Latest news with #Heraclitus
Japan Times
3 days ago
- Business
- Japan Times
Western businesses will not return to Russia
In recent weeks, Russian officials have promoted the idea that once the war in Ukraine ends, Western businesses — particularly American companies — would be welcome to return to Russia. The administration of U.S. President Donald Trump has responded with interest. But how realistic is that prospect? Would Western investments and joint ventures really come back? The Greek philosopher Heraclitus once famously observed, 'No man ever steps into the same river twice, for it's not the same river, and he's not the same man.' The same could be said of Russia. In the 1990s, following the Soviet Union's collapse, Western businesses poured into the country. Over the next 30 years, these businesses invested hundreds of billions of dollars in Russia, bringing not just capital but also expertise and institutional connections. In many ways, they helped integrate Russia into the global economy. That legacy has been largely erased. On paper, several thousand Western companies still operate in Russia, but most are little more than mailboxes or fronts for Russian business entities. The few remaining Western firms with meaningful operations are effectively trapped: they either cannot exit the market or are being pressured to sell their assets — often at huge losses — to well-connected Russians.
Observer
6 days ago
- Business
- Observer
Western businesses will not return to Russia
In recent weeks, Russian officials have promoted the idea that once the war in Ukraine ends, Western businesses — particularly American companies — would be welcome to return to Russia. The Trump administration has responded with interest. But how realistic is that prospect? Would Western investments and joint ventures really come back? The Greek philosopher Heraclitus once famously observed, 'No man ever steps into the same river twice, for it's not the same river and he's not the same man.' The same could be said of Russia. In the 1990s, following the Soviet Union's collapse, Western businesses poured into the country. Over the next 30 years, these businesses invested hundreds of billions of dollars in Russia, bringing not just capital but also expertise and institutional connections. In many ways, they helped integrate Russia into the global economy. That legacy has been largely erased. On paper, several thousand Western companies still operate in Russia, but most are little more than mailboxes or fronts for Russian business entities. The few remaining Western firms with meaningful operations are effectively trapped: they either cannot exit the market or are being pressured to sell their assets — often at huge losses — to well-connected Russians. Consequently, the networks painstakingly built over three decades have unravelled. Russia's financial ties to the West have mostly vanished and Western sanctions are squeezing strategic exports like oil and natural gas. Although trade in commodities and 'dual-use' technologies continues via third-party intermediaries, it lacks the direct hands-on transfer of expertise once provided by Western companies, which was often the true engine of value creation. But even if the war in Ukraine were to end and sanctions were lifted, a return of Western businesses remains highly unlikely. Russia is 'not the same river.' The post-Soviet economic void that Western companies filled in the 1990s and 2000s, following seven decades of isolation and central planning, has since been occupied by Russians. Today, offices in Moscow no longer display the names of Western multinationals, but rather those of their former Russian partners, many of whom were educated in the West or trained by Western professionals. Foreign banks have been replaced by Russian ones, as have businesses across the board, from retail to online services. In these areas, Russia now functions as a fully developed market economy and no longer depends on Western involvement. That said, the war in Ukraine has pushed Russia's economy towards something resembling its Soviet-era self, with an inflated military-industrial complex alongside chronic underinvestment and stagnation in much of the rest. In several industries, particularly manufacturing, Western skills, technologies and capital could still play an important role. The oil industry is a prime example. In the 1990s, Western companies entered Russia in droves, bringing with them a full suite of oilfield services. Using capital and modern management practices, they helped revive declining Soviet-era oil provinces and launched new projects through joint ventures with Russian partners, pioneering new business models for post-Soviet Russia. That experience is unlikely to be repeated. Many Western oil companies are still wounded by their previous forays into Russia and the global oil industry has more attractive opportunities in regions with richer reserves and more business-friendly governments. Perhaps most important, the future of oil itself is uncertain, as major energy firms seek to diversify away from traditional fossil fuels towards petrochemicals and renewables. In this emerging landscape, Russia has little to offer. Another example is the automobile and transportation sectors. Here, too, Western manufacturers rushed into Russia with ambitious plans to modernise its outdated Soviet-era industries. But all of these companies have exited Russia since 2022 — many of them suffering significant losses in the process — and are unlikely to return. The Western transportation industry is undergoing a major transformation. Amidst the transition to electric vehicles and high-speed rail, most companies have neither the appetite nor the means for another Russian adventure. Then there's China. As economic growth there slows, Chinese companies are aggressively ramping up exports, especially to Russia. But rather than investing or facilitating technology transfers, they prefer to ship finished goods. Similarly, Chinese banks are cautious with their capital and the so-called 'yuanisation' of Russia's economy (in which the renminbi displaces the dollar and the euro) has proven to be a poor bargain for Russia, as China — driven by domestic priorities — is actively devaluing its currency. In practice, Russia's much-touted 'no-limits' partnership with China has turned out to be an inadequate substitute for its severed financial ties to the West. Against this backdrop, it is easy to see why Russia would want to launch a charm offensive aimed at luring back Western businesses and investment. But Westerners are unlikely to respond with anything like the missionary zeal of 30 years ago. The once-empty niches left by the collapse of the Soviet economy have now been filled by Russians and Western firms — remembering their previous bitter experiences — are pursuing more promising opportunities elsewhere. It is not the same Russia — and not the same West. Copyright: Project Syndicate, 2025. Thane Gustafson The writer, Professor of Government at Georgetown University, is the author, most recently, of Perfect Storm: Russia's Failed Economic Opening, the Hurricane of War and Sanctions, and the Uncertain Future (Oxford University Press, 2025).
