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Thursday, October 30, 2008

Copenhagen, Probably The Best City In The World


Copenhagen, Denmark

For many it conjures up little more than beer and Lego, but Copenhagen has been crowned the best city in the world in a survey of global urban treasures.


The Danish capital was awarded top spot for its quality of life and status as a cutting-edge design centre, said the authors of the report, which looked at factors from the ease of buying a good glass of wine at 1am to the quality of architecture and the number of cinema screens.

Researchers at the London-based lifestyle magazine Monocle praised the city's compact planning, its "frictionless" transport system and infrastructure, as well as its contemporary buildings, top-notch restaurants and renewed focus on environmental issues. The last characteristic was crucial in Copenhagen's promotion from second place in last year's standings to first place in 2008, they said.

"As the planet becomes an increasingly urban place, delivering these life-improving essentials to cities big and small is proving more than a challenge. Radical environmental initiatives that pull cars off streets can do wonders, but can also kill off passing trade," said Tyler Brule, Monocle's editor-in-chief.

"New developments, designed to attract investment, can not only boost local fortunes but also drive out all those people that made the city interesting in the first place."

In a further accolade, Copenhagen was proclaimed the design capital of the world, with researchers hailing the return of a buzzing scene which had not seen such creativity since its heyday in the 1950s and 60s.

Cities usually considered big-hitters were notable in their absence. Neither New York nor London – which was lambasted by philosopher and writer Alain de Botton for its "bland" developments – made it into the 20 featured locations. To be thus neglected by Monocle magazine, which since it was set up 18 months ago by the Wallpaper* founder Mr Brûlé, has established itself as the observer of things cool and contemporary, will come as a shock to both cities.

Other locations that fared better in the survey included Munich and Tokyo, which came second and third respectively.

Paris won the award for best global city, crediting its maverick mayor, Bertrand Delanoe, with having ushered in a new era of free-thinking in the form of innovative initiatives such as the bike-sharing Vélib scheme. President Nicolas Sarkozy was also praised for having revived the city's reputation as an international political centre.

For fledgling entrepreneurs, Madrid was named best business city after shaking off its reputation for bureaucracy. The survey said the Spanish capital was now free from the red tape which once plagued it, and its relaxed working hours make it a fun place to work.

Researchers advised the more artistic traveller, meanwhile, to head to Berlin, which they labelled the world's best for culture.

The German capital's art galleries have made it an "unparalleled" cultural hub, the magazine said, adding that cheap studio space and a 24-hour scene were attracting artists and designers from around the globe.

The winners, Best cities for quality of life :

1 Copenhagen
2 Munich
3 Tokyo
4 Zürich
5 Helsinki
6 Vienna
7 Stockholm
8 Vancouver
9 Melbourne
10 Paris
11 Sydney
12 Honolulu
13 Madrid
14 Berlin
15 Barcelona
16 Montreal
17 Fukuoka
18 Amsterdam
19 Minneapolis
20 Kyoto

*Best global city : Paris

*Best business city: Madrid

*Best cultural city: Berlin

*Best design city: Copenhagen

*Best retail city: Fukuoka

'Stroll' through history – without the fumes

By Simon Calder, Senior Travel Editor

Scale: that is the secret of Copenhagen. The Danish capital has sufficient critical mass to power a thriving cultural scene from sculpture to jazz. It is big enough to embrace all the benefits of diversity.

Yet, as the principal city of a scattered archipelago that (often) shivers in the Baltic breeze, Copenhagen maintains a human scale. This becomes most evident as you walk along Stroget, the main civic drag (whose name is agreeably pronounced "stroll"). While the Champs-Elysées, Oxford Street and Fifth Avenue are choked with traffic, Copenhagen's principal artery has been pedestrianised for decades – boasting the longest car-free thoroughfare of any European city.

Liberated from traffic, the pedestrian is free to appreciate the cultural variety of the city through the centuries. The architecture is sometimes shocking in the best sense, but much of the civic history is preserved – such as the 17th-century Round Tower (still a functioning observatory), and a waterfront that has grown from mercantile hub to a locale for civilised indulgence.

The water lends the city a certain serenity, but don't be fooled – it remains at the cutting edge of art, music and design. Copenhagen is also the home of, probably, the most philanthropic lager in the world. The profits from Carlsberg beer are expended on a wide range of good causes, including the Ny Carlsberg Glyptotek: a beautiful sculpture gallery that also holds a fine Gauguin collection, and a glass-domed winter garden. Here, you can buy a Carlsberg and toast your good fortune at finding a city so acutely in tune with humanity.




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Tech's Top 20 Hot Growth Companies 2008

Layoffs, losses, and languishing stock prices. They've all become common in the technology sector as the U.S. economy suffers through its worst financial crisis in decades.


Yet not all tech players have suffered. In fact, some have thrived. This year's ranking of tech's hottest growth companies shows how companies have performed during the latest rough patch relative to their peers. It's a diverse group. While last year's ranking was dominated by chipmakers, this year's list includes computer makers, electronics manufacturers, and two well-known software companies. Google (GOOG) and Apple (AAPL), the hottest of the hot in 2007, still made the cut this year, but they've given up their top spots to two surprising players.

The Hot Growth ranking is based on a number of factors. Sales growth counts the most, though overall sales, return on equity, and return to shareholders are all incorporated too. The financial information is from the most recently available four quarters, as of Oct. 15, and the stock price returns are from the year ended Oct. 15.

Investors should read with particular care: A strong performance today is no guarantee of success in the future. To help gauge the outlook for the top companies in the ranking, we enlisted the help of Morningstar , the investment research firm. The company's analysts shared their opinions on each stock, with an estimate of the stock's fair value and a brief explanation of their thinking. Each stock is also rated on a one-to-five star scale, with five stars being the most promising buys.


