The net book agreement, that price-fixing arrangement that publishers gave up defending in the mid-1990s, lives again. Well, sort of. Macmillan has told Amazon that $9.99 (£6.25) is just not enough to charge for a bestseller or hardback released in ebook version. It considers $12.99, or even $14.99, to be fair. Amazon is furious but concedes there's nothing it can do. It's a rare victory for the champions of copyright.

It is interesting to note the role of Apple here. The group has indicated that it will give publishers freedom to set prices on its new iBookstore. That move undercuts the negotiating power of Amazon.

Apple's stance looks the smarter. There is something ridiculous about Amazon's bleats about Macmillan having "a monopoly over their own titles". Yes, that's the publishing trade and that's how it seeks to stay in business.