Philippa Kaur

LIKE HIS fellow Victorian beancounters, Edwin Waterhouse made his name in part by unearthing frauds perpetrated during the railway mania that gripped late-19th-century Britain. These days the accounting-and-consulting powerhouse that traces its history to his successful sleuthing more often makes news for failing to detect financial malfeasance—or for engaging in mischief itself. Between 2010 and 2023 it faced around $450m in fines and settlements related to botched audits and other misconduct in various countries. The firm, which now goes by PwC rather than PricewaterhouseCoopers, at least spares Edwin’s memory the indignity of having his name openly tied to the mess. More

The car industry’s effort to decarbonise revolves around replacing petrol with batteries. A growing number of customers want both. Buyers who cannot afford a fully electric car, or worry about the availability of charging points, are turning to plug-in hybrid electric vehicles (PHEVs), sales of which are rocketing. But the hybrid ride may prove to be short. More

The car industry’s effort to decarbonise revolves around replacing petrol with batteries. A growing number of customers want both. Buyers who cannot afford a fully electric car, or worry about the availability of charging points, are turning to plug-in hybrid electric vehicles (PHEVs), sales of which are rocketing. But the hype for hybrids may prove to be short-lived. More

Each year China makes as much steel as the rest of the world combined. The vast scale of its output—around 1bn tonnes a year—is obscured by the fact that most of it stays in the country. Lately, however, China’s exports of the metal have surged, reaching 90m tonnes in 2023, up by 35% on the previous year (see chart 1). That may be a fraction of China’s total production, but it is more than what America or Japan make in a year. And it is enough to build a thousand Golden Gate bridges. More

On September 9th Mario Draghi, a former prime minister of Italy and former president of the European Central Bank, published his long-awaited report on European competitiveness. The continent’s productivity lags behind America’s, and it lacks world-beating corporate giants. Rising geopolitical tensions have made this problem more acute for European policymakers. They are right to worry. Listed American firms are, on average, bigger and more profitable than European ones. The difference is particularly striking among tech firms, which are twice as profitable and more than ten times the size in America. ■ More

Buying a Leica feels like buying a piece of art. Made in Germany, the cameras are sold in the swankiest neighbourhoods, sometimes in shops which double as galleries. The current models pack the latest imaging technology into sleek all-metal bodies. For decades they have been the chosen cameras of masters of photography such as Henri Cartier-Bresson (pictured) and Annie Leibovitz. Their price is extravagant. Leica’s latest compact model, the Q3, costs around $6,000 (an accompanying thumb rest is available for an extra $245). Opt for a flagship M-series camera with a couple of lenses and the bill can easily run into five figures. More

SINCE ITS founding in 1968 Intel has been synonymous with shrinkage. In its first four decades this was high praise. Every two years or so the American chip pioneer came out with new transistors half the size of earlier ones, a regularity that came to be known as Moore’s law, after one of the company’s founders. Twice as many chips thus fit onto roughly the same silicon wafer—and could be sold profitably for roughly the same price. That allowed Intel to corner the market for memory chips and then, when “memories” became commoditised in the 1980s, for the microprocessors which powered the subsequent PC revolution. More

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