1. Gilead Sciences (GILD)



Biotech giant Gilead, maker of 11 commercially available medicines for patients with life-threatening diseases, had a quiet but fruitful year. It has capitalized on the success of its most recently approved drug Atripla, a once-daily tablet for HIV patients, and its 2006 acquisition of pharmaceutical ingredient maker Raylo Chemicals. It's No. 1 on our list, but also one of the biggest gainers in the ranking: Last year, it was ranked 18th.

Morningstar says:
Rating: Three Stars
Current stock price: $43.32
Fair value estimate: $45.00

Analyst comments:
"Gilead Sciences' focus on infectious disease has paid off in spades, and the firm's HIV franchise continues to dominate a growing, global market and drive impressive profitability. Although Gilead has 10 years until key patents begin to expire, management took a big step toward diversification with the $2.5 billion acquisition of Myogen in 2006." (Updated 10/20/08)



2. Western Digital (WDC)



The second-largest hard-drive maker in the world continues to pump out new products. Its most recent arrival is the 300 gigabyte WD VelociRaptor, which the company claims is 35% faster than the previous generation. In September it also unveiled a high-capacity, network storage solution for homes and small offices.

Morningstar says:
Rating: Four Stars
Current stock price: $14.70
Fair value estimate: $25.00

Analyst comments:
"Western Digital's low-cost strategy has helped it succeed in a brutal industry. Strong demand, fueled by the consumer's insatiable appetite for digital content (such as pictures, music, and video), and growing corporate data archive requirements, should continue to drive healthy unit growth into the foreseeable future. Unfortunately, the company might be fighting a losing battle as it more aggressively goes after the industry leader, Seagate." (Updated 7/25/08)



3. Apple (AAPL)



The vaunted maker of Mac computers and iPods continued its hit parade with the launch of the iPhone in 2007 and subsequent AppStore. This year the phone has proved a powerful seller: Apple sold 6.9 million iPhone 3Gs in its third quarter alone, and over 200 million applications have been downloaded from its AppStore. It reported earnings on Oct. 21—too late to be incorporated in this ranking—that blew away analysts' expectations.

Morningstar says:
Rating: Five Stars
Current stock price: $96.38
Fair value estimate: $189.00

Analyst comments:
"We believe that Apple's ability to design easy-to-use gadgets by coupling its software and hardware will enable it to continue to expand across its broad product line of computers, digital media players, and smartphones. Although Apple is less reliant on the Mac business than in past years, this business still has ample growth opportunities. The new 3G iPhone also has enormous headroom for growth and will be available in more than 70 markets before the end of 2008." (Updated 10/21/08)



4. Oracle (ORCL)



Oracle makes enterprise software, and ranks as the third-largest software maker behind Microsoft and IBM. In September, it announced it would sell servers co-branded with Hewlett-Packard (HP). Oracle shot up from 17th place on our list in 2007.

Morningstar says:
Rating: Four Stars
Current stock price: $16.20
Fair value estimate: $24.00

Analyst comments:
"Oracle has astutely leveraged its dominance of the database software industry to become a major provider of enterprise software solutions. We believe that the company has the scale, resources, and expertise to remain at the forefront of the consolidation of the enterprise software industry. We believe that the key to Oracle's competitive advantage rests on its ability to cross and upsell a wide range of enterprise software solutions bundled and well integrated with its pervasive database products." (Updated 9/19/08)



5. Google (GOOG)



The leader and innovator in the booming business of online search, Google used the past year to try to launch its highly-anticipated Android mobile operating system, to monetize big investments like YouTube, and to pursue a major partnership with Yahoo! (YHOO). It did well, but still fell from the top spot on our list.

Morningstar says:
Rating: Four Stars
Current stock price: $339.29
Fair value estimate: $575.00

Analyst comments:
"Google's dominance in Internet search has led to meteoric revenue growth and fantastic profits. This profitability has allowed the company to enter additional advertising markets and new industries, including software as a service and the mobile industry. Though we're not convinced the firm will replicate its current success in these new markets, its profits from search advertising should allow the company to generate significant cash flow for many years." (Updated 10/20/08)



6. Microsoft (MSFT)



The longtime software leader, Microsoft has stayed firmly in the spotlight this year. It launched an energetic, yet ultimately futile attempt to acquire Yahoo, and it rolled out a $300 million ad campaign aimed at taking Apple down a notch. Microsoft moved up on our list, from 11th last year.

Morningstar says:
Rating: Five Stars
Current stock price: $21.96
Fair value estimate: $35.00

Analyst comments:
"Microsoft's traditional software businesses are firing on all cylinders, but the advent of Web-based software will pose a significant challenge for the firm in the decade ahead. Microsoft is acutely aware of the threats and opportunities posed by what Bill Gates has called the 'coming services wave,' and the firm is willing to sacrifice near-term profitability to address it. We think this is absolutely the right decision. The industry is changing, and if Microsoft does not adapt, its competitive advantages will one day disappear." (Updated10/23/08)



7. AT&T (T)



Ranked third on our list last year, AT&T dropped to seventh this year. Lately, it's been capitalizing on its partnership with Apple on the iPhone to add subscribers. The company recently said it has activated 2.4 million units of the latest 3G iPhone. But the success comes at a cost: AT&T subsidizes the cost of the iPhone up front and makes money from subscriber fees paid monthly. On Oct. 22, after this ranking was compiled, AT&T missed Wall Street's earnings estimates because of its iPhone subsidies.

