렸던 자유는 거의 누리지 못했습니다. (드라마에서 신윤복이 직접 언급하지만) 그들은 새장 속의 새였습니다. 정향과 같은 기생들은 보통 평범한 여인네들에 비해 어느 정도 행동의 자유가 있었지만 그것도 한계가 있었죠. 그렇다면 과연 그 규격화된 여성성은 신윤복이 도달해야 할 지향점이 되어야 할까요? 그건 오히려 모든 면에서 퇴행일 것입니다.
비전형적인 성격이 매력적인 캐릭터가 '성숙'이라는 핑계를 대며 사회적 규칙에 복종하면서 원래의 개성을 잃어버리고 평범한 어른이 되어가는 이야기들이 너무 많습니다. 왜 멀쩡하고 자유롭고 매력적인 캐릭터를 작정하고 죽이려는 건지 이해가 안 돼요. [바람의 화원]에서는 제발 그러지 말았으면 좋겠습니다. 원작에서도 가능성은 열어두고 있잖아요. 전 신윤복(또는 김홍도)=샤라쿠 아이디어는 괜한 콤플렉스의 반영 같아서 별로 맘에 들지 않지만 그게 차라리 낫습니다. 지금 신윤복은 어디로든 갈 수 있고 자신을 마음대로 재정의할 수 있는 입장에 서 있습니다. 그 위치를 정말 버려야 할까요?
긴 글 읽기 @ Djuna 글방
하지만 과연 그게 그렇게 단순합니까? 일단 드라마 신윤복이 과연 억압된 사람처럼 보입니까? 암만 봐도 이 캐릭터는 감추는 게 없습니다. 윤복의 허세 떠는 성격이나 바람둥이와 같은 태도는 그 사람의 원래 개성입니다. 자신의 여성적인 본성은 미술이라는 매체를 통해 거의 여과 없이 터져 나오고 있고요. 물론 남장이라는 설정에 따른 스트레스는 있습니다. 그러나 그럼에도 불구하고 윤복은 이 드라마에 나오는 사람들 중 정신적으로 가장 건강하고 자유로운 사람입니다. 오히려 부당할 정도로 건강하지요. 정조시대 사회적 규칙을 멋대로 위반하면서 그런 자유를 얻었으니까요.
게다가 이 작품에서 [미인도]로 대표되는 조선시대의 여성성이 과연 건강한 것입니까? 조선 시대의 평범한 여인네들에게 강요된 '여성성'은 사회적 편견의 산물이었고 결코 자연스러운 것이 아니었습니다. 그들은 신윤복이 당연하다는 것처럼 누렸던 자유는 거의 누리지 못했습니다. (드라마에서 신윤복이 직접 언급하지만) 그들은 새장 속의 새였습니다. 정향과 같은 기생들은 보통 평범한 여인네들에 비해 어느 정도 행동의 자유가 있었지만 그것도 한계가 있었죠. 그렇다면 과연 그 규격화된 여성성은 신윤복이 도달해야 할 지향점이 되어야 할까요? 그건 오히려 모든 면에서 퇴행일 것입니다.
비전형적인 성격이 매력적인 캐릭터가 '성숙'이라는 핑계를 대며 사회적 규칙에 복종하면서 원래의 개성을 잃어버리고 평범한 어른이 되어가는 이야기들이 너무 많습니다. 왜 멀쩡하고 자유롭고 매력적인 캐릭터를 작정하고 죽이려는 건지 이해가 안 돼요. [바람의 화원]에서는 제발 그러지 말았으면 좋겠습니다. 원작에서도 가능성은 열어두고 있잖아요. 전 신윤복(또는 김홍도)=샤라쿠 아이디어는 괜한 콤플렉스의 반영 같아서 별로 맘에 들지 않지만 그게 차라리 낫습니다. 지금 신윤복은 어디로든 갈 수 있고 자신을 마음대로 재정의할 수 있는 입장에 서 있습니다. 그 위치를 정말 버려야 할까요?
긴 글 읽기 @ Djuna 글방
Wednesday, November 05, 2008
Tuesday, November 04, 2008
George Orwell: Politics and the English Language
Most people who bother with the matter at all would admit that the English language is in a bad way, but it is generally assumed that we cannot by conscious action do anything about it. Our civilization is decadent and our language — so the argument runs — must inevitably share in the general collapse. It follows that any struggle against the abuse of language is a sentimental archaism, like preferring candles to electric light or hansom cabs to aeroplanes. Underneath this lies the half-conscious belief that language is a natural growth and not an instrument which we shape for our own purposes.
Read the article
Read the article
Tuesday, October 28, 2008
No Ordinary Woman - Op-Ed - NYTimes.com
In 1977, Bella Abzug, the former congresswoman and outspoken feminist, said, “Our struggle today is not to have a female Einstein get appointed as an assistant professor. It is for a woman schlemiel to get as quickly promoted as a male schlemiel.”
In other words: women will truly have arrived when the most mediocre among us will be able to do just as well as the most mediocre of men.
By this standard, the watershed event for women this year was not Hillary Clinton’s near ascendancy to the top of the Democratic ticket, but Sarah Palin’s nomination as the Republicans’ No. 2.
For Clinton was a lifelong overachiever, a star in a generational vanguard who clearly took to heart the maxim that women “must do twice as well as men to be thought half as good,” and in so doing divorced herself from the world of the merely average. In that, she was not unlike Barack Obama — taxed by his race to be twice as reassuring, twice as un-angry, twice as presidential as any white candidate.
Mediocrity, after all, is the privilege of those who have arrived.
Read NYT Op-Extra Column by Judith Warner
In other words: women will truly have arrived when the most mediocre among us will be able to do just as well as the most mediocre of men.
By this standard, the watershed event for women this year was not Hillary Clinton’s near ascendancy to the top of the Democratic ticket, but Sarah Palin’s nomination as the Republicans’ No. 2.
For Clinton was a lifelong overachiever, a star in a generational vanguard who clearly took to heart the maxim that women “must do twice as well as men to be thought half as good,” and in so doing divorced herself from the world of the merely average. In that, she was not unlike Barack Obama — taxed by his race to be twice as reassuring, twice as un-angry, twice as presidential as any white candidate.
Mediocrity, after all, is the privilege of those who have arrived.
Read NYT Op-Extra Column by Judith Warner
In Defense of White Americans - NYTimes.com
But the other, less noticed lesson of the year has to do with the white people the McCain campaign has been pandering to. As we saw first in the Democratic primary results and see now in the widespread revulsion at the McCain-Palin tactics, white Americans are not remotely the bigots the G.O.P. would have us believe. Just because a campaign trades in racism doesn’t mean that the country is racist. It’s past time to come to the unfairly maligned white America’s defense. Such human nuances are lost on conservative warriors of the Allen-McCain-Palin ilk. They see all Americans as only white or black, as either us or them. The dirty little secret of such divisive politicians has always been that their rage toward the Others is exceeded only by their cynical conviction that Real Americans are a benighted bunch of easily manipulated bigots. This seems to be the election year when voters in most of our myriad Americas are figuring that out.
Read Frank Rich Op-Ed Column @ NYTimes.com
Read Frank Rich Op-Ed Column @ NYTimes.com
The Behavioral Revolution: the all important question of perception, rather than self-interest
Roughly speaking, there are four steps to every decision. First, you perceive a situation. Then you think of possible courses of action. Then you calculate which course is in your best interest. Then you take the action. Over the past few centuries, public policy analysts have assumed that step three is the most important. Economic models and entire social science disciplines are premised on the assumption that people are mostly engaged in rationally calculating and maximizing their self-interest.
But during this financial crisis, that way of thinking has failed spectacularly. As Alan Greenspan noted in his Congressional testimony last week, he was “shocked” that markets did not work as anticipated. “I made a mistake in presuming that the self-interests of organizations, specifically banks and others, were such as that they were best capable of protecting their own shareholders and their equity in the firms.”
So perhaps this will be the moment when we alter our view of decision-making. Perhaps this will be the moment when we shift our focus from step three, rational calculation, to step one, perception.
Read the full article [Op-Ed Column by David Brooks, making references to "Black Swan", "Fooled by Randomness" by Taleb] @ NYTimes.com
But during this financial crisis, that way of thinking has failed spectacularly. As Alan Greenspan noted in his Congressional testimony last week, he was “shocked” that markets did not work as anticipated. “I made a mistake in presuming that the self-interests of organizations, specifically banks and others, were such as that they were best capable of protecting their own shareholders and their equity in the firms.”
So perhaps this will be the moment when we alter our view of decision-making. Perhaps this will be the moment when we shift our focus from step three, rational calculation, to step one, perception.
Read the full article [Op-Ed Column by David Brooks, making references to "Black Swan", "Fooled by Randomness" by Taleb] @ NYTimes.com
Saturday, October 25, 2008
Princeton University Economic Department Panel Discussion on the Wall Street Crisis
Princeton economists review recent events on Wall Street and assess the implications for the economy and public policy.
Watch the Discussion at YouTube
Watch the Discussion at YouTube
Dani Rodrik: The Next Stage of the Crisis
Now that advanced countries have bailed out and guaranteed vast portions of their financial systems, there is a much greater demarcation between "safe" and "risky" assets, with emerging markets in the second category. The flight to safety is already taking a huge toll on them. And the worst is likely to come when domestic residents join en masse in the capital flight.
All of this means that governments in these economies will be under pressure to mimic the public guarantees and bailouts that we have seen in the U.S. and the EU. But there is a big difference. Emerging markets for the most part have weak and fragile fiscal systems, and the magnitude of the potential run is huge relative even to the large mountains of reserves that many of them have built up. Socialization of private liabilities may enhance confidence in the rich countries; it will likely magnify the run in emerging markets. So we are talking about economic collapses that could be significantly bigger than what the rich countries will experience. And this time developing countries can legitimately say: it wasn't our fault!
Read the post @ Dani Rodrik's weblog
All of this means that governments in these economies will be under pressure to mimic the public guarantees and bailouts that we have seen in the U.S. and the EU. But there is a big difference. Emerging markets for the most part have weak and fragile fiscal systems, and the magnitude of the potential run is huge relative even to the large mountains of reserves that many of them have built up. Socialization of private liabilities may enhance confidence in the rich countries; it will likely magnify the run in emerging markets. So we are talking about economic collapses that could be significantly bigger than what the rich countries will experience. And this time developing countries can legitimately say: it wasn't our fault!
Read the post @ Dani Rodrik's weblog
Social Security Debate in the U.S. 2005 - The attempt to privatise it
October 23, 2008, 4:10 pm
Social Security: we have always been at war with Eastasia
Maybe the fact that John McCain is peddling a completely false version of the great 2005 debate over Social Security doesn’t mean much if you weren’t involved in that debate. But I was, and it’s just bizarre.
One point Josh Marshall doesn’t emphasize is the relentless dishonesty with which the Bush administration made its case. It claimed, falsely, that the system faced an imminent crisis; that privatization offered something for nothing; that Social Security is bad for African-Americans; that each year privatization is delayed costs $600 billion; and on and on.
But even in the middle of all that, it never occurred to me that a future presidential candidate would invent out of thin air a completely false story about how the privatization push failed.
http://krugman.blogs.nytimes.com/2008/10/23/social-security-we-have-always-been-at-war-with-eastasia/
Read blog entry at http://krugman.blogs.nytimes.com/
Social Security: we have always been at war with Eastasia
Maybe the fact that John McCain is peddling a completely false version of the great 2005 debate over Social Security doesn’t mean much if you weren’t involved in that debate. But I was, and it’s just bizarre.
One point Josh Marshall doesn’t emphasize is the relentless dishonesty with which the Bush administration made its case. It claimed, falsely, that the system faced an imminent crisis; that privatization offered something for nothing; that Social Security is bad for African-Americans; that each year privatization is delayed costs $600 billion; and on and on.
But even in the middle of all that, it never occurred to me that a future presidential candidate would invent out of thin air a completely false story about how the privatization push failed.
http://krugman.blogs.nytimes.com/2008/10/23/social-security-we-have-always-been-at-war-with-eastasia/
Read blog entry at http://krugman.blogs.nytimes.com/
Tuesday, October 21, 2008
Wherefore "Shrillblog"?
I guess it started, I think, with that extremely strange and not-very-analytical Svengali of the Bush Social Security reform plan, Peter Ferrara, who wrote back in 2001 about "the fierce, shrill, and unreasoned denunciations of allowing workers the freedom to choose a personal-account option for Social Security may impress the gullible... and denounced ..the highly irascible Paul Krugman...
That was, I think, the start of a very peculiar meme: a piling-on of critics of Bush--especially of Paul Krugman--whose sole criticism was that he was "shrill." The critique was neither that he was a bad economist, nor that his accusations that the Bush administration was lying about a whole bunch of stuff were incorrect (indeed, one of Paul's most vicious critics, Andrew Sullivan, gloried in the fact that Bush was lying about his tax cut. See http://delong.typepad.com/sdj/2005/05/yes_andrew_sull.html). So if you wanted to attack Krugman, but could not attack him because his analytics were right, and could not attack him because his accusations of Bush administration dishonesty were correct, what can you do? Well, a bunch of right-wingers led, IIRC, by Mickey Kaus and Andrew Sullivan found a way.
In this context, given that criticisms of George W. Bush and the malevolence, mendacity, incompetence and disconnection from reality of him and his administration are--no matter how sound their analytics or how true their factual claims--going to be dismissed by many as impolite and "shrill," why not have some fun with and embrace the term?
And so the idea was off and running...
Faisal grabbed the website http://shrillblog.blogspot.com/, after emailing "must. resist. temptation. to set up. shrill.org group weblog" and being answered "Why is this temptation to be resisted? :-)." Andrew introduced the conceptual link to H.P. Lovecraft. (Wikipedia has the appropriate background reading: http://en.wikipedia.org/wiki/Cthulhu http://en.wikipedia.org/wiki/Lovecraft http://en.wikipedia.org/wiki/Necronomicon.)
And the ranks of the shrill are now... impressive indeed. Even the truly cowardly are now shrill. Only the bought-and-paid-for have not joined the ranks of the highly critical who have been driven into shrill unholy madness by the mendacity, malevolence, incompetence, and disconnection from reality of George W. Bush and his administration.
Read the Full Article @ Economist Brad DeLong's Fair, Balanced, and Reality-Based Semi-Daily Journal
That was, I think, the start of a very peculiar meme: a piling-on of critics of Bush--especially of Paul Krugman--whose sole criticism was that he was "shrill." The critique was neither that he was a bad economist, nor that his accusations that the Bush administration was lying about a whole bunch of stuff were incorrect (indeed, one of Paul's most vicious critics, Andrew Sullivan, gloried in the fact that Bush was lying about his tax cut. See http://delong.typepad.com/sdj/2005/05/yes_andrew_sull.html). So if you wanted to attack Krugman, but could not attack him because his analytics were right, and could not attack him because his accusations of Bush administration dishonesty were correct, what can you do? Well, a bunch of right-wingers led, IIRC, by Mickey Kaus and Andrew Sullivan found a way.
In this context, given that criticisms of George W. Bush and the malevolence, mendacity, incompetence and disconnection from reality of him and his administration are--no matter how sound their analytics or how true their factual claims--going to be dismissed by many as impolite and "shrill," why not have some fun with and embrace the term?
And so the idea was off and running...
Faisal grabbed the website http://shrillblog.blogspot.com/, after emailing "must. resist. temptation. to set up. shrill.org group weblog" and being answered "Why is this temptation to be resisted? :-)." Andrew introduced the conceptual link to H.P. Lovecraft. (Wikipedia has the appropriate background reading: http://en.wikipedia.org/wiki/Cthulhu http://en.wikipedia.org/wiki/Lovecraft http://en.wikipedia.org/wiki/Necronomicon.)
And the ranks of the shrill are now... impressive indeed. Even the truly cowardly are now shrill. Only the bought-and-paid-for have not joined the ranks of the highly critical who have been driven into shrill unholy madness by the mendacity, malevolence, incompetence, and disconnection from reality of George W. Bush and his administration.
Read the Full Article @ Economist Brad DeLong's Fair, Balanced, and Reality-Based Semi-Daily Journal
Friday, October 17, 2008
The truth behind the Asian fairy tale
Any lingering fantasy that Asia could insulate itself from the storm raging through the rest of the world was swept aside last week. Here is a quick rundown of what the peaceful, “unaffected” half of the planet looked like in the days before the biggest banking bail-out since – well, since Japan bailed out its banking system not that long ago.
Yet, the Asian fairy tale is not without a glimmer of truth. If the tide of the financial crisis has indeed turned, when the waters recede they will reveal a global landscape in which Asia, though damaged, will look more solid than the west.
There is also an irony to recent events. Asian governments, which by and large have been suspicious of some of the perceived excesses of deregulated capitalism, now preside over economies that – by some measures at least – are more free market than those in the west. It was noticeable, for example, that nominally communist China lifted a ban on short-selling just as light-touch regulators in London and New York were imposing temporary curbs.
FT.com / Comment - The truth behind the Asian fairy tale
Yet, the Asian fairy tale is not without a glimmer of truth. If the tide of the financial crisis has indeed turned, when the waters recede they will reveal a global landscape in which Asia, though damaged, will look more solid than the west.
There is also an irony to recent events. Asian governments, which by and large have been suspicious of some of the perceived excesses of deregulated capitalism, now preside over economies that – by some measures at least – are more free market than those in the west. It was noticeable, for example, that nominally communist China lifted a ban on short-selling just as light-touch regulators in London and New York were imposing temporary curbs.
FT.com / Comment - The truth behind the Asian fairy tale
Wednesday, October 15, 2008
Paul Krugman: How I Work - a research methodology
What had I found? The point of my trade models was not particularly startling once one thought about it: economies of scale could be an independent cause of international trade, even in the absence of comparative advantage. This was a new insight to me, but had (as I soon discovered) been pointed out many times before by critics of conventional trade theory. The models I worked out left some loose ends hanging; in particular, they typically had many equilibria. Even so, to make the models tractable I had to make obviously unrealistic assumptions. And once I had made those assumptions, the models were trivially simple; writing them up left me no opportunity to display any high-powered technique. So one might have concluded that I was doing nothing very interesting (and that was what some of my colleagues were to tell me over the next few years). Yet what I saw -- and for some reason saw almost immediately -- was that all of these features were virtues, not vices, that they added up to a program that could lead to years of productive research.
Fortunately, there is a strategy that does double duty: it both helps you keep control of your own insights, and makes those insights accessible to others. The strategy is: always try to express your ideas in the simplest possible model. The act of stripping down to this minimalist model will force you to get to the essence of what you are trying to say (and will also make obvious to you those situations in which you actually have nothing to say). And this minimalist model will then be easy to explain to other economists as well.
Read the full essay
Fortunately, there is a strategy that does double duty: it both helps you keep control of your own insights, and makes those insights accessible to others. The strategy is: always try to express your ideas in the simplest possible model. The act of stripping down to this minimalist model will force you to get to the essence of what you are trying to say (and will also make obvious to you those situations in which you actually have nothing to say). And this minimalist model will then be easy to explain to other economists as well.
Read the full essay
Talking About a Revolution: "Increasing Returns" Paul Krugman - Slate Magazine
It's hard to convey, if you weren't there, just how liberating this was. Once they decided it was OK to tell illustrative stories rather than produce theorems, economists could write about exciting topics that had been off limits: predatory pricing, strategic investment to get the jump on competition, technological races, struggles to define industry standards. By 1988, when Jean Tirole published his landmark textbook The Theory of Industrial Organization, just about every idea about the "new economy" that trendy writers proclaim as a radical departure from conventional economic thought was, well, already in the textbook.
Among other things, someone was bound to notice that the interaction between increasing returns and product differentiation could help explain some puzzles about international trade--like why most trade is between seemingly similar countries. In the late '70s three people independently wrote up that insight: the Norwegian economist Victor Norman, Lancaster himself, and yours truly; and the "new trade theory" was born. A few years later economists such as Paul Romer and Philippe Aghion applied related ideas to technological change and economic growth, giving birth to the "new growth theory"; and the ripples spread ever outward.
Read the full article @ Slate Magazine
Among other things, someone was bound to notice that the interaction between increasing returns and product differentiation could help explain some puzzles about international trade--like why most trade is between seemingly similar countries. In the late '70s three people independently wrote up that insight: the Norwegian economist Victor Norman, Lancaster himself, and yours truly; and the "new trade theory" was born. A few years later economists such as Paul Romer and Philippe Aghion applied related ideas to technological change and economic growth, giving birth to the "new growth theory"; and the ripples spread ever outward.
Read the full article @ Slate Magazine
Tuesday, October 14, 2008
Remember the little ones at the bottom
It is not just banks who lost contact with their customers. So did water companies, airlines and internet service providers. Speak to people about their dealings with companies and they often talk as if they are at war with them – or they would be if they could speak to them.
Much of it is about pay. The growing gap between senior management and staff salaries, the sense that the top people were in it for themselves, led many employees to ask why they should bother. The closure of their pension schemes persuaded them that they shouldn’t.
How did companies get this way? Underlying it all, in banking and everywhere else, was an obsession with “making the numbers”. The pressure for double-digit earnings increases led to the frantic cost-cutting, the stripping away of employee benefits and the disappearance of front-line staff who knew the customers and cared enough to look after them.
It was because chief executives made the numbers that boards and shareholders were happy for them to earn unheard of sums. And it was desperation to keep on making the numbers that led financial institutions to securitise bad loans as frenetically as the bank next door.
Read the full article @ FT.com
Much of it is about pay. The growing gap between senior management and staff salaries, the sense that the top people were in it for themselves, led many employees to ask why they should bother. The closure of their pension schemes persuaded them that they shouldn’t.
How did companies get this way? Underlying it all, in banking and everywhere else, was an obsession with “making the numbers”. The pressure for double-digit earnings increases led to the frantic cost-cutting, the stripping away of employee benefits and the disappearance of front-line staff who knew the customers and cared enough to look after them.
It was because chief executives made the numbers that boards and shareholders were happy for them to earn unheard of sums. And it was desperation to keep on making the numbers that led financial institutions to securitise bad loans as frenetically as the bank next door.
Read the full article @ FT.com
Krugman Wins Economics Nobel
“To be absolutely, totally honest, I thought this day might come some day, but I was absolutely convinced it wasn’t going to be this day,” Mr. Krugman said in an interview on Monday. “I know people who live their lives waiting for this call, and it’s not good for the soul. So I put it out of my mind and stopped thinking about it.”
Mr. Krugman won the prize for his research, beginning in 1979, that explained patterns of trade among countries, as well as what goods are produced where and why.
Traditional trade theory assumes that countries are different and will exchange only the kinds of goods that they are comparatively better at producing — wine from France, for example, and rice from China.
This model, however, dating from David Ricardo’s writings of the early 19th century, was not reflected in the flow of goods and services that Mr. Krugman saw in the world around him. He set out to explain why worldwide trade was dominated by a few countries that were similar to one another, and why a country might import the same kinds of goods it exported.
In his model, many companies sell similar goods with slight variations. These companies become more efficient at producing their goods as they sell more, and so they grow. Consumers like variety, and pick and choose goods from among these producers in different countries, enabling countries to continue exchanging similar products. So some Americans buy Volkswagens and some Germans buy Fords.
