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FT: Kipling’s wise words

Kipling’s wise words

By Stefan Stern

Published: April 28 2008 19:27 | Last updated: April 28 2008 19:27

A wise colleague once said: “If you can keep your head when all about you are losing theirs, you have probably failed to grasp the seriousness of the situation.”

How bad are market conditions today? Should we be panicking or is it time to keep a cool head when all about you have lost the plot?

I cannot answer these questions for you. But we should, I think, be guided by the sobriety and realism of the words quoted above. Even if some economists have predicted all seven of the last three recessions, that doesn’t mean they are necessarily wrong this time.

The bathos of the wise colleague’s words is attractive too. It is well-judged: a liberal (and sarcastic) response to the troubling jingoism many readers find in the work of Rudyard Kipling (1865-1936), author of the poem, If, to which he was referring.

Although Kipling was once wildly popular and an early winner (1907) of the Nobel prize for literature, he is controversial today. Many accuse him of being a racist and an imperialist. His talk of “the white man’s burden” and his portrayal of primitive “natives” being brought reluctantly to civilisation have caused, and continue to cause, great offence.

His admirers say his work is shot through with irony and that most of the expressions of white supremacy are spoken by fictitious characters, not the author himself. Kipling was more complicated than he looked. More than 100 years after they were written – and read in a different context – it is hard to be certain whether his words are always meant to be taken completely seriously:

“Take up the White Man’s burden –

The savage wars of peace –

Fill full the mouth of Famine

And bid the sickness cease.”

The words of If are another matter. It was voted Britain’s favourite poem in a BBC poll as recently as 1995. This may reflect badly on British popular taste – George Orwell labelled Kipling “a good bad poet” – but it also tells you that its message endures.

If is not exactly unproblematic. Orwell said it was popular with Colonel Blimps – reactionary, militaristic types – who were so surprised to find a poet on their side that they elevated his words to Biblical status.

But If should not be the exclusive property of the Blimps. It is not exactly the most beautiful poem in the English language – far from it. But at this tense moment in the business cycle, it is worth considering whether Kipling, even in his arch-19th century way, has something useful to tell us. The poem begins:

“If you can keep your head when all about you

Are losing theirs and blaming it on you,

If you can trust yourself when all men doubt you,

But make allowance for their doubting too;”

This is not as crusty as it might sound. Recognising that people may doubt your ability to lead, for example, is not something observed in many chief executives. Kipling does not see it as a weakness to acknowledge the doubts that others may have. The second stanza opens:

“If you can dream – and not make dreams your master;

If you can think – and not make thoughts your aim;

If you can meet with Triumph and Disaster

And treat those two impostors just the same;”

This is good advice too. And it applies to people working at all levels, not just lonely leaders. The lines about triumph and disaster are posted on the wall by the players’ entrance to Wimbledon’s centre court. Successful sportspeople know not to take victory for granted. They are also good at bouncing back from the most severe disappointments. The final stanza begins:

“If you can talk with crowds and keep your virtue,

Or walk with Kings – nor lose the common touch,

If neither foes nor loving friends can hurt you,

If all men count with you, but none too much;”

How very 2008. Today’s “authentic” leaders are happy to talk to anybody – investors, colleagues, subordinates – without putting on an act. They are themselves, in the boardroom and on the shopfloor. They are also, as Kipling writes, equally immune to flattery and unfair criticism.

If you can manage all this, and more, you will attain the highest accolade, Kipling says (warning – un-PC conclusion coming):

“You’ll be a Man, my son!”

I hope female readers do not feel excluded by this. If should be read as an equal opportunities poem.

Orwell was not a Kipling fan. “He dealt largely in platitudes, and, since we live in a world of platitudes, much of what he said sticks,” he wrote. Well, yes and no. If may be platitudinous in places. But it is always worth another look.

“The mere existence of work of this kind, which is perceived by generation after generation to be vulgar and yet goes on being read, tells one something about the age we live in,” Orwell also said.

That is true too, but not really, I think, in the way that it was meant.
This column returns on May 13

FT:Go it alone with style, caution and thrift

Go it alone with style, caution and thrift

By Luke Johnson

Published: April 29 2008 22:14 | Last updated: April 29 2008 22:14

There are quite a few advisers out there helping start-up companies – banks, accountants, small business agencies. Much of what they say is sensible. But few of these mentors have actually done it themselves. So I thought it was worth noting a handful of things entrepreneurs should not do when taking the plunge into self-employment.

Do not leave your job. Develop your new project in the evenings and weekends until you are confident of success. Keep the salary coming in for as long as possible. If you need to go freelance, retain a contract with your old company. In the 1980s, while working full-time as a stockbroking analyst, I moonlighted as a partner in ventures as varied as nightclubs and a software business for a few years before joining the world of self-employment. These days, the rise of flexible working means this sort of arrangement is much more widespread.

Do not rent fancy commercial premises. Initially use your home or garage. And if you have to have space, make sure it’s short-term, like serviced offices. In 1975, Bill Gates dropped out of Harvard and started Microsoft in an Albuquerque motel room. Do not be vain about such matters: low costs are everything.

Do not be put off because we may be entering a downturn. Many great companies are founded when times are tough, and often remarkable opportunities arise in spite of a struggling economy. With partners, I took control of PizzaExpress in 1992 – the last time Britain was in recession – and it changed my career.

Do not spend money on advertising. Public relations is a much better bet for fledgling enterprises. There are so many media outlets now, thanks to the digital revolution, that any new product or service can get some coverage if you try hard enough. Not only is PR cheaper; editorial attention also has more impact.

Do not rely on bank debt. The credit crunch means traditional lenders are not behaving normally and sourcing loans on decent terms has become more difficult. You may have to be creative to secure funding for your business. Try factoring, leasing or stock-based lending. Offer customers discounts to pay cash up front. Get suppliers to provide extended terms.

Do not engage expensive advisers. Teach yourself the basics of commercial law, accountancy, property and so forth. All professionals will charge substantial fees to tell you things you can discover easily online or in beginners’ handbooks. By gaining a solid understanding of these disciplines you will make much better informed decisions. For complex matters, such as a 120-page lease, you will need advice, but simple things such as registering a company you can do yourself.

