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WEDNESDAY, NOVEMBER 25, 2009
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UK Minister Rips Starbucks Over Economy Jibe

'How the hell are they doing?' exclaims furious politician

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(Newser) – One of Britain's leading politicians laid into an unlikely adversary yesterday: the head of Starbucks. Company chief Howard Schultz said on CNBC that "the UK is in a spiral" and was causing Starbucks considerable grief, prompting business secretary Peter Mandelson to fire back: "Why should I have this guy running down the country? Who the fuck is he? How the hell are they doing?"

Mandelson was referring to the coffee chain's troubled balance sheet; as the Guardian reports, Starbucks posted a 69% drop in profits in the last quarter of 2008. During his own CNBC appearance, Mandelson told an interviewer that "The UK is not spiraling, although I've noticed Starbucks is in a great deal of trouble. So please don't project Starbucks onto the UK economy as a whole."

Peter Mandelson arrives at Downing Street, Friday, Oct. 3, 2008.
Peter Mandelson arrives at Downing Street, Friday, Oct. 3, 2008.   (AP Photo/Kirsty Wigglesworth)
Howard Schultz, chairman, president and CEO of Starbucks Corp., stands by during a news conference Tuesday, Feb. 17, 2009 in New York.
Howard Schultz, chairman, president and CEO of Starbucks Corp., stands by during a news conference Tuesday, Feb. 17, 2009 in New York.   (AP Photo/Tina Fineberg)
Starbucks Corp. chairman Howard Schultz pauses as he addresses the annual shareholders meeting, March 21, 2007.
Starbucks Corp. chairman Howard Schultz pauses as he addresses the annual shareholders meeting, March 21, 2007.   (AP Photo/Elaine Thompson, file)
Britain's business secretary Peter Mandelson reacts during his news conference at the British Embassy in Moscow, Russia, Wednesday, Oct. 29, 2008.
Britain's business secretary Peter Mandelson reacts during his news conference at the British Embassy in Moscow, Russia, Wednesday, Oct. 29, 2008.   (AP Photo/Ivan Sekretarev)
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