Morningstar says:
Rating: Four Stars
Current stock price: $27.48
Fair value estimate: $35.00

Analyst comments:
"AT&T's scale, customer relationships, and network reach give it a strong competitive advantage; its wireless capabilities in particular set it apart from most rivals. The firm's consumer fixed-line business has been showing signs of weakness recently as consumers shift to other technologies and rival offerings, but it is now a fairly small piece of the total pie. We expect AT&T will have opportunities to expand relationships with customers to keep the top line stable while trimming costs to maintain strong cash flow." (Updated 10/23/08)



8. Flir Systems (FLIR)



Flir makes infrared technology. Its cameras are used by the government for detecting land mines in war zones and stopping illegal border crossings. The technology also has several promising commercial applications, for use in home inspections and in cars to provide dashboard alerts. Last year, Flir ranked 16th on our list.

Morningstar says:
Rating: Not available
Current stock price: $27.48



9. Accenture (ACN)



Accenture combines consulting on management and technology for companies around the world. It recently announced the launch of a new financial tracking system for the U.S. Army. It crept up our list, from No. 27 last year.

Morningstar says:
Rating: Five Stars
Current stock price: $28.87
Fair value estimate: $52.00

Analyst comments:
"Accenture's broad service portfolio, truly global operations, and ongoing buildout in low-cost areas will enable continued strong revenue growth and high profitability for years to come, in our opinion. If all IT services stocks were trading below our Consider Buying price, and we could buy only one, we'd back up the truck for Accenture shares." (Updated 9/26/08)



10. Mantech International (MANT)



Mantech creates technology used by the CIA, the Defense Intelligence Agency, and all branches of the U.S. military. It's also deployed on-the-ground technicians in current conflicts in Kuwait, Afghanistan, and Iraq.

Morningstar says:
Rating: Not available
Current stock price: $42.98



11. Qualcomm (QCOM)



Maker of the chips in phones used by Verizon and Sprint, Qualcomm is finding good growth on the back of its CDMA technology. The company also makes chips for location-based services. It climbed the list of hot growth companies this year, up from 40 last year.

Morningstar says:
Rating: Four Stars
Current stock price: $34.99
Fair value estimate: $48.00

Analyst comments:
"Qualcomm has become the leader in what is known as Code Division Multiple Access (CDMA) technology for cell phones. As the share of next-generation phones continues to favor the CDMA standard and its derivatives, we believe that Qualcomm will emerge as a primary beneficiary. Given an inherent advantage for CDMA to offer a clearer migration path to next-generation services versus competing Global System Mobile (GSM) technology, Qualcomm will stand to benefit on many fronts." (Updated 8/6/08)



12. Cognizant Tech Solutions (CTSH)



Investors are skittish about Cognizant's prospects. The New Jersey company uses its staff in India to provide IT outsourcing services to many companies in the U.S., so it may suffer as the U.S. economy slows. That's one reason its stock dropped 55% during the year ended Oct. 15.

But its financial performance so far has remained quite strong. Revenues are up 40%, and the company remains solidly profitable. Cognizant moved up our list from no. 19 in 2007.

Morningstar says:
Rating: Five Stars
Current stock price: $16.65
Fair value estimate: $30.00

Analyst comments:
"Cognizant Technology Solutions, the youngest of the Tier 1 Indian IT service firms, was fast to get off the blocks and has increased revenue in excess of 50% annually, on average, during the last five years. Cognizant's consistent performance and faster growth is driven by its high-quality consultative approach and deep client partnerships. The company is an active player in a large and rapidly growing IT services market and possesses the highest growth profile among its Tier 1 peers." (Updated 10/9/08)



13. Harris (HRS)



Melbourne (Fla.)-based Harris is a huge producer of tactical radio systems used by the U.S. government. It's also winning a growing number of contracts for the communications systems in emerging markets. It's one of the few companies on this year's list that dropped in ranking, down from the No. 10 spot.

Morningstar says:
Rating: Four Stars
Current stock price: $31.50
Fair value estimate: $56.00

Analyst comments:
"Harris' tactical radios are flying off the shelf. With older radios wearing out at alarming rates and an ongoing transition to a communications-centric fighting force, military demand has grown exponentially. The company is also a major defense contractor providing satellite and communication networks that link sea, airborne, and ground forces. Furthermore, the firm maintains a strong foothold in the commercial sector with products for high-definition broadcasting and microwave/wireless communications." (Updated 10/21/08)



14. SAIC (SAI)



A major contractor for the U.S. Defense Dept., it develops cutting-edge technologies for government intelligence and military communities. In October, it announced that it had been awarded a $254 million contract from the Defense Intelligence Agency, adding to the company's backlog of over $16 billion in contracts for government projects.

Morningstar says:
Rating: Three Stars
Current stock price: $17.97
Fair value estimate: $25.00

Analyst comments:
"By identifying emerging technology priorities and offering cutting-edge solutions, SAIC has become a major defense player with a grasp on the government's wallet. While many of the largest defense contractors depend heavily on huge platform projects, SAIC distinguishes itself through its broad scientific and technological expertise that runs the gamut from future combat systems to integrated port inspection systems to advanced robotics and even biopharmaceuticals." (Updated 10/21/08)



15. Multi-Fineline Electronix (MFLX)



Anaheim-based Multi-Fineline produces flexible circuit boards for mobile phones, medical devices, and other portable electronics. This is the first year it has made our list of hot growth companies.

Morningstar says:
Rating: Three Stars
Current stock price: $9.46
Fair value estimate: $13.00

Analyst comments:
"M-Flex's days as a captive supplier to Motorola (MOT) may be over, but we expect this component supplier to remain exposed to a highly concentrated customer base, leaving it with little pricing power. Despite its efforts to diversify, we think the company has limited ability to grow profits and create long-term shareholder value." (Updated 8/6/08)



16. IBM (IBM)



Big Blue fell behind HP as the computer maker with the most revenue in 2006, but IBM continues to be the most profitable. It's also one of the largest software companies in the world, a strong provider of business services, and recipient of the most U.S. patents for 15 straight years.