Do not take on partners in a rush. By all means work with others, but tread cautiously before setting up with anyone else. You need to know someone well – their motivation, ambition and honesty – before embarking on such a journey together. Running a company is often a demanding affair and incompatibilities soon come out. Work together on a trial basis as a partnership before making binding commitments.

Do not go ahead if your spouse is against it. It is almost impossible to succeed in the challenging task of building a new concern if you have huge domestic upheaval too. I married fairly late – perhaps partly because I didn’t want personal responsibilities to stop me from taking risks.

Do not be over-ambitious. By all means dream of reaching the stars, but start on a realistic scale and grow. Develop a pilot, prove the concept, then seize the day. There will always be unexpected problems and obstacles. Learn how to overcome them while operations are small.

Do not be lazy or impatient about research and homework. Know your market intimately. Study your prospective customers and rivals obsessively. Learn everything you possibly can about your scheme: costs, technical issues, staff needs, pricing, marketing and so on. Prepare a comprehensive business plan, even if you don’t need finance, simply as a discipline.

Good luck to those who give it a go. As Helen Keller said: “Life is either a daring adventure or nothing.”

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Raffles Conversation: Portrait of a legal titan

   
   
Published April 26, 2008
Portrait of a legal titan

KShanmugam is not only a man of many titles but also one of many pleasant contradictions, says MICHELLE QUAH

 

     

K SHANMUGAM - Senior Counsel, head of litigation and dispute resolution at Allen & Gledhill, Member of Parliament and soon-to-be Law Minister and Second Home Affairs Minister - is not only a man of many titles, but also one of many pleasant contradictions.

     
'As a Minister, you can make a far greater contribution to society then you can as a lawyer in private practice, helping individual clients. It is a privilege to serve society in a meaningful way.'

As a reporter who's followed his cases and career closely in the last few years, I thought I had a handle on the man; but he still manages to surprise me every time.

Part of this is due to the fact that very little is known about the 49-year-old, personally, given his intensely private nature - which is, already, a contradiction for so public a figure.

His preference for only letting his work speak for him has meant not only that it was no mean feat getting him to agree to this interview - but also that few people, save for friends and colleagues, really know what makes the man tick.

Most of us know him as one of Singapore's most fearsome litigators, who has been described as one of the country's 'twin titans' of litigation alongside Senior Counsel Davinder Singh of Drew & Napier.

Mr Shanmugam's list of legal victories and contributions to the local litigation scene runs long - as does the list of awards and accolades accorded to him.

His public image can be a forbidding one. Those who've witnessed him tearing apart his opponents, skilful argument by skilful argument - in his calm, yet menacing way - understand why he's also known as the 'Silent Killer'.

In fact, some have wondered if it was because of those very accomplishments that he was picked as Singapore's new Law Minister. In a word, the answer must be 'yes' - but those who know him know that he will also bring a great many other qualities to the job.

And that's where those contradictions I'd mentioned earlier come in.

Watching Mr Shanmugam in action - his thoughts and arguments flow with a speed that leaves the rest of us mere mortals gasping for breath, struggling to keep up - one would think he's simply wired that way.

Well, he is. But he is also not one who's content to rely solely on his brilliant brain. He is a litigator who's also an extremely thorough researcher.

It's a trait that not many are aware of, especially if one has only ever encountered him in the courtroom. But there's much preparation work that goes before each riveting cross-examination, as the man himself explains.

'I'm not the sort of litigator who lets his team do all the groundwork, and then comes in just to argue the case. I'm involved from the very beginning. When we get a case, especially a major one, I sit down with my fellow partners and our team of lawyers and decide on how we're going to tackle it - I look at the key issues, the bases of action, how we're going to argue the case. I set out the roadmap for them.'

And he regularly updates himself on the progress of his team's preparations by meeting them to discuss the handling of a case. During these meetings, the work done is considered in detail, and the roadmap ahead as well as new ideas are discussed. And he reads every piece of evidence used in a case.

'I read every single document - every memo, every letter, every e-mail, every spreadsheet - and I read everything at least three times to completely absorb and analyse the evidence from several angles. I have one set of documents in the office and one set at home. I make sure I'm so familiar with them that nothing can throw me off.'

This familiarity manifested itself in the high profile court case involving the National Kidney Foundation (NKF), where Mr Shanmugam represented the new board in its claims against former officers of the charity.

The Senior Counsel was able to trap former chairman Richard Yong on numerous occasions, by pulling out evidence from documents dating 10 years back which contradicted Yong's testimony.

'You can only do that when you truly understand the entire sequence of events in a case. You can't be debating evidence with witnesses - you have to know exactly what you want to get from them,' he tells me.

His ability to absorb that amount of information for each case is possible because the man works at an almost super-human pace. Allen & Gledhill (A&G) partner Edwin Tong - who is one of Mr Shanmugam's right-hand men in the litigation department, having worked with him for 14 years (and who also worked with him on the NKF trial) - describes it as such: 'He works faster than anyone I've ever known. He reads a document in a third the amount of time it would take the rest of us to. And, by that time, he would also have absorbed, digested and understood it. He also has an uncanny ability to size up the facts and then present them in a clear, concise and logical manner. When cross-examining, that's a devastating quality.'

That brings us to the most difficult job of a litigator, after the prep work: the court appearance. Which is where Mr Shanmugam has earned much of his fame, ripping apart the arguments of his opponents with his stinging interrogatory style.

Again, using the example of the NKF trial - which many in the public are familiar with - Mr Shanmugam got Yong to admit, in cross-examination, that a letter he claimed to have written to former CEO T T Durai, which praised Durai's work and offered him an eight-month bonus, was actually drafted by Durai himself. Taking apart the letter word by word, he showed the court that Yong could not have written it - as the former chairman did not even understand some of the words used.

The unrelenting scrutiny Mr Shanmugam subjected Yong to, throughout the trial, eventually led the former chairman to admit that he had breached his duties as a board member. It's a skill which not many possess.

Mr Shanmugam explains what he considers to be some of the key factors in handling court work: 'The difference between a good and an excellent litigator is the ability to draw out such admissions from the witness and to prepare the trap in such a way that there is no escape from the facts which have been established.'