He developed this work further to explain the effect of transportation costs on why people live where they live. His model explained under what conditions trade would lead people or companies to move to a particular region or to move away.
Read the full article @ NYTimes.com
Mr. Krugman won the prize for his research, beginning in 1979, that explained patterns of trade among countries, as well as what goods are produced where and why.
Traditional trade theory assumes that countries are different and will exchange only the kinds of goods that they are comparatively better at producing — wine from France, for example, and rice from China.
This model, however, dating from David Ricardo’s writings of the early 19th century, was not reflected in the flow of goods and services that Mr. Krugman saw in the world around him. He set out to explain why worldwide trade was dominated by a few countries that were similar to one another, and why a country might import the same kinds of goods it exported.
In his model, many companies sell similar goods with slight variations. These companies become more efficient at producing their goods as they sell more, and so they grow. Consumers like variety, and pick and choose goods from among these producers in different countries, enabling countries to continue exchanging similar products. So some Americans buy Volkswagens and some Germans buy Fords.
He developed this work further to explain the effect of transportation costs on why people live where they live. His model explained under what conditions trade would lead people or companies to move to a particular region or to move away.
Read the full article @ NYTimes.com
Paul Krugman: Incidents from my career. An autobiographical essay
Robert Solow used to tell his students that there were two kinds of theorists: those who like to generalize, and those who like to look for illuminating special cases. I fall very strongly into the latter camp. Indeed, I have elevated the creation of special cases into a sort of personal art form. In constant-returns models, it is often possible once you have made the big untrue assumptions up front to derive results of considerable generality. For example, the Heckscher-Ohlin-Samuelson model does not depend on any assumptions about the degree of substitutability between capital and labor. You may want to look at, say, a Leontief or a Cobb-Douglas technology as an interesting example, but you don't have to. In increasing-returns models, by contrast, there are very few general results. Even with two goods, two countries, and one factor of production one easily bogs down in a complex taxonomy. So what do you do?
My answer has been to rely heavily on those suggestive special cases. The process works like this: start with an informal verbal story, often one drawn from casual empiricism or from non-mainstream economic literature. Then try to build the simplest possible model that will illustrate that story. In the course of the model-building the story tends to change along with your intuition, but at the end of the process you have a simple model that is a very special case, but that makes a lot of intuitive sense and effectively gives you a language to discuss things that previously were off limits.
Read the full essay
My answer has been to rely heavily on those suggestive special cases. The process works like this: start with an informal verbal story, often one drawn from casual empiricism or from non-mainstream economic literature. Then try to build the simplest possible model that will illustrate that story. In the course of the model-building the story tends to change along with your intuition, but at the end of the process you have a simple model that is a very special case, but that makes a lot of intuitive sense and effectively gives you a language to discuss things that previously were off limits.
Read the full essay
Saturday, October 11, 2008
After 73 years: the last gasp of the broker-dealer
This Sunday was different, however, because it marked not simply the end of Lehman and surrender of Merrill, but the last gasp of the independent investment bank itself. Morgan Stanley opened on Wall Street on Monday September 16 1935 and, 73 years later, almost to the day, the institution of the broker-dealer died.
Read the article @ FT.com
Read the article @ FT.com
Crisis marks out a new geopolitical order
Owning up to the geopolitical implications will be as painful for the rich nations as paying the domestic price for the profligacy. The erosion of the west’s moral authority that began with the Iraq war has been greatly accelerated. The west’s debtors cannot any longer expect their creditors to listen to their lectures. Here lies the broader lesson. The shift eastwards in global economic power has become a commonplace of political discourse. Almost everyone in the west now speaks with awe of the pace of China’s rise, of India’s emergence as a geopolitical player, of the growing roles in international relations of Brazil and South Africa.
Yet the rich nations have yet to face up properly to the implications. They can imagine sharing power, but they assume the bargain will be struck on their terms: that the emerging nations will be absorbed – at a pace, mind you, of the west’s choosing – into familiar international forums and institutions.
When American and European diplomats talk about the rising powers becoming responsible stakeholders in the global system, what they really mean is that China, India and the rest must not be allowed to challenge existing standards and norms.
Read the article @ FT.com
Yet the rich nations have yet to face up properly to the implications. They can imagine sharing power, but they assume the bargain will be struck on their terms: that the emerging nations will be absorbed – at a pace, mind you, of the west’s choosing – into familiar international forums and institutions.
When American and European diplomats talk about the rising powers becoming responsible stakeholders in the global system, what they really mean is that China, India and the rest must not be allowed to challenge existing standards and norms.
Read the article @ FT.com
The excesses of pragmatism
Dogmatism is pragmatism that has stood the test of time. Institutions tend to be forged in moments of crisis. Ideas that fail are discarded; ideas that succeed are retained, elaborated and then over-elaborated until they collapse. The problems of 30 years from now will turn out to have been hidden somewhere in the parts of today’s bail-out packages that wind up being most effective. If we are lucky, the most effective parts will be the most morally admirable parts.
Read the article @ FT.com
Read the article @ FT.com
Republican Party in the U.S.: The Mask Slips
But there are two things I find remarkable about the G.O.P., and especially its more conservative wing, which is now about all there is.
The first is how wrong conservative Republicans have been on so many profoundly important matters for so many years. The second is how the G.O.P. has nevertheless been able to persuade so many voters of modest means that its wrongheaded, favor-the-rich, country-be-damned approach was not only good for working Americans, but was the patriotic way to go.
Read the article @ NYTimes.com
The first is how wrong conservative Republicans have been on so many profoundly important matters for so many years. The second is how the G.O.P. has nevertheless been able to persuade so many voters of modest means that its wrongheaded, favor-the-rich, country-be-damned approach was not only good for working Americans, but was the patriotic way to go.
Read the article @ NYTimes.com
Friday, October 03, 2008
[김혜리가 만난 사람] 배우 고현정 : 기사 : 씨네21
이지러졌다 피는 달
좀처럼 화장기를 들이지 않는 고현정의 얼굴은 천천히 그러나 끝없이 리듬을 타고 이지러졌다 피는 달과 닮았다. 그녀가 한번 지은 표정은 물이 빠지듯 서서히 사라지고 대화할 때면 거울이 되어 마주앉은 이의 표정을 그대로 비춰낸다. 그러나 그 활짝 열린 얼굴과 마주앉아 인터뷰하는 기자는 때때로 장갑을 낀 채 악수하는 촉감을 느낀다. 그녀의 떠들썩한 결혼과 이혼, 그리고 무엇보다 그 사이에 드리워진 침침한 공백은, 거대한 반점과 같아서 거론하기도, 못 본 체하기도 쉽지 않기 때문이다. “미스코리아 나왔다가 방송하고 그러다 재벌가에 시집갔다가, 이혼하고 나와서 다시 연기를 하고. 제 전적이 너무 지루한 코스잖아요. 나쁘게 보려면 얼마든지 그럴 수 있죠.” 단숨에 요약해버리는 쪽은 고현정이다. <여우야 뭐하니>의 대사가 스친다. “창피하면 씩씩해져야죠. 가만있으면 더 창피하잖아요.” 작품 수도 적고 아직 내가 배우인지 잘 모르겠다면서도 고현정은 연기의 각론을 건드리면 오래 쟁여둔 티가 역력한 생각을 풀어놓는다. 스물다섯살에서 서른네살까지 손과 발이 연기하기를 멈춘 10년 동안 그녀의 눈과 머리는 참으로 게걸스러웠던 모양이다. 그래서 지금 우리 앞에 있는 것은 아직도 갈증을 다 풀지 못한, 우듬지까지 물이 오른 배우다.
[김혜리가 만난 사람] 배우 고현정 : 기사 : 씨네21
좀처럼 화장기를 들이지 않는 고현정의 얼굴은 천천히 그러나 끝없이 리듬을 타고 이지러졌다 피는 달과 닮았다. 그녀가 한번 지은 표정은 물이 빠지듯 서서히 사라지고 대화할 때면 거울이 되어 마주앉은 이의 표정을 그대로 비춰낸다. 그러나 그 활짝 열린 얼굴과 마주앉아 인터뷰하는 기자는 때때로 장갑을 낀 채 악수하는 촉감을 느낀다. 그녀의 떠들썩한 결혼과 이혼, 그리고 무엇보다 그 사이에 드리워진 침침한 공백은, 거대한 반점과 같아서 거론하기도, 못 본 체하기도 쉽지 않기 때문이다. “미스코리아 나왔다가 방송하고 그러다 재벌가에 시집갔다가, 이혼하고 나와서 다시 연기를 하고. 제 전적이 너무 지루한 코스잖아요. 나쁘게 보려면 얼마든지 그럴 수 있죠.” 단숨에 요약해버리는 쪽은 고현정이다. <여우야 뭐하니>의 대사가 스친다. “창피하면 씩씩해져야죠. 가만있으면 더 창피하잖아요.” 작품 수도 적고 아직 내가 배우인지 잘 모르겠다면서도 고현정은 연기의 각론을 건드리면 오래 쟁여둔 티가 역력한 생각을 풀어놓는다. 스물다섯살에서 서른네살까지 손과 발이 연기하기를 멈춘 10년 동안 그녀의 눈과 머리는 참으로 게걸스러웠던 모양이다. 그래서 지금 우리 앞에 있는 것은 아직도 갈증을 다 풀지 못한, 우듬지까지 물이 오른 배우다.
[김혜리가 만난 사람] 배우 고현정 : 기사 : 씨네21
Wednesday, October 01, 2008
Union Leaders Confronted by Resistance to Obama - NYTimes.com
The A.F.L.-C.I.O. says its nationwide campaign effort will involve knocking on 10 million doors, making 70 million phone calls, distributing 20 million leaflets and 25 million pieces of mail, and sending out more than four million e-mail messages. The nation’s unions talk of spending more than $300 million in the campaign, including $85 million by the Service Employees International Union.
To increase Mr. Obama’s chances of winning, labor’s field marshals have sought to make sure that canvassers, when distributing fliers and visiting union members, focus on economic issues, like Mr. Obama’s calls for cutting taxes on the middle class and repealing tax breaks for companies that invest overseas. The canvassers also emphasize protecting Social Security, problems with trade agreements and the need for change.
“We’ve lost something like 600,000 jobs so far this year,” said Anthony Rainey, president of U.A.W. Local 469, which represents workers at Master Lock in Milwaukee.
Mr. Rainey said his wife had warned him that Mr. Obama would lose if voters were not able to distinguish his economic policies from Mr. McCain’s. “There hasn’t been anything on the issues and it’s going to be crunch time,” Mr. Rainey said, “and people have to understand where these presidential candidates stand on economic issues.”
But many union members have a history of basing their votes on noneconomic issues, giving Mr. McCain and his running mate, Gov. Sarah Palin of Alaska, a shot at winning their support. Mr. Pyne, who knocks on doors wearing a Steelworkers for Obama T-shirt, witnessed that firsthand while visiting Scott Siegel, a union plumber, and his wife, Amy.
“We basically vote pro-life,” said Ms. Siegel, a mother of five. “As a ‘little person,’ I don’t feel that any of these candidates have our best interests in mind. So if there’s a specific thing that sways our vote, it would be abortion.”
Read the article @ NYTimes.com
To increase Mr. Obama’s chances of winning, labor’s field marshals have sought to make sure that canvassers, when distributing fliers and visiting union members, focus on economic issues, like Mr. Obama’s calls for cutting taxes on the middle class and repealing tax breaks for companies that invest overseas. The canvassers also emphasize protecting Social Security, problems with trade agreements and the need for change.
“We’ve lost something like 600,000 jobs so far this year,” said Anthony Rainey, president of U.A.W. Local 469, which represents workers at Master Lock in Milwaukee.
Mr. Rainey said his wife had warned him that Mr. Obama would lose if voters were not able to distinguish his economic policies from Mr. McCain’s. “There hasn’t been anything on the issues and it’s going to be crunch time,” Mr. Rainey said, “and people have to understand where these presidential candidates stand on economic issues.”
But many union members have a history of basing their votes on noneconomic issues, giving Mr. McCain and his running mate, Gov. Sarah Palin of Alaska, a shot at winning their support. Mr. Pyne, who knocks on doors wearing a Steelworkers for Obama T-shirt, witnessed that firsthand while visiting Scott Siegel, a union plumber, and his wife, Amy.
“We basically vote pro-life,” said Ms. Siegel, a mother of five. “As a ‘little person,’ I don’t feel that any of these candidates have our best interests in mind. So if there’s a specific thing that sways our vote, it would be abortion.”
Read the article @ NYTimes.com
Britain on a plate: Jamie Oliver's TV series Jamie's Ministry of Food
There was a moment in the first episode of the new Jamie Oliver TV series last night when the Essex-lad-made-millionaire had an outburst worthy of a revolutionary. Emerging from a mealtime visit to Natasha, a single mother on benefits in Rotherham, he raged in his own inimitable language of protest: "Fucking hell ... it's fucking Great Britain. It's 2008. I've been to Soweto and I've seen Aids orphans eating better than that."
The article is from The Guardian
Jamie Oliver: I'm massively excited about my new project, Ministry of Food and a new food movement, called Pass It On, that I'm hoping will be a huge part of it. My new book, Jamie's Ministry of Food and the TV show (also called Ministry of Food) will both be coming out in the next couple of weeks. They're both basically about inspiring people to get back into their kitchens and make simple, delicious food from scratch again.
More at Jamie Oliver's website
Special campaign website: Jamie's Ministry of Food
The article is from The Guardian
Jamie Oliver: I'm massively excited about my new project, Ministry of Food and a new food movement, called Pass It On, that I'm hoping will be a huge part of it. My new book, Jamie's Ministry of Food and the TV show (also called Ministry of Food) will both be coming out in the next couple of weeks. They're both basically about inspiring people to get back into their kitchens and make simple, delicious food from scratch again.
More at Jamie Oliver's website
Special campaign website: Jamie's Ministry of Food
US elections; Hockey moms are key players in hunt for women's vote | World news | The Guardian
Others at the rink in Livonia, a Detroit commuter town, agree that Palin seems more approachable than an earlier generation of female politician including Clinton or even Nancy Pelosi, the first woman speaker of the house and, like Palin, a mother of five.
Clinton, with her suits and her pride in her profession as a lawyer and senator, was off-putting to those women who still place importance in traditional roles. "[Palin] just seems like someone you can relate to. Hillary Clinton doesn't seem like you could sit down and have a cup of coffee with her," says Vicky Rokas, a solid Republican voter who counts herself a Palin fan.
For Rokas, who has spent years shuttling three hockey-playing children to practice and out-of-state tournaments, Palin's hockey mom experience is just as valid as her professional credentials.
But the positive image is far from universal. Many women admit a visceral dislike of McCain's running mate.
"She scares the hell out of me. Every time I see her I go home and open my wallet, and write another cheque for Obama," says Pilar Herrera-Fierro, looking up from her copy of the New York Times to watch her daughter's practice.
The immediate burst of enthusiasm about Palin's candidacy has faded. The comedian Tina Fey has turned Palin's gaffes on foreign policy - such as the line about seeing Russia from Alaska - into a spoof on the TV show Saturday Night Live.
Women voters have also become more conscious of Palin's retrograde views on global warming and others issues.
Read the article @ The Guardian
Clinton, with her suits and her pride in her profession as a lawyer and senator, was off-putting to those women who still place importance in traditional roles. "[Palin] just seems like someone you can relate to. Hillary Clinton doesn't seem like you could sit down and have a cup of coffee with her," says Vicky Rokas, a solid Republican voter who counts herself a Palin fan.
For Rokas, who has spent years shuttling three hockey-playing children to practice and out-of-state tournaments, Palin's hockey mom experience is just as valid as her professional credentials.
But the positive image is far from universal. Many women admit a visceral dislike of McCain's running mate.
"She scares the hell out of me. Every time I see her I go home and open my wallet, and write another cheque for Obama," says Pilar Herrera-Fierro, looking up from her copy of the New York Times to watch her daughter's practice.
The immediate burst of enthusiasm about Palin's candidacy has faded. The comedian Tina Fey has turned Palin's gaffes on foreign policy - such as the line about seeing Russia from Alaska - into a spoof on the TV show Saturday Night Live.
Women voters have also become more conscious of Palin's retrograde views on global warming and others issues.
Read the article @ The Guardian
FT / Martin Wolf: Congress decides it is worth risking depression
Against this dire background, what is one to make of the failure of Congress to ratify the plan? It is both understandable and a gross error.
It is understandable because the use of taxpayer money to buy so-called “toxic” mortgage-backed securities from the greedy fools who created the crisis is hard to tolerate. It is also understandable – even creditable – that those Republicans hostile to “socialism” do not want to bail out the undeserving rich, at least before an election. It is understandable, too, because, for reasons I put forward last week, the plan is not convincing. It is designed to deal with a problem of illiquidity in what seems certain to be a growing crisis of insolvency, particularly as house prices fall and the economy continues to weaken.
Yet the rejection is grossly mistaken because the resulting ruin will hurt the weak and destroy the legitimacy of the market economy. The plan is indeed flawed. But failure to ratify it is unlikely to convince anybody that something better will be forthcoming. It will convince them, instead, that the US is choosing to be impotent. At a time of such fragility, when the insurance offered by government is most indispensable, this is the worst possible message. It is a pity Mr Paulson did not choose another plan. It is a pity, too, that a former titan of high finance was charged with bailing out Wall Street. Yet it was still a mistake to reject the plan. It was necessary, instead, to build upon it.
Read the article @ FT.com
It is understandable because the use of taxpayer money to buy so-called “toxic” mortgage-backed securities from the greedy fools who created the crisis is hard to tolerate. It is also understandable – even creditable – that those Republicans hostile to “socialism” do not want to bail out the undeserving rich, at least before an election. It is understandable, too, because, for reasons I put forward last week, the plan is not convincing. It is designed to deal with a problem of illiquidity in what seems certain to be a growing crisis of insolvency, particularly as house prices fall and the economy continues to weaken.
Yet the rejection is grossly mistaken because the resulting ruin will hurt the weak and destroy the legitimacy of the market economy. The plan is indeed flawed. But failure to ratify it is unlikely to convince anybody that something better will be forthcoming. It will convince them, instead, that the US is choosing to be impotent. At a time of such fragility, when the insurance offered by government is most indispensable, this is the worst possible message. It is a pity Mr Paulson did not choose another plan. It is a pity, too, that a former titan of high finance was charged with bailing out Wall Street. Yet it was still a mistake to reject the plan. It was necessary, instead, to build upon it.
Read the article @ FT.com
FT/Columnists Martin Wolf: Paulson’s plan was not a true solution to the crisis
Now turn to the criteria to be used in judging the intervention. First, it would deal with the systemic threat. Second, it would minimise damage to incentives. Third, it would come at minimum cost and risk to the taxpayer. Not least, it would be consistent with ideas of social justice.
The fundamental problem with the Paulson scheme, as proposed, is then that it is neither a necessary nor an efficient solution. It is not necessary, because the Federal Reserve is able to manage illiquidity through its many lender-of-last resort operations. It is not efficient, because it can only deal with insolvency by buying bad assets at far above their true value, thereby guaranteeing big losses for taxpayers and providing an open-ended bail-out to the most irresponsible investors.
Read the article @ FT.com
The fundamental problem with the Paulson scheme, as proposed, is then that it is neither a necessary nor an efficient solution. It is not necessary, because the Federal Reserve is able to manage illiquidity through its many lender-of-last resort operations. It is not efficient, because it can only deal with insolvency by buying bad assets at far above their true value, thereby guaranteeing big losses for taxpayers and providing an open-ended bail-out to the most irresponsible investors.
Read the article @ FT.com
Sunday, September 28, 2008
Paul Newman Dies at 83: an obiturary
An Enduring Film Star and Social Activist: Paul Newman achieved what most of his peers could not: remaining a major star into charismatic old age. Read @ NYTimes.com
Audio Slide Show: One of the Last Greats. Manohla Dargis looks back at the long and varied film career of Paul Newman. See the slide show @ NYTimes.com
Audio Slide Show: One of the Last Greats. Manohla Dargis looks back at the long and varied film career of Paul Newman. See the slide show @ NYTimes.com
Friday, September 26, 2008
Poor Sarah - Judith Warner Blog - NYTimes.com
This may explain why, on Tuesday afternoon when I went to The Times Web site and saw the photo of Sarah Palin with Henry Kissinger, a funny thing happened. A wave of self-recognition and sympathy washed over me.
That’s right — self-recognition and sympathy. Rising up from a source deep in my subconscious. I saw a woman fully aware that she was out of her league, scared out of her wits, hanging on for dear life. I saw this in the sag of her back in her serious black suit, in the position of her hands, crossed modestly atop her knees, and in that “Mad Men”-era updo, ever unchanging, like a good luck charm.
You don’t have to be female to suffer from Impostor Syndrome either — I learned the phrase only recently from a male friend, who puts a darned good face forward. But I think that women today — and perhaps in particular those who once thought they could not only do it all but do it perfectly, with virtuosity — are unique in the extent to which they bond over their sense of imposture.
Real life is different, of course, from Hollywood fantasy. Incompetence has consequences, political and personal. Glorifying or glamorizing the sense of just not being up to the tasks of life has consequences, too. It means that any woman who exudes competence will necessarily be excluded from the circle of sisterhood. We can’t afford any more of that.
Poor Sarah - Judith Warner Blog - NYTimes.com
That’s right — self-recognition and sympathy. Rising up from a source deep in my subconscious. I saw a woman fully aware that she was out of her league, scared out of her wits, hanging on for dear life. I saw this in the sag of her back in her serious black suit, in the position of her hands, crossed modestly atop her knees, and in that “Mad Men”-era updo, ever unchanging, like a good luck charm.
You don’t have to be female to suffer from Impostor Syndrome either — I learned the phrase only recently from a male friend, who puts a darned good face forward. But I think that women today — and perhaps in particular those who once thought they could not only do it all but do it perfectly, with virtuosity — are unique in the extent to which they bond over their sense of imposture.
Real life is different, of course, from Hollywood fantasy. Incompetence has consequences, political and personal. Glorifying or glamorizing the sense of just not being up to the tasks of life has consequences, too. It means that any woman who exudes competence will necessarily be excluded from the circle of sisterhood. We can’t afford any more of that.
Poor Sarah - Judith Warner Blog - NYTimes.com
Palin’s American Exception
America is distinct. Its habits and attitudes with respect to religion, patriotism, voting and the death penalty, for example, differ from much of the rest of the developed world. It is more ideological than other countries, believing still in its manifest destiny. At its noblest, it inspires still.Read Op-Ed Column by Roger Cohen @ NYTimes.com
Thursday, September 25, 2008
D-squared Digest -- FOR bigger pies and shorter hours and AGAINST more or less everything else
Update, September 2008. Hullo there Paul Krugman readers. Yes, I did say "Good ideas do not need lots of lies told about them in order to gain public acceptance", and as a general maxim I wholeheartedly recommend it. I don't necessarily, however, either endorse or whatever-the-opposite-of-endorse the specific use of that maxim in the context of Prof. Krugman's post about the Paulson bailout plan; I don't actually have a fully formed view about that plan. I do, however, wholeheartedly endorse "Development, Geography and Economic Theory", which I think is a terribly underrated economics book, and am at this moment rather starstruck at having one of my essays admired by the nearest modern equivalent to my hero JK Galbraith. Anyway, as you were; by way of context, the post below was written just as a lot of high-profile commentators like Thomas Friedman were abandoning their support for the Iraq War.D-squared Digest -- FOR bigger pies and shorter hours and AGAINST more or less everything else
Princeton University Economics: Crisis on Wall Street Panel Discussion - Sept. 23, 2008
Slides presented by Hyun Shin - Crisis on Wall Street
Slides presented by Markus Brunnermeier - Thoughts on a New Financial Architecture
Slides presented by Harrison Hong - How We Got Here and Some Lessons?