Morningstar says:
Rating: Five Stars
Current stock price: $82.07
Fair value estimate: $136.00

Analyst comments:
"IBM's ability to globally deliver best-of-breed solutions across hardware, software, and services for clients is the key to its competitive advantage. IBM is unrivaled in the breadth and depth of products and services that it can offer to its clients based on their business requirements." (Updated 10/16/08)



17. NII Holdings (NIHD)



NII Holdings focuses on corporate customers in the fast-growing market for wireless telecom in Latin American countries. It sells products under the Nextel brand name in countries like Argentina, Mexico, Chile, and Brazil.

Morningstar says:
Rating: Five Stars
Current stock price: $15.41
Fair value estimate: $58.00

Analyst comments:
"NII Holdings has a strong position as a niche wireless provider serving the Latin American business market. Improving economic conditions in the region have helped the firm generate strong profitability and returns on investment. However, NII competes with telecom giants that dwarf its size and resources." (Updated 10/23/08)



18. Corning (GLW)



Corning is the leading producer of LCD displays for computer monitors and televisions, with 60% market share. In 2007, it ranked 57th on our list of Hot Tech Growth companies.

Morningstar says:
Rating: Four Stars
Current stock price: $10.65
Fair value estimate: $18.00

Analyst comments:
"Since its near-bankruptcy days during the burst of the technology bubble, Corning has reinvented itself as one of the most sophisticated manufacturers of glass and ceramic substrates globally. We think the company's technology know-how gives it a leg up against competitors, but the unattractive characteristics of cyclical markets remain concerning." (Updated 10/16/08)



19. Dolby Laboratories (DLB)



Dolby is well-known for its movie surround-sound, and makes equipment used by musicians and filmmakers. Recently, it has pursued a diverse base of revenue streams, such as digital cinema systems, in-car entertainment systems, and high-definition DVD players.

Morningstar says:
Rating: Three Stars
Current stock price: $30.67
Fair value estimate: $33.00

Analyst comments:
"Dolby's brand name, customer relationships, and patents are the cornerstone of its economic moat. However, a sharp slowdown in Dolby's most important consumer market and increased competition might undermine the company's historical stronghold on this audio segment. Dolby is betting on a big consumer upgrade to a new generation of high-definition DVD players, but as with any technological change, it is easy for competitors to sneak in the door." (Updated 8/4/08)



20. Amphenol (APH)



Amphenol makes fiber optic, cable, and other connectors for a range of electronics. It's announced two big acquisitions since 2005: Teradyne Connection Systems and SV Microwave. It jumped up our list from last year, when it was ranked 36th.

Morningstar says:
Rating: Five Stars
Current stock price: $24.30
Fair value estimate: $46.00

Analyst comments:
"Acquisitions and innovative products will enable Amphenol to grow faster than the industry, in our opinion. We believe the company will continue to make strategic acquisitions to build upon its competitive advantages and maintain its impressive profit growth and returns on invested capital." (Updated 10/16/08)




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Wednesday, October 29, 2008

The Ten Most Expensive Cars In The World

People who don't have billions of dollars tend to think lavishly about what they would do with that kind of money. Car writers especially get this question: "Why doesn't Bill Gates just spend $1 billion to have his very own car made for him?"

Well, we usually answer such questions very politely--or scurry off to the other end of the cocktail party as rapidly as possible--but the truth is, we think billionaires get to be that way by not squandering their dough.

Which is not to say that the super-rich can't blow $1 million on a rare collectible car or have their choice of the world's fastest, most lavish production automobiles. Many of them do. All such vehicles are easily within their means--the same way a 3 Series BMW is easily within reach of perhaps a million Americans. But just as you wouldn't go spending new-vacation-home money on a car--lest you want to find yourself divorced faster than your new speedster can hit 100 mph--Bill Gates has better, smarter things to do with his billions than developing his very own car.

We bring this up, and put it in this context, because we wanted to let you know about ten of the most expensive cars in the world. But before we do, we think it's important for you to have a little perspective on what it is buyers in this market can and will spend, and what, even to these lucky few, becomes outlandish or just a big annoyance. (Yes, an annoyance even if you have minions to do your car buying, since it can still be a big waste of time to have said minions, say, bring a car into the U.S. that hasn't been crash-tested by the feds.)

As a result, there are several cars that exotic sheet metal fanatics may notice "missing" from our list, and we explain this by saying that just because a very wealthy person could go through extreme legal hassles to get such monsters, they probably won't. Three examples are the $370,000 Pagani Zonda C12S (a 200-mph Italian racer built in Italy and powered by a Mercedes-Benz AMG V-12), the 2002 Spyker C8 Double 12 (a Dutch-built GT car with a 4.0 V-8 and a claimed 620 horsepower that has yet to be priced) and the Cerbera 4.5 made by English carmaker TVR, which is much faster than the current Corvette although it costs a bit more at roughly $70,000.

The problem is that none of those cars are coming to the U.S. anytime soon, at least according to official word from their makers. So putting them on our list is like hanging candy in the window but not offering it for sale.

This, then, is a list of ten of the most expensive cars you can buy in the U.S. right now. True, some are new models that are just becoming available, such as the Saleen S7, the Ferrari 575 M Maranello and the Lamborghini Murciélago, but even these only require that you contact the company or visit a dealer to make a deposit (and wait, at most, six months, for delivery).

One final qualification: We fudged a little. This isn't precisely a top ten list of the most expensive cars. That would basically be a bunch of Bentleys and Rolls-Royces and only a few other makes. So instead we picked the highest-dollar cars of each of ten carmakers, so no manufacturer got two slots. After all, even if you could afford a garage full of Rolls, you'd probably like to have a Ferrari or Lamborghini, too.


