value destruction

"Its proposals threaten significant losses and value destruction," he said.

"I would not like to see Vodafone exercising more shareholder value destruction by overpaying."

The fact is, it takes real innovation - and creative value destruction - to build real winners.

"Too many players and too much capacity is a recipe for value destruction," Mr. Pearson said.

An index of more than 1.0 will indicate profitability while an index below 1.0 will indicate value destruction.

"But perhaps the most remarkable facet of the value destruction of the past six months is that Russia's underlying medium-term investment thesis remains more or less intact.

The general price level still rises, but, at a slower rate resulting in a continued, but, lower rate of real value destruction in money and other monetary items.

Any further increases in nickel prices, added Colin H. Steyn, the president and chief executive, will "cause value destruction in the stainless steel industry, which will affect demand."

The daily newspaper business in particular has been suffering from what management consultants politely call value destruction: even though they may reach more readers via the Web, their business model is being undermined and their profit is flat or declining.

Ian Gordon, analyst at Exane BNP Paribas, said: "The true horrors of the HBOS acquisition can never be unwound, and, after an 1106% increase in sharecount [because of the rights issues] over three years, a large element of the associated value destruction is seemingly permanent".