Slides presented by Paul Krugman - Notes on the bailout
*Alan Blinder did speak but did not use a digital presentation
Follow the discussion
Slides presented by Markus Brunnermeier - Thoughts on a New Financial Architecture
Slides presented by Harrison Hong - How We Got Here and Some Lessons?
Slides presented by Paul Krugman - Notes on the bailout
*Alan Blinder did speak but did not use a digital presentation
Follow the discussion
The Buck Stopped Then - Op-Ed - NYTimes.com
CRITICS of the administration’s Wall Street bailout condemn the waste of taxpayer dollars. But the taxpayers aren’t the weightiest American financial constituency, even in this election year. The dollar is the world’s currency. And it is on the world’s opinion of the dollar that the Treasury’s plan ultimately hangs.
Read the article @ NYTimes.com
Read the article @ NYTimes.com
Wednesday, September 24, 2008
Op-Ed Columnist Bob Herbert - A Second Opinion? - Op-Ed - NYTimes.com
Does anyone think it’s just a little weird to be stampeded into a $700 billion solution to the worst financial crisis since the Great Depression by the very people who brought us the worst financial crisis since the Great Depression? Read the article @ NYTimes.com
Makers of Artificial Sweeteners Go to Court - New York Times
Sweetness is about to be the subject of a bitter courtroom fight. In one corner is the artificial sweetener in the blue packet, Equal; in the other is its best-selling rival in the yellow packet, Splenda. The maker of Equal contends that Splenda has been misleading millions of consumers by fostering the notion, through television and print advertising, that Splenda is made from sugar and is natural. Splenda’s maker counters that the process to make the sweetener does indeed start with sugar. While both sides are expected to present phalanxes of neurobiologists and chemists as expert witnesses, the dispute hinges on the role of language in creating and defining the product. “The phrase ‘made from sugar’ may seem simple enough, but it has spawned an epic battle among the parties over proper diction and syntax,” the judge overseeing the case, Gene E. K. Pratter, wrote in an opinion last month. “For example, McNeil claims that ‘made from sugar’ clearly excludes the interpretation that Splenda is sugar, or that Splenda is made with sugar,” she continued. “Made with sugar would mean that sugar is an ingredient listed on the package. Drawing upon an often effective rhetorical device, McNeil asks the question, how could a consumer interpret a product that is ‘made from sugar’ and ‘tastes like sugar’ as actually being sugar?”Kevin L. Keller, a marketing professor at the Tuck School of Business at Dartmouth, said that the language at issue had “a legal perspective, a marketing perspective and a health perspective.”
Read the article @ New York Times
Follow-up: Artificial Sweetener Makers Reach Settlement on Slogan
Read the article @ New York Times
Follow-up: Artificial Sweetener Makers Reach Settlement on Slogan
How Sweden Solved Its Bank Crisis - NYTimes.com
A banking system in crisis after the collapse of a housing bubble. An economy hemorrhaging jobs. A market-oriented government struggling to stem the panic. Sound familiar? It does to Sweden. The country was so far in the hole in 1992 — after years of imprudent regulation, short-sighted economic policy and the end of its property boom — that its banking system was, for all practical purposes, insolvent. But Sweden took a different course than the one now being proposed by the United States Treasury. And Swedish officials say there are lessons from their own nightmare that Washington may be missing. Sweden did not just bail out its financial institutions by having the government take over the bad debts. It extracted pounds of flesh from bank shareholders before writing checks. Banks had to write down losses and issue warrants to the government.
Read the article @ NYTimes.com
Read the article @ NYTimes.com
Tuesday, September 23, 2008
UNDERSTANDING THE S&L MESS
Bank failure is as American as apple pie. The first American failure took place in Rhode Island in 1809, when a bank capitalized at forty-five dollars issued eight hundred thousand dollars in bank notes, a sum equal to more than seventeen thousand times the resources behind it. The 182 years between have been marked by literally tens of thousands of bank failures. In sharp contrast, Great Britain, whence most of American banking theory and practice comes, has not had a major bank failure in well over a hundred years.
Why should the richest and most productive capitalist economy on earth have such a dismal record in safeguarding a system so central to capitalism? The answer lies in the peculiar nature of the business we call banking, in our national history as a federal republic of sovereign states, and in our politics.
Read the article @ AmericanHeritage.com
Why should the richest and most productive capitalist economy on earth have such a dismal record in safeguarding a system so central to capitalism? The answer lies in the peculiar nature of the business we call banking, in our national history as a federal republic of sovereign states, and in our politics.
Read the article @ AmericanHeritage.com
Saturday, September 20, 2008
For Short Sellers, It Doesn’t Get Much Better - NYTimes.com
As shareholders of Fannie Mae and Freddie Mac watched their investments plunge in value Thursday, short sellers, who bet against stocks, could count their winnings. Considered smart money by some, short sellers have wagered against Fannie and Freddie in growing numbers as the mortgage crisis has worsened. Many of them have profited handsomely as the companies’ shares have tumbled roughly 70 percent this year.
Read the article @ NYTimes.com
Read the article @ NYTimes.com
A New Wave of Vilifying Short Sellers - New York Times
To sell short, traders typically borrow assets like stocks and sell them. If the price falls, the trader buys back the shares at a lower price and profits from the difference. Short sellers have always been viewed with suspicion because their style of trading seems to run counter to the essential optimism of the markets. After all, they win when other investors lose.Read the article @ New York Times
Friday, September 19, 2008
Film - Wayne Wang, Bridging Generations and Hemispheres - NYTimes.com
IN Wayne Wang’s first feature, “Chan Is Missing” (1982), two taxi drivers go looking for an absent friend in San Francisco’s Chinatown. As they piece together contradictory testimonials from those who knew the missing man, what emerges is almost a composite sketch of Asian-American identity. But the film, which still feels fresh and insightful after all these years, is a mystery without a solution. Its conclusion, unencumbered by the foggy rhetoric of identity politics, is that identity is hard to pin down, up for grabs, something you make up as you go.Read the article @ NYTimes.com
Thursday, September 18, 2008
Wednesday, September 17, 2008
[인터뷰-주대환] "뉴레프트가 뭡니까"
이번에 내가 한 것은 민주화 과도기 20년 동안 대립해온 두 입장, 비판적 지지파와 독자후보(정당)파의 경계를 허물어 버린 것이며, 노동조합을 근거로 ‘노동당’을 만들어서 ‘자유당’을 넘어서겠다는 전략의 폐기다. 나는 민주노동당의 분당에 반대했다. 분당은 아주 잘못된 일이다. 분당에도 불구하고 ‘노동당’ 노선을 포기하지 않았다면 나는 민주노동당 당원으로 남아 있었을 것이다. 그러나 마음속으로는 민주노동당은 곧, 10년 안에 (통합 야당에 합류하여) 사라질 것이라고 생각한다. 반면에 진보신당은 장기적으로 유의미한 존재로 존속이 가능하다고 본다. 단, 촛불 시위의 흐름을 타고 녹색당으로 진화해나간다는 것이 전제다. 갈수록 심각해질 기후 변화와 환경 문제, 그리고 무엇보다 한국의 사회경제적 발전 수준으로 볼 때 녹색당의 존립 근거는 충분하다. 이 이야기는 진보신당을 ‘진정한’ 노동자 정당으로 만들려는 분들과는 다른 전망이다.
기사 읽기 @ 레디앙
기사 읽기 @ 레디앙
Sunday, September 14, 2008
사라져가는 것들을 필사적으로 불러내는 초혼가, <스틸 라이프> : 영
한 감독은 평생 단 한편의 영화만 만든다. 지아장커야말로 그렇다. <소무>에서 <플랫폼>과 <임소요>를 거쳐 <세계>에 이를 때까지, 그는 늘 변하는 것을 찍으면서 변하지 말아야 할 것에 대해 이야기한다. 지아장커가 만들어내는 단 한편의 영화는 <스틸 라이프>에서 마침내 정점에 올랐다. 이 영화는 완전하다. 그리고 여기엔 장이모와 첸카이거의 요즘 작품들에선 절대로 찾을 수 없는 현실의 중국이 있다.
지아장커는 서른살 무렵에 쓴 글에서 불안정한 자신의 생활을 떠올리며, 영화를 선택한다는 건 뿌리뽑힌 삶을 선택한다는 것이라고 한 적이 있다. 그는 늘 자신의 삶과 영화를 일치시키는 감독이다. <플랫폼>이 그랬고, <세계>가 그랬으며, 이제 <스틸 라이프>가 그렇다. 이 영화엔 무너진 돌들이 있고 뿌리 뽑힌 사람들이 있다.
시네21
지아장커는 서른살 무렵에 쓴 글에서 불안정한 자신의 생활을 떠올리며, 영화를 선택한다는 건 뿌리뽑힌 삶을 선택한다는 것이라고 한 적이 있다. 그는 늘 자신의 삶과 영화를 일치시키는 감독이다. <플랫폼>이 그랬고, <세계>가 그랬으며, 이제 <스틸 라이프>가 그렇다. 이 영화엔 무너진 돌들이 있고 뿌리 뽑힌 사람들이 있다.
시네21
<스틸 라이프> 부끄러움을 가르쳐준 영화 : 기사 : 씨네21
싼샤. 1993년부터 시작된 중국정부의 댐 건설로 중국 인민폐 10위안에도 그려진 아름다운 풍광과 2000년의 장구한 역사가 서서히 물에 잠겨가는 곳. 과거는 그렇게 수장되고 현재는 끊임없이 부서지고 미래는 안개로 덮여 보이지 않는 곳. 그곳에서 영화는 시작된다. 여기 두 남녀가 있다. 산밍은 16년 전 자신을 떠난 아내와 딸을 찾기 위해, 션홍은 2년째 소식이 끊긴 남편을 찾기 위해 싼샤의 시간 속으로 들어선다. 이것은 사라져버린 누군가를 찾으러, 사라져가는(허물어지는) 시공간 속으로 들어올 수밖에 없었던 사람들의 이야기다씨네21
기이하고도 슬픈 이야기 <투야의 결혼> : 영화 : 씨네21
“아빠가 둘이라고 놀리잖아요.” 아들 짜야는 엄마의 두 번째 결혼식장에서 싸움을 벌이는 이유를 그렇게 말한다. 투야(위난)는 두 번째 결혼 중인데, 가고 싶지 않은 사람에게 팔려가고 있는 것이며 식장은 난리법석이다. 결국 투야는 홀로 숨어들어 눈물을 흘린다. 그리고 영화는 지금껏 눈물을 흘리지 않고 꿋꿋하게 버텨온 투야의 행적으로 되돌아가 다시 시작한다. 우물을 파다가 허리 불구가 된 남편 바터(바터)를 대신해 살림을 책임지는 것은 투야였지만 그녀조차 조금만 더 고된 노동을 했다가는 남편처럼 될 처지다. 투야에게는 친구가 한명 있는데, 바람기 많은 아내 때문에 늘 골치를 썩이는 인근의 젊은 유부남 썬거(썬거)다. 그들 사이에 우정으로 위장된 사랑의 감정이 오가는 것을 알 수 있지만 그럼에도 투야는 집안의 생계를 위해 남편과 자식을 함께 데리고 살아줄 누군가와 결혼하겠다는 마음을 고쳐먹지 않는다. 씨네21
투야의 결혼
내몽고의 광활한 황무지 한복판. 두 아이와 우물을 파다 불구가 되어버린 남편과 함께 살아가는 투야는 수십 마리의 양떼를 몰고, 먼 길을 오가며 물을 길어 나르는 고된 하루하루를 보낸다. 고된 하루 끝에 집으로 돌아가던 길, 그녀는 사고가 난 이웃주민을 도와주다 자신도 허리를 다치게 되며 힘든 생활고에 한계를 느낀다. 그런 모습을 지켜보며 안타까워하던 남편과 가족들은 이혼을 하고 그녀를 도와줄 수 있는 새로운 남편을 찾도록 권하게 된다. 투야의 결혼 : 영화정보 : 씨네21
Saturday, September 06, 2008
주대환 : 민주노동당의 분당 사태와 좌파의 진로
지난 몇 년 동안 민주노동당은 왜 흥하고 망했는가? 한 마디로 겉과 속이 달랐기 때문이다. 겉 때문에 흥하고 속 때문에 망했다. 겉으로는 “무상의료, 무상교육!”, “부자에게 세금을, 서민에게 복지를!”이라고 외쳤다. 이 구호는 원래의 뜻 그대로의 좌파, 그런 의미에서 진정한 좌파의 구호였다. 물론 구체화되고 보다 현실적인 정책으로 다듬어져야 할 거친 구호들이었지만 적어도 시대착오적인 구호는 아니었다.
다시 말해서 자본주의의 발전이 선진국의 턱 밑에 이르고 그로 인한 사회적 문제들과 빈부격차가 극심하여 누구나 양극화를 인정하고 걱정하는 이 시대가 요구하는 좌파의 목소리였던 것이다. 그래서 국민은 이에 대해 공감을 하고 기대를 보냈다. 그러나 속으로는 아직 NL과 PD, 즉 맹목적 민족주의와 혁명적 민주주의를 스스로 벗어나지 못하고 있었다.
2004년 총선에서 국민의 과분한 사랑과 기대를 받아 원내로 진출한 후에 오히려 그러한 속내가 드러났다. 결국 80년대 운동권의 관념과 습관, 그리고 이데올로기를 벗어나지 못했다는 사실을 숨길 수가 없었던 것이다. 대중 앞에서 선거운동을 하면서 하는 말과 당내에서 하는 말이 일치하지 않고 자기 자신과 대중에게 ‘정직하지’ 않은 사고와 언행의 나쁜 습관은 국민과의 만남에서 스스로 변할 수 있는 가능성마저 차단하였다.레디앙에서 전체 보기
다시 말해서 자본주의의 발전이 선진국의 턱 밑에 이르고 그로 인한 사회적 문제들과 빈부격차가 극심하여 누구나 양극화를 인정하고 걱정하는 이 시대가 요구하는 좌파의 목소리였던 것이다. 그래서 국민은 이에 대해 공감을 하고 기대를 보냈다. 그러나 속으로는 아직 NL과 PD, 즉 맹목적 민족주의와 혁명적 민주주의를 스스로 벗어나지 못하고 있었다.
2004년 총선에서 국민의 과분한 사랑과 기대를 받아 원내로 진출한 후에 오히려 그러한 속내가 드러났다. 결국 80년대 운동권의 관념과 습관, 그리고 이데올로기를 벗어나지 못했다는 사실을 숨길 수가 없었던 것이다. 대중 앞에서 선거운동을 하면서 하는 말과 당내에서 하는 말이 일치하지 않고 자기 자신과 대중에게 ‘정직하지’ 않은 사고와 언행의 나쁜 습관은 국민과의 만남에서 스스로 변할 수 있는 가능성마저 차단하였다.레디앙에서 전체 보기
Thursday, August 07, 2008
이명박 무능의 네 가지 기원, 진보정치 촛불에 기대지 말고 자기 계획 세워야
무엇보다 이러한 구도에서 주목해야 할 점은 이명박 정부의 ‘독재’에 대항하는 운동의 구도가 과거와는 같을 수 없다는 것이다. 즉 이것이 ‘진짜 같은 가짜’라는데 주목해야 한다. 바로 광화문과 청계광장, 여의도 KBS본관 앞의 촛불들 속에 비정규직의 촛불들이 묻히는 ‘광장의 아이러니’가 발생하는 것도 이러한 본질을 지배하는 현상의 전도된 현실 때문이다.
그래서 ‘촛불들의 연대’가 절실하게 요구된다. 이것은 단순한 의제의 확장을 얘기하는 것이 아니다. 대의제 민주주의와 직접민주주의라는 소모적인 이분법을 넘어서는 민주주의간의 연대가 필요하다는 것이다.
특히 이제 ‘촛불’은 이명박 정부에 대한 정치적 반대를 넘어 그 반대진영, 특히 진보진영의 정치역량을 시험하고 있다. 그런데 진보신당은 부실하고, 민주노동당은 불안하다. 시민사회세력과 노동운동은 정권의 물리적 탄압에 위축되어있어 있는 것이 객관적 사실인 것 같다.
하지만 이명박 정권 역시 불안하기는 마찬가지다. 그들이 펼쳐놓을 정책 하나하나가 암초이며, 자충수들이다. 진보정치세력은 더 이상 촛불에 기대지 말고 자신들의 플랜을 마련해야 한다. 무엇보다 앞서 얘기한 촛불들간의 연대, 민주주의간의 연대를 위한 ‘목소리’를 만드는데 집중해야 할 것이다.전체 기사 @ 레디앙
그래서 ‘촛불들의 연대’가 절실하게 요구된다. 이것은 단순한 의제의 확장을 얘기하는 것이 아니다. 대의제 민주주의와 직접민주주의라는 소모적인 이분법을 넘어서는 민주주의간의 연대가 필요하다는 것이다.
특히 이제 ‘촛불’은 이명박 정부에 대한 정치적 반대를 넘어 그 반대진영, 특히 진보진영의 정치역량을 시험하고 있다. 그런데 진보신당은 부실하고, 민주노동당은 불안하다. 시민사회세력과 노동운동은 정권의 물리적 탄압에 위축되어있어 있는 것이 객관적 사실인 것 같다.
하지만 이명박 정권 역시 불안하기는 마찬가지다. 그들이 펼쳐놓을 정책 하나하나가 암초이며, 자충수들이다. 진보정치세력은 더 이상 촛불에 기대지 말고 자신들의 플랜을 마련해야 한다. 무엇보다 앞서 얘기한 촛불들간의 연대, 민주주의간의 연대를 위한 ‘목소리’를 만드는데 집중해야 할 것이다.전체 기사 @ 레디앙
왜 지금 다시 <영웅본색>인가? 22년만에 재개봉하는 <영웅본색> 리뷰
무협영화가 배경으로 삼는 전근대 시대에 있어 강호는 (봉건적인) 국가 체제와 별개로 존재하며 나름의 법칙과 윤리에 의해 유지되는 독립적인 공간이었다. 그러나 근대국가가 형성되고 난 뒤, 합법적 국가질서에 포섭되지 않는 공간은 범죄의 공간으로 여겨질 뿐이다. 즉 강호는 더 이상 국가와 별도로 존재를 인정받을 수 있는 공간이 아니게 된 것이다. 적룡이 연기하는 송자호는 외견상 범죄조직의 수장이지만, 일반적인 조직 폭력 영화들에서 그려지는 보스와는 다른 면모를 보인다. 그는 현대적인 조폭 조직의 보스가 아니라, 사제들을 거느리고 보살피는 무협영화 시대의 큰사형과 같은 존재다. 말하자면 송자호와 마크(주윤발)는 강호가 불법시되는 근대국가에 남은 마지막 강호인이라 할 수 있다. 그들의 조직이 바로 '위폐 제조' 조직이라는 사실은 의미심장하다. 자본주의 사회가 운용되는 가장 기본적인 가치 단위가 화폐인 만큼, 그가 위폐를 만든다는 것은 곧 자본주의 질서의 근간을 뒤흔드는 존재라는 의미이기 때문이다.전체 기사 @ 프레시안
Heroes of Beijing: The Triumph of the West
While most of the recent attention that has been focused on the Beijing Olympic Games has been concerned with civil rights and environmental issues, virtually no comment has been made on the fact that by hosting the games, China becomes yet one more country to enter into what is essentially a pact with the devil with capital on the one hand and western sporting “ideals” on the other. The debate about Beijing’s right to host the Games contains an implicit belief that hosting the Olympics is “a good thing” and that it should therefore be granted only to “good” countries, with “good” being defined by western nations. To question the emphasis of the debate on human rights and the upcoming games is not to imply support for China’s record. However, it is to argue that we should not allow outrage at humanitarian injustice to give succor to a self-delusory belief in the wonders of western democracy and, specifically in this instance, the moral worth of the Olympic Games.Full Article @ Foreign Policy In Focus
베이징 올림픽 유치 과정에서부터 시작된 '인권 논란'은 개막식을 코 앞에 둔 지금까지도 중국의 환경 문제 등과 함께 이슈로 부각되고 있다. 그러나 그 안에 감춰진 논리는 지극히 '서양중심적'이란 지적도 있다. 사실 올림픽은 이미 하나의 서양 중심적 '가치'이다. 득세하는 서양식 스포츠들, 그리고 스폰서와 광고에서 드러나는 엄청난 규모의 자본주의적 경쟁 등을 이해한다면 쉽게 알 수 있다. 이와 관련해 영국의 스포츠사회학 교수 앨런 베어너(Alan Bairner)는 현대 스포츠는 화합 대신 경쟁과 폭력적 갈등을 불러올 속성을 갖고 있다는 점을 지적한다. 그는 오직 승자와 패자로 나뉘는 가열된 경쟁구도가 자본주의적 윤리와 결합해 결국 다국적 기업만을 최후 승자로 만들어줄 뿐이라며 올림픽에 대한 냉소를 보냈다.한글 @ 프레시안
베이징 올림픽 유치 과정에서부터 시작된 '인권 논란'은 개막식을 코 앞에 둔 지금까지도 중국의 환경 문제 등과 함께 이슈로 부각되고 있다. 그러나 그 안에 감춰진 논리는 지극히 '서양중심적'이란 지적도 있다. 사실 올림픽은 이미 하나의 서양 중심적 '가치'이다. 득세하는 서양식 스포츠들, 그리고 스폰서와 광고에서 드러나는 엄청난 규모의 자본주의적 경쟁 등을 이해한다면 쉽게 알 수 있다. 이와 관련해 영국의 스포츠사회학 교수 앨런 베어너(Alan Bairner)는 현대 스포츠는 화합 대신 경쟁과 폭력적 갈등을 불러올 속성을 갖고 있다는 점을 지적한다. 그는 오직 승자와 패자로 나뉘는 가열된 경쟁구도가 자본주의적 윤리와 결합해 결국 다국적 기업만을 최후 승자로 만들어줄 뿐이라며 올림픽에 대한 냉소를 보냈다.한글 @ 프레시안
Wednesday, August 06, 2008
[이민진] 독점공개! ''이창호의 매력'' 속으로~
많은 사람들이 창호 사범님의 이미지라고 하면 무표정의 포커페이스에 묵묵히 바둑을 두는 모습만을 상상 할 것이다. 어떤 한 사람은 나에게 “저 분은 말을 하긴 해요?” 라고 물었던 사람도 있다.
하지만 바둑판을 떠났을 때는…….?
전체 기사 보기
하지만 바둑판을 떠났을 때는…….?