The Ten World's Most Expensive Cars :

1. Saleen S7 $395,000



Exotic supercars are extreme in every sense. But what to make of this claim: According to the Saleen S7 press release, its aerodynamic ground effects are so effective, and create so much down force (what holds a car to the road at high speeds), that even if you drove the S7 upside down at 160 mph on some sort of Hot Wheels roller-coaster track that exploded into real-life scale, the car wouldn't lose its contact with the road. Of course they didn't explain how they know this, and, sorry, we're not volunteering to test out the theory.

Meanwhile, the S7 power plant is decidedly less outlandish than its ground effects. The motor is derived from a Ford Mustang, then deeply modified. It's made entirely of aluminum, has stainless-steel valves with titanium retainers, and a high vacuum dry sump and stainless-steel exhaust. It breathes through roof-mounted intakes and is mated to a six-speed manual transmission. Power output is a claimed 550 horsepower, with performance of less than four seconds to 60 mph and a top speed in excess of 200 mph.


The S7 can look beyond super--it can look cartoonish.

And the S7 has some fairly clever components: a video monitor instead of a rearview mirror (since how could you see anything aft via a conventional mirror, anyway?), and a removable steering wheel to ease entry and exit into the tight-fitting cabin.

But we still have to ask: With a new Lamborghini on the market, as well as a new Ferrari 575M Maranello coming, who wants a Ford-powered supercar?


2. Rolls-Royce Corniche Convertible $363,990



The Corniche Convertible may be the world's last completely anachronistic automobile. That is, it's a Rolls-Royce, a car in which anyone with any sense would want to be driven. And yet the Corniche has less backseat room than a C-Class Mercedes-Benz--and you could buy a dozen C-Classes for one Corniche Convertible. Also, there's only seven cubic feet of trunk space, which isn't much better than the trunk space of a Mazda Miata. OK, you don't buy a Rolls to be practical, but the car at least should be big, right?

Also, Rolls-Royce is a company under new management, namely, BMW's. And that muddies the picture even further, since the Corniche shares an engine with Bentley, the 6.75-liter V-8. But even if Corniche cars are still made after 2002 (BMW is working on a replacement for the $229,990 Silver Seraph, set to debut in summer 2003), it isn't clear if BMW will continue to purchase them from Bentley.

Meanwhile, there's the 2002 Corniche, which is in production only until the end of this summer. True, it is sort of a white elephant, but at least it's a known quantity in that it will have the grand torque (544 foot pounds) of an old Rolls, as well as the plushest ride on the planet. That's not only thanks to a huge wheelbase for what is really a sort of cushy GT, but also due to computer-actuated dampers, auto ride-height control and load compensation controls that level the ride no matter the disparity in passenger weight (should you have your grand, fat, old aunt Gertrude Godiva riding shotgun at some point).

We'd give you more specs, but every Corniche is made to order, from the paint to the wood, hide, trim, even the position of the intercrossed Rs in the cockpit. The only thing we'd wager will be the same on every Corniche (unless you somehow wanted it omitted) is the flying lady on the hood.


3. Bentley Azure Convertible Mulliner $376,485



If this car looks a lot like the Rolls Corniche Convertible, you're on to something. Both cars ride on the same wheelbase and have the same motor, although in the Bentley you get much more torque and horsepower.

That still doesn't put the Azure Convertible on par with the all-new Arnage T (which we'll review next week), but with 590 foot-pounds of torque, the Azure does at least make this big car feel exceedingly sporty. There's even less backseat room in the Azure Convertible than in the Rolls, however, which gives front-seaters (Bentleys are driver's cars, remember) plenty of legroom and makes the backseat a great place to park your briefcase.


As with all Bentleys, what you want is what you get. In this case, lots and lots of wood, plus chrome.

The convertible is automatic, of course, as is the transmission. Still, like the Rolls, this is a somewhat old design, one likely to get significantly refreshed in the coming years, especially with the likes of the Arnage T showing how much more performance is possible.


4. Lamborghini Murciélago $273,000



The newest Lamborghini has gotten some criticism of late because it's not as gonzo as the first Countach was when it debuted. Funny thing is, a lot of those critics haven't even seen a Murciélago in person. When you do, your jaw drops and then closes again, and your mouth forms a grin. And you do not criticize. This may not be as groundbreaking a design as the first shark-like Lambo, but it's still one awesome-looking machine. And you know what, there's no mistaking it for anything else. That's why the design wins for us.

As for the chassis, it's also a work of balance between extremes, with a carbon-fiber body over a mid-engine layout (behind the cockpit but in front of the rear axle) and the transmission in front of the cabin for optimal weight balance (42% front and 58% rear). The Murciélago--named, like all Lamborghinis, after a famous bull--also has all-wheel drive, which is somewhat unusual in the supercar realm but keeps maximum juice flowing to the road. In this case, that power is transferred through huge, Pirelli P Zero Rosso tires on 18-inch rims (245/35 in front, 335/30, rear).

Flip the gull-wing door up, lower yourself into the driver's bucket seat (the newest Lambo is said to be easier to climb in and out of, but it still helps to be small and flexible if you want to look at all suave during ingress and egress), and you'll find yourself at the helm of a long, low car with precisely the speed-racer seating geometry you'd anticipate. You sit in, not on, leather-wrapped seats that suck you low and tight, and extend your arms straight to the wheel, your legs to the pedals. The shifter is perfectly within reach of your right arm, and it's a tall-stalked steel-balled six-speed that travels through a steel shift gate.


You could almost be sitting at the wheel of a luxury car, not a Lamborghini.

Front views aren't bad through the steeply sloped windshield, but rear views appear best through the side mirrors, which reach wide of the huge, retractable motor cooling vents (they adapt to engine temperature and car speed to pass maximum air through the engine compartment).

Speaking of the engine, the 580 horsepower V-12 (you hit that horsepower at a scorching 7,500 rpm) is said to deliver the Murciélago pilot to speeds in excess of 205 mph and from 0 to 62 mph (0 to 100 kilometers per hour) in 3.8 seconds. But even at saner speeds (and acceleration rates), the Murciélago delivers most of its torque evenly, so you don't have to torch the engine at high rpms to derive plenty of pleasure.