Spectator
6 days ago
- General
- Spectator
Are rivers really people?
No man treads in the same river twice, wrote Heraclitus in the fifth century BC. No doubt that clever old bird was on to something, but nowadays it seems that we need to be careful about treading in rivers at all. It was reported last week that the River Loddon in Hampshire has been granted legal personhood by a local council, inspired by a document known as the Universal Declaration of the Rights of Rivers. The UDRR, created in 2017, was created by an organisation called the Earth Law Centre, and makes some pretty sweeping claims on behalf of our fluvial comrades, including the 'right to flow', the 'right to feed and be fed by sustainable aquifers', and 'the right to regeneration and restoration'. Drawing on precedents from New Zealand, India and Colombia, it suggests that rivers should be treated as distinct entities in law with their own interests and prerogatives. Some readers will already be rolling their eyes and I confess that was my instinctive response.
Daily Mail
04-05-2025
- Daily Mail
Youngest son of disgraced billionaire Harrods owner Mohamed Al Fayed reveals he ran away to sea to escape his father and claims we treat the Earth 'like he treated women'
The youngest son of Mohamed Al Fayed has revealed he ran away to sea to avoid his father's grip - despite being poised to take over Harrods. Omar Al Fayed, 37, said he fled to a research ship at the age of just 22 - leaving his billionaire father convinced he had been kidnapped. He joined the crew of the Heraclitus, a boat that was built in the 1970s by Californian environmentalists, and had carried out research on oceans across the world. Omar told The Sunday Times: 'I told him exactly where I was going. I just don't think he believed me. And I was completely out of touch in the middle of the ocean.' 'I stuck it out a Harrods for as long as I could. I literally jumped ship. It was not just a cultural upbringing, generational thing. 'It genuinely was a personal difference in our approach to reality.' Police now believe Al Fayed, who died last year aged 94, may have raped and abused more than 111 women over nearly four decades. This would make the billionaire Harrods tycoon one of Britain's most notorious sex offenders. Five brave survivors alleged in a BBC documentary that they had to barricade doors with chairs to get away from former Harrods boss Al Fayed. Former employees said he would fly them to Paris under the guise of a work trip, take away their passports and put them in hotel rooms without locks. Chilling claims say he monitored them with CCTV in their own homes, phone tapping and he threatened their families if they ever dared to speak out about the abuse. BBC journalists looking into his predatory history gathered the stories of more than 20 women who said they had been abused by him, and 'up to 200' more have come forward since. Omar, a lifelong environmentalist, has now said he believes business and industry treats the planet like his father treated women. He also commended the bravery of the women who came forward accusing Al Fayed of sexual assault. 'I am horrified and deeply concerned by the allegations recently brought to light against my late father,' he said when the allegations emerged in September. 'The extent and explicit nature of the allegations are shocking and has thrown into question, the loving memory I had of him', Sky News reported. 'How this matter could have been concealed for so long and in so many ways, raises further disturbing questions.' He said that he loved his father 'very much' and he was a 'wonderful dad'. But he added 'that aspect of our relationship... does not blind me from an objective assessment of circumstances'. He said he stood 'unequivocally in support of any legitimate investigation into these allegations. 'I will continue to support the principles of truth, justice, accountability, and fairness, regardless of where that journey may lead. No one is above the law.' Omar, the youngest of Fayed's four children with his second wife, Finnish model Heini Wathen, previously conceded that his father was an 'old-school chauvinist'. He told friends: 'Perhaps he was like an older version of Donald Trump.' Michael Ward, managing director of Harrods, said in a statement that it is clear Al Fayed 'presided over a toxic culture of secrecy, intimidation, fear of repercussion and sexual misconduct'. Mr Ward, who worked for Al Fayed for four years, said he was 'not aware of his criminality and abuse' and described it as a 'shameful period in the business' history'. He said an independent review was underway into issues arising from the allegations and that he had 'provided all the information I have to ensure my own conduct can be reviewed alongside that of my colleagues'.
Times
03-05-2025
- Business
- Times
Al Fayed's son: ‘We treat the planet like my father treated women'
When Omar Fayed ran away to sea, his father was convinced he had been kidnapped. 'I told him exactly where I was going,' said Fayed, 37. 'I just don't think he believed me. And I was completely out of touch in the middle of the ocean.' His father, the billionaire Mohamed Al Fayed, had been preparing his youngest son to take over Harrods, the flagship of his business empire, but the younger man — 22 at the time — had decided he wanted a different life. He joined the crew of the Heraclitus, a research vessel built in the 1970s by Californian environmentalists, which had carried out scientific, environmental and anthropological research from the Pacific to the Antarctic, the Mediterranean to the Atlantic. 'I