'You need to know how to counter answers that you weren't looking for. You have to be very quick. You have to be several steps ahead of the witnesses and be aware of all their escape routes. And, through it all, you must remain cool. Never show fear or weakness. You have to have the stomach to take the pressure. And then turn the pressure onto your opponents,' he says.

That ability has seen him turn impossible cases into victories and difficult situations into triumphs.

The latter instance was illustrated, this time outside the courtroom, in another high-profile dispute - between the owners of Horizon Towers and Mr Shanmugam's client, Hotel Properties Ltd (HPL).

HPL's plans to buy Horizon Towers seemed to have been completely scuppered when the Strata Titles Board (STB) rejected the sale in August 2007. HPL could not appeal the decision, having earlier been denied access to the hearing. The minority owners, who opposed the sale, were delighted. And the majority owners, given that property prices had risen very substantially, had no commercial interest in appealing the STB's decision. Some of them were in fact lobbying for the sale to be aborted. The deal may well have collapsed - if not for Mr Shanmugam's quick thinking.

'Most people thought that the deal was off. Many lawyers were saying that was the end. But we didn't sit back and accept it. We decided immediately, within a few days, to sue the majority owners for $1 billion, for breach of contract. That sort of move requires a clear and objective analysis of the situation - and a lot of guts. The client got out of a situation that looked lost,' he says.

As he puts it: 'The $1-billion lawsuit focused minds and reminded people of their obligations. The majority owners had a choice - they could appeal to try and get the STB decision reversed and, after that, do their best to get the STB to approve the sale; or they could take their chances with the lawsuit. If our lawsuit was frivolous, they may well have been tempted to take the latter course.'

After the lawsuit, the majority owners decided to appeal the STB's decision. Upon appeal, the High Court overturned STB's dismissal of the sale - and the case went back to the board, where the sale was eventually approved.

The minorities owners are now appealing that decision. And Mr Shanmugam will make his last and final appearance in court as a litigator at this Horizon Towers appeal on April 30 - just a day before he assumes office as Law Minister.

That brings us to the other seeming dichotomy about the man: The wildly successful private-sector lawyer versus the inspired public servant.

While many were not surprised with the choice of Mr Shanmugam as Singapore's new Law Minister - Davinder Singh says his first-rate mind and analytical skills would be a boon to the country - many were surprised he would be willing to give up a lucrative and high-profile career to serve in public office.

The pay issue aside, the change would also mean that Mr Shanmugam would have to give up more of his closely guarded privacy and free time with his family.

Why do it?

Mr Shanmugam says: 'I would point to two factors. First, as a Minister, you can make a far greater contribution to society then you can as a lawyer in private practice, helping individual clients. It is a privilege to serve society in a meaningful way. Second, look at the people we have in Cabinet now - they're outstanding. Compare this Cabinet to any Cabinet in the world. It is second to none and it is a privilege to be asked to work with them. These were real motivating factors for me.'

It's important, at this juncture, to touch on a third seeming contradiction about the man: That the stern, ruthless litigator is also a sensitive soul.

The persona one sees in court is reserved strictly for work. Off duty, the Senior Counsel is personable, surprisingly soft-spoken, even shy, at times. I remember the trepidation with which I approached him the first time for a quote, after watching him reduce a confident witness to a nervous wreck on the stand. Since then, through our numerous encounters, I've learnt that the man may be tough and driven - but he's also down-to-earth, sensitive and funny.

And this interview, our last as reporter and lawyer, was a memorable affair - with Mr Shanmugam candidly sharing with me his hopes and dreams, and even regrets.

One lies in the knowledge that he will be leaving a seeming vacuum at A&G's litigation department. With his departure, the firm will be without a high-profile litigator or a Senior Counsel (SC) to lead the team - which may affect the perception of some clients.

Mr Shanmugam doesn't shy away from admitting the impact this will have on the department. But he believes his work over the past 15 years, building up a group of young litigators - almost from scratch - will pay off soon.

'I've been at A&G for 17 years. From the beginning, I have worked hard - recruiting exceptionally bright young people and training them to be the sort of litigators I want them to be, to have all the necessary skills. It takes about 15 to 17 years to train a lawyer from scratch until he becomes an SC. But not everyone you recruit is going to be an SC. Of the several lawyers I have recruited over the years, there are some who, I believe, can be SCs soon. It would've helped if I could have stayed on until that happened. But the team, without me, will have to tough it out for a while. The market will appreciate their quality soon. My firm has every confidence in them. They are, in my view, as good as SCs are in Singapore and in time to come, some of them will be right at the top.'

Andrew Yeo has been named as Mr Shanmugam's replacement, as the head of litigation. 'Andrew was picked because he's a good lawyer and quite senior. He and Edwin Tong have been running the department very efficiently for three years. I was training them. I asked the partners to pick a new leader among them, and they picked Andrew.'

The efforts he spent breeding a second tier of top lawyers at A&G will now be channelled towards beefing up the talent pool of lawyers in Singapore.

'There are a number of perennial issues. These need to be constantly reviewed. One of them is the issue of the general supply shortage of lawyers, from the universities - as well as the need to beef up the depth of talent in the industry. But that's also a chicken-and-egg problem: if we don't get the deals and the business, we don't develop the talent. We have really good people, but I feel that the talent pool is not deep.'

'Still, I believe the issue will be partly addressed in seven to 10 years' time, when we will see more law school graduates entering the market - which will raise the level of talent we have. I believe we could do with more talent across-the-board, whether it be in the areas of litigation, corporate or corporate finance work,' he said.

So, while some might think of his new appointment as being a change of pace for the legal titan, it's clear to others who know him better that there'll be no easing off the throttle for Mr Shanmugam. No contradiction there, I think.


   
   
Published April 26, 2008
Letting the evidence speak for itself
 

     

'I PREFER to let my work speak for me,' says Senior Counsel K Shanmugam, in explaining why he prefers not to be interviewed on his achievements. 'I don't believe in talking about myself. My work is done in Open Court and people can assess for themselves.'

     

His body of work has made him one of Singapore's best-known and most-feared names in litigation. His cases - hundreds over the years - bear his hallmark; each victory is marked by his intense familiarity with every piece of evidence and a thorough and lightning-quick absorption of the facts, which has enabled him to trap witnesses in cross-examination and tear down cases meticulously built up by his opponents.