전체 기사 보기
Monday, August 04, 2008
죽음도 살려내는 박스의 신나는 춤 - 오마이뉴스
'춤추는 박스'는 역설적인 제목이다. 이 주제는 전화위복 내지 삶의 대전환을 상징한다. 아무 쓸데없는 것처럼 보이는 박스를 춤추게 함으로써 생명의 기운과 활력을 되찾는 것을 뜻한다.오마이뉴스
Family Formula Gets Workout
WHEN Kevin Rudd delivered his campaign launch speech in Brisbane on Wednesday, two words kept popping up. "After 11 years, Mr Howard has lost touch with working families ... When did Mr Howard tell working families they would be put on AWAs or lose basic rights? ... We understand that working families are under financial pressure and they need every bit of help we can offer." The Opposition Leader mentioned working families 12 times in his speech. That was restrained compared with some of his speeches and interviews, where it has cropped up as often as 20 times in the space of a fewminutes. He makes use of the term for one reason: polling for the ACTU has shown that it is a powerful way to reframe the debate about economic management to Labor’s advantage. Read Mike Steketee Blog @ The Australian
How Unions United to Change Australia's Labour Laws
An unprecedented union campaign for workplace rights was a critical factor in changing Australia’s government last November, according to analysts from every side of politics.
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New weapons in the workplace revolution - National - theage.com.au
Twelve months ago, the Howard Government radically altered the industrial relations landscape. Michael Bachelard and Meaghan Shaw investigate the fallout.Read March 26 2007 Article
Multinational Monitor - No Choices: Australia's Unions Confront Labor Law "Reform"
Passed through Parliament on December 2, 2005 and proclaimed as law on March 27, Work Choices is an amendment to the Workplace Relations Act (WRA), a package of industrial “reforms” passed by the Australian federal Liberal-National (conservative) Coalition government in 1996. Like Work Choices, that original package aimed at restricting workers’ rights and weakening the power of unions. It is part of the ongoing effort by Australian governments — Labor and Liberal — over the last 25 years, to increase profitability by lowering the cost of labor. Read full article at the Multinational Monitor
Burned by IR, Howard's battlers exact revenge - Federal Election 2007 News
THE phrase "working families" was created in the last week of March in 2005, after 65 battlers in eight focus groups were asked how they would describe themselves.Read the full article
Monday, July 28, 2008
Wal-Mart Strikes Pay Deal With Chinese Union - Forbes.com
Wal-Mart's latest agreement with the Chinese government is proof that if you're going to do business in China, you've got to play by the rules.
The U.S. retailer, the world's largest, said Friday it had reached collective bargaining agreements with China's official union, the All-China Federation of Trade Unions (ACFTU), in several cities. Wal-Mart (nyse: WMT - news - people ) operates more than 100 of its namesake stores throughout China and employs 48,589 people.
Dave Orlins, president of the National Committee of U.S. China Relations, said the agreement is crucial to Wal-Mart's business. "To expand in China, one needs government support," he says. "This is what you should be doing in China."
And Wal-Mart knows as much.
"We support these efforts because of the valuable, mutually beneficial partnership the government-run union offers and because of their commitment to assisting businesses in our growth and development in China," said Kevin Gardner, a Wal-Mart spokesman.
The famously anti-union Wal-Mart has been something of a poster child for the Chinese government's drive to get all foreign-owned enterprises to recognize the ACFTU. The collective bargaining agreements come two years after the retailer yielded to sustained pressure to allow the union, the only one officially sanctioned in China, to organize at its local outlets.
Collective bargaining is a requirement of the Labor Contract Law that came into effect at the start of this year.Full article at Forbes.com
The U.S. retailer, the world's largest, said Friday it had reached collective bargaining agreements with China's official union, the All-China Federation of Trade Unions (ACFTU), in several cities. Wal-Mart (nyse: WMT - news - people ) operates more than 100 of its namesake stores throughout China and employs 48,589 people.
Dave Orlins, president of the National Committee of U.S. China Relations, said the agreement is crucial to Wal-Mart's business. "To expand in China, one needs government support," he says. "This is what you should be doing in China."
And Wal-Mart knows as much.
"We support these efforts because of the valuable, mutually beneficial partnership the government-run union offers and because of their commitment to assisting businesses in our growth and development in China," said Kevin Gardner, a Wal-Mart spokesman.
The famously anti-union Wal-Mart has been something of a poster child for the Chinese government's drive to get all foreign-owned enterprises to recognize the ACFTU. The collective bargaining agreements come two years after the retailer yielded to sustained pressure to allow the union, the only one officially sanctioned in China, to organize at its local outlets.
Collective bargaining is a requirement of the Labor Contract Law that came into effect at the start of this year.Full article at Forbes.com
FT.com / Columnists / A spectre haunts Wal-Mart - Chinese unions
On July 14, appropriately enough, Chinese union leaders quietly celebrated Bastille Day by concluding the first-ever collective bargaining agreement with Wal-Mart management in China. Wal-Mart workers in Quanzhou, a city in coastal Fujian province, this week followed their Shenyang colleagues’ lead.
It has been two years since the first union was established at one of Wal-Mart’s 105 China stores – something the world’s largest retailer had long resisted. The collective bargaining agreements struck in Shenyang and Quanzhou this month are a direct result of that breakthrough. Both agreements guarantee Wal-Mart workers 8 per cent pay rises and additional guarantees on paid leave and overtime.
FT.com / Columnists / World View - A spectre haunts Wal-Mart - Chinese unions
It has been two years since the first union was established at one of Wal-Mart’s 105 China stores – something the world’s largest retailer had long resisted. The collective bargaining agreements struck in Shenyang and Quanzhou this month are a direct result of that breakthrough. Both agreements guarantee Wal-Mart workers 8 per cent pay rises and additional guarantees on paid leave and overtime.
FT.com / Columnists / World View - A spectre haunts Wal-Mart - Chinese unions
8,500 Wal-Mart staff win pay rise in collective contract - People's Daily Online
More than 8,500 employees of Wal-Mart in Shenzhen will receive a 9 percent wage rise thanks to a collective contract signed by unions and the retail giant on Thursday.
The agreement introduces annual wage negotiations and states that the minimum wage offered by the firm should be higher than the Guangdong city's monthly minimum rate of 1,000 yuan ($147).
Wal-Mart has already signed collective contracts with unions in Shenyang, Liaoning province, and Quanzhou, Fujian province.
8,500 Wal-Mart staff win pay rise in collective contract - People's Daily Online
The agreement introduces annual wage negotiations and states that the minimum wage offered by the firm should be higher than the Guangdong city's monthly minimum rate of 1,000 yuan ($147).
Wal-Mart has already signed collective contracts with unions in Shenyang, Liaoning province, and Quanzhou, Fujian province.
8,500 Wal-Mart staff win pay rise in collective contract - People's Daily Online
Wal-Mart signs 8% pay deals with unionised Chinese workers
Wal-Mart, the US retail group known for fending off organised labour in its home market, has completed collective bargaining agreements with unions in two Chinese cities.
The agreements reached with government-approved unions in Shenyang and Quanzhou come less than two years after the official All China Federation of Trade Unions (ACFTU) launched a high-profile campaign to organise workers and mark a new chapter in the development of China's labour movement.
FT.com / Home UK / UK - Wal-Mart signs 8% pay deals with unionised Chinese workers
The agreements reached with government-approved unions in Shenyang and Quanzhou come less than two years after the official All China Federation of Trade Unions (ACFTU) launched a high-profile campaign to organise workers and mark a new chapter in the development of China's labour movement.
FT.com / Home UK / UK - Wal-Mart signs 8% pay deals with unionised Chinese workers
Saturday, July 26, 2008
'엽기적인' MB외교…'금강산피격' 포기할 정도로 10.4선언 싫다? ARF 의장성명서 10.4선언·금강산 문구 빠져
외교부 당국자는 25일 "이용준 외교부 차관보가 오늘 싱가포르 외교부를 공식 방문한 자리에서 '왜 논의도 안 된 10.4선언을 의장성명에 넣었냐'고 따졌고, 싱가포르측에서 그 의견을 받아들여 10.4선언 항목을 뺀 의장성명 최종본이 나왔다"고 밝혔다.
그러나 이 당국자는 "싱가포르 외교부는 이 차관보의 말을 듣고 '그럼 금강산 피격 사건도 남북간의 문제니까 같이 빼자'고 해서 금강산 항목도 빠지게 됐다"고 말했다.
이에 대해 외교가에서는 '금강산 항목을 포기할 정도로 10.4선언을 빼는 게 그리 중요했냐' 혹은 '값어치가 다른 사항을 교환하는 실속 없는 외교를 했다'는 비난이 나오고 있다.
또한 이명박 정부가 10.4 선언에 대한 거부의 뜻을 국제사회와 북한에 명백히 보여준 것으로 '최악의 대북 시그널을 보냈다'는 평가도 나오고 있다.
전체 기사 읽기 - 프레시안
그러나 이 당국자는 "싱가포르 외교부는 이 차관보의 말을 듣고 '그럼 금강산 피격 사건도 남북간의 문제니까 같이 빼자'고 해서 금강산 항목도 빠지게 됐다"고 말했다.
이에 대해 외교가에서는 '금강산 항목을 포기할 정도로 10.4선언을 빼는 게 그리 중요했냐' 혹은 '값어치가 다른 사항을 교환하는 실속 없는 외교를 했다'는 비난이 나오고 있다.
또한 이명박 정부가 10.4 선언에 대한 거부의 뜻을 국제사회와 북한에 명백히 보여준 것으로 '최악의 대북 시그널을 보냈다'는 평가도 나오고 있다.
전체 기사 읽기 - 프레시안
Tuesday, July 22, 2008
교육감 직선제는 '盧명박'의 독사과 [기고] 교육 분권화에 놀아날 때가 아니다
교육분권화는 미친 상황을 미치고 환장할 상황으로 만든다. 직선제는 주민들의 '광기'가 지역 교육에 압력으로 작용할 통로가 된다. 이때의 주민은 공화국의 시민이 아닌 소비자로서의 교육수요자다. 이들이 원하는 건 자신들 지역의 학교가 다른 지역보다 성적이 잘 나오는 우수학교가 되는 것이다. 각 지역이 부동산 정책을 결정하면 난개발경쟁이 일어나는 것처럼, 이런 수요자들의 요구가 교육정책에 반영되면 성적경쟁이 가중된다.
지역 단위 교육수요자들의 요구를 '분쇄'하는 것이 한국에서 교육을 살리는 첫걸음이다.
교육감 직선제는 필연적으로 교육감과 교육청의 자율성을 확대한다. 그에 따라 지역별 책무성이 커지면 결국 각 지역의 교육은 완전히 독립적으로 운영되게 될 것이다. 이건 지역 죽이기에 다름 아니다. 각 지역이 독립하게 되면 잘 사는 지역 부자들이 다른 지역 교육비를 보조해줄 이유가 없어진다. 있는 지역의 교육은 유복하게 되고, 없는 동네는 가난한 교육을 하게 된다. 서울-수도권-영남대도시 지역 아이들만 OECD 회원국다운 교육을 받고 나머지 지역은 소외될 것이다. 분권화가 세분화되면 결국엔 서울 강남, 목동, 경기도 분당, 과천 등 중상층 밀집지역의 학교들만 승천하게 된다. 이런 지역의 학부모들은 대체로 일반적인 농어민-노동자-영세자영업자들과는 거리가 멀다. 그러므로 교육감 직선제-교육분권화는 계층 차원에서 보면 서민차별정책이 된다.
잘 사는 지역은 잘 사는 지역대로 자기 교육감 뽑고, 없는 동네는 없는 대로 자기 교육감 뽑아서 각자 자율적으로 잘해보는 나라의 공교육 붕괴는 필연이다. 프레시안에서 기사 보기
지역 단위 교육수요자들의 요구를 '분쇄'하는 것이 한국에서 교육을 살리는 첫걸음이다.
교육감 직선제는 필연적으로 교육감과 교육청의 자율성을 확대한다. 그에 따라 지역별 책무성이 커지면 결국 각 지역의 교육은 완전히 독립적으로 운영되게 될 것이다. 이건 지역 죽이기에 다름 아니다. 각 지역이 독립하게 되면 잘 사는 지역 부자들이 다른 지역 교육비를 보조해줄 이유가 없어진다. 있는 지역의 교육은 유복하게 되고, 없는 동네는 가난한 교육을 하게 된다. 서울-수도권-영남대도시 지역 아이들만 OECD 회원국다운 교육을 받고 나머지 지역은 소외될 것이다. 분권화가 세분화되면 결국엔 서울 강남, 목동, 경기도 분당, 과천 등 중상층 밀집지역의 학교들만 승천하게 된다. 이런 지역의 학부모들은 대체로 일반적인 농어민-노동자-영세자영업자들과는 거리가 멀다. 그러므로 교육감 직선제-교육분권화는 계층 차원에서 보면 서민차별정책이 된다.
잘 사는 지역은 잘 사는 지역대로 자기 교육감 뽑고, 없는 동네는 없는 대로 자기 교육감 뽑아서 각자 자율적으로 잘해보는 나라의 공교육 붕괴는 필연이다. 프레시안에서 기사 보기
'교원평가'와 '평준화', 어떻게 풀 것인가? [주장] 교육감 선거국면에서 진보진영이 풀어야 할 두가지 숙제
필자의 개인적인 판단으로는 두 가지를 들 수 있다. 하나는 '교원평가제 반대'이고, 다른 하나는 '평준화'이다.
우선, '교원평가제 반대'로 인해 전교조는 이익집단이라는 이미지가 매우 강해졌다. 학부모들이 공교육 현실에 큰 불만을 갖고 있다는 사실은 어제 오늘 나온 이야기가 아니다. 특히, 일부 자질 없는 교사들이 보여주는 몰지각한 행태는 공교육에 대한 불신의 수위를 갈수록 높이고 있다. 그래서 학부모들은 극소수 자질 없는 교사들을 걸러내는 수단으로서 교원평가제에 나름대로 기대를 갖고 있는 것이다. 물론, 전교조가 지적하는 교원평가제의 문제점은 분명히 그 근거가 있다. 그러나 학부모들의 공교육에 대한 불만의 수위를 고려할 때 이는 '구더기 무서워 장 못 담그는' 행위로 비추어질 수밖에 없다. 진보진영 인사들이 지지하는 후보에게 교원평가제 문제는 매우 큰 짐이 될 수밖에 없다.
평준화를 둘러싼 논쟁에서 가장 중요시되는 평가의 잣대는 '어느 시스템이 학력신장에 더 도움이 되느냐' 이다. 여기서 학력신장이라 함은 주요과목 즉 '국, 영, 수' 점수를 올리는 것을 말한다. 즉, 평준화를 주장하는 측이든 비평준화를 주장하는 측이든 서로 자기 시스템이 더 우수하다는 주장의 가장 중요한 근거를 주요과목 점수를 올리는데 더 유리하다는 것으로 삼고 있다는 것이다. 물론, 인성교육 이나 특성화교육 등에 대하여도 이야기하지만, 공교육에서 이를 기대하는 학부모는 별로 없어 그냥 구색 맞추기로 끝나는 실정이다.
획일적으로 서열화된 대학체계가 우리나라 교육문제의 원흉이라는 것이 필자의 굳은 신념이다. 98점과 97점이라는 의미 없는 점수차이마저 아이들의 미래를 갈라놓을 것처럼 느끼게 하는 것이 우리나라의 잔인한 대학의 서열화체계이다. 이러한 서열화를 혁명적으로 바꾸지 않는 한, 1~2점에 목숨 거는 아이와 학부모의 잔인한 희생은 계속될 것이다.
'평준화가 국영수 성적을 올리는 데 더 도움이 된다'는 것은 별로 설득력도 없을뿐더러 진보진영에서 취할 입장도 아니라는 것이 필자가 하고 싶은 말이다.
학부모들은 내 지역의 평균점수가 중요한 것이 아니라 내 아이의 등수와 점수가 중요하다. 정책의 옳고 그름을 성적을 기준으로 판단할 경우, 전부 다 1등으로 만들지 않은 한 어차피 점수로 아이들을 줄 세우기 할 수밖에 없으며, 결국 사교육열풍은 줄어들지 않는다.
오히려, '국영수에 관심이 없는 아이들, 일류대학에 못가는 아이들도 인생에서 충분히 성공과 행복을 누릴 수 있다'는 것이 주요한 교육정책 방향이어야 한다. 사실, 일류대학을 목표로 하는 상위권 학생들은 학교 수업에 큰 기대를 기대하지 않는다. '점수 따기 경쟁'을 위한 수업에서 학교는 사교육에 상대가 되지 않기 때문이다. 공교육이 안 되는 실력 갖고 사교육 흉내를 계속 내다가는 그 위상만 더 추락하고 말 것이다.
공교육이 해야 할 일은 점수 따기 경쟁의 허상을 깨며, 아이들의 미래를 위한 진짜 교육을 차분히 준비하는 것이다. 그러면, 언젠가는 학부모들이 '유년기와 청소년기를 국, 영, 수 점수에 올인하도록 하는 것이 내 아이의 미래를 위해 옳은 일인가?'라고 진지하게 고민할 것이며, 이 순간 우리나라 교육혁명은 시작된 것이다. 오마이뉴스 기사 읽기
우선, '교원평가제 반대'로 인해 전교조는 이익집단이라는 이미지가 매우 강해졌다. 학부모들이 공교육 현실에 큰 불만을 갖고 있다는 사실은 어제 오늘 나온 이야기가 아니다. 특히, 일부 자질 없는 교사들이 보여주는 몰지각한 행태는 공교육에 대한 불신의 수위를 갈수록 높이고 있다. 그래서 학부모들은 극소수 자질 없는 교사들을 걸러내는 수단으로서 교원평가제에 나름대로 기대를 갖고 있는 것이다. 물론, 전교조가 지적하는 교원평가제의 문제점은 분명히 그 근거가 있다. 그러나 학부모들의 공교육에 대한 불만의 수위를 고려할 때 이는 '구더기 무서워 장 못 담그는' 행위로 비추어질 수밖에 없다. 진보진영 인사들이 지지하는 후보에게 교원평가제 문제는 매우 큰 짐이 될 수밖에 없다.
평준화를 둘러싼 논쟁에서 가장 중요시되는 평가의 잣대는 '어느 시스템이 학력신장에 더 도움이 되느냐' 이다. 여기서 학력신장이라 함은 주요과목 즉 '국, 영, 수' 점수를 올리는 것을 말한다. 즉, 평준화를 주장하는 측이든 비평준화를 주장하는 측이든 서로 자기 시스템이 더 우수하다는 주장의 가장 중요한 근거를 주요과목 점수를 올리는데 더 유리하다는 것으로 삼고 있다는 것이다. 물론, 인성교육 이나 특성화교육 등에 대하여도 이야기하지만, 공교육에서 이를 기대하는 학부모는 별로 없어 그냥 구색 맞추기로 끝나는 실정이다.
획일적으로 서열화된 대학체계가 우리나라 교육문제의 원흉이라는 것이 필자의 굳은 신념이다. 98점과 97점이라는 의미 없는 점수차이마저 아이들의 미래를 갈라놓을 것처럼 느끼게 하는 것이 우리나라의 잔인한 대학의 서열화체계이다. 이러한 서열화를 혁명적으로 바꾸지 않는 한, 1~2점에 목숨 거는 아이와 학부모의 잔인한 희생은 계속될 것이다.
'평준화가 국영수 성적을 올리는 데 더 도움이 된다'는 것은 별로 설득력도 없을뿐더러 진보진영에서 취할 입장도 아니라는 것이 필자가 하고 싶은 말이다.
학부모들은 내 지역의 평균점수가 중요한 것이 아니라 내 아이의 등수와 점수가 중요하다. 정책의 옳고 그름을 성적을 기준으로 판단할 경우, 전부 다 1등으로 만들지 않은 한 어차피 점수로 아이들을 줄 세우기 할 수밖에 없으며, 결국 사교육열풍은 줄어들지 않는다.
오히려, '국영수에 관심이 없는 아이들, 일류대학에 못가는 아이들도 인생에서 충분히 성공과 행복을 누릴 수 있다'는 것이 주요한 교육정책 방향이어야 한다. 사실, 일류대학을 목표로 하는 상위권 학생들은 학교 수업에 큰 기대를 기대하지 않는다. '점수 따기 경쟁'을 위한 수업에서 학교는 사교육에 상대가 되지 않기 때문이다. 공교육이 안 되는 실력 갖고 사교육 흉내를 계속 내다가는 그 위상만 더 추락하고 말 것이다.
공교육이 해야 할 일은 점수 따기 경쟁의 허상을 깨며, 아이들의 미래를 위한 진짜 교육을 차분히 준비하는 것이다. 그러면, 언젠가는 학부모들이 '유년기와 청소년기를 국, 영, 수 점수에 올인하도록 하는 것이 내 아이의 미래를 위해 옳은 일인가?'라고 진지하게 고민할 것이며, 이 순간 우리나라 교육혁명은 시작된 것이다. 오마이뉴스 기사 읽기
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Tesco
From Wikipedia, the free encyclopedia
Tesco
Type Public (LSE: TSCO)
Founded 1919 in East London by Jack Cohen
Headquarters Cheshunt, England, UK
Key people David Reid (Chairman),
Sir Terry Leahy (Chief Executive)
Industry Retail
Products Groceries, Consumer goods, financial services, telecoms
Market Cap £33.5bn (as of 11/5/2008)[1]
Revenue ▲£46.6 billion (2007)
Operating income ▲£2.47 billion (2007)
Net income ▲£1.90 billion (2007)
Employees 273,028
Subsidiaries Tesco Stores Limited
Tesco Ireland Limited
Tesco Personal Finance (50%)
Website www.tesco.com
1. Results for 52 weeks ended 24 February 2007[2]
Tesco plc is a British-based international grocery and general merchandising retail chain. It is the largest British retailer by both global sales and domestic market share with profits exceeding £2 billion. In 2008, the company overtook German retail giant Metro AG to become the world's third largest retailer, the first movement among the top five since 2003.[3]
Originally specialising in food, it has diversified into areas such as clothing, consumer electronics, consumer financial services, retailing and renting DVDs,[4] CDs, music downloads, Internet service, consumer telecoms, consumer health insurance, consumer dental plans and software.
