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[IMAGE] [IMAGE] [IMAGE] [IMAGE] [IMAGE] ADVANCED SEARCH [IMAGE] [IMAGE] =09[IMAGE] =09[IMAGE] =09 =09 =09 =09Thursday June 21st 2001 =09 =09 =09 =09Subscribe | E-mail & Mobile Editions | Screensaver =09 =09[IMAGE] =09[IMAGE] [IMAGE] OPINION WORLD BUSINESS FINANCESCIENCE PEOPLE BOOKS & ARTS MARKETS DIVERSIONS [IMAGE] [IMAGE][IMAGE][IMAGE][IMAGE][IMAGE] [IMAGE] [IMAGE][IMAGE] [IMAGE] Economist.com Classifieds =20 To find the best executive-level jobs, advanced educational courses and to= p=20 business opportunities, click here [IMAGE] PRINT EDITION THE ECONOMIST [IMAGE]Full contents[IMAGE]Subscriptions [IMAGE] =20 [IMAGE] Customer service=20 As a registered user of Economist.com, you can sign up for or cancel the te= xt=20 and HTML versions of this newsletter or change your e-mail address by=20 amending your details. =20 To stop receiving this newsletter, please visit http://economist.com/ members/email.cfm, log in and complete the form. =20 If you received this newsletter from a friend and you would like to have yo= ur=20 own free subscription, please go to the Economist.com registration page and= =20 fill out the registration form.=20 [IMAGE] [IMAGE] [IMAGE] [IMAGE] [IMAGE]=09[IMAGE]=09[IMAGE]=09[IMAGE]=09Business this week =09=09=09=09June 21st 2001 =09=09=09=09From The Economist print edition =20 =09=09=09=09 =09=09=09=09 =09=09=09=09Not quite devalued =09=09=09=09 =09=09=09=09Domingo Cavallo, Argentina=01,s economy minister, announced a s= et of measures,=20 including subsidies for exports and tariffs on imports, that will have a=20 similar effect to a devaluation. The fixed link between Argentina=01,s curr= ency,=20 the peso, and the dollar has hampered domestic firms. But markets were=20 unimpressed: bond yields rose. =09=09=09=09 =09=09=09=09See article: Cavallo's latest gamble E+ =09=09=09=09 =09=09=09=09 =09=09=09=09 =09=09=09=09 =09=09=09=09 =09=09=09=09 =09=09=09=09 =09=09=09=09 =09=09=09=09 =09=09=09=09[IMAGE] =09=09=09=09 =09=09=09=09 =09=09=09=09 =09=09=09=09 =09=09=09=09 =09=09=09=09 =09=09=09=09 =09=09=09=09Euro-area inflation rose to 3.4% in the year to May, significan= tly above the=20 European Central Bank=01,s 2% ceiling. America=01,s consumer-price inflatio= n hit=20 3.6%. The ECB left interest rates unchanged. =09=09=09=09 =09=09=09=09See article: Stagflation? E+ =09=09=09=09 =09=09=09=09Line breaks up =09=09=09=09 =09=09=09=09Microsoft and AOL Time Warner broke off talks about including A= merica Online=01, s software in a new version of Microsoft=01,s Windows operating system. AOL= =20 claimed that Microsoft was unwilling to have RealPlayer, AOL=01,s streaming= =20 music and video software, competing with its own system, Media Player.=20 Microsoft insisted that broader issues were involved. =09=09=09=09 =09=09=09=09See article: From friends to foes=20 =09=09=09=09 =09=09=09=09 =09=09=09=09 =09=09=09=09Nortel Networks, a large Canadian telecoms-equipment firm, conf= irming that=20 the telecoms business was in terrible shape, said that its losses in the=20 current quarter would exceed $19 billion. The company said that it would la= y=20 off 10,000 workers in addition to 20,000 job cuts that it had previously=20 announced. =09=09=09=09 =09=09=09=09British Telecom announced that 90% of a o5.9 billion ($8.2 bill= ion) rights=20 issue had been taken up, despite speculation that investors would be=20 reluctant to acquire more BT shares even at a heavily discounted price. The= =20 company will use the cash to pay off part of its o30 billion debt. =09=09=09=09 =09=09=09=09Against most expectations, Iran=01,s supreme leader, Ayatollah = Ali Khamenei,=20 ruled that parliament could investigate the state television and radio=20 monopoly. =09=09=09=09 =09=09=09=09Oracle, an American software company, bucked the downward trend= in the=20 technology sector. It announced profits for the latest quarter of $855m,=20 beating analysts=01, expectations. But Infineon, Europe=01,s second-largest= chip=20 maker, said that it would make a pre-tax loss in the quarter of euro600m=20 ($525m), worse than the most pessimistic predictions. The German company=01= ,s=20 shares slumped.