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Business this week November 29th 2001 >From The Economist print edition Out of energy The planned takeover of Enron by Dynegy collapsed after Dynegy pulled out, accusing its rival Texan oil-trading giant of misleading it. Earlier Standard & Poor's, a credit-rating agency, had downgraded Enron's debt to junk status. American regulators remain fretful about the impact of a probable collapse of Enron on financial markets. See <http://theeconomist.s.maildart.net/link_35372_6676349_2_142057444_87298 492_1_9a> article: Upended E+ <http://www.economist.com/images/dingbats/e5.gif> America's recession is now official. The National Bureau of Economic Research said it had begun in March, ending the longest expansion of the economy on record. The current recession is unusual: employment has not so far fallen dramatically and real incomes have not yet declined at all. See <http://theeconomist.s.maildart.net/link_35371_6676349_2_142057444_87298 492_1_99> article: Say “R” <http://www.economist.com/images/20011201/CWW018.gif> Gordon Brown, Britain's chancellor of the exchequer, is confident the British economy will be less affected by the global recession than its G7 peers. In periods of global economic slowdown in the past, Britain's economy suffered more than most. But Mr Brown predicted 2-2.5% growth next year and even faster growth in 2003. See <http://theeconomist.s.maildart.net/link_35373_6676349_2_142057444_87298 492_1_9b> article: Pushing the boat out European Union governments are proposing to scrap extra fees for credit-card payments and cash withdrawals of up to euro12,500 ($11,000) by July 1st 2002, and for cross-border money transfers in the same value range a year later. New broom Josef Ackermann, who is to head Deutsche Bank in six months' time, is planning to shake up the bank's cosy management traditions. But Mr Ackermann dismissed rumours that Rolf Breuer, Deutsche's current head, would leave the bank earlier than next May. Mr Breuer has been under fire ever since Deutsche's merger with Dresdner Bank, its arch-rival, collapsed last year. Standard Chartered, a mainly emerging-markets bank listed in Britain, ousted its chief executive, Rana Talwar. The news increased speculation that the bank might be a takeover target, with both Barclays and Lloyds TSB talked of as suitors. Standard denies any discussions on a sale. Any potential buyer would have to win agreement from Khoo Teck Puat, a Malaysian who is the bank's biggest shareholder. Michel David-Weill, chairman of Lazard, an investment bank, is trying to stem the exodus of the bank's senior executives by letting the bank's 140 or so working partners have a stake in the franchise. Mitsubishi Tokyo Financial Group (MTFG) reported an interim loss, but it is still the only one of Japan's top four banks to expect a profit for the past year. Against the backdrop of a stagnating economy and an increase in corporate bankruptcies, the bank's three peers bolstered their provisions for loan losses. MTFG announced up to 4,500 job cuts by March 2005. Reuters <http://www.economist.com/images/20011201/4801WW4.jpg> Lloyd's of London, the insurance market, is facing far bigger losses from terrorist attacks on September 11th than it had first predicted. It now estimates its net losses (ie, losses after reinsurance) to be £1.9 billion ($2.7 billion), about £600m more than originally forecast. The biggest loss in Lloyd's 300-year history hit just when the market appeared to have turned the corner after root-and-branch reforms. Kvaerner, an Anglo-Norwegian engineering giant, agreed to merge with another Norwegian firm, Aker Maritime. By doing so, Kvaerner has staved off bankruptcy as well as thwarting a rival takeover bid from Yukos, a Russian oil giant. See <http://theeconomist.s.maildart.net/link_35374_6676349_2_142057444_87298 492_1_9c> article: Kvaerner's emergency merger E+ <http://www.economist.com/images/dingbats/e5.gif> Warning signs BAE Systems, a British aerospace and defence group, issued its second profits warning of the year. It is shutting down its regional-jet manufacturing operation and will be cutting 1,669 jobs. British Telecommunications will receive £2.38m ($3.4m) from the sale of most of its property portfolio to Telereal, a joint venture of Land Securities and the Pears Group. The portfolio includes offices, warehouses, telephone exchanges, call and computer centres, but not the BT tower and the BT centre in London. The deal, Britain's largest corporate property outsourcing to date, is meant to ease BT's debt burden. Consolidation in Europe's retail market continued as Kingfisher and Dixons, two British retailers, made inroads into the German and Italian markets, respectively. Kingfisher bought 25% of Hornbach, a German do-it-yourself chain. Dixons, Britain's leading electrical retailer, took over 24% of Italy's UniEuro, and secured an option to buy all of UniEuro by 2003. Access all the <http://www.economist.com/images/dingbats/eplusblue.gif> articles in this newsletter Subscribe to receive unlimited access to 40 or more premium articles each week from The Economist magazine and full access to our paid archive of over 20,000 Economist articles going back to 1997. To enjoy the complete benefits of a subscription to Economist.com, sign <http://theeconomist.s.maildart.net/link_28862_6676349_2_142057444_87298 492_1_a0> up now for one full year at US$59, a saving of over 50% on the monthly subscription rate. The Economist's Style Guide A new, revised version of The Economist's best-selling style guide is now online. It gives general advice on writing, points out common errors and clichés, and offers guidance on consistent use of punctuation, abbreviations and capital letters. It's also rather amusing-and an invaluable companion for everyone who wants to communicate with the clarity, style and precision for which The Economist is renowned. Browse it at: http://www.economist.com/library/StyleGuide/index.cfm <http://theeconomist.s.maildart.net/link_35175_6676349_2_142057444_87298 492_1_9b> . ==^================================================================ This email was sent to: archive@jab.org EASY UNSUBSCRIBE click here: http://topica.com/u/?a84x2u.a9WB2D Or send an email to: [EMAIL PROTECTED] T O P I C A -- Register now to manage your mail! http://www.topica.com/partner/tag02/register ==^================================================================
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