Contents [hide]
1 History
1.1 Formation
1.2 Management and strategy changes
1.3 1980s
1.4 1990s
1.5 2000s
2 Corporate strategy
2.1 Brand image
2.2 Advertising
3 Corporate tax structure
4 Corporate social responsibility
5 UK operations
5.1 Stores
5.2 Distribution
5.2.1 Road
5.2.2 Rail
5.2.3 Canal
5.3 Other Businesses
5.3.1 Garden Centres
5.3.2 Personal Finance
5.3.3 Telecoms
5.3.4 Fuel
5.4 Tesco Clubcard
6 Internet operations
6.1 High-tech services
7 International operations
7.1 China
7.2 Czech Republic
7.3 France
7.4 Hungary
7.5 Ireland
7.6 Japan
7.7 Malaysia
7.8 Poland
7.9 Slovakia
7.10 South Korea
7.11 Thailand
7.12 Turkey
7.13 United States
7.14 Non-UK store summary
8 Financial performance
8.1 UK market share
9 Tesco litigation
10 Criticism
11 Further reading
12 See also
13 References
14 External links
[edit] History
[edit] Formation
First self service Tesco, St Albans, EnglandJack Cohen founded Tesco in 1919[3] when he began to sell surplus groceries from a stall in the East End of London. The Tesco brand first appeared in 1924. The name came about after Jack Cohen bought a shipment of tea from T.E. Stockwell. He made new labels using the first three letters of the supplier's name (TES), and the first two letters of his surname (CO), forming the word "TESCO".[5]
The first Tesco store was opened in 1929 in Burnt Oak, Edgware, Middlesex. Tesco floated on the London Stock Exchange in 1947 as Tesco Stores (Holdings) Limited.[6] The first self service store opened in St Albans in 1947 (still operational in 2007 as a Metro),[7] and the first supermarket in Maldon in 1956.[6]
During the 1950s and the 1960s Tesco grew organically, but also through acquisitions until it owned more than 800 stores. The company purchased 70 Williamsons stores (1957), 200 Harrow Stores outlets (1959), 212 Irwins stores (1960), 97 Charles Phillips stores (1964) and the Victor Value chain (1968) (sold to Bejam in 1986).[8]
[edit] Management and strategy changes
Founder Jack Cohen was an enthusiastic advocate of trading stamps as an inducement for shoppers to patronise his stores. He signed up with Green Shield Stamps in 1963, and became one of the company's largest clients.[9]
In 1973 Jack Cohen resigned and was replaced as Chairman by his son-in-law Leslie Porter. Porter and managing director Ian MacLaurin abandoned the "pile it high sell it cheap" philosophy of Cohen which had left the company "stagnating" and with a "bad image".[10] In 1977 Tesco launched "Operation Checkout" with the abandonment of Green Shield stamps, price reductions and centralised buying for all stores. The result was a rise in market share of 4% in two months.[10]
[edit] 1980s
In May 1987 Tesco completed its hostile takeover of the Hillards chain of 40 supermarkets in the North of England for £220 million.[11]
[edit] 1990s
Tesco at Seacroft, Leeds. This was built as a redevelopment of the 1960s Seacroft Civic Centre.In 1994, the company took over the Scottish supermarket chain William Low. Tesco successfully fought off Sainsbury's for control of the Dundee-based firm, which operated 57 stores. This paved the way for Tesco to expand its presence in Scotland, which was weaker than in England. In 2006 Inverness was branded as "Tescotown",[12][13] because well over 50p in every £1 spent on food is believed to be spent in its three Tesco stores.[14]
In 1995, Tesco became the UK's market leader in the supermarket sector, beating Sainsbury's.[citation needed]
Tesco introduced a loyalty card, branded 'Clubcard', in 1995 and later an Internet shopping service. As of November 2006 Tesco was the only food retailer to make online shopping profitable.[15]
Terry Leahy assumed the role of chief executive on 21 February 1997, the announcement having been made on 21 November 1995.[16][17]
On 21 March 1997 Tesco announced the purchase of the retail arm of Associated British Foods which consisted of the Quinnsworth, Stewarts and Crazy Prices chains in the Republic of Ireland and Northern Ireland, as well as associated businesses for GB£640 million.[18] The deal was approved by the European Commission on 6 May 1997.[19] This acquisition gave it both a major presence in the Republic of Ireland, and a larger presence in Northern Ireland than Sainsbury's which had begun its move into the province in 1995.
In 1996, the typeface of the logo was changed to the current one shown on the top of the page with stripe reflections underneath the typefaces as Tesco used them on their carrier bags. The "typewriter" typeface that the company had been using since the 1970s for its in-store signage was also dropped during this period.
In 1997, Tesco Stores Limited and Esso Petroleum Company Ltd (now part of Exxonmobil Corporation) came together to form a business alliance. The agreement included several petrol filling stations on leases from Esso, where Tesco would operate the store under the Express format. In turn, Esso would operate the forecourts and sell their fuel via the Tesco store. Ten years later, over 600 Tesco/Esso stores can now be found across the United Kingdom.
[edit] 2000s
Trolley shelterIn July 2001 it became involved in internet grocery retailing in the USA when it obtained a 35% stake in GroceryWorks.[citation needed]
In 2002 Tesco purchased 13 HIT hypermarkets in Poland; to date there are over 350 Tesco Stores in Poland and this portfolio is still growing with the introduction of Tesco Express stores around all major cities.[citation needed] It also made a major move into the UK convenience store market with its purchase of T & S Stores, owner of 870 convenience stores in the One Stop, Dillons and Day & Nite chains in the UK.[20]
In October 2003 it launched a UK telecoms division, comprising mobile and home phone services, to complement its existing Internet service provider business. In June 2003 Tesco purchased the C Two-Network in Japan.[21] It also acquired a majority stake in Turkish supermarket chain Kipa.[citation needed]
In January 2004 Tesco acquired Adminstore, owner of 45 Cullens, Europa, and Harts convenience stores, in and around London.[22] In August 2004, it also launched a broadband service. In Thailand Tesco Lotus was a joint venture of the Charoen Pokphand Group and Tesco but facing criticism over the growth of hypermarkets. CP Group sold its Tesco Lotus shares in 2003.
In late 2005 Tesco acquired the 21 remaining Safeway/BP stores after Morrisons dissolved the Safeway/BP partnership.[citation needed]
In mid 2006 Tesco purchased an 80% stake in Casino's Leader Price supermarkets in Poland. They will be rebranded into small Tesco stores.[citation needed]
On July 14, 2007, fourteen Tesco stores across the UK were temporarily closed after a 'bomb scare' and a criminal investigation launched after threats were made.[23] A 'suspect device' was found in one store on July 16, 2007 causing the store and surrounding area to be sealed off while the Army Explosive Ordnance Disposal unit disposed of the package.[24]
In 2007, Tesco joined forces with O2 in Ireland to form Tesco Mobile, using the 089 prefix. Tesco owns 50% of the network, with O2 owning the remainder. Tesco has not built its own network in Ireland, but uses the O2 infrastructure already in place, similar to the arrangement in the UK. By doing this, Tesco has saved money and already has 99.6% population network coverage and 95% geographical coverage.
In 2007 Tesco was placed under investigation by the UK The Office of Fair Trading (OFT) for acting as part of a cartel of five supermarkets (Safeway, Tesco, Asda, Morrisons and Sainsburys) and a number of dairy companies to fix the price of milk, butter and cheese. In December 2007 Asda, Sainsburys and the former Safeway admitted that they acted covertly against the interests of consumers while publicly claiming that they were supporting 5,000 farmers recovering from the foot-and-mouth crisis. They were fined a total of £116M. Tesco, which maintains that it was not a part of the cartel, is still under investigation by the OFT.
[edit] Corporate strategy
An "inclusive offer". This phrase is used by Tesco to describe its aspiration to appeal to upper, medium and low income customers in the same stores.[citation needed] According to Citigroup retail analyst David McCarthy, "They've pulled off a trick that I'm not aware of any other retailer achieving. That is to appeal to all segments of the market".[25]
One plank of this strategy has been Tesco's use of its own-brand products, including the upmarket "Finest" and low-price "Value".
Tesco implemented the Clubcard rewards program to gather necessary customer information, which it then used to cater to specific customer needs and potential wants. When shoppers signed up for the card, they automatically submitted their age, gender and address. Tesco was able to segment their shoppers based on these factors. As soon as the shopper used the card when shopping online or in-store, purchased product information was automatically uploaded into Tesco database. Product information was used to cross-sell additional products and services such as grocery delivery services.[26]
Beginning in 1997 when Terry Leahy took over as CEO, Tesco began marketing itself using the phrase "The Tesco Way" to describe the company's core purposes, values, principles, and goals[27] This phrase became the standard marketing speak for Tesco as it expanded domestically and internationally under Leahy's leadership, implying a shift by the company to focus on people, both customers and employees[28].
[edit] Brand image
Tesco operates a "good, better & best" policy for its products, encompassing several product categories such as food, beverage, home, clothing, Tesco Mobile and financial services.
Tesco Value - These products minimise Tesco's costs, including simple packaging to keep the retail cost as low as possible. This range has recently expanded into small home electrical items like kettles, toasters, microwaves, vacuum cleaners, food steamers, blenders and floor heaters. The packaging of these products is in a standard design across the whole range and is increasingly being removed from the ranges in many stores.
Tesco Brand - Standard products at "mid range, own label store prices".
Tesco Finest - These products use "superior" ingredients and in some cases, Tesco claim they are designed/recommended by top chefs. Has also moved into the Non-Food segment of the market, with Finest Health and Beauty, Home and Clothing lines being stocked in Extra stores.
Healthy Living/Light Choices - Usually contains lower fat, sugar and salt content than in standard Tesco Brand.
Organic - Tesco's own brand range of organic foods, has also moved into the Non-Food market, with organic bedding and clothing planned.
Tesco Kids - Brands aimed at children, although this range is being phased out in certain areas and replaced with a dual branding with Disney.
Best Of British - British speciality foods.
World Foods - Speciality foods from around the world.
Tesco Wholefoods - Range of natural, unprocessed products such as, dried fruit, seeds & nuts.
Tesco Bakery has pastries and breads baked daily, including cookies, although many of these items tend not to be produced in store, with the stores own bakery preferring to focus its resources on faster selling items[citation needed]
Free From - Food that does not contain certain ingredients (e.g. wheat, gluten, dairy & nuts).
Tesco Christmas - Seasonal goods that Tesco only stock during the Christmas period.
Clothing at Tesco - comprising several exclusive brands including Cherokee, Stone Bay, True and F+F (formerly Florence for women, and Fred for men) - Tesco's own clothing label.
Technika/Digilogic - Range of Tesco own brand electrical items (from DVD players to televisions and computers).
Tesco Mobile - Tesco's own mobile network has 5 pay as you go tariffs; Value tariff, Standard tariff, Standard Plus tariff, Extra tariff and the Staff Tariff for employees.
Cocopia - A range of premium boxed chocolates made in the UK and Ireland exclusively for Tesco. Similar to Hotel Chocolat.
In order to protect its brand image, and given its expansion plans in Thailand, Tesco has recently been employing a policy of launching defamation proceedings. In November 2007, Tesco sued a Thai academic and a former minister for civil libel and criminal defamation. Tesco is claiming that the two pay £1.6m and £16.4m plus two years' imprisonment respectively. They have been alleged to have misstated that Tesco's Thai market amounts to 37% of its global revenues, amongst criticism of Tesco's propensity to put small retailers out of business.[29]
[edit] Advertising
Tesco's main advertising slogan is "Every little helps". Its advertisements in print and on television mainly consist of product shots (or an appropriate image, such as a car when advertising petrol) against a white background, with a price or appropriate text, e.g. "Tesco Value", superimposed on a red circle. On television, voiceovers are provided by recognisable actors and presenters, such as James Nesbitt, Jane Horrocks, Terry Wogan, Ray Winstone, Neil Morrissey, Martin Clunes, David Jason and Kathy Burke among others.
[edit] Corporate tax structure
In May 2007 it was revealed that Tesco had moved the head office of its online operations to the tax haven of Switzerland. This allows it to sell CDs, DVDs and electronic games through its web site without charging VAT.[30] The operation had previously been run out of the tax haven of Jersey, but had been closed by authorities who feared damage to the islands's reputation.[30]
In February 2008 a six month investigation by The Guardian revealed that Tesco has developed a complex taxation structure involving offshore bank accounts in the tax haven of the Cayman Islands.[31] Tesco is in the process of selling its UK stores, worth an estimated £6 billion, to Cayman Island based companies set up by Tesco. These companies then lease the stores back to Tesco. This arrangement enables Tesco to avoid an estimated £1 billion tax on profits from the property sales, and also to avoid paying any tax on continuing operation of the stores, as the rate of corporation tax in the Cayman Islands is zero. Tesco have defended this arrangement, saying it has a duty to organise its affairs in a tax-efficient manner, and pointing out that the corporation already pays a lot of tax, including VAT on behalf of its customers, and PAYE and National insurance contributions on behalf of its employees.
Following these revelations, several MPs called for an inquiry into Tesco's tax avoidance schemes.[32]
Tesco issued a libel writ against the Guardian five weeks later. Tesco denied that it had avoided paying £1 billion corporation tax, but refused to answer further questions, or to clarify the purpose of the complex artificial tax structure they had created. Further investigations by the Guardian discovered that the tax structures were aimed at avoiding Stamp Duty Land Tax, and not corporation tax as originally thought. SDLT is leveled at 4%, and corporate tax at around 30%, so the figure of £1 billion tax avoided by Tesco has been revised to an estimated £90-£100 million.[33] According to the Guardian "Tesco has been involved in a game of cat and mouse with HM Revenue & Customs since 2003. On three occasions when the government has closed a loophole to prevent avoidance, Tesco has taken advantage of ingenious schemes to get around it. Tesco still has 36 stores wrapped up in UK limited partnerships - with Cayman Islands registered partners - which were established in 2006 before the latest loophole was closed."[33]
[edit] Corporate social responsibility
Tesco has made a commitment to Corporate social responsibility, in the form of contributions of 1.87% in 2006 of its pre-tax profits to charities/local community organisations.[34] This compares favourably with Marks & Spencer's 1.51% but not well with Sainsbury's 7.02%. Will Hutton, in his role as chief executive of The Work Foundation recently praised Tesco for leading the debate on corporate responsibility.[35] However Intelligent Giving has criticised the company for directing all "staff giving" support to the company's Charity of the Year.[36]
In 1992 Tesco started a "computers for schools scheme", offering computers in return for schools and hospitals getting vouchers from people who shopped at Tesco. Till 2004, £92m of equipment went to these organisations. The scheme has been also implemented in Poland.BITC - Tesco Computers for Schools. Retrieved on 2006-01-19.
[edit] UK operations
[edit] Stores
Tesco's UK stores are divided into five formats, differentiated by size and the range of products sold. these are shown below
Tesco Extra, Southport, EnglandTesco Extra are larger, mainly out-of-town hypermarkets (exceptions include Hexham Extra, Kingston upon Hull Extra, Stevenage Extra, Wigan Extra, Grimsby Extra, Galashiels Extra, Slough Extra, Yeovil Extra, Baldock Extra, Swindon Extra, Hartlepool Extra and Burnley Extra, which are in the heart of the town centre and Cardiff Western Avenue Extra and Cardiff Pengam Green Extra are located in the inner city) that stock all of Tesco's product ranges - with large car parks free for about 3 hours.
The first Extra opened in 1997. The 100th store opened in the 2004/05 financial year (specifically opening 29 November 2004, located on the Newport Road in Stafford, Staffordshire). The number of these is now being increased by about 20 a year, mainly by conversions from the second category.
The largest store in England by floor space is Tesco Extra in Pitsea, near Basildon with floorspace of 11,600 m² (125,000 sq ft) and the largest in Scotland is the Port Glasgow store, which opened in July 2007 with a floorspace of 10,200 m² (110,000 sq ft).[37]. The largest in Wales is the Tesco Extra in Culverhouse Cross, Cardiff, 9,800 m² (105,000 sq ft) constructed in 2007.[38]
Other large stores include Bar Hill Extra, Cleethorpes Extra, Newcastle upon Tyne Extra, Milton Keynes Extra and Stockton-on-Tees Extra which are all in the 11,000 m² (120,000 sq ft) range. Newer Tesco Extra stores are usually on two floors, with the ground floor for mainly food and the first floor for clothing, electronics and entertainment. Most Tesco Extra stores have a café.
Tesco superstores are standard large supermarkets, stocking groceries and a much smaller range of non-food goods than Extra stores. They are referred to as "superstores" for convenience, but this word does not appear on the shops. It is the "standard" Tesco format. Most are located in suburbs of cities or on the edges of large and medium-sized towns. The typical size is 2,900 m² (31,000 sq ft).[citation needed]
Tesco Metro stores are sized between Tesco superstores and Tesco Express stores. They are mainly located in city centres, the inner city and on the high streets of small towns such as Rowlands Gill and Nelson. Typical size is 1,100 m² (12,000 sq ft).[citation needed] The first Tesco Metro was opened in Covent Garden, London in 1992.
Tesco Metro, Manchester, England on New Years Eve 2007Since then all Tesco branches that have a high street format including those which opened before the Covent Garden branch have been subsequently rebranded from Tesco to Tesco Metro probably to give an identity to the Tesco high street sub brand. The Tesco store in Devizes was the last store to finish rebranding, in September 2006. The store had not been renovated for over 20 years.
Tesco Express stores are neighbourhood convenience shops, stocking mainly food with an emphasis on higher-margin products (due to lack of economies of scale) alongside everyday essentials. They are found in busy city centre districts, small shopping precincts in residential areas, small towns and on Esso petrol station forecourts. There were 654 stores at 25 February 2006 year end, with a typical size of 190 m² (2,100 sq ft).[citation needed]
One Stop are the only category which does not include the word Tesco in its name. These are the very smallest stores. They were part of the T&S Stores business but, unlike many which have been converted to Tesco Express, these will keep their old name. However, some have Tesco Personal Finance branded cash machines. There are more than 500 of them. One Stop Stores also work on a different pricing and offers system to the other Tesco stores, and generally have later opening hours than all except the 24-hour Tesco stores. Typical size 125 m² (1,350 ft²).[citation needed]
In May 2005 Tesco announced a trial non-food only format in Manchester and Aberdeen,[39] and the first store opened in October 2005:
Tesco Homeplus stores offer all of Tesco's ranges except food in warehouse-style units in retail parks. Tesco is trying this format because only 20% of its customers have access to a Tesco Extra, and the company is restricted in how many of its superstores it can convert into Extras and how quickly it can do so. Large units for non-food retailing are much more readily available. It plans to open at least three more Homeplus stores in 2006.[40] As of 2 October 2006 Homeplus remains a "trial" format and no decision has been taken on expansion beyond the three stores already open and two that will open shortly.[41] The Staines branch opened on 27 November 2006. The newest Homeplus branch opened in Bromborough on 26 March 2007.
This is not Tesco's first non-food only venture in the UK. Until the late 1990s/early 2000s there were several non-food Tesco stores around the country including Scarborough and Yate. Although not in a warehouse style format, the stores were located on high streets and shopping centres, they did stock similar items to Homeplus stores. In both cases this was because in another part of the shopping centre was a Tesco Superstore which stocked food items only.
As of 24 February 2007, at the end of its 2006/07 financial year, Tesco's UK store portfolio was as follows.
Format Number Total area (m²) Total area (sq ft) Mean area (m²) Mean area (sq ft) Percentage of space
Tesco Extra 147 952,441 10,252,000 6,479 69,741 36.89%
Tesco 433 1,227,434 13,212,000 2,834 30,512 47.55%
Tesco Metro 162 177,073 1,906,000 1,093 11,765 6.85%
Tesco Express 735 145,114 1,562,000 197 2,125 5.62%
One Stop 506 62,988 678,000 124 1,339 2.44%
Tesco Homeplus 5 16,258 175,000 3,251 35,000 0.62%
Total 1,988 2,581,310 27,785,000 1,298 13,976 100%
[edit] Distribution
In common with most other large retailers, Tesco draws goods from suppliers into regional distribution centres, for preparation and onward delivery to stores. Tesco is extending this logistic practice to cover collection from suppliers (factory gate pricing) and the input to suppliers, in a drive to reduce costs and improve reliability.[42] RFID technology is taking an increasing role in the distribution process.[43]
[edit] Road
In 2007 Tesco was facing national disruption to its distribution network after a dispute with drivers at its distribution depot in Livingston, Scotland.[44] In response to fears over increasing road congestion, fuel prices, and concern over its carbon footprint, Tesco is switching some of its supply chain to alternative modes, detailed below.
[edit] Rail
Tesco has been transporting goods by rail since 2006 using its distribution partner the Eddie Stobart Group.[45] Volumes are set to increase in 2007 with new routes.[46]
[edit] Canal
In October 2007 Tesco started using the Manchester Ship Canal to transport wine from Liverpool to a Manchester distribution facility. Combined with sea transport from the south coast where the wine was previously offloaded, this new mode replaces road journeys from the south coast to Manchester.[47]
[edit] Other Businesses
[edit] Garden Centres
Tesco announced its intention to purchase Dobbies Garden Centres for £155.6 million on 8 June 2007. Dobbies operates 21 garden centres, mainly in Scotland.[48] The deal was confirmed as successful by the board of directors of Tesco on 17 August 2007 when the board announced that they had received 53.1% of shares (or 5,410,457 shares) which confirmed conditions set out in the offer made on 20 June 2007. Although the deal had been confirmed by Tesco the offer remained open to Dobbies shareholders until 20 August 2007.[49]
Tesco acquired Dobbies Garden Centres in September.[50]
[edit] Personal Finance
Main article: Tesco Personal Finance
Tesco has a banking arm called Tesco Personal Finance, a 50:50 joint venture with the Royal Bank of Scotland. Products on offer include credit cards, loans, mortgages, savings accounts and several types of insurance, including car, home, life and travel. They are promoted by leaflets in Tesco's stores and through its website. The business made a profit of £130 million for the 52 weeks to 24 February 2007, of which Tesco's share was £66 million.
This move towards the financial sector has diversified the Tesco brand and provides opportunities for growth outside of the retailing sector.
Tesco personal finance offers loans, car loans, instant access saving accounts, business credit card, bonus credit card (the credit card that pays you interest back), Clubcard credit card (where you can earn 1 point for every £4.00 spent on it) and mortgages. Tesco also offer insurance including travel insurance, pet insurance, car insurance, life insurance, home insurance and car breakdown cover in association with Green Flag. A key marketing strategy is Tesco offering Clubcard points or free petrol when you buy Tesco Car Insurance.
The company is currently trialling a finance centre in the Glasgow Silverburn Extra store providing free financial advice and quotes for insurance and loans, this service is staffed by trained Royal Bank of Scotland staff. The centre also has a Euro cash machine providing commission free Euros and a Bureau de Change run by Travelex. If successful this trial will roll out to a number of other key and flagship stores.
[edit] Telecoms
Tesco operates ISP, mobile phone, home phone and VoIP businesses. These are available to UK residential consumers and marketed via the Tesco website and through Tesco stores.
Though it launched its ISP service in 1998, the firm did not get serious about telecoms until 2003. It has not purchased or built a telecoms network, but instead has pursued a strategy of pairing its marketing strength with the expertise of existing telcoms. In autumn 2003 Tesco Mobile was launched as a joint venture with O2, and Tesco Home Phone created in partnership with Cable & Wireless. In August 2004 Tesco broadband, an ADSL-based service delivered via BT phone lines, was launched in partnership with NTL. In January 2006, Tesco Internet Phone, a Voice over Internet Protocol, VoIP, service was launched in conjunction with Freshtel of Australia.[51]
Tesco announced in December 2004 that it has signed up 500,000 customers to its mobile service in the 12 months since launch. In December 2005, it announced it had one million customers using its mobile service. In April 2006 it announced that it had over one and a half million telecom accounts in total, including mobile, fixed line and broadband accounts. [4]PDF (374 KiB)
On 19 December 2006 Tesco Ireland announced that it would enter into a joint venture with O2 Ireland to offer mobile telecommunications services.[52] The service, which will be Ireland's first MVNO, will use the O2 network but operate separately. It will be allocated the STD code 089. As with Tesco's similar service in the UK, it will be branded Tesco Mobile.[52] The network is due to start operating in Ireland on October 29, 2007.