More than once has Mr Shanmugam pulled a rabbit out of a hat, turning a seemingly impossible case on its side, by proving - through a superior interpretation of the evidence - that his opponents have not presented a sufficient case to answer, or by deftly luring witnesses into contradicting their own testimonies and admitting their guilt.

He demonstrated this ability in the recent high-profile cases involving the National Kidney Foundation and Horizon Towers. But perhaps few know that such an impressive skill manifested itself in the very first High Court case he argued - that of Manilal & Sons (Pte) Ltd versus Bhupendra KJ Shan, in 1987.

The plaintiffs, Manilal, were represented by M Karthigesu of Tan Rajah & Cheah and the defendants were represented by a very young Mr Shanmugam, who was then with Drew & Napier.

'I was only 28 years old, and up against a formidable opponent - Mr Karthigesu (who later became a Justice of Appeal). He would have been the equivalent of the very best amongst the SCs today, and it was quite challenging to square up against him,' Mr Shanmugam recounts.

The odds were stacked against the young lawyer - 'The case was seen as a complete loser and was given to me as the youngest on the totem pole because no one else wanted to do it', he says. But, as in many of his other cases, the keen litigator managed to turn the table on his opponents. After the plaintiffs filed their list of documents for the trial, Mr Shanmugam pushed them for a further and better list of documents - realising there was more key evidence to be had. The plaintiffs failed to produce the documents, claiming either that the evidence had been written on 'scraps of paper' which had been thrown away or that the evidence was in the defendants' possession. Under intense cross examination, the plaintiffs' story was shredded to pieces. Mr Shanmugam argued that the plaintiffs' entire case should be thrown out.

Justice Chao Hick Tin accepted Mr Shanmugam's arguments and, quoting excerpts of Mr Shanmugam's cross examination, threw out the plaintiffs' case completely, on the grounds that they had failed to give proper discovery of documents. The decision became an important and leading precedent on discovery in Singapore courts.

Many will also remember IDA vs SingTel in 2002, for the personalities and sums involved. The Infocomm Development Authority of Singapore (IDA) had sought the return of $388 million it claimed had been paid mistakenly to SingTel as the tax element in the $1.5 billion compensation that the telco received for giving up its monopoly early. IDA wanted the money back after the tax authority said the compensation was non-taxable.

The case pitted Senior Counsel Davinder Singh of Drew & Napier, acting for IDA, against SingTel's counsel Mr Shanmugam and Jules Sher - one of Britain's most highly regarded Queen's Counsel.

Justice Lai Kew Chai threw out IDA's claim in a strongly worded ruling, saying the telco regulator and SingTel had struck an inviolate contract and that it was 'wholly unjust and contrary to fair play' to order SingTel to return a part of the compensation. He ordered IDA to foot SingTel's legal costs and allowed SingTel to claim for two lawyers, instead of the customary one, on the grounds that the case required specialist expertise.

Mr Shanmugam and Mr Sher's fees were tipped to weigh in at between $2 million and $3 million; and observers expressed their surprise at the IDA's decision not to appeal the ruling. He has also made waves in a case involving Lew Syn Pau in 2006, in which the former Member of Parliament was charged for breaching Section 76 of the Companies Act, which forbids a company from providing financial assistance to anyone for the purpose of acquiring its shares.

The case was a high-profile one, given that it involved a former politician - but it was also notable in that it involved a question of law of unusual difficulty, and henceforth defined how Section 76 of the Companies Act would be interpreted.

Mr Lew was said to have rendered financial assistance when Broadway's Mauritian subsidiary Compart Asia Pacific lent him $4.2 million and he, in turn, lent $4 million to a third party to buy the shares of listed Broadway Industrial Group.

Mr Shanmugam successfully argued that the prosecution's case should be thrown out in its entirety even without the defence being called, on the basis that there was no breach of Section 76, as - for the purposes of company law - a parent company and its subsidiary are seen as separate legal entities, separated by a 'corporate veil'.

Mr Shanmugam's remarkable ability to turn a case around in his cross-examination of witnesses was again showcased in Prebon vs BGC in 2006.

Money broker Tullett Prebon sought $66.4 million from rival BGC International - represented by Mr Shanmugam - in compensation for lost business, claiming BGC conspired with its former regional head to 'decimate' its money-broking staff after almost half of them left to join BGC in February 2005.

Prebon's witnesses contradicted their own testimonies, under cross-examination by Mr Shanmugam. Prebon's Asian head Len Harvey, in particular, became so entangled in his own evidence that he had to be stopped by his own counsel, who told the court: 'Your Honour, I think the witness should be given a chance to explain because this witness is not the brightest.' This intervention made it to the London Times.

FT: Costumed dramas

Costumed dramas

By Michael Chabon

Published: April 26 2008 01:40 | Last updated: April 26 2008 01:40

The time has come to propose, or confront, a fundamental truth: like the being who wears it, the superhero costume is, by definition, an impossible object. It cannot be.

The superhero costume as drawn disdains the customary relationship in the fashion world between sketch and garment. It makes no suggestion. It has no agenda. Above all it is not waiting to find fulfilment as cloth draped on a body. This illusionary quality of the drawn costume can be readily seen if we attempt to delimit the elements of the superhero wardrobe, to inventory its minimum or requisite elements.

We can start by throwing away our masks. Superman, arguably the first and the greatest of all costumed heroes, has never bothered with one, nor have Captain Marvel, the Human Torch, Wonder Woman, the Mighty Thor, Storm or Supergirl. These individuals go around bareheaded, which suggests we can also safely dispense with our gauntlets (whether finned, rolled, or worn with a jaunty slash at the cuff).

Capes have been an object of scorn among discerning superheroes at least since 1974, when, having abandoned his old career as an act of protest over Vietnam and Watergate, Captain America briefly took on the nom de guerre Nomad, dressed himself in a piratical ensemble of midnight blue and gold, and brought his first exploit as a stateless hero to an inglorious end by tripping over his own flowing coat.

