MessageOvde mora da je Djindjolina umesao prste
----- Original Message -----
From: Miroslav Antic
To: NSP ; NATO ; Siem-News ; SNN ; [EMAIL PROTECTED]
Cc: 'KPJ' ; SIN ; Hydro
Sent: Thursday, October 18, 2001 8:29 PM
Subject: [NSP] Business this week
Business this week
October 18th 2001
From The Economist print edition
Going bust
Bethlehem Steel filed for chapter 11 bankruptcy protection. America's second-largest
steel maker joins 19 other steel companies that are seeking protection from creditors.
The business was suffering from overcapacity and competition from cheap imports even
before America's weakening economy hit home.
See article: America's troubled steel companies
Polaroid also filed for bankruptcy protection. The instant-photo firm had been in
poor financial condition for some years and will continue seeking a buyer for all or
part of the company.
See article: Bankruptcy on the rise in America
Hanging up the phones
Siemens, a huge German technology firm, announced that it would shed 7,000 jobs from
both its fixed-line and mobile-phone operations and close some factories to return the
businesses to profitability.
British Telecom and AT&T agreed that it was time for Concert's finale. The demise of
their loss-making business-telecoms joint venture will put 2,300 people out of work
and cost $7.3 billion; AT&T will suffer the most, with charges of $5.3 billion.
GM said that profits in the third quarter had fallen by 54% to $385m, excluding
charges of $753m. Ford announced a quarterly loss of $692m. After losing $752m in the
previous quarter, these are Ford's first consecutive quarterly losses since 1992.
France's government succumbed to pressure from mobile-phone companies and cut the
cost of third-generation mobile licences from euro4.95 billion ($4.5 billion) to
euro619m. It also raised their duration from 15 to 20 years, but will still levy a tax
on revenues.
IBM said that profits in the third quarter were down by 19% to $1.6 billion compared
with a year ago because of a fall in sales and “challenging” conditions after
September 11th. Intel reported that profits in the third quarter were down by 96% to
$106m, in line with expectations.
EMI, a British music group, said that Ken Berry, chief executive of its
recorded-music arm, would leave, victim of the company's inability to improve
profitability in America. He is to be replaced by Alain Levy, formerly chief executive
of PolyGram.
See article: Face value: No more Mr Nice Guy
Banks lose out
Citigroup, an American financial-services giant, said that profits in the third
quarter were down by 9% to $3.2 billion. It cited falling profits from investment and
mounting insurance claims related to September 11th. J.P. Morgan Chase said that
profits were down by 68% over the same period, to $449m.
Merrill Lynch announced third quarter profits down by more than half to $422m, and
said that it had shed 2,300 jobs to cut costs. More could follow. In particular, the
Wall Street investment bank is expected to cut overseas retail brokerages.
Bank of America announced that profits had fallen by 54% to $841m in the third
quarter compared with a year ago. Increased provisions for bad loans were partly to
blame.
Commerzbank, Germany's fourth-biggest listed bank, announced a round of
cost-cutting, including the loss of 3,400 employees, some 8.5% of the total. It also
ruled out restarting merger talks until its house is in order.
Subsidies in the air
The European Commission said that, despite its firm line on state aid, it would
allow Belgium's government to extend a loan of euro125m ($113m) to Sabena, the
country's heavily indebted flag carrier. Ryanair, a leading low-cost airline, promised
legal action to block the loan.
As estimates for the cost of rebuilding Swissair more than doubled to SFr3 billion
($1.8 billion), the Swiss government faced growing calls to stump up more cash to keep
its flag-carrier in the air. But a bail-out may force the European Commission to take
action: the Swiss have agreed to abide by EU competition rules.
Deutsche Börse is joining the bidding for Liffe. The London derivatives exchange is
now being pursued by three European stock exchanges.
Highly competitive
Finland is the most competitive economy in the world, despite its rigid labour
markets, powerful unions and high tax rates, according to the Global Competitiveness
Report from the World Economic Forum. It displaces America from last year's top slot.
Of the 75 countries included, Zimbabwe, experimenting with a more extreme form of
socialism, languishes in last place.
NSP Lista isprobava demokratiju u praksi
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NSP Lista isprobava demokratiju u praksi
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