[edit] Fuel
Tesco supermarket petrol pump at nightSee also: 2007 UK petrol contamination
Tesco first started selling petrol in 1974. Tesco sells 95, 97 and 99 RON (a fuel developed by Greenergy of which Tesco is a shareholder) petrol on a retail basis from forecourts at most superstore and Express locations. Tesco have recently diversified into biofuels, offering petrol-bioethanol and diesel-biodiesel blends instead of pure petrol and diesel at their petrol stations, and now offering Greenergy 100% biodiesel at many stores in the southeast of the United Kingdom.
Tesco's own 99 Octane branded petrol as supplied by Greenergy has been the control fuel used by all the cars in the British Rally Championship since 2006. This partnership will continue in 2008.
On 28 February 2007 motorists in South East England reported that their cars were breaking down. This was due to petrol sold by Tesco and others being contaminated with silicon,[53] the fuel coming from the Vopak terminal in the Thames Estuary, where fuel is supplied by Harvest Energy and Greenergy.[54][55] Then on 2 March 2007 Tesco announced that they were emptying and refilling tanks at 150 petrol stations but were not suspending sales.[56]
Tesco has been criticised with claims that they had been alerted to the problem as early as 12 February 2007. Affected motorists are facing bills of several hundred pounds to repair their cars and, with up to 10,000 cars needing repair, the suppliers could be liable for compensation claims of up to £10 million.[57] However, on 6 March, Tesco offered to pay for any damage caused by the faulty petrol, after printing full page apologies in many national newspapers.[58]
[edit] Tesco Clubcard
Main article: Tesco Clubcard
Of the major supermarkets in the UK, only Tesco and Sainsbury's offer a loyalty card-scheme to customers. Tesco's Clubcard scheme has been operating since 1995 and has now become the largest loyalty card in the UK, with around 13 million active Clubcard holders.[citation needed]
Customers can collect one Clubcard point for every £1 (or €1 in Ireland) they spend in a Tesco store, Tesco Petrol or Tesco.com. Customers can also collect points by paying with a Tesco Credit Card, or by using Tesco Mobile, Tesco Homephone, Tesco Broadband, selected Tesco Personal Finance products or through Clubcard partners, Powergen and Avis. Each point equates to 1p in store when redeemed or 4p when used with clubcard deals (offers for holidays, day trips, etc). Clubcard points can also be converted to Airmiles. Clubcard points are also converted into coupons which can be redeemed extra points or cash totals
Holders receive quarterly Clubcard statements offering discount coupons which can be spent in-store, online or on various Clubcard deals.
Tesco was cited in a Wall Street Journal article[59] as using the intelligence from the Clubcard to thwart Wal-Mart's initiatives in the UK.
[edit] Internet operations
Main article: Tesco.com
Tesco operates the world's largest grocery homeshopping service[citation needed], as well as providing consumer goods, telecommunications and financial services online.
Tesco has operated on the internet since 1994 and was the first retailer in the world to offer a robust home shopping service in 1996. Tesco.com was formally launched in 2000. It also has online operations in the Republic of Ireland and South Korea. Grocery sales are available within delivery range of selected stores, goods being hand-picked within each store, in contrast to the warehouse model followed by Ocado. This model, which is now used by Sainsbury's, allows rapid expansion with limited investment, but has been criticised for a high level of substitutions[citation needed]. Nevertheless, it has been popular and is the largest online grocery service in the world. In 2003, tesco.com's CEO at the time, John Browett, received the Wharton Infosys Business Transformation Award for the innovative processes he used to support this online grocery service.
On 1 October 2006, Tesco announced that it will be selling six own-brand budget software packages for under £20 each, including office and security suites, in a partnership with software firm Formjet.[60] As Formjet is exclusive distributor for Panda Software and Ability Plus Software, packages from these companies are likely to feature.
[edit] High-tech services
Tesco offers broadband services.
The company also has a digital photo shop that offers products such as, mugs, shirts, celebration cakes and table mats. The service is powered by Pixology.
Tesco offer an internet-based DVD rental service, which is operated by LOVEFiLM . Music downloads are also available.
[edit] International operations
Countries in which Tesco operates.Tesco's international expansion strategy has responded to the need to be sensitive to local expectations in other countries by entering into joint ventures with local partners, such as Samsung Group in South Korea (Samsung-Tesco Home plus), and Charoen Pokphand in Thailand (Tesco Lotus), appointing a very high proportion of local personnel to management positions. It also makes small acquisitions as part of its strategy for example, in its 2005/2006 financial year it made acquisitions in South Korea, one in Poland and one in Japan.[61]
In late 2004 the amount of floorspace Tesco operated outside the United Kingdom surpassed the amount it had in its home market for the first time, although the United Kingdom still accounted for more than 75% of group revenue due to lower sales per unit area outside the UK. Tesco regularly makes small acquisitions to expand its international businesses.
In September 2005 Tesco announced that it was selling its operations in Taiwan to Carrefour and purchasing Carrefour's stores in the Czech Republic and Slovakia. Both companies stated that they were concentrating their efforts in countries where they had strong market positions.
[edit] China
Tesco entered China by acquiring a 50% stake in the Hymall chain from Ting Hsin of Taiwan in September 2004. In December 2006 it raised its stake to 90% in a £180 million deal.[62] Most of Tesco China's stores are based around Shanghai, but according to Tesco it plans to equip the business to expand more quickly and in different areas. Tesco has been increasing its own brand products into the Chinese market as well as introducing the Tesco Express format.[63]
[edit] Czech Republic
A Tesco store in Hradec Králové, Czech RepublicTesco opened its first store in the Czech Republic in 1996 and now has over 84 stores, with further planned.[64] Tesco opened its first stores in the Czech Republic by buying US corporation Kmart's operations in the country and converting them into Tesco stores. Tesco is also keen to expand non-food items and has already opened petrol stations and offers personal finance services in the Czech Republic.[65]
[edit] France
Tesco has one store in France, located in Calais and mainly serving British tourist shoppers.
[edit] Hungary
Tesco launched in Hungary in 1994 after purchasing KMart's operations in the area. It also opened its first hypermarket in Hungary in the same year. Tesco operates through 101 stores in Hungary with further openings planned.[66] Tesco offers its value, standard, healthy living and finest range in its stores. Tesco Hungary also offers a clothing line and personal finance services.[67]
[edit] Ireland
Tesco operated in what was then a fiercely competitive Irish grocery market in the early eighties.The going was too tough for Tesco and they withdrew from the market on Monday 26 May 1986 nursing considerable losses.[ Irish Times-(1) 26 Feb 1986 page1. "Tesco denies pull-out rumors" (2)15 March 1986 page 1."Tesco to Pull out of Ireland" (3) 26 May 1986 page 14 "State approves Tesco takeover"]
Tesco re-entered the Irish market in 1997 after the purchase of Power Supermarkets Ltd. It now operates from 101 stores across Ireland. It, like Tesco UK offers a home delivery shopping service available to 80% of the Irish population as well as petrol, mobile telephone, personal finance, flower delivery service and a weight-loss programme.[68] Also available is Tesco's loyalty programme, the Clubcard.
Tesco is now the grocery market leader in the Republic of Ireland, with a reported November 2005 share of 26.3%.[69] Tesco Ireland also claims to be the largest purchaser of Irish food with an estimated €1.5 billion annually.[70]
[edit] Japan
Tesco Japan first began operations in 2003. It was brought about by a buy-out of C Two stores for £139 million in July 2003 and later Fre'c in April 2004.[71] Tesco has adopted an approach which focuses on small corner shops operating similarly to its Express format rather than opening hypermarkets. It has also launched its range of software in Japan.[72]
[edit] Malaysia
Tesco opened its first store in Malaysia in May 2002. Tesco partnered with local conglomerate Sime Darby Berhad which holds 30% of the shares.[73] Tesco also acquired Makro, a local wholesaler which was rebranded Tesco Extra and provides products for local retailers. Tesco Malaysia offers a value range, own branded range, electronic goods, the loyalty clubcard and clothing.
[edit] Poland
A Tesco Hypermarket in Prokocim, PolandTesco entered the Polish market in 1995. It currently operates from 280 stores and has plans to open even more.[74] Tesco Poland offers the value, healthy living and own branded line of products as well as regional produce, petrol, personal finance services and on-line photo processing. Tesco Poland is keen to promote its green credentials.[75]
[edit] Slovakia
Tesco Slovakia opened in 1996 as part of Tesco's international expansion aims. It now operates from 48 stores and has plans to introduce Tesco Express like local stores.[76] Tesco Slovakia has recently put great emphasis on organic products. However, Tesco Slovakia caused controversy amongst the Slovak government when it was found to have come foul of food safety laws in 2006.[77]
[edit] South Korea
Tesco launched its South Korean operations in 1999 and partnered with Samsung, Tesco holds 81% of the shares in the venture.[78] It operates both hypermarkets and its express format as well as a home delivery shopping service. It is the largest foreign food retailer in South Korea, although significantly behind its local rivals such as Lotte, and Shinsegae Group.[79]
On 14 May 2008, Tesco agreed to purchse 36 hypermarkets with a combination of food and non-food products from E-Land for $1.9 billion (976 million pounds) in its biggest single acquisition, making Tesco the second largeest in the country. The majority of the E-Land stores formerly belonged to French retailer Carrefour before 2006 and most of the stores will be converted to Tesco Homeplus outlets. Tesco's South Korean discount store chain, Home Plus, currently has 66 outlets[80][81].
[edit] Thailand
A Tesco Lotus store in Nakhon Sakon, ThailandMain article: Tesco Lotus
Tesco entered Thailand in 1998 and operates through 380 stores as part of a joint venture with Charoen Pokphand and named the operation Tesco Lotus. This partnership was dissolved in 2003 when Charoen Pokphand sold its shares to Tesco. Tesco Lotus sells a diverse range of products from value food products to electronics to personal finance services. The company is keen to promote its green values and has partnered with the UNEP. Tesco Lotus claims to serve 20 million customers every month and that 97% of its goods are sourced from Thailand.[82]
[edit] Turkey
Tesco entered Turkey in 2003 and uses the trading name "Kipa". Tesco remains focused on building infrastructure in Turkey to complete its expansion plans and has already introduced the Tesco Express format into Turkey. There are plans to increase the rate of expansion as basic infrastructure is built.[83]
[edit] United States
A Fresh & Easy store in Summerlin, Nevada, United StatesMain article: Fresh & Easy
In February 2006, Tesco announced its intention to move into the United States market, opening a chain of convenience stores on the West Coast (Arizona, California and Nevada) in 2007 named Fresh & Easy.[84] The company established its U.S. headquarters in El Segundo, California at 2120 Park Place. The first store opened in November 2007 with 100 more expected in the first year. They plan to open a new one every two-and-a-half days in America, to mimic the successful expansion of pharmacy chains such as Walgreens in the U.S.
The first Tesco Fresh & Easy Neighbourhood Markets opened in Hemet (Riverside County), Anaheim (Orange County), Arcadia (Los Angeles County), West Covina (Los Angeles County) and Upland (San Bernardino County), California in 2007.
[edit] Non-UK store summary
The following table shows the number of stores, total store size in area and sales for Tesco's international operations. The store numbers and floor area figures are as at 24 February 2007 but the turnover figures are for the year ended 31 December 2005, except for the Republic of Ireland data, which is at 24 February 2007, like the UK figures. This information is taken from the 2007 final broker packPDF (94.2 KiB).
Country Entered Stores Area (m²) Area (sq ft) Turnover (£ million)
People's Republic of China 2004 47 392,422 4,224,000 552
Czech Republic 1996 84 381,459 4,106,000 807
France 1992 1 1,400 16,000 Note 2
Hungary 1994 101 448,164 4,824,000 1,180
Republic of Ireland 1997 95 205,780 2,215,000 1,683
Japan 2003 109 29,078 313,000 287
Malaysia 2002 19 174,750 1,881,000 247
Poland 1995 280 606,935 6,533,000 1,135
Slovakia 1996 48 225,475 2,427,000 498
South Korea 1999 81 473,340 5,095,000 2,557
Thailand 1998 370 698,166 7,515,000 1,326
Turkey 2003 30 102,936 1,108,000 256 Note 4
United States of America 2007 60 18,288 (est.) 60,000 (est.) Unknown
Total 1325 3,759,576 40,317,000 10,528 (exc USA)
Note 1: The business in China was a joint venture at February 2006 (now a 90% owned subsidiary; see above) and its turnover is not reported in Tesco's 2006 brokers' pack.
Note 2: Tesco owned a French chain called Catteau between 1992 and 1997. Its existing single store in France is a wine warehouse in Calais, which opened in 1995 and is targeted at British day trippers. Wine is much cheaper in France than in the UK because the duty is far lower. Turnover is not reported separately.
Note 3: Tesco Stores (Malaysia) Sdn Bhd was incepted on 29 November 2001, as a strategic alliance with local conglomerate, Sime Darby Bhd of which the latter holds 30% of total shares. On 31 January 2007, Tesco Stores (Malaysia) Sdn Bhd's CEO Chris Bush announced in a letter published on Makro Cash & Carry (Malaysia) Sdn Bhd's website that it was purchasing Makro and converting and refurbishing all its stores to a new format called Tesco 'Extra'. [5] It is not known whether the format will be similar to Tesco UK's format.
Note 4: Tesco Stores in Turkey are known as Kipa.
[edit] Financial performance
Tesco is listed on the London Stock Exchange under the symbol TSCO. It also has a secondary listing on the Irish Stock Exchange with the name TESCO PLC.
All figures below are for the Tesco's financial years, which run for 52 or 53 week periods to late February. Up to the 27 February 2007 period end the numbers include non-UK and Ireland results for the calendar year ended on 31 December 2006 in the accounting year. The figures in the table below include 52 weeks/12 months of turnover for both sides of the business as this provides the best comparative. Including 60 weeks of non-UK and Ireland sales the figures to 24 February 2007 were: revenue £46,600 million; profit before tax £2,653 million; profit for year £2,478 million; basic earnings per share 22.36 pence.[85]
Group revenue for the 26 weeks to 26 August 2006 was £20,735 million, compared to £17,170 million in the 24 week interin period reported in 2005. On a comparable 26 week basis group sales increased by 12.7% and group profit increased by 10.3%.[86]
52/3 weeks ended Turnover (£m) Profit before tax (£m) Profit for year (£m) Basic earnings per share (p)
24 February 2007 46,600 2,653 1,899 22.36
25 February 2006 38,300 2,210 1,576 19.70
26 February 2005 33,974 1,962 1,366 17.44
28 February 2004 30,814 1,600 1,100 15.05
22 February 2003 26,337 1,361 946 13.54
23 February 2002 23,653 1,201 830 12.05
24 February 2001 20,988 1,054 767 11.29
26 February 2000 18,796 933 674 10.07
27 February 1999 17,158 842 606 9.14
28 February 1998 16,452 760 532 8.12
As of its 2006 year end Tesco was the fourth largest retailer in the world behind Wal-Mart, Carrefour and Home Depot. Tesco moved ahead of Home Depot during 2007, following the sale of Home Depot's professional supply division and a decline in the value of the U.S. dollar against the British Pound. METRO was only just behind and might move ahead again if the euro strengthens against the pound, but METRO's sales include many billions of wholesale turnover, and its retail turnover is much less than Tesco's.
At 24 February 2007 Tesco operated 1,988 stores in the UK (2.581 million m², 27.7 million square feet) and 1,275 outside the UK (3.75 million m², 40.4 million square feet).
The company has a total market value of about £36,761.71m (April 2007).[87] Tesco is the largest private sector employer in the UK and second to the NHS overall.[88]
[edit] UK market share
Graph Showing Market Share of TescoAccording to TNS Worldpanel, Tesco's share of the UK grocery market in the 12 weeks to 20 May 2007 was 31.32%, down 0.03% on 12 weeks to 22 April 2007. Across all categories, over £1 in every £7 (14.3%) of UK retail sales is spent at Tesco. Tesco also operates overseas, and non-UK revenue for the year to 24 February 2007 was up 18% on 25 February 2006
[edit] Tesco litigation
As with any large corporation, Tesco is involved in litigation, usually from claims of personal injury from customers, claims of unfair dismissal from staff, and other commercial matters. Two notable cases were Ward v Tesco Stores Ltd, which set a precedent in so called 'trip and slip' injury claims against retailers; and Tesco Supermarkets Ltd v Nattrass, which reached the House of Lords, and became a leading case regarding the coporate liability of businesses for failures of their store managers (in a case of misleading advertising).
[edit] Criticism
Main article: Criticism of Tesco
In Thailand, Tesco has been criticised for aggressively pursuing critics of the company. Writer and former MP Jit Siratranont is facing up to two years in jail and a £16.4m libel damages claim for saying that Tesco was expanding aggressively at the expense of small local retailers. Tesco served him with writs for criminal defamation and civil libel.[89]
Criticism of Tesco includes allegations of stifling competition due to its undeveloped "land bank",[90] pugilistically aggressive new store development without real consideration of the wishes, needs and consequences to local communities,[91] using cheap and/or child labour,[92][93] opposition to its move into the convenience sector[94] and breaching planning laws.[95]
A recent criticism from 2007 occurred when Tesco failed to deliver groceries via online shopping to a university campus in Sussex, offering no refund or apology. This sparked a local backlash from many customers who had similar dissatisfying experiences with Tesco's online delivery service.[96]
Despite practising a 'One in front' policy, in December 2006 The Grocer magazine published a study which named Tesco as having the slowest checkouts of the six major supermarkets. Somerfield had the shortest queues with an average wait of 4 min 23 seconds. In order of least time spent at the checkout, the other major supermarkets were Waitrose, Sainsbury's, Asda, Morrisons and Tesco.[97]
The Grocer also named ASDA as the cheapest UK supermarket (based on 33 items). Tesco was second and Sainsbury's and Morrisons joint third.[97] Tesco price check tends to differ saying out of 7134 (compared to ASDA) products, (Survey carried out between 09 July 2007 and 11 July 2007) Tesco is cheaper:1835 (compared to 1251 the previous week), Tesco is more expensive:975 (compared to 984 the previous week) and Tesco is the same price: 4324 (compared to 4996 the previous week).[98]
Tesco received criticism for bureaucratic and inflexible parking systems in its Bloomfield store in Dublin, Ireland. [99]
[edit] Further reading
Simms, Andrew (2007). Tescopoly: how one shop came out on top and why it matters. London: Constable. ISBN 1845295110.
Humby, Clive; Hunt, Terry & Phillips, Tim (2006). Scoring points : how Tesco continues to win customer loyalty. London & Philadelphia: Kogan Page. ISBN 9780749447526.
Nash, Bethany (2006). Fair-Trade and the growth of ethical consumerism within the mainstream : an investigation into the Tesco consumer. Leeds: University of Leeds. ISBN 75272130.
[edit] See also
Supermarkets in the United Kingdom
TNS Worldpanel
Tescopoly
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^ Tesco Services. Tesco Hungary (April 21, 2008).
^ Food and Grocery Shopping, Tesco Ireland. Tesco Ireland (April 21, 2008).
^ "Tesco still commanding highest market share", RTÉ Business, December 6, 2006.
^ "About Tesco Ireland", Tesco Ireland.
^ "Tesco pedals cautious path in Japan", The Guardian, June 1, 2004.
^ Tesco Annual Review 2007. Tesco Plc (April 21, 2008).
^ Corporate information, Tesco Malaysia. Tesco Stores (Malaysia)Sdn Bhd (April 21, 2008).
^ Tesco Annual Review 2007. Tesco Plc (April 21, 2008).
^ About Tesco Poland. Tesco Poland (April 21, 2008).
^ Tesco Annual Review 2007. Tesco Plc (April 21, 2008).
^ cTemplate:Ite news
^ "Tesco to expand in South Korea", Food Navigator Europe, May 16, 2001.
^ "Tesco builds Korean business", Food & Drink Europe, January 19, 2005. "Tesco is the largest foreign grocery retailer in the country, Gregory said, and is third overall behind local players Lotte and Shinsegae. "Both these groups have sales more than double Tesco's, so while this acquisition is unlikely to close the gap significantly, it will help Tesco move away further from the chasing pack - such as Carrefour and Wal-Mart.""
^ http://uk.reuters.com/article/mergersNews/idUKSEO28065320080514
^ http://news.bbc.co.uk/1/hi/business/7399957.stm
^ Key facts about Tesco Lotus. Tesco Lotus (April 21, 2008).
^ Tesco Annual Review 2007. Tesco Plc (April 21, 2008).
^ Tesco to enter United States. Retrieved on 2006-03-13.
^ Tesco Plc 2006/07 resultsPDF (898 KiB)
^ Tesco Plc Interim Results 2006/07, pages 2 and 14PDF (234 KiB)
^ Times Online Business. TimesOnline. Retrieved on 2006-10-29.
^ Tesco Core UK Info.
^ http://www.guardian.co.uk/business/2008/apr/30/tesco.supermarkets
^ "UK grocers face competition probe", BBC, 2007-01-22. Retrieved on 2007-02-21.
^ "Stop Tesco St Albans", Example aggrieved local community, April 2007.
^ "UK firms 'exploiting Bangladesh'", BBC, 2006-12-08. Retrieved on 2007-02-21.
^ Islam, Faisal (2006-10-10). Child labour making Tesco clothes. Channel 4 News. Retrieved on 2006-12-10.
^ Regulators continue to mull Adminstore acquisition. Retrieved on 2006-08-20.
^ "Tesco 'breaching planning laws'", BBC, 2006-08-18. Retrieved on 2007-02-21.
^ The Argus Newspaper[specify], May 25, page 27.
^ a b "Tesco Till 'Slowest'", The Mirror, Trinity Mirror, 2006-12-20. Retrieved on 2006-12-22.
^ "Tesco.com Pricecheck", Tesco, Tesco, 2007-07-11. Retrieved on 2007-07-13.
^ "The Irish Times" (subscription required), 2008-03-31. Retrieved on 2008-03-31.
[edit] External links
Wikimedia Commons has media related to:
TescoOfficial
Tesco UK
Tesco Corporate site
Critical sites
Tescopoly.org, Coalition of campaign groups criticizing Tesco.
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Permanent link: http://en.wikipedia.org/w/index.php?title=Tesco&oldid=221003833
From Wikipedia, the free encyclopedia
Tesco
Type Public (LSE: TSCO)
Founded 1919 in East London by Jack Cohen
Headquarters Cheshunt, England, UK
Key people David Reid (Chairman),
Sir Terry Leahy (Chief Executive)
Industry Retail
Products Groceries, Consumer goods, financial services, telecoms
Market Cap £33.5bn (as of 11/5/2008)[1]
Revenue ▲£46.6 billion (2007)
Operating income ▲£2.47 billion (2007)
Net income ▲£1.90 billion (2007)
Employees 273,028
Subsidiaries Tesco Stores Limited
Tesco Ireland Limited
Tesco Personal Finance (50%)
Website www.tesco.com
1. Results for 52 weeks ended 24 February 2007[2]
Tesco plc is a British-based international grocery and general merchandising retail chain. It is the largest British retailer by both global sales and domestic market share with profits exceeding £2 billion. In 2008, the company overtook German retail giant Metro AG to become the world's third largest retailer, the first movement among the top five since 2003.[3]
Originally specialising in food, it has diversified into areas such as clothing, consumer electronics, consumer financial services, retailing and renting DVDs,[4] CDs, music downloads, Internet service, consumer telecoms, consumer health insurance, consumer dental plans and software.