So let’s lose the cape. As for the boots – we are not married to the boots. After all, Iron Fist sports a pair of kung-fu slippers, the Spirit wears black brogues, Zatanna works her magic in stiletto heels, and the Beast, Ka-Zar, and Mantis wear no shoes at all. Perhaps, though, we had better hold on to our unitards, crafted of some nameless but readily available fabric that, like a thin matte layer, at once coats and divulges the splendour of our musculature. Assemble the collective, all-time memberships of the Justice League (and Society) of America, the Avengers, the Defenders, the Invaders, the X-Men, and the Legion of Superheroes (let us not forget the Legion of Substitute Heroes), and you will probably find that almost all of them, from Nighthawk to the Chlorophyll Kid, arrive wearing some version of the classic leotard-tights ensemble. And yet – not everyone. Not Wonder Woman, in her star spangled hot pants and WPA bustier; not the Incredible Hulk or Martian Manhunter or the Sub-Mariner.

Consideration of the last-named leads us to cast a critical eye, finally, on our little swim trunks, worn typically with a belt, pioneered by Kit Walker, the Phantom of the old newspaper strip, and popularised by the super trendsetter of Metropolis. The Sub-Mariner wears nothing but a Eurotrashy green Speedo, suggesting that, at least by the decency standards of the old Comics Code, this minimal garment marks the zero degree of superheroic attire. And yet, of course, The Flash, Green Lantern and many others make do without trunks over their tights; the eschewal of trunks in favour of a continuous flow of fabric from legs to torso is frequently employed to lend a suggestion of speed, sleekness, a kind of unadorned modernism. And the Hulk never goes around in anything but those tattered purple trousers.

So we are left with, literally, nothing at all: the human form, unadorned, smooth, muscled, and ready, let’s say, to sail the starry ocean of the cosmos on the deck of a gleaming surfboard. A naked spacefarer, sheathed in a silvery pseudoskin that affords all the protection one needs from radiation and cosmic dust while meeting Code standards by neatly neutering the wearer, the shining void between the legs serving to signify that one is not (as one often appears to be when seen from behind) naked as an interstellar jaybird.

Here is a central paradox of superhero attire: from panther black to lantern green, from the faintly Hapsburg pomp of the 1950s-era Legion of Superheroes costumes to the Mad Max space grunge of Lobo, from sexy fishnet to adamantium, the superhero costume ultimately takes its deepest meaning and serves its primary function in the depiction of the naked human form, unfettered, perfect and free. The superheroic wardrobe resembles a wildly permutated alphabet of ideograms conceived only to express the eloquent power of silence.

A public amnesia, an avowed lack of history, is the standard pretence of the costumed superhero. From the point of view of the man or woman or child in the street, looking up gape-mouthed at the sky and skyscrapers, the appearance of a new hero over metropolis or New York or Astro City is always a matter of perfect astonishment. There have been no portents or warnings, and afterward one never learns anything new or gains any explanations.

The story of a superhero’s origin must be kept secret, occulted as rigorously from public knowledge as the alter ego, as if it were a source of shame. Superman conceals, archived in the Fortress of Solitude and unvisited by any but him, not only his own history – the facts and tokens of his birth and arrival on Earth, of his Smallville childhood, of his exploits and adventures – but the history of his Kryptonite family and indeed of his entire race. Batman similarly hides his own story and its proofs in the trophy chambers of the Batcave.

In theory, the costume – as different from the dull garb of our former existence as we have become from those abandoned selves – forms a part of the strategy of concealment. But, in fact, the superhero’s costume often functions as a kind of magic screen on to which the repressed narrative may be projected. No matter how well he or she hides its traces, the secret narrative of transformation, of rebirth from the confines of the ordinary, is given up by the costume. Often the secret narrative is hinted at with a kind of enigmatic, dreamlike obviousness right on the hero’s chest or belt buckle, in the form of the requisite insignia. Superman’s “S” shield, we have been told, only coincidentally stands for Superman: In fact the emblem is the coat of arms of the ancient Kryptonian House of El from which he descends. A stylized bat alludes to the animal whose chance flight through an open window sealed Bruce Wayne’s fate; a lightning bolt encapsulates the secret history of Captain Marvel; an eight-legged glyph immortalises the bug whose bite doomed Peter Parker to his glorious and woebegone career.

We say secret “identity” and adopt a series of cloaking strategies to preserve it; but what we are actually trying to conceal is a narrative; not who we are, but the story of how we got that way – and by implication, of all that we lacked, and all that we were not, before the spider bit us. And yet at the same time, as I have suggested, our costume conceals nothing, reveals everything: it is our secret skin, exposed and exposing for all the world to see. Superheroism is a kind of transvestisism; our superdrag serves at once to obscure the exterior self that no longer defines us while betraying, with half unconscious panache, the truth of the story we carry in our hearts, the story of our transformation, of our story’s recommencement, of our rebirth into the world of adventure, of the story itself.

© 2008 by Michael Chabon. Excerpted from the introduction to ‘Superheroes: Fashion and Fantasy’, published by the Metropolitan Museum of Art and Yale University Press. Michael Chabon is the author of ‘The Amazing Adventures of Kavalier & Clay’, a novel about a comic book superhero. ‘Superheroes’, Metropolitan Museum of Art, New York, from May 7-September 1, www.metmuseum.org

FT: Smoothed operators

Smoothed operators

By Josh Sims

Published: April 26 2008 03:00 | Last updated: April 26 2008 03:00

Short of travelling with a butler, on one's own plane, or harking back to the days when flying was still glamorous and a voyager's multiple trunks contained his entire wardrobe, there's not much today's airborne business traveller can do to avoid arriving at some short-haul destination looking generally like a bag of rags: trousers creased, jacket battered, tie pulled hurriedly from the briefcase. Professional it is not.

The answer, fashion brands announced around the turn of the millennium, was the so-called "travel suit": a high-tech high-style garment designed to carry a man neatly from flight to meeting to dinner and back onto the plane home. The problem, however, was that these pioneering suits often looked as shiny as the aircraft that inspired them. As a result, they never (excuse the pun) exactly took off.

But just as economy seats have shrunk, fashion know-how has grown: "Fabric performance has improved so much that today's travel suit really is something different", says Craig Smith, brand communications director for Ted Baker, whose new Ultimate Travel Suit incorporates a NASA-patented inter-lining that allows the suit to be warmer in winter and cooler in the summer. "But it's still true that you get what you pay for - less expensive travel suits can feel and look cheap. It's all about being willing to invest in the technology."