Then again, if you want to tool around town, don't get a Murciélago. Visibility just won't be good enough to enjoy this car in traffic, whereas, on some lonely stretch of New Mexico highway we can imagine there are very few cars indeed that would ever get close enough to be considered tailgaters.


5. Aston Martin Vanquish $228,000



No matter how many times we say it, it still sounds sweet: zero to 100 in 10 seconds flat. Yes, the 0-60 time of 4.5 seconds doesn't sound quite as impressive--there are Corvettes that come close to that mark. But 10 seconds to 100 miles per hour is truly remarkable, with very few production cars ever coming close to providing that kind of acceleration.

But what struck us when we drove the Vanquish, and what still impresses us having driven other supercars since, is just how easy this monster is to tame, even at ferociously high speeds or under that hammer of crushing acceleration. It corners with ease, and finding the outer limits of any turn can only be achieved on a racetrack, since otherwise the Vanquish is just rock-solid.

Drive the Vanquish like an old man, though, and you'll be surprised how docile a supercar can be. It's no Honda Civic, but steering action is smooth and even light at slow speeds. For around-town driving there's the auto-shift mode, so you don't even have to think about shifting when you're commuting in your Vanquish.

Also, there's a quite comfortable interior, with plenty of legroom, leather everywhere (you can, of course, choose whatever material you want, and what color) and large, easily navigable controls. So your eyes are never off the road for very long.

Still, you may wonder how this car stacks up versus the Ferrari 575 M, and although it's a valid question, we hardly think it matters. See, the devoted Ferrari buyer is someone who we don't think would even consider this car. Also, if you can actually afford a Vanquish, you might well be able to get both cars and compare for yourself. One thing we can say--the Aston Martin doesn't sound like a Ferrari at all, with a deeper exhaust note and an almost guttural growl. For that reason alone, the Aston is worth every penny.


6. Ferrari 575 M Maranello (about $215,000; final prices will be set soon)



The "M" in the new 575 M Maranello stands for "modified," with an increased displacement of 5.75 liters, versus the 550 Maranello, which was, of course, 5.5 liters. The engine is still up front, still one of the prettiest sounding V-12s you will ever get to hear, but shifting can now be made via a Formula 1-style paddle unit that resides behind the steering wheel. Power is up to 515 horsepower, 0-60 times have dropped to four seconds and top speed is up to 202 miles per hour, if you're in a very big hurry.

But whenever and wherever you drive the new 575 M, it will be a bit more "intelligent" than the 550, thanks to an adaptive suspension that not only reacts to potholes but, based on the overall road conditions, will also raise or lower the ride height of the car so that suspension travel is optimized for either a sport or comfort setting. And by the way, having been in the 550, we can tell you that this was already a remarkably civilized car, given the amazing performance capabilities.


No shifter here, just winged levers behind the steering wheel.

The newest Ferrari 575 M also gets bigger brakes and tire-pressure monitors, so you can stop more easily should you be driving even faster. And in case you're driving too fast for the pressure in the tires, the car will warn you to back off and go get some air.


7. Porsche GT2 $180,665



Until Porsche builds the Carrera GT (a late-2003 model with an open cockpit and a six-liter V-10 engine that will produce 558 horsepower), you'll have to make due with the GT2, for now the fastest street-legal Porsche on earth.

The GT2 is essentially a Porsche 911 Turbo with every gram of fat stripped out of it (220 pounds were deleted by cutting out items like the rear jump seats and the sunroof, and by using lighter materials like ceramic brake discs rather than metallic ones). The GT2 also gets 456 horsepower (the 911 Turbo produces 415 hp), thanks to increased turbo boost and larger intercoolers for the turbos.

Lighter and more powerful, the GT2 is now certainly faster, clocking nearly the same acceleration rate to 60 mph as the far more expensive Murciélago (0-62 mph--0-100 kilometers per hour--in about four seconds), and can achieve a top speed of 195 mph.

One thing that you can't do is assume that the GT2 will be quite as obedient as four-wheel drive 911s, because this Porsche only has rear-wheel drive, albeit with a highly optimized suspension. That means that some of that dreaded rearward rotation is bound to surface when you push this 911 to the nth degree on a racetrack, and you'd better learn where the limits are very gradually.

Of course, Porsche engineers have made sure that you'll just about be unable to unstick the GT2's tail end during a day drive on your favorite street, thanks to a fierce suspension layout.

The GT2 sits on the 911 Turbo chassis but has been lowered almost a full inch--and all springs, bearings and shocks have been made stiffer and stouter--to accept racing modifications should the driver opt for them. Front struts are adjustable for racing, and the strut support mounts also allow wheel camber adjustments to allow for use of racing tires. Similar modifications exist at the rear suspension, again for optimized racing potential.

If you get the feeling that the GT2 would be happiest on the track, you're right. Although you could certainly drive this car daily, and you'd have better visibility than in a lot of supercars, it would be rough on the molars.


8. BMW Z8 $130,645



The BMW Z8 is a car that has polarized the automotive press. Some love the car for its smooth, easy-to-drive accessibility--the thing that makes autos like the modern Jags such a pleasure. Others feel it's too softly sprung and not "immediate" enough--it doesn't feel as if it's as engaged with the road as a lot of other exotic sports cars are.

We can understand both camps but tend to side with the former crowd, because the Z8 makes you feel like a champion driver without forcing you to break a sweat every time you go for a spin.

In fact, that's the BMW DNA at work in the Z8, for just about every BMW gets progressively more sporty the harder you drive it, but never beats you up if you just want to cruise at a more stately pace.