Contents [hide]
1 History
1.1 Formation
1.2 Management and strategy changes
1.3 1980s
1.4 1990s
1.5 2000s
2 Corporate strategy
2.1 Brand image
2.2 Advertising
3 Corporate tax structure
4 Corporate social responsibility
5 UK operations
5.1 Stores
5.2 Distribution
5.2.1 Road
5.2.2 Rail
5.2.3 Canal
5.3 Other Businesses
5.3.1 Garden Centres
5.3.2 Personal Finance
5.3.3 Telecoms
5.3.4 Fuel
5.4 Tesco Clubcard
6 Internet operations
6.1 High-tech services
7 International operations
7.1 China
7.2 Czech Republic
7.3 France
7.4 Hungary
7.5 Ireland
7.6 Japan
7.7 Malaysia
7.8 Poland
7.9 Slovakia
7.10 South Korea
7.11 Thailand
7.12 Turkey
7.13 United States
7.14 Non-UK store summary
8 Financial performance
8.1 UK market share
9 Tesco litigation
10 Criticism
11 Further reading
12 See also
13 References
14 External links
[edit] History
[edit] Formation
First self service Tesco, St Albans, EnglandJack Cohen founded Tesco in 1919[3] when he began to sell surplus groceries from a stall in the East End of London. The Tesco brand first appeared in 1924. The name came about after Jack Cohen bought a shipment of tea from T.E. Stockwell. He made new labels using the first three letters of the supplier's name (TES), and the first two letters of his surname (CO), forming the word "TESCO".[5]
The first Tesco store was opened in 1929 in Burnt Oak, Edgware, Middlesex. Tesco floated on the London Stock Exchange in 1947 as Tesco Stores (Holdings) Limited.[6] The first self service store opened in St Albans in 1947 (still operational in 2007 as a Metro),[7] and the first supermarket in Maldon in 1956.[6]
During the 1950s and the 1960s Tesco grew organically, but also through acquisitions until it owned more than 800 stores. The company purchased 70 Williamsons stores (1957), 200 Harrow Stores outlets (1959), 212 Irwins stores (1960), 97 Charles Phillips stores (1964) and the Victor Value chain (1968) (sold to Bejam in 1986).[8]
[edit] Management and strategy changes
Founder Jack Cohen was an enthusiastic advocate of trading stamps as an inducement for shoppers to patronise his stores. He signed up with Green Shield Stamps in 1963, and became one of the company's largest clients.[9]
In 1973 Jack Cohen resigned and was replaced as Chairman by his son-in-law Leslie Porter. Porter and managing director Ian MacLaurin abandoned the "pile it high sell it cheap" philosophy of Cohen which had left the company "stagnating" and with a "bad image".[10] In 1977 Tesco launched "Operation Checkout" with the abandonment of Green Shield stamps, price reductions and centralised buying for all stores. The result was a rise in market share of 4% in two months.[10]
[edit] 1980s
In May 1987 Tesco completed its hostile takeover of the Hillards chain of 40 supermarkets in the North of England for £220 million.[11]
[edit] 1990s
Tesco at Seacroft, Leeds. This was built as a redevelopment of the 1960s Seacroft Civic Centre.In 1994, the company took over the Scottish supermarket chain William Low. Tesco successfully fought off Sainsbury's for control of the Dundee-based firm, which operated 57 stores. This paved the way for Tesco to expand its presence in Scotland, which was weaker than in England. In 2006 Inverness was branded as "Tescotown",[12][13] because well over 50p in every £1 spent on food is believed to be spent in its three Tesco stores.[14]
In 1995, Tesco became the UK's market leader in the supermarket sector, beating Sainsbury's.[citation needed]
Tesco introduced a loyalty card, branded 'Clubcard', in 1995 and later an Internet shopping service. As of November 2006 Tesco was the only food retailer to make online shopping profitable.[15]
Terry Leahy assumed the role of chief executive on 21 February 1997, the announcement having been made on 21 November 1995.[16][17]
On 21 March 1997 Tesco announced the purchase of the retail arm of Associated British Foods which consisted of the Quinnsworth, Stewarts and Crazy Prices chains in the Republic of Ireland and Northern Ireland, as well as associated businesses for GB£640 million.[18] The deal was approved by the European Commission on 6 May 1997.[19] This acquisition gave it both a major presence in the Republic of Ireland, and a larger presence in Northern Ireland than Sainsbury's which had begun its move into the province in 1995.
In 1996, the typeface of the logo was changed to the current one shown on the top of the page with stripe reflections underneath the typefaces as Tesco used them on their carrier bags. The "typewriter" typeface that the company had been using since the 1970s for its in-store signage was also dropped during this period.
In 1997, Tesco Stores Limited and Esso Petroleum Company Ltd (now part of Exxonmobil Corporation) came together to form a business alliance. The agreement included several petrol filling stations on leases from Esso, where Tesco would operate the store under the Express format. In turn, Esso would operate the forecourts and sell their fuel via the Tesco store. Ten years later, over 600 Tesco/Esso stores can now be found across the United Kingdom.
[edit] 2000s
Trolley shelterIn July 2001 it became involved in internet grocery retailing in the USA when it obtained a 35% stake in GroceryWorks.[citation needed]
In 2002 Tesco purchased 13 HIT hypermarkets in Poland; to date there are over 350 Tesco Stores in Poland and this portfolio is still growing with the introduction of Tesco Express stores around all major cities.[citation needed] It also made a major move into the UK convenience store market with its purchase of T & S Stores, owner of 870 convenience stores in the One Stop, Dillons and Day & Nite chains in the UK.[20]
In October 2003 it launched a UK telecoms division, comprising mobile and home phone services, to complement its existing Internet service provider business. In June 2003 Tesco purchased the C Two-Network in Japan.[21] It also acquired a majority stake in Turkish supermarket chain Kipa.[citation needed]
In January 2004 Tesco acquired Adminstore, owner of 45 Cullens, Europa, and Harts convenience stores, in and around London.[22] In August 2004, it also launched a broadband service. In Thailand Tesco Lotus was a joint venture of the Charoen Pokphand Group and Tesco but facing criticism over the growth of hypermarkets. CP Group sold its Tesco Lotus shares in 2003.
In late 2005 Tesco acquired the 21 remaining Safeway/BP stores after Morrisons dissolved the Safeway/BP partnership.[citation needed]
In mid 2006 Tesco purchased an 80% stake in Casino's Leader Price supermarkets in Poland. They will be rebranded into small Tesco stores.[citation needed]
On July 14, 2007, fourteen Tesco stores across the UK were temporarily closed after a 'bomb scare' and a criminal investigation launched after threats were made.[23] A 'suspect device' was found in one store on July 16, 2007 causing the store and surrounding area to be sealed off while the Army Explosive Ordnance Disposal unit disposed of the package.[24]
In 2007, Tesco joined forces with O2 in Ireland to form Tesco Mobile, using the 089 prefix. Tesco owns 50% of the network, with O2 owning the remainder. Tesco has not built its own network in Ireland, but uses the O2 infrastructure already in place, similar to the arrangement in the UK. By doing this, Tesco has saved money and already has 99.6% population network coverage and 95% geographical coverage.
In 2007 Tesco was placed under investigation by the UK The Office of Fair Trading (OFT) for acting as part of a cartel of five supermarkets (Safeway, Tesco, Asda, Morrisons and Sainsburys) and a number of dairy companies to fix the price of milk, butter and cheese. In December 2007 Asda, Sainsburys and the former Safeway admitted that they acted covertly against the interests of consumers while publicly claiming that they were supporting 5,000 farmers recovering from the foot-and-mouth crisis. They were fined a total of £116M. Tesco, which maintains that it was not a part of the cartel, is still under investigation by the OFT.
[edit] Corporate strategy
An "inclusive offer". This phrase is used by Tesco to describe its aspiration to appeal to upper, medium and low income customers in the same stores.[citation needed] According to Citigroup retail analyst David McCarthy, "They've pulled off a trick that I'm not aware of any other retailer achieving. That is to appeal to all segments of the market".[25]
One plank of this strategy has been Tesco's use of its own-brand products, including the upmarket "Finest" and low-price "Value".
Tesco implemented the Clubcard rewards program to gather necessary customer information, which it then used to cater to specific customer needs and potential wants. When shoppers signed up for the card, they automatically submitted their age, gender and address. Tesco was able to segment their shoppers based on these factors. As soon as the shopper used the card when shopping online or in-store, purchased product information was automatically uploaded into Tesco database. Product information was used to cross-sell additional products and services such as grocery delivery services.[26]
Beginning in 1997 when Terry Leahy took over as CEO, Tesco began marketing itself using the phrase "The Tesco Way" to describe the company's core purposes, values, principles, and goals[27] This phrase became the standard marketing speak for Tesco as it expanded domestically and internationally under Leahy's leadership, implying a shift by the company to focus on people, both customers and employees[28].
[edit] Brand image
Tesco operates a "good, better & best" policy for its products, encompassing several product categories such as food, beverage, home, clothing, Tesco Mobile and financial services.
Tesco Value - These products minimise Tesco's costs, including simple packaging to keep the retail cost as low as possible. This range has recently expanded into small home electrical items like kettles, toasters, microwaves, vacuum cleaners, food steamers, blenders and floor heaters. The packaging of these products is in a standard design across the whole range and is increasingly being removed from the ranges in many stores.
Tesco Brand - Standard products at "mid range, own label store prices".
Tesco Finest - These products use "superior" ingredients and in some cases, Tesco claim they are designed/recommended by top chefs. Has also moved into the Non-Food segment of the market, with Finest Health and Beauty, Home and Clothing lines being stocked in Extra stores.
Healthy Living/Light Choices - Usually contains lower fat, sugar and salt content than in standard Tesco Brand.
Organic - Tesco's own brand range of organic foods, has also moved into the Non-Food market, with organic bedding and clothing planned.
Tesco Kids - Brands aimed at children, although this range is being phased out in certain areas and replaced with a dual branding with Disney.
Best Of British - British speciality foods.
World Foods - Speciality foods from around the world.
Tesco Wholefoods - Range of natural, unprocessed products such as, dried fruit, seeds & nuts.
Tesco Bakery has pastries and breads baked daily, including cookies, although many of these items tend not to be produced in store, with the stores own bakery preferring to focus its resources on faster selling items[citation needed]
Free From - Food that does not contain certain ingredients (e.g. wheat, gluten, dairy & nuts).
Tesco Christmas - Seasonal goods that Tesco only stock during the Christmas period.
Clothing at Tesco - comprising several exclusive brands including Cherokee, Stone Bay, True and F+F (formerly Florence for women, and Fred for men) - Tesco's own clothing label.
Technika/Digilogic - Range of Tesco own brand electrical items (from DVD players to televisions and computers).
Tesco Mobile - Tesco's own mobile network has 5 pay as you go tariffs; Value tariff, Standard tariff, Standard Plus tariff, Extra tariff and the Staff Tariff for employees.
Cocopia - A range of premium boxed chocolates made in the UK and Ireland exclusively for Tesco. Similar to Hotel Chocolat.
In order to protect its brand image, and given its expansion plans in Thailand, Tesco has recently been employing a policy of launching defamation proceedings. In November 2007, Tesco sued a Thai academic and a former minister for civil libel and criminal defamation. Tesco is claiming that the two pay £1.6m and £16.4m plus two years' imprisonment respectively. They have been alleged to have misstated that Tesco's Thai market amounts to 37% of its global revenues, amongst criticism of Tesco's propensity to put small retailers out of business.[29]
[edit] Advertising
Tesco's main advertising slogan is "Every little helps". Its advertisements in print and on television mainly consist of product shots (or an appropriate image, such as a car when advertising petrol) against a white background, with a price or appropriate text, e.g. "Tesco Value", superimposed on a red circle. On television, voiceovers are provided by recognisable actors and presenters, such as James Nesbitt, Jane Horrocks, Terry Wogan, Ray Winstone, Neil Morrissey, Martin Clunes, David Jason and Kathy Burke among others.
[edit] Corporate tax structure
In May 2007 it was revealed that Tesco had moved the head office of its online operations to the tax haven of Switzerland. This allows it to sell CDs, DVDs and electronic games through its web site without charging VAT.[30] The operation had previously been run out of the tax haven of Jersey, but had been closed by authorities who feared damage to the islands's reputation.[30]
In February 2008 a six month investigation by The Guardian revealed that Tesco has developed a complex taxation structure involving offshore bank accounts in the tax haven of the Cayman Islands.[31] Tesco is in the process of selling its UK stores, worth an estimated £6 billion, to Cayman Island based companies set up by Tesco. These companies then lease the stores back to Tesco. This arrangement enables Tesco to avoid an estimated £1 billion tax on profits from the property sales, and also to avoid paying any tax on continuing operation of the stores, as the rate of corporation tax in the Cayman Islands is zero. Tesco have defended this arrangement, saying it has a duty to organise its affairs in a tax-efficient manner, and pointing out that the corporation already pays a lot of tax, including VAT on behalf of its customers, and PAYE and National insurance contributions on behalf of its employees.
Following these revelations, several MPs called for an inquiry into Tesco's tax avoidance schemes.[32]
Tesco issued a libel writ against the Guardian five weeks later. Tesco denied that it had avoided paying £1 billion corporation tax, but refused to answer further questions, or to clarify the purpose of the complex artificial tax structure they had created. Further investigations by the Guardian discovered that the tax structures were aimed at avoiding Stamp Duty Land Tax, and not corporation tax as originally thought. SDLT is leveled at 4%, and corporate tax at around 30%, so the figure of £1 billion tax avoided by Tesco has been revised to an estimated £90-£100 million.[33] According to the Guardian "Tesco has been involved in a game of cat and mouse with HM Revenue & Customs since 2003. On three occasions when the government has closed a loophole to prevent avoidance, Tesco has taken advantage of ingenious schemes to get around it. Tesco still has 36 stores wrapped up in UK limited partnerships - with Cayman Islands registered partners - which were established in 2006 before the latest loophole was closed."[33]
[edit] Corporate social responsibility
Tesco has made a commitment to Corporate social responsibility, in the form of contributions of 1.87% in 2006 of its pre-tax profits to charities/local community organisations.[34] This compares favourably with Marks & Spencer's 1.51% but not well with Sainsbury's 7.02%. Will Hutton, in his role as chief executive of The Work Foundation recently praised Tesco for leading the debate on corporate responsibility.[35] However Intelligent Giving has criticised the company for directing all "staff giving" support to the company's Charity of the Year.[36]
In 1992 Tesco started a "computers for schools scheme", offering computers in return for schools and hospitals getting vouchers from people who shopped at Tesco. Till 2004, £92m of equipment went to these organisations. The scheme has been also implemented in Poland.BITC - Tesco Computers for Schools. Retrieved on 2006-01-19.
[edit] UK operations
[edit] Stores
Tesco's UK stores are divided into five formats, differentiated by size and the range of products sold. these are shown below
Tesco Extra, Southport, EnglandTesco Extra are larger, mainly out-of-town hypermarkets (exceptions include Hexham Extra, Kingston upon Hull Extra, Stevenage Extra, Wigan Extra, Grimsby Extra, Galashiels Extra, Slough Extra, Yeovil Extra, Baldock Extra, Swindon Extra, Hartlepool Extra and Burnley Extra, which are in the heart of the town centre and Cardiff Western Avenue Extra and Cardiff Pengam Green Extra are located in the inner city) that stock all of Tesco's product ranges - with large car parks free for about 3 hours.
The first Extra opened in 1997. The 100th store opened in the 2004/05 financial year (specifically opening 29 November 2004, located on the Newport Road in Stafford, Staffordshire). The number of these is now being increased by about 20 a year, mainly by conversions from the second category.
The largest store in England by floor space is Tesco Extra in Pitsea, near Basildon with floorspace of 11,600 m² (125,000 sq ft) and the largest in Scotland is the Port Glasgow store, which opened in July 2007 with a floorspace of 10,200 m² (110,000 sq ft).[37]. The largest in Wales is the Tesco Extra in Culverhouse Cross, Cardiff, 9,800 m² (105,000 sq ft) constructed in 2007.[38]
Other large stores include Bar Hill Extra, Cleethorpes Extra, Newcastle upon Tyne Extra, Milton Keynes Extra and Stockton-on-Tees Extra which are all in the 11,000 m² (120,000 sq ft) range. Newer Tesco Extra stores are usually on two floors, with the ground floor for mainly food and the first floor for clothing, electronics and entertainment. Most Tesco Extra stores have a café.
Tesco superstores are standard large supermarkets, stocking groceries and a much smaller range of non-food goods than Extra stores. They are referred to as "superstores" for convenience, but this word does not appear on the shops. It is the "standard" Tesco format. Most are located in suburbs of cities or on the edges of large and medium-sized towns. The typical size is 2,900 m² (31,000 sq ft).[citation needed]
Tesco Metro stores are sized between Tesco superstores and Tesco Express stores. They are mainly located in city centres, the inner city and on the high streets of small towns such as Rowlands Gill and Nelson. Typical size is 1,100 m² (12,000 sq ft).[citation needed] The first Tesco Metro was opened in Covent Garden, London in 1992.
Tesco Metro, Manchester, England on New Years Eve 2007Since then all Tesco branches that have a high street format including those which opened before the Covent Garden branch have been subsequently rebranded from Tesco to Tesco Metro probably to give an identity to the Tesco high street sub brand. The Tesco store in Devizes was the last store to finish rebranding, in September 2006. The store had not been renovated for over 20 years.
Tesco Express stores are neighbourhood convenience shops, stocking mainly food with an emphasis on higher-margin products (due to lack of economies of scale) alongside everyday essentials. They are found in busy city centre districts, small shopping precincts in residential areas, small towns and on Esso petrol station forecourts. There were 654 stores at 25 February 2006 year end, with a typical size of 190 m² (2,100 sq ft).[citation needed]
One Stop are the only category which does not include the word Tesco in its name. These are the very smallest stores. They were part of the T&S Stores business but, unlike many which have been converted to Tesco Express, these will keep their old name. However, some have Tesco Personal Finance branded cash machines. There are more than 500 of them. One Stop Stores also work on a different pricing and offers system to the other Tesco stores, and generally have later opening hours than all except the 24-hour Tesco stores. Typical size 125 m² (1,350 ft²).[citation needed]
In May 2005 Tesco announced a trial non-food only format in Manchester and Aberdeen,[39] and the first store opened in October 2005:
Tesco Homeplus stores offer all of Tesco's ranges except food in warehouse-style units in retail parks. Tesco is trying this format because only 20% of its customers have access to a Tesco Extra, and the company is restricted in how many of its superstores it can convert into Extras and how quickly it can do so. Large units for non-food retailing are much more readily available. It plans to open at least three more Homeplus stores in 2006.[40] As of 2 October 2006 Homeplus remains a "trial" format and no decision has been taken on expansion beyond the three stores already open and two that will open shortly.[41] The Staines branch opened on 27 November 2006. The newest Homeplus branch opened in Bromborough on 26 March 2007.
This is not Tesco's first non-food only venture in the UK. Until the late 1990s/early 2000s there were several non-food Tesco stores around the country including Scarborough and Yate. Although not in a warehouse style format, the stores were located on high streets and shopping centres, they did stock similar items to Homeplus stores. In both cases this was because in another part of the shopping centre was a Tesco Superstore which stocked food items only.
As of 24 February 2007, at the end of its 2006/07 financial year, Tesco's UK store portfolio was as follows.
Format Number Total area (m²) Total area (sq ft) Mean area (m²) Mean area (sq ft) Percentage of space
Tesco Extra 147 952,441 10,252,000 6,479 69,741 36.89%
Tesco 433 1,227,434 13,212,000 2,834 30,512 47.55%
Tesco Metro 162 177,073 1,906,000 1,093 11,765 6.85%
Tesco Express 735 145,114 1,562,000 197 2,125 5.62%
One Stop 506 62,988 678,000 124 1,339 2.44%
Tesco Homeplus 5 16,258 175,000 3,251 35,000 0.62%
Total 1,988 2,581,310 27,785,000 1,298 13,976 100%
[edit] Distribution
In common with most other large retailers, Tesco draws goods from suppliers into regional distribution centres, for preparation and onward delivery to stores. Tesco is extending this logistic practice to cover collection from suppliers (factory gate pricing) and the input to suppliers, in a drive to reduce costs and improve reliability.[42] RFID technology is taking an increasing role in the distribution process.[43]
[edit] Road
In 2007 Tesco was facing national disruption to its distribution network after a dispute with drivers at its distribution depot in Livingston, Scotland.[44] In response to fears over increasing road congestion, fuel prices, and concern over its carbon footprint, Tesco is switching some of its supply chain to alternative modes, detailed below.
[edit] Rail
Tesco has been transporting goods by rail since 2006 using its distribution partner the Eddie Stobart Group.[45] Volumes are set to increase in 2007 with new routes.[46]
[edit] Canal
In October 2007 Tesco started using the Manchester Ship Canal to transport wine from Liverpool to a Manchester distribution facility. Combined with sea transport from the south coast where the wine was previously offloaded, this new mode replaces road journeys from the south coast to Manchester.[47]
[edit] Other Businesses
[edit] Garden Centres
Tesco announced its intention to purchase Dobbies Garden Centres for £155.6 million on 8 June 2007. Dobbies operates 21 garden centres, mainly in Scotland.[48] The deal was confirmed as successful by the board of directors of Tesco on 17 August 2007 when the board announced that they had received 53.1% of shares (or 5,410,457 shares) which confirmed conditions set out in the offer made on 20 June 2007. Although the deal had been confirmed by Tesco the offer remained open to Dobbies shareholders until 20 August 2007.[49]
Tesco acquired Dobbies Garden Centres in September.[50]
[edit] Personal Finance
Main article: Tesco Personal Finance
Tesco has a banking arm called Tesco Personal Finance, a 50:50 joint venture with the Royal Bank of Scotland. Products on offer include credit cards, loans, mortgages, savings accounts and several types of insurance, including car, home, life and travel. They are promoted by leaflets in Tesco's stores and through its website. The business made a profit of £130 million for the 52 weeks to 24 February 2007, of which Tesco's share was £66 million.
This move towards the financial sector has diversified the Tesco brand and provides opportunities for growth outside of the retailing sector.
Tesco personal finance offers loans, car loans, instant access saving accounts, business credit card, bonus credit card (the credit card that pays you interest back), Clubcard credit card (where you can earn 1 point for every £4.00 spent on it) and mortgages. Tesco also offer insurance including travel insurance, pet insurance, car insurance, life insurance, home insurance and car breakdown cover in association with Green Flag. A key marketing strategy is Tesco offering Clubcard points or free petrol when you buy Tesco Car Insurance.
The company is currently trialling a finance centre in the Glasgow Silverburn Extra store providing free financial advice and quotes for insurance and loans, this service is staffed by trained Royal Bank of Scotland staff. The centre also has a Euro cash machine providing commission free Euros and a Bureau de Change run by Travelex. If successful this trial will roll out to a number of other key and flagship stores.
[edit] Telecoms
Tesco operates ISP, mobile phone, home phone and VoIP businesses. These are available to UK residential consumers and marketed via the Tesco website and through Tesco stores.