That technology aims to provide the holy quartet of travel suiting: stain-repellency, climate control, crease resistance and toughness, the latter two qualities being the most desirable. Wool blended with Teflon fibres may allow a suit it to shrug off liquids more easily, for example ("Perfect for someone working in circles in which the wine is flowing," says Smith); varying blends of silk and cashmere can increase breathability, thus allowing a suit to stay fresher longer; and other designs, such as those that won Marks & Spencer the 2003 Queens Award for Enterprise, are even machine-washable. George at Asda's Ultimate Suit, launching next month, blends wool with polyester and Lycra to help retain shape after washing, has a Teflon coating, a lining with an anti-bacterial finish, and "sweat patches" to absorb perspiration - "not sexy but useful," as Mark Selby, George at Asda's head of men's wear buying, says with some understatement.

"Travellers increasingly need a multi-functional suit they don't have to treat with the same care and attention they might reserve for their best suits," Selby adds. "There is a demand for low-maintenance, benefit- rich tailoring now." No wonder Rohan, a company best known for its professional outerwear, recently launched its own travel suit, complete with silver micron-embedded fabric to fight off the whiff of 12 hours on a 747 or a particularly intense round of negotiations.

Nor are travel-friendly concerns limited to the mass market. Paul Smith's London line of travel suits involves a wool specifically spun to give rapid crease-recovery. Similarly, fabric mill and men's wear label Ermenegildo Zegna has created the Micronsphere Traveller suit, which uses fabric nanotechnology inspired by the way dirt "floats" on lotus leaves. "Men want innovative clothing that performs, especially in business, when it's important to arrive immaculate," says Zegna's CEO Gildo Zegna.

"Our customer tends to take several suits with them on travels, but high performance and durability is still important," says Riccardo Renzi, UK representative for Italian haute suitmaker Kiton, who advises sticking with quality wools and cashmeres for wrinkle-resistance and breathability.

Certainly Savile Row tailors, more used to working with heavier wool and tweeds in the traditional English style, have had to adapt and even improve their techniques in order to use finer, lighter-weight, specially developed fabrics.

Ede & Ravenscroft, for example, uses a plain weave, two-fold warp and weft fabric that is naturally springy, to help maintain shape after extensive wear.

Interestingly, however, though the techniques used to develop the new performance fabrics may be patented and closely guarded, many are essentially old-fashioned. English mills, for instance, often "cross-breed" coarse yarns more typically used to make carpets, spinning them very slowly so that the strength of the yarn is retained but the resultant cloth is lightweight. Such coarse fabrics retain a sharp appearance, combat wear and tear and allow for faster recovery when creased.

FT: Relaxed, laid-back, glamorous

Relaxed, laid-back, glamorous

By Nicholas Lander

Published: April 26 2008 03:00 | Last updated: April 26 2008 03:00

For restaurants, Saturday nights are very different from the other nights of the week, and not just because they can be the busiest.

I can still recall, as owner of L'Escargot in London during the 1980s, that Saturday evenings presented two particular management challenges - both because my restaurant, like many others today, was not open for Saturday lunch.

The day started with a sense of anxiety that was only alleviated when all the chefs due to work that night finally arrived. Chefs are usually divided into two brigades that work alternately one week at lunch and the next in the evenings. If a chef doesn't turn up one week-night, then it is possible to negotiate with someone working at lunch and persuade them to stay on for a "double shift". On Saturday nights, however, there is no one spare in the kitchen to call on and if a replacement cannot be induced to come in over the phone this can mean curtailing reservations to maintain standards.

The second is that because the kitchen and the restaurant had been empty during the day, it always seemed to be more difficult to motivate my team. There are fewer early evening bookings because customers won't be coming in directly from their offices and there isn't the same pre-theatre business because many people go to the theatre directly from home. It's a quieter, slower start even though later on it can get extremely busy.

Quiet was certainly the appropriate description for the Greenhouse in Mayfair one wet Saturday evening recently as we walked in for a 7pm reservation. The room would not fill up for another 45 minutes at least. But while Lyons-born chef Antonin Bonnet produced the most exciting and wellexecuted food I have enjoyed in London this year, I wondered how restaurateurs in other major cities found Saturday nights.

For Mark Williamson at Maceo in Paris, Saturday night is distinguished by more out-of-towners and fewer business dinners - a phenomenon that was reported by everyone I spoke to - and more tourists and couples on dates. "People plan their weekend dining," he explained, "and book well in advance, but we do find that they're more unreliable and forget to cancel."

In New York the two general managers I contacted, Will Guidara at Eleven Madison Park and Colum Sheehan at Babbo, which is only open for dinner, reported that their Saturday nights are different too. "We see a lot more customers for the first time spending their own money rather than the company's and as a result we sell fewer of our tasting menus, which means lower average bills. But there are always more celebrations on a Saturday and that makes it a fun night to be working," Guidara said.

While Babbo's Sheehan confirmed that Saturdays feel more festive, he also said they were easier to manage.

The larger number of first-time customers is reflected not just in the faces and the time-keeping but also in what customers on a Saturday night order, as Stuart Brioza, the chef at Rubicon in San Francisco, reported. "It's a night of higher expectations and lower sales and generally a night when customers choose the 'safer' dishes on the menu. So, for example, we will sell more crab, halibut and beef rather than the sardines, sweetbreads and tongue we'll sell the rest of the week."

Quite how different customers can be on a Saturday, and the particular attractions they can bring to a restaurant, were highlighted after my meal there by Jean-Marie Moirada, the general manager at The Greenhouse. He said: "There are invariably more women and fewer grey or black suits in the restaurant than on weeknights. As a result, Saturday nights always seem more relaxed, laid-back and glamorous."

www.thegreenhouserestaurant.co.uk

www.maceorestaurant.com

www.elevenmadisonpark.com

www.babbonyc.com

www.sfrubicon.com

nick4@jancisrobinson.com

More columns at www.ft.com/lander

FT: Starbucks curtails its musical ambitions

Starbucks curtails its musical ambitions

By Jonathan Birchall in New York

Published: April 26 2008 03:00 | Last updated: April 26 2008 03:00

Starbucks, the global coffee shop chain, this week abandoned its ambitions of playing a direct role in the music production business, ending an experiment that became emblematic of the dramatic changes in the music industry over the past decade.

