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...Marks & Sparks Goes East. The British retailer Marks & Spencer has a homegrown following devoted to its gourmet food halls and no-nonsense children's clothes and underwear; now the store is expanding its reign overseas to Shanghai, where it has opened the first of 50 stores planned in China. The 40,000-sq.-ft. store sells everything from mens' and womens' clothing to over 1,000 lines of food including fish pies and molten chocolate cake. So if you're ever jonesing for Yorkshire pudding in Shanghai, head to West Nanjing Road...
...villain of the credit crunch. Britons - from private individuals to local government, charities and public bodies - have deposited some $34 billion in Iceland's financial institutions, among them Landsbanki, which went into receivership this week, and Kaupthing, the country's biggest bank, which was nationalized on Thursday. After the British government used antiterror legislation to freeze Landsbanki assets (these laws were simply "the most efficient mechanism available," a Downing Street spokesman explains), Iceland's Prime Minister Geir Haarde protested. "Not many governments would have taken that very kindly," he said. His counterpart in London appears unabashed. "We will take further...
This isn't Britain's first run-in with Iceland. The so-called Cod Wars over fishing rights in the North Atlantic led to hostile engagements between British and Icelandic fishing fleets and naval vessels, with nets being cut and boats being rammed, ending in the 1970s with an agreement that many British fishermen still blame for limiting their catches. If Brown fails to retrieve British cash from Iceland, a wider swath of the population - all British taxpayers, in fact - will feel the effects this time around. His chancellor, Alistair Darling, promised U.K.-based private investors on Wednesday that...
...Economic Secretary to the Treasury and now a minister in the Department for Work and Pensions, was quizzed by an influential House of Commons committee after newspapers reported that the Icelandic Deposit and Investors Guarantee Fund had insufficient resources to cover its potential liabilities. "Are you satisfied, Minister, that British investors in Icelandic banks are fully guaranteed in the event of a bank collapse, then?" wondered Michael Fallon, the Conservative MP who chairs the committee. "I am satisfied that the law exists to guarantee them, yes," replied Ussher. Fallon persisted: "You are satisfied that the law exists to guarantee them...
...even question the wisdom of the rules governing local-council investments and how local councils interpret them. For the moment, Britons' ire is directed outward: at Iceland's hubris in allowing its banks to expand imprudently. There are also mounting concerns about how Iceland's economic meltdown will affect British Main Streets. Icelandic investment companies also own significant shares in famous retailers such as Debenhams, Hamleys and Oasis, and an Icelandic entrepreneur even owns the East London premiership football club West Ham United...