They overreached: they made questionable investments, cut corners, alienated customers, and attacked skeptics.
Mr Holland points out that one of his biggest competitors in magazine printing, Walstead Investments, cut pay by between 10% and 20% at three of its printing plants last year.
Spending is investment; cuts are savings.
Birol said low oil prices had led to investment cuts of 40% over the past two years, especially in the US, Canada, Latin America and Russia.
The recent round of investment cuts is helping the price of Brent Crude, which rose by 0.80p a barrel to £55.55 today.
British businesses have warned that Brexit will trigger investment cuts, hiring freezes and redundancies as the consequences of leaving the European Union threaten to destabilise markets further this week.
Unlike Rio Tinto, BHP has not made major investment cuts and plans to spend $9.8 billion on exploration and expansion this fiscal year.
Bonds in some smaller firms trade at less than 70 cents on the dollar.All this suggests looming investment cuts that within a year will slow growth in American shale production to a crawl and perhaps even lead to slight declines.
About 85percentt of the 240 transnational companies surveyed for the report said the economic downturn influenced their investment cuts; 58percentt of large transnational corporations said they intended to reduce their foreign direct investment expenditures in 2009.
The funding of adult social care is definitely at risk, but all who work in the social care sector will tell you that this is the wrong time to make reactionary investment cuts.
In the immediate aftermath of the referendum, held on 23 June, a survey by the Institute of Directors found that the majority of businesses believed Brexit was bad for them and would trigger investment cuts, hiring freezes and redundancies.