The move comes less than a year after Sir Paul McCartney became the first artist to launch an album of new songs on Starbucks' Hear Music label.

The retailer is handing over management of Hear Music, which it acquired in 1999, to Concord Music Group, its partner on projects including Sir Paul's Memory Almost Full album.

The move is part of a drive to cut costs and to focus on its core coffee business led by Howard Schultz, who resumed the position of chief executive officer of the company in January.

Hear Music reflected a search by both music companies and retailers to find new ways of reaching potential customers.

The label's first original recording, a 2004 tribute to Ray Charles called Genius Loves Company , won eight Grammy music industry awards when it was released in the two months after his death.

Starbucks will continue its efforts to exploit its stores' potential as a retail outlet for music, with Concord selecting and producing recordings that will be exclusive to the chain.

However, the relationship will now be closer to that emerging between the music industry and Wal-Mart and Target, the two largest mass discount chains, which are the largest channels for sales of traditional CDs.

Last Christmas, Wal-Mart launched Long Road out of Eden, the first album in 28 years by the Eagles, which was produced by the band's own recording company. The retailer also produces exclusive online recording sessions with artists ranging from Sheryl Crow to Lenny Kravitz on its website.

In January this year Target released an exclusive live album by John Legend, produced by his recording company, Sony BMG.

But while Wal-Mart's and Target's music strategy is aimed at attracting customers who will spend on other purchases, Starbucks says it will focus on selecting music and other offerings that reinforce the experience of visiting its coffee houses.

It is also continuing a relationship with Apple's iTunes that includes giving a free music track away weekly, and selling downloads of music through in-store wireless networks. It had earlier experimented with Hear Music stores equipped with kiosks where customers could download music.

The chain will also continue to work with the William Morris agency to promote books.

Starbucks also indicated that it will drop attempts to co-promote films, after aggressively backing the 2006 film Akeelah and the Bee with Lions Gate Films and Arctic Tale in 2007 with Paramount. Both films were released on DVD through the coffee chain, but were box office failures.

As a result of the changes, Ken Lombard, the former head of the entertainment division, is leaving the company, and responsibility for future projects will go to Chris Bruzzo, chief technology officer - reflecting the focus on wireless services.

FT: Brands look to the east to ease pain of credit crunch

Brands look to the east to ease pain of credit crunch

By Richard Milne

Published: April 26 2008 03:00 | Last updated: April 26 2008 03:00

One in four bankers at Lehman Brothers, the investment bank, owns three to five luxury watches, according to Allegra Perry, the bank's luxury goods analyst.

It is statistics like that which make the luxury goods industry boast about its potential and at the same time worry about the impact of the financial crisis.

The credit crunch is likely to answer the question: are luxury goods companies subject to the same consumer pressures as other retailers or are they in a sector of their own catering to the super-rich?

Luxury goods companies have traditionally been hard hit in economic downturns. Already evidence is amassing that after a difficult Christmas for many, the new year has not started as positively as some expected. The Gucci brand provided the first real sign on Thursday when its like-for-like sales growth in the first quarter reached only 2.4 per cent (in reported terms it was even down 3 per cent).

That comes after Bulgari, the Italian jewellery company, warned of soft sales in March. But it contrasts with solid figures from Richemont, LVMH and Hermès.

"The luxury goods sector is impacted by the financial crisis but to a much lesser extent than normal retail. The traditional, high-end brands will do well. The more accessible ones will struggle more," says Rogerio Fujimori, analyst at Credit Suisse.

Gerard Aquilina, head of international private banking at Barclays Wealth, says there is no sign whatsoever of a slowdown of spending among the ultra-wealthy - perhaps it is even the opposite. Gucci's best-performing brand Bottega Veneta is its most expensive.

More of the super-rich are coming from emerging markets in the Middle East, Asia or eastern Europe.

That in turn means those luxury goods companies most exposed to these regions seem to have the best chance of avoiding the slowdown. LVMH, for instance, more than tripled its revenues in Vietnam last year while Richemont is seeing growth across Asia.

In contrast, those companies most exposed to developed markets such as the US and Europe will feel the most pain.

Francesco Trapani, chief executive of Bulgari, told the FT last month: "We are seeing a pretty soft business in the US and in some important European countries . . . [But] almost all of Asia is going extremely well and counterbalancing [that softness]."

Robert Burke, a former luxury retail executive who now heads the Robert Burke Associates consultancy, says brands which cannot offer the consumer anything special will suffer particularly. "Product is paramount. The true luxury shopper is going to be more discerning than in the past," he says. "They are going to buy fewer things and more selectively and that means second-tier and less sophisticated luxury companies will suffer."

Industry watchers are divided as to who will suffer most. Luxury stores in the US report sales declines across the spectrum - not just with aspirational buyers but also very affluent customers.

However, names such as Chanel and Prada seem the most secure. Mr Fujimori points to two other issues that play a role on luxury goods as well as the economy: tourism and currency. Anecdotal evidence suggests that wealthy tourists are not just heading to the US to buy, taking advantage of the weak dollar, but also to London because of the weak pound.

Ms Perry underlines that the strength of the euro leaves companies with the dilemma of either raising prices and thus lose sales or not pass on the full impact of the currency, which will affect margins.

FT Lex:

Watching luxury

Published: April 25 2008 09:23 | Last updated: April 25 2008 18:46

Is the slump in luxury goods sales finally starting? PPR reported this week that like-for-like first-quarter sales for its flagship Gucci brand were up only 2.4 per cent year on year, a sharp drop from 11 per cent for all of 2007. Prada is also delaying its planned public offering until at least the second half of the year.

Much of the news, though, is still good. Hermes, LVMH and Richemont all reported double-digit sales growth year on year in the latest quarter, with developing market consumers more than compensating for slower US sales. Even US-based Coach expects to deliver earnings per share above the guidance it gave this time last year.

The really rich still have money to spend, and developing world customers, many flush from high commodity prices, are spending like nobody’s business. PPR’s most expensive brand, Bottega Veneta, was its best performer: first-quarter sales grew 31 per cent year on year.

Sales growth for all of the luxury companies is stronger in the developing world and in European and tourist cities where Russians, Gulf residents and the Chinese shop.