Though it launched its ISP service in 1998, the firm did not get serious about telecoms until 2003. It has not purchased or built a telecoms network, but instead has pursued a strategy of pairing its marketing strength with the expertise of existing telcoms. In autumn 2003 Tesco Mobile was launched as a joint venture with O2, and Tesco Home Phone created in partnership with Cable & Wireless. In August 2004 Tesco broadband, an ADSL-based service delivered via BT phone lines, was launched in partnership with NTL. In January 2006, Tesco Internet Phone, a Voice over Internet Protocol, VoIP, service was launched in conjunction with Freshtel of Australia.[51]
Tesco announced in December 2004 that it has signed up 500,000 customers to its mobile service in the 12 months since launch. In December 2005, it announced it had one million customers using its mobile service. In April 2006 it announced that it had over one and a half million telecom accounts in total, including mobile, fixed line and broadband accounts. [4]PDF (374 KiB)
On 19 December 2006 Tesco Ireland announced that it would enter into a joint venture with O2 Ireland to offer mobile telecommunications services.[52] The service, which will be Ireland's first MVNO, will use the O2 network but operate separately. It will be allocated the STD code 089. As with Tesco's similar service in the UK, it will be branded Tesco Mobile.[52] The network is due to start operating in Ireland on October 29, 2007.
[edit] Fuel
Tesco supermarket petrol pump at nightSee also: 2007 UK petrol contamination
Tesco first started selling petrol in 1974. Tesco sells 95, 97 and 99 RON (a fuel developed by Greenergy of which Tesco is a shareholder) petrol on a retail basis from forecourts at most superstore and Express locations. Tesco have recently diversified into biofuels, offering petrol-bioethanol and diesel-biodiesel blends instead of pure petrol and diesel at their petrol stations, and now offering Greenergy 100% biodiesel at many stores in the southeast of the United Kingdom.
Tesco's own 99 Octane branded petrol as supplied by Greenergy has been the control fuel used by all the cars in the British Rally Championship since 2006. This partnership will continue in 2008.
On 28 February 2007 motorists in South East England reported that their cars were breaking down. This was due to petrol sold by Tesco and others being contaminated with silicon,[53] the fuel coming from the Vopak terminal in the Thames Estuary, where fuel is supplied by Harvest Energy and Greenergy.[54][55] Then on 2 March 2007 Tesco announced that they were emptying and refilling tanks at 150 petrol stations but were not suspending sales.[56]
Tesco has been criticised with claims that they had been alerted to the problem as early as 12 February 2007. Affected motorists are facing bills of several hundred pounds to repair their cars and, with up to 10,000 cars needing repair, the suppliers could be liable for compensation claims of up to £10 million.[57] However, on 6 March, Tesco offered to pay for any damage caused by the faulty petrol, after printing full page apologies in many national newspapers.[58]
[edit] Tesco Clubcard
Main article: Tesco Clubcard
Of the major supermarkets in the UK, only Tesco and Sainsbury's offer a loyalty card-scheme to customers. Tesco's Clubcard scheme has been operating since 1995 and has now become the largest loyalty card in the UK, with around 13 million active Clubcard holders.[citation needed]
Customers can collect one Clubcard point for every £1 (or €1 in Ireland) they spend in a Tesco store, Tesco Petrol or Tesco.com. Customers can also collect points by paying with a Tesco Credit Card, or by using Tesco Mobile, Tesco Homephone, Tesco Broadband, selected Tesco Personal Finance products or through Clubcard partners, Powergen and Avis. Each point equates to 1p in store when redeemed or 4p when used with clubcard deals (offers for holidays, day trips, etc). Clubcard points can also be converted to Airmiles. Clubcard points are also converted into coupons which can be redeemed extra points or cash totals
Holders receive quarterly Clubcard statements offering discount coupons which can be spent in-store, online or on various Clubcard deals.
Tesco was cited in a Wall Street Journal article[59] as using the intelligence from the Clubcard to thwart Wal-Mart's initiatives in the UK.
[edit] Internet operations
Main article: Tesco.com
Tesco operates the world's largest grocery homeshopping service[citation needed], as well as providing consumer goods, telecommunications and financial services online.
Tesco has operated on the internet since 1994 and was the first retailer in the world to offer a robust home shopping service in 1996. Tesco.com was formally launched in 2000. It also has online operations in the Republic of Ireland and South Korea. Grocery sales are available within delivery range of selected stores, goods being hand-picked within each store, in contrast to the warehouse model followed by Ocado. This model, which is now used by Sainsbury's, allows rapid expansion with limited investment, but has been criticised for a high level of substitutions[citation needed]. Nevertheless, it has been popular and is the largest online grocery service in the world. In 2003, tesco.com's CEO at the time, John Browett, received the Wharton Infosys Business Transformation Award for the innovative processes he used to support this online grocery service.
On 1 October 2006, Tesco announced that it will be selling six own-brand budget software packages for under £20 each, including office and security suites, in a partnership with software firm Formjet.[60] As Formjet is exclusive distributor for Panda Software and Ability Plus Software, packages from these companies are likely to feature.
[edit] High-tech services
Tesco offers broadband services.
The company also has a digital photo shop that offers products such as, mugs, shirts, celebration cakes and table mats. The service is powered by Pixology.
Tesco offer an internet-based DVD rental service, which is operated by LOVEFiLM . Music downloads are also available.
[edit] International operations
Countries in which Tesco operates.Tesco's international expansion strategy has responded to the need to be sensitive to local expectations in other countries by entering into joint ventures with local partners, such as Samsung Group in South Korea (Samsung-Tesco Home plus), and Charoen Pokphand in Thailand (Tesco Lotus), appointing a very high proportion of local personnel to management positions. It also makes small acquisitions as part of its strategy for example, in its 2005/2006 financial year it made acquisitions in South Korea, one in Poland and one in Japan.[61]
In late 2004 the amount of floorspace Tesco operated outside the United Kingdom surpassed the amount it had in its home market for the first time, although the United Kingdom still accounted for more than 75% of group revenue due to lower sales per unit area outside the UK. Tesco regularly makes small acquisitions to expand its international businesses.
In September 2005 Tesco announced that it was selling its operations in Taiwan to Carrefour and purchasing Carrefour's stores in the Czech Republic and Slovakia. Both companies stated that they were concentrating their efforts in countries where they had strong market positions.
[edit] China
Tesco entered China by acquiring a 50% stake in the Hymall chain from Ting Hsin of Taiwan in September 2004. In December 2006 it raised its stake to 90% in a £180 million deal.[62] Most of Tesco China's stores are based around Shanghai, but according to Tesco it plans to equip the business to expand more quickly and in different areas. Tesco has been increasing its own brand products into the Chinese market as well as introducing the Tesco Express format.[63]
[edit] Czech Republic
A Tesco store in Hradec Králové, Czech RepublicTesco opened its first store in the Czech Republic in 1996 and now has over 84 stores, with further planned.[64] Tesco opened its first stores in the Czech Republic by buying US corporation Kmart's operations in the country and converting them into Tesco stores. Tesco is also keen to expand non-food items and has already opened petrol stations and offers personal finance services in the Czech Republic.[65]
[edit] France
Tesco has one store in France, located in Calais and mainly serving British tourist shoppers.
[edit] Hungary
Tesco launched in Hungary in 1994 after purchasing KMart's operations in the area. It also opened its first hypermarket in Hungary in the same year. Tesco operates through 101 stores in Hungary with further openings planned.[66] Tesco offers its value, standard, healthy living and finest range in its stores. Tesco Hungary also offers a clothing line and personal finance services.[67]
[edit] Ireland
Tesco operated in what was then a fiercely competitive Irish grocery market in the early eighties.The going was too tough for Tesco and they withdrew from the market on Monday 26 May 1986 nursing considerable losses.[ Irish Times-(1) 26 Feb 1986 page1. "Tesco denies pull-out rumors" (2)15 March 1986 page 1."Tesco to Pull out of Ireland" (3) 26 May 1986 page 14 "State approves Tesco takeover"]
Tesco re-entered the Irish market in 1997 after the purchase of Power Supermarkets Ltd. It now operates from 101 stores across Ireland. It, like Tesco UK offers a home delivery shopping service available to 80% of the Irish population as well as petrol, mobile telephone, personal finance, flower delivery service and a weight-loss programme.[68] Also available is Tesco's loyalty programme, the Clubcard.
Tesco is now the grocery market leader in the Republic of Ireland, with a reported November 2005 share of 26.3%.[69] Tesco Ireland also claims to be the largest purchaser of Irish food with an estimated €1.5 billion annually.[70]
[edit] Japan
Tesco Japan first began operations in 2003. It was brought about by a buy-out of C Two stores for £139 million in July 2003 and later Fre'c in April 2004.[71] Tesco has adopted an approach which focuses on small corner shops operating similarly to its Express format rather than opening hypermarkets. It has also launched its range of software in Japan.[72]
[edit] Malaysia
Tesco opened its first store in Malaysia in May 2002. Tesco partnered with local conglomerate Sime Darby Berhad which holds 30% of the shares.[73] Tesco also acquired Makro, a local wholesaler which was rebranded Tesco Extra and provides products for local retailers. Tesco Malaysia offers a value range, own branded range, electronic goods, the loyalty clubcard and clothing.
[edit] Poland
A Tesco Hypermarket in Prokocim, PolandTesco entered the Polish market in 1995. It currently operates from 280 stores and has plans to open even more.[74] Tesco Poland offers the value, healthy living and own branded line of products as well as regional produce, petrol, personal finance services and on-line photo processing. Tesco Poland is keen to promote its green credentials.[75]
[edit] Slovakia
Tesco Slovakia opened in 1996 as part of Tesco's international expansion aims. It now operates from 48 stores and has plans to introduce Tesco Express like local stores.[76] Tesco Slovakia has recently put great emphasis on organic products. However, Tesco Slovakia caused controversy amongst the Slovak government when it was found to have come foul of food safety laws in 2006.[77]
[edit] South Korea
Tesco launched its South Korean operations in 1999 and partnered with Samsung, Tesco holds 81% of the shares in the venture.[78] It operates both hypermarkets and its express format as well as a home delivery shopping service. It is the largest foreign food retailer in South Korea, although significantly behind its local rivals such as Lotte, and Shinsegae Group.[79]
On 14 May 2008, Tesco agreed to purchse 36 hypermarkets with a combination of food and non-food products from E-Land for $1.9 billion (976 million pounds) in its biggest single acquisition, making Tesco the second largeest in the country. The majority of the E-Land stores formerly belonged to French retailer Carrefour before 2006 and most of the stores will be converted to Tesco Homeplus outlets. Tesco's South Korean discount store chain, Home Plus, currently has 66 outlets[80][81].
[edit] Thailand
A Tesco Lotus store in Nakhon Sakon, ThailandMain article: Tesco Lotus
Tesco entered Thailand in 1998 and operates through 380 stores as part of a joint venture with Charoen Pokphand and named the operation Tesco Lotus. This partnership was dissolved in 2003 when Charoen Pokphand sold its shares to Tesco. Tesco Lotus sells a diverse range of products from value food products to electronics to personal finance services. The company is keen to promote its green values and has partnered with the UNEP. Tesco Lotus claims to serve 20 million customers every month and that 97% of its goods are sourced from Thailand.[82]
[edit] Turkey
Tesco entered Turkey in 2003 and uses the trading name "Kipa". Tesco remains focused on building infrastructure in Turkey to complete its expansion plans and has already introduced the Tesco Express format into Turkey. There are plans to increase the rate of expansion as basic infrastructure is built.[83]
[edit] United States
A Fresh & Easy store in Summerlin, Nevada, United StatesMain article: Fresh & Easy
In February 2006, Tesco announced its intention to move into the United States market, opening a chain of convenience stores on the West Coast (Arizona, California and Nevada) in 2007 named Fresh & Easy.[84] The company established its U.S. headquarters in El Segundo, California at 2120 Park Place. The first store opened in November 2007 with 100 more expected in the first year. They plan to open a new one every two-and-a-half days in America, to mimic the successful expansion of pharmacy chains such as Walgreens in the U.S.
The first Tesco Fresh & Easy Neighbourhood Markets opened in Hemet (Riverside County), Anaheim (Orange County), Arcadia (Los Angeles County), West Covina (Los Angeles County) and Upland (San Bernardino County), California in 2007.
[edit] Non-UK store summary
The following table shows the number of stores, total store size in area and sales for Tesco's international operations. The store numbers and floor area figures are as at 24 February 2007 but the turnover figures are for the year ended 31 December 2005, except for the Republic of Ireland data, which is at 24 February 2007, like the UK figures. This information is taken from the 2007 final broker packPDF (94.2 KiB).
Country Entered Stores Area (m²) Area (sq ft) Turnover (£ million)
People's Republic of China 2004 47 392,422 4,224,000 552
Czech Republic 1996 84 381,459 4,106,000 807
France 1992 1 1,400 16,000 Note 2
Hungary 1994 101 448,164 4,824,000 1,180
Republic of Ireland 1997 95 205,780 2,215,000 1,683
Japan 2003 109 29,078 313,000 287
Malaysia 2002 19 174,750 1,881,000 247
Poland 1995 280 606,935 6,533,000 1,135
Slovakia 1996 48 225,475 2,427,000 498
South Korea 1999 81 473,340 5,095,000 2,557
Thailand 1998 370 698,166 7,515,000 1,326
Turkey 2003 30 102,936 1,108,000 256 Note 4
United States of America 2007 60 18,288 (est.) 60,000 (est.) Unknown
Total 1325 3,759,576 40,317,000 10,528 (exc USA)
Note 1: The business in China was a joint venture at February 2006 (now a 90% owned subsidiary; see above) and its turnover is not reported in Tesco's 2006 brokers' pack.
Note 2: Tesco owned a French chain called Catteau between 1992 and 1997. Its existing single store in France is a wine warehouse in Calais, which opened in 1995 and is targeted at British day trippers. Wine is much cheaper in France than in the UK because the duty is far lower. Turnover is not reported separately.
Note 3: Tesco Stores (Malaysia) Sdn Bhd was incepted on 29 November 2001, as a strategic alliance with local conglomerate, Sime Darby Bhd of which the latter holds 30% of total shares. On 31 January 2007, Tesco Stores (Malaysia) Sdn Bhd's CEO Chris Bush announced in a letter published on Makro Cash & Carry (Malaysia) Sdn Bhd's website that it was purchasing Makro and converting and refurbishing all its stores to a new format called Tesco 'Extra'. [5] It is not known whether the format will be similar to Tesco UK's format.
Note 4: Tesco Stores in Turkey are known as Kipa.
[edit] Financial performance
Tesco is listed on the London Stock Exchange under the symbol TSCO. It also has a secondary listing on the Irish Stock Exchange with the name TESCO PLC.
All figures below are for the Tesco's financial years, which run for 52 or 53 week periods to late February. Up to the 27 February 2007 period end the numbers include non-UK and Ireland results for the calendar year ended on 31 December 2006 in the accounting year. The figures in the table below include 52 weeks/12 months of turnover for both sides of the business as this provides the best comparative. Including 60 weeks of non-UK and Ireland sales the figures to 24 February 2007 were: revenue £46,600 million; profit before tax £2,653 million; profit for year £2,478 million; basic earnings per share 22.36 pence.[85]
Group revenue for the 26 weeks to 26 August 2006 was £20,735 million, compared to £17,170 million in the 24 week interin period reported in 2005. On a comparable 26 week basis group sales increased by 12.7% and group profit increased by 10.3%.[86]
52/3 weeks ended Turnover (£m) Profit before tax (£m) Profit for year (£m) Basic earnings per share (p)
24 February 2007 46,600 2,653 1,899 22.36
25 February 2006 38,300 2,210 1,576 19.70
26 February 2005 33,974 1,962 1,366 17.44
28 February 2004 30,814 1,600 1,100 15.05
22 February 2003 26,337 1,361 946 13.54
23 February 2002 23,653 1,201 830 12.05
24 February 2001 20,988 1,054 767 11.29
26 February 2000 18,796 933 674 10.07
27 February 1999 17,158 842 606 9.14
28 February 1998 16,452 760 532 8.12
As of its 2006 year end Tesco was the fourth largest retailer in the world behind Wal-Mart, Carrefour and Home Depot. Tesco moved ahead of Home Depot during 2007, following the sale of Home Depot's professional supply division and a decline in the value of the U.S. dollar against the British Pound. METRO was only just behind and might move ahead again if the euro strengthens against the pound, but METRO's sales include many billions of wholesale turnover, and its retail turnover is much less than Tesco's.
At 24 February 2007 Tesco operated 1,988 stores in the UK (2.581 million m², 27.7 million square feet) and 1,275 outside the UK (3.75 million m², 40.4 million square feet).
The company has a total market value of about £36,761.71m (April 2007).[87] Tesco is the largest private sector employer in the UK and second to the NHS overall.[88]
[edit] UK market share
Graph Showing Market Share of TescoAccording to TNS Worldpanel, Tesco's share of the UK grocery market in the 12 weeks to 20 May 2007 was 31.32%, down 0.03% on 12 weeks to 22 April 2007. Across all categories, over £1 in every £7 (14.3%) of UK retail sales is spent at Tesco. Tesco also operates overseas, and non-UK revenue for the year to 24 February 2007 was up 18% on 25 February 2006
[edit] Tesco litigation
As with any large corporation, Tesco is involved in litigation, usually from claims of personal injury from customers, claims of unfair dismissal from staff, and other commercial matters. Two notable cases were Ward v Tesco Stores Ltd, which set a precedent in so called 'trip and slip' injury claims against retailers; and Tesco Supermarkets Ltd v Nattrass, which reached the House of Lords, and became a leading case regarding the coporate liability of businesses for failures of their store managers (in a case of misleading advertising).
[edit] Criticism
Main article: Criticism of Tesco
In Thailand, Tesco has been criticised for aggressively pursuing critics of the company. Writer and former MP Jit Siratranont is facing up to two years in jail and a £16.4m libel damages claim for saying that Tesco was expanding aggressively at the expense of small local retailers. Tesco served him with writs for criminal defamation and civil libel.[89]
Criticism of Tesco includes allegations of stifling competition due to its undeveloped "land bank",[90] pugilistically aggressive new store development without real consideration of the wishes, needs and consequences to local communities,[91] using cheap and/or child labour,[92][93] opposition to its move into the convenience sector[94] and breaching planning laws.[95]
A recent criticism from 2007 occurred when Tesco failed to deliver groceries via online shopping to a university campus in Sussex, offering no refund or apology. This sparked a local backlash from many customers who had similar dissatisfying experiences with Tesco's online delivery service.[96]
Despite practising a 'One in front' policy, in December 2006 The Grocer magazine published a study which named Tesco as having the slowest checkouts of the six major supermarkets. Somerfield had the shortest queues with an average wait of 4 min 23 seconds. In order of least time spent at the checkout, the other major supermarkets were Waitrose, Sainsbury's, Asda, Morrisons and Tesco.[97]
The Grocer also named ASDA as the cheapest UK supermarket (based on 33 items). Tesco was second and Sainsbury's and Morrisons joint third.[97] Tesco price check tends to differ saying out of 7134 (compared to ASDA) products, (Survey carried out between 09 July 2007 and 11 July 2007) Tesco is cheaper:1835 (compared to 1251 the previous week), Tesco is more expensive:975 (compared to 984 the previous week) and Tesco is the same price: 4324 (compared to 4996 the previous week).[98]
Tesco received criticism for bureaucratic and inflexible parking systems in its Bloomfield store in Dublin, Ireland. [99]
[edit] Further reading
Simms, Andrew (2007). Tescopoly: how one shop came out on top and why it matters. London: Constable. ISBN 1845295110.
Humby, Clive; Hunt, Terry & Phillips, Tim (2006). Scoring points : how Tesco continues to win customer loyalty. London & Philadelphia: Kogan Page. ISBN 9780749447526.
Nash, Bethany (2006). Fair-Trade and the growth of ethical consumerism within the mainstream : an investigation into the Tesco consumer. Leeds: University of Leeds. ISBN 75272130.
[edit] See also
Supermarkets in the United Kingdom
TNS Worldpanel
Tescopoly
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^ "Tesco still commanding highest market share", RTÉ Business, December 6, 2006.
^ "About Tesco Ireland", Tesco Ireland.
^ "Tesco pedals cautious path in Japan", The Guardian, June 1, 2004.
^ Tesco Annual Review 2007. Tesco Plc (April 21, 2008).
^ Corporate information, Tesco Malaysia. Tesco Stores (Malaysia)Sdn Bhd (April 21, 2008).
^ Tesco Annual Review 2007. Tesco Plc (April 21, 2008).
^ About Tesco Poland. Tesco Poland (April 21, 2008).
^ Tesco Annual Review 2007. Tesco Plc (April 21, 2008).
^ cTemplate:Ite news
^ "Tesco to expand in South Korea", Food Navigator Europe, May 16, 2001.
^ "Tesco builds Korean business", Food & Drink Europe, January 19, 2005. "Tesco is the largest foreign grocery retailer in the country, Gregory said, and is third overall behind local players Lotte and Shinsegae. "Both these groups have sales more than double Tesco's, so while this acquisition is unlikely to close the gap significantly, it will help Tesco move away further from the chasing pack - such as Carrefour and Wal-Mart.""
^ http://uk.reuters.com/article/mergersNews/idUKSEO28065320080514
^ http://news.bbc.co.uk/1/hi/business/7399957.stm
^ Key facts about Tesco Lotus. Tesco Lotus (April 21, 2008).
^ Tesco Annual Review 2007. Tesco Plc (April 21, 2008).
^ Tesco to enter United States. Retrieved on 2006-03-13.
^ Tesco Plc 2006/07 resultsPDF (898 KiB)
^ Tesco Plc Interim Results 2006/07, pages 2 and 14PDF (234 KiB)
^ Times Online Business. TimesOnline. Retrieved on 2006-10-29.
^ Tesco Core UK Info.
^ http://www.guardian.co.uk/business/2008/apr/30/tesco.supermarkets
^ "UK grocers face competition probe", BBC, 2007-01-22. Retrieved on 2007-02-21.
^ "Stop Tesco St Albans", Example aggrieved local community, April 2007.
^ "UK firms 'exploiting Bangladesh'", BBC, 2006-12-08. Retrieved on 2007-02-21.
^ Islam, Faisal (2006-10-10). Child labour making Tesco clothes. Channel 4 News. Retrieved on 2006-12-10.
^ Regulators continue to mull Adminstore acquisition. Retrieved on 2006-08-20.
^ "Tesco 'breaching planning laws'", BBC, 2006-08-18. Retrieved on 2007-02-21.
^ The Argus Newspaper[specify], May 25, page 27.
^ a b "Tesco Till 'Slowest'", The Mirror, Trinity Mirror, 2006-12-20. Retrieved on 2006-12-22.
^ "Tesco.com Pricecheck", Tesco, Tesco, 2007-07-11. Retrieved on 2007-07-13.
^ "The Irish Times" (subscription required), 2008-03-31. Retrieved on 2008-03-31.
[edit] External links
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[show]v • d • eTesco Plc
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Annual Group Revenue: GB£42,641 million · Employees: 273,027 · Stock Symbol: (LSE: TSCO) · Website: www.tesco.com
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Annual revenue €350 billion EUR · Employees 2.1 million · Website errt.org
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