And even though the Z8 gets the very hot, 394-horsepower V-8 from the BMW M5 (about 60 more hp than you'll find in the BMW M3), there's nothing violent about the on-rush of power that comes from under the hood. Torque is there in a downshift whenever you want it, but the rest of the time power is almost seamless--think, and you're passing someone at 95 on the expressway.

You could almost accuse the Z8 of being lazy for that reason, but not when you throw it hard into a turn, where its excellent aluminum suspension and chassis flex and respond in kind to the pace you've set, and its taut rack and pinion steering transmits just enough information back to your hands for you to respond in kind to the road. Here the Z8 becomes alive and thrilling.

Granted, if you can afford this car, you might as well have the GT2 Porsche, but that's not where we'd say the competition is coming from, since the BMW is so much more relaxed and easier to drive daily. Rather, that Maserati Spyder we mentioned as an alternative to the Jaguar XKR 100 seems like a fair alternative to the Z8 as well, and for considerably less money. Thing is, the BMW has the coolest interior of the bunch, the Maserati gets the best-sounding engine this side of a Ferrari and the Jag is the sexiest. Can't buy all three? Time to go for a few test drives, then.


9. Mercedes-Benz CL 600 $119,595



Before we jump in on the CL600, you should be aware that the less expensive ($104,145) CL55 AMG is a better performance car, even though it has a V-8 rather than the V-12 of the CL 600.

Not that the CL600 is a dog. Hardly. It chases down 60 mph in less than six seconds, has an Active Body Control (ABC) suspension setup that actively adapts to both suspension movements and body vibrations and makes corrections to car attitude within milliseconds. Driving it--remember, this is a large car, with scads of legroom for four adults--is really a pleasure, especially on winding roads. It's not meant to handle corkscrew turns, but it eats up cruising country lanes and, needless to say, is a real blast on a long, open stretch of deserted highway.

The V-12 is both silky and highly responsive but also is able to shut off half the cylinders when you're just idling in traffic or cruising on a level grade at 65 mph. There's a lowdown thrum to this thrust factory, one that growls at full throttle through the exhaust pipes but otherwise quietly stays in the background.


Though the interior shows better in black, it's pretty yummy in any color.

Of course, luxe is also the mission here, and there's not much to want for in that department. Doors automatically snap-to (as does the trunk), Nappa leather hugs the seats and Alacantra synthetic suede stretches across the ceiling. Front seats also feature internal fans to cool you down when the A/C is on, and the seats can also pulse their lumbar supports, massaging your back while you drive.

Rivals to this car include the Jaguar XKR 100 on this list, though the backseat space in the Benz is far superior, as is the trunk room. We also think the Benz cabin is spiffier, with a more purely upscale feel. The smaller Jag may be a little sharper in tight turns, however, so it's more about what you want than which car is flat-out superior.


10. Jaguar XKR 100 Coupe and Convertible $98,330



To celebrate the 100th birthday of Jaguar founder Sir William Lyons, this year Jaguar will sell 300 XKR 100 cars in North America. True, you pay quite a premium for that limited-edition status. It costs about 17 grand more for the coupe version of the XKR 100 than for the stock hardtop XKR, but only $12,000 more for the convertible version. And although there will be fewer coupes, don't go thinking you'll somehow get that collector- car value back in your lifetime. Buy the convertible and enjoy driving it; don't buy it for mothballing.

OK, so what do you get that you don't get in the stock XKR? Well, not added engine performance. Stock XKRs get a 370 horsepower supercharged V-8 and a sport-tuned suspension with computer-actuated ride control that automatically picks either firm or soft ride settings in response to your driving style. In other words, with 0-60 times around five seconds flat, the XKR is pretty hairy-chested already. However, if you want a bit better cornering agility, you'll be pleased with the added grip of the 20-inch BBS modular wheels shod with even wider, lower rubber than stock (255/35ZR-20 front, 285/30ZR-20 rear, versus 245/45ZR-18 front, 255/45ZR-18 rear for the stock XKR).

The XKR 100 also gets special Brembo brakes with cross-drilled rotors for better cooling, and some minor-performance suspension tweaks as well.

The rest is cosmetic: anthracite-colored paint, Recaro leather seats (covered in Connolly hide leather--you won't get that if you just order them from Recaro, by the way) and aluminum cockpit trim.

We'd say that makes the upgraded XKR 100 a difficult purchase to justify on its own, since it isn't mechanically different enough than the stock XKR. But we'll render a more considered opinion in a few weeks, after a test drive. Meantime, anyone considering the XKR 100 must also drive the more practical and still lightening fast CLK 55 AMG Mercedes; the CL55 AMG, which is also a great joy to drive (as we mention elsewhere in this article); and the marvelous new Maserati Spyder.




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World's 10 Best Commutes

You can arm yourself with an iPod full of movies, install fine leather seats and satellite radio, and convince yourself some poor sap has a commute worse than yours.Except that isn't likely to improve it.


Chances are, those traveling to work in Hong Kong, Berlin and Osaka, Japan, don't need to adopt such tactics. That's because their commutes are among the world's most reliable, cheap and efficient

The dense cluster of jobs on Hong Kong Island makes it possible for 90% of residents to commute on public transit. Osaka's high-speed rail connects it to the suburbs of Kobe and Kyoto, and Berliners, who rely heavily on bicycles, have few traffic problems compared with residents of cities like New York or Rome.

Dakar, Senegal, London and Chennai, India, also make the list.

Behind the Numbers
We compiled our rankings using data and research supplied by Jeffrey Kenworthy, a transportation professor at Murdoch University in Perth, Australia. He measured the world's 84 largest cities on the following criteria: the cost to the consumer and the government, overall investment in improvements, and the speed and safety with which workers are delivered to offices.

Scores were adjusted for gross domestic product, which allowed developing cities like Dakar or Krakow, Poland, to compete with cities from highly developed G8 nations.