It is no surprise, then, that Gucci, heavily exposed to the developed world, has not escaped unscathed. Also in danger are subsectors such as eyewear and lower-priced leather and fashion products because they rely more on aspirational customers who may be genuinely pinched.

The big question mark hangs over watchmakers, who were hit hard along with their banker buyers during the 2001-2003 downturn. Timepieces may benefit in this cycle because Russian and Chinese buyers of luxury are, on the whole, men and buy more watches and jewellery than clothes and handbags. LVMH this week bought watchmaker Hublot to bump up its watch and jewellery revenue to more than the current 5 per cent of sales. But Richemont (25 per cent watches by sales) and Swatch are far better options for investors who want to bet on timepieces.

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FT: Woman in the news - Madonna

Woman in the News: Madonna

By Ludovic Hunter-Tilney

Published: April 25 2008 19:47 | Last updated: April 25 2008 19:47

Madonna

This week Madonna became the first 49-year-old mother of three to top the British singles charts. Among female stars only Cher, at 52, has achieved the feat at an older age.

Her new single is also her 13th UK number one hit, the most by a woman. (It reached the top 10 in Billboard’s Hot 100 in the US.) In a neat twist, it occurs in the year marking the 25th anniversary of her first UK single, “Holiday”, which came out in the aftermath of Margaret Thatcher’s second electoral victory.

It does not require a numerologist versed in the mysteries of Madonna’s beloved Kabbalah to decipher the significance of these numbers. They illustrate the singer’s extraordinary longevity in an industry that worships youth and churns through talent mercilessly. To survive in pop music as long as she has is remarkable enough; to cling on to her crown as queen of pop is unparalleled.

An instructive comparison can be drawn with her two fellow titans of the 1980s, Michael Jackson and Prince, both of whom join her in turning 50 this summer. Jackson’s career lies in ruins. Prince was reduced to handing away his last album as a freebie with a British newspaper. In contrast, the eyes of the world are on Madonna as she prepares to release her new album, Hard Candy, next week.

Her drive has not diminished since her appearance in 1983 on the television chart show, American Bandstand, when she warned, only half-jokingly, that she wanted “to rule the world”. In spite of parenthood, middle age and an estimated personal fortune running into hundreds of millions of dollars, the same desire to succeed burns on.

“In an ideal world, I’d like to exercise for three hours a day,” she recently said: those forbidding cheekbones and that ultra-honed physique are workaholism made flesh. Last year she signalled her intention to keep going into her late 50s by signing an innovative 10-year deal with Live Nation, the concert promoter, for a rumoured $120m (€77m). It commits her to making three more albums and guarantees her a large proportion of any touring revenues. “The paradigm in the music business has shifted and as an artist and as a businesswoman, I have to move with that shift,” she grandly announced.

To her critics, Madonna Louise Ciccone is right to describe herself as a businesswoman but wrong to call herself an artist. They deride her thin voice and modest musical talent and damn her as a triumph of self-marketing. There is a degree of truth in the criticism – in 1990 Forbes magazine anointed her “America’s smartest businesswoman” – but it misses the point. Pop singers do not require the vocal technique of Maria Callas. Image-making and an instinct to connect with the public’s fantasies are more important. It is precisely because of Madonna’s commercial acumen that the “Material Girl” is one of the greatest pop stars, in fact, up there with Elvis Presley and The Beatles.

Constant reinvention is the secret of her success. The wannabe dancer who moved to New York from Michigan in 1978 with – so legend has it – $37 in her pocket has adopted numerous guises from the good-time girl of “Like a Virgin”; the conical bra-clad dominatrix of the “Blond Ambition” tour; the hippy spiritualist of “Ray of Light”; and so on up to her current, rather eccentric, incarnation as a horseriding English countrywoman with a taste for US hip-hop and leotards. Her image changes have launched countless fads and fuelled a boom in jargon-filled academic studies about her as a post-feminist chameleon. Not all these shifts worked – the Che Guevara beret and camouflage fatigues of her 2003 album were dispatched amid accusations of unpatriotism in wartime US – but her understanding of the possibilities and limits of the pop market invariably wins out.

She has made her name in a male-dominated industry. Her first US single was marketed as black dance music, to her annoyance, with a New York street scene replacing her face on the cover. She has fought to take control of her image, which explains the powerful brew of rebelliousness and commercial energy she brings to her music.

Her love of breaking taboos has left a trail of enraged social conservatives, railing against displays of blasphemy, lesbianism and bad language (Madonna, until her English gentry make­over, was infamously foul-mouthed). The singer’s assertion of her femininity has had a profound influence on generations of young women; yet she has been quick to profit from the ensuing controversies, as when she published Sex, a coffee-table book of erotica, in 1992, which sold more than 1m copies within days.

Madonna’s changing looks, fascination with the body and competitiveness mark her out as a Darwinian entrepreneur. She has a Thatcherite impatience with restrictions – she recently complained bitterly about the congestion charge for traffic in her adopted home of London – combined with a strangely old-fashioned attachment to family and marriage. “Ritchie” reads the doormat in her Los Angeles bolthole, in reference to her alter ego as Mrs Ritchie, wife of Guy Ritchie, the English film-maker.

She has been pragmatic in business. Endorsement deals and tours keep her among pop’s top earners. Quick to grasp the language of music videos in the 1980s, she also understood the worth of playing live, which has become one of the music industry’s chief sources of income. Madonna’s last tour netted $195m in 2006. In 1992, she set up her own record label, Maverick, which released one of the decade’s biggest-selling albums, Alanis Morissette’s Jagged Little Pill. The only career blot is her woeful attempt to break into films, as the audience who lustily booed her directorial debut, Filth and Wisdom, at this year’s Berlin film festival made clear.

She is said to be a cautious investor, valuing art and property over riskier ventures. A former manager recalled: “We had to fax her every cheque we wrote on a daily basis and she would call us to say if it was OK before we could send it out.” She ascribes her shrewdness to a working-class upbringing in a single-parent family, her mother having died when she was five.

Hard Candy ends with the sound of a tolling bell. It announces the end of her record contract with Warner Music, her label since 1982. It is not her best album – its thudding beats are as remorseless as her exercise regime – but it would be folly to bet against Madonna extending her tally of hits as she marches into her 50s. Cher has three more years to enjoy her record.