Top Travels

Dense cities perform particularly well by our measures. There are only 8,000 full-time residents in the City of London, but there are 320,000 jobs there, according to the City of London Economic Development Office. That sort of commercial density makes the London rail system a very efficient mechanism for delivering people to their offices. The Tube, which is the world's largest urban railway, and commuter trains efficiently move people in and out of the city, whereas cars in such a small space would overwhelm the system.

The speed of transit not only benefits commuters; it contributes to a city's economic competitiveness. Outsourcing capitals like Chennai, which are heavily reliant on attracting informational technology companies, do well on our list due to the city's high investment rate in projects like the IT highway, and its MSRT mass transit rail system.

"Ease of urban mobility is a prerequisite for business to reach supplies and customers," says Maria Krautzberger, permanent secretary of the Berlin Senate Department for Urban Development. "Cities cannot secure their position in global networks otherwise."

The problem, however, is paying for those sorts of infrastructure improvements.

"When you add to taxation in order to pay for improvements, it makes the citizenry less competitive, compared to another city because of the tax burden," says Francine Senecal, vice chair of the City of Montreal's Executive Committee. At the Metropolis Conference in Sydney, Australia, last week, a meeting of private and public funding bodies, she pointed to the need for public/private partnerships in infrastructure development, a joint investment in roads, or works projects.

"Public-private partnerships allows the public sector more maneuverability because they don't have to increase the tax burden," she says. "Though obviously regulation is very important."

Seoul, Korea, for example, relies on a $2.5 billion Macquarie investment fund to spend on transportation and infrastructure improvements, while cities in India have sought market funding in the form of investment-grade municipal bonds for $302 billion in improvements over the next five years.

Of course, each city's traits come into play. Berlin's compact nature and commitment to bicycle lanes have made riding to work a popular option. According to the city government, 13% of all traffic is bicycle traffic, which keeps transit costs low for residents on the whole, and alleviates road traffic for drivers because there are fewer cars on the road.

And in Houston, jobs and population are so spread out that a relatively complex train system is needed. The city government has proposed between $3 billion and $7.5 billion of light rail improvements since 2003, though little has been done to successfully alleviate mounting traffic, which consistently ranks the city towards the bottom of our U.S. commute lists.

In the end, though, a poor commute is "a relative concept," says Nathan Rees, premier of New South Wales, Australia. "It's like being in love. If you think you are love, you are in love. If you think you are in traffic, you are in traffic."


1. Hong Kong, China



This is one of the densest and geographically smallest cities in the world. Jobs are highly concentrated on Hong Kong Island (only 31 square miles), which is connected to the rest of the districts by rail, bus and ferry systems that are used by 90% of residents, according to Hong Kong Polytechnic University. Existing infrastructure is set to improve by 2010, when the Chinese government completes its massive overhaul of the Pearl River Delta rail system, which will connect Hong Kong and Shanzhen to the western bank of the Pearl River Delta and Guangzhou.


2. Tokyo, Japan



Tokyo's railway line is an efficient way to get around the mega-city, once you get used to the small seats and train employees pushing people into the cars for better use of space. The high-speed rail lines that connect the outer parts of the city to the city center are emulated all over the world. Like any city, it has its traffic problems on the roadways. But technological innovations in traffic monitoring that lead to real-time information updates on road signs, as well as ubiquitous individual GPS systems, help manage auto traffic.


3. Chennai, India



Chennai's transit system is highly planned as the result of its standing as a tech and outsourcing hub, and it is relatively easy to manage given its population of 5 million. Chennai's status as a port city (which requires rail logistics and has led to mass public rail systems like the MSRT) and the high influx of planned campuses for informational technology (which results in multilane highways like the IT highway) have improved mobility to commercial areas.


4. Dakar, Senegal



In Dakar, there is a high percentage of residents who walk or bicycle to work, which puts little pressure on the remaining infrastructure and keeps the cost to the system, and it energy expenditure, low. As a result, those working in the central business district aren't caught in gridlocks as much.


5. Osaka, Japan



Osaka, Kobe and Kyoto are often considered part of the Greater Osaka area. Commuter trains and high-speed rail are critical in connecting the larger geographic area. There are 17 million people in the metropolitan area, but the city of Osaka's transportation authority estimates that 10 million people use railway or underground subway on a daily basis.


6. London, England



London's overall transit system is well designed and maintained because it is suited for the city's distribution of jobs and population. The City of London has only 8,000 people and 320,000 jobs, according to the City of London Economic Development Office. The Tube, which is the world's largest urban railway, as well as commuter trains efficiently move people in and out of the city, whereas cars in such a small space would overwhelm the system.


7. Beijing, China



The city of Beijing estimates that $10 billion was spent to improve transportation infrastructure--both roads and transit lines--in advance of last summer's Beijing Olympics. As Beijing continues to develop and consolidate outlying economic zones such as Tianjin, rail and travel logistics will be a major priority of the local government.


8. Mumbai, India



One thing working in Mumbai's favor is its density: Suburban rail lines connect the outer suburbs to the business district. Mumbai has been particularly aggressive with investment-grade bonds to improve infrastructure, as well as developing public/private partnerships to enhance service and efficiency.


9. Krakow, Poland



Krakow benefits from its status as a relatively small city. With only 750,000 people in the city and 1.25 million in the metro area, it is one of the smallest spots assessed in these rankings, and, unlike many parts of the world, it hasn't been rapidly urbanizing over the past decade. As a result, the city's investments in improving rail systems and road systems have gone further than in budding mega-cities in other emerging markets. Its small size and density also makes the bus system an efficient and cheap method of transit.


10. Berlin, Germany



Berlin's compact layout and commitment to bicycle lanes have made riding to work a popular option. According to the city government, 13% of all traffic is by bicycle, which keeps transit costs low for residents on the whole, and alleviates road traffic for drivers because there are fewer cars on the road.



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