=20 =09=09=09=09 =09=09=09=09Marconi, a British telecoms-equipment maker, reacted to its sha= res hitting a=20 near-six-year low by reducing the strike price of share options for its=20 executives. Hard-hit shareholders were less than impressed. =09=09=09=09 =09=09=09=09Meat market =09=09=09=09 =09=09=09=09America=01,s Tyson Foods, the world=01,s biggest chicken compan= y, renewed its=20 interest in IBP, a leader in beef and pork, after a court ruled that it=20 should not have broken off a $3.2 billion merger last year. Tyson reckoned= =20 that a merger to create a meat-processing behemoth would beat paying=20 compensation. =09=09=09=09 =09=09=09=09 =09=09=09=09 =09=09=09=09 =09=09=09=09 =09=09=09=09 =09=09=09=09 =09=09=09=09 =09=09=09=09 =09=09=09=09EPA =09=09=09=09 =09=09=09=09 =09=09=09=09 =09=09=09=09 =09=09=09=09 =09=09=09=09 =09=09=09=09 =09=09=09=09DaimlerChrysler unveiled plans to cut investment at Chrysler, i= ts loss-making=20 American arm, by 40% over the next five years to save around $18 billion. T= he=20 company insisted that efficiency would improve and products would not suffe= r. =09=09=09=09 =09=09=09=09General Electric=01,s planned takeover of Honeywell, already ap= proved by America=01, s regulators, seemed likely to be scuppered by the European Commission. Jac= k=20 Welch, GE=01,s boss, had delayed his retirement to see the deal through, bu= t has=20 seen market conditions worsen since the bid was made. =09=09=09=09 =09=09=09=09 =09=09=09=09See article: Welch squelched E+ =09=09=09=09 =09=09=09=09Net profits at Lehman Brothers, an American investment bank, in= the latest=20 quarter were up by 14% compared with a year ago, to $430m. Its=20 bond-underwriting business has prospered. Goldman Sachs said that net profi= ts=20 were down by 24% to $577m after a slowdown of merger and acquisition activi= ty=20 and initial public offerings. =09=09=09=09 =09=09=09=09Law and order =09=09=09=09 =09=09=09=09Andersen, one of the =01&Big Five=018 accountants, agreed to pa= y a $7m fine imposed=20 by America=01,s Securities and Exchange Commission to settle a case of audi= ting=20 fraud. Waste Management, a firm audited by Andersen, had overstated profits= =20 by $1.4 billion between 1992 and 1996. =09=09=09=09 =09=09=09=09See article: Andersen's fairy tales E+ =09=09=09=09 =09=09=09=09The Federal Energy Regulatory Commission announced that it woul= d cap=20 wholesale electricity prices in California at all times, rather than just= =20 during power emergencies. It also extended electricity-price controls to te= n=20 other western states. The move fell short of even tougher controls favoured= =20 by Gray Davis, California=01,s governor. =09=09=09=09 =09=09=09=09See article: A turning point, maybe E+ =09=09=09=09 =09=09=09=09Despite talks with the prime minister, France=01,s employers=01= , club, Medef, said=20 that from the end of July it would cease to take part in running the=20 social-security system with the trade unions and the government. It objects= =20 to the government=01,s plan to use social-security funds to help pay for Fr= ance=01, s shorter, 35-hour working week. =09=09=09=09 =09=09=09=09 =09=09=09=09 =09=09=09=09 =09=09=09=09 =09=09=09=09World business on trial. =09=09=09=09 =09=09=09=09Visit Economist.com's Business section and get authoritative in= sights on the=20 latest in the mobile-phone industry, E-strategy briefs from Merrill Lynch,= =20 Siemens, etc., the EU's workers' rights and much more. Also be sure to visi= t=20 the Business this week section to stay informed on the week's key events. F= or=20 concise global business reports click here . =20 =09=09=09=09 =09=09=09=09[IMAGE] =09=09=09=09 =09=09=09=09SEARCH =09=09=09=09 =09=09=09=09The EconomistEconomist.comGlobal LibraryThe webThe EIU Advanced= search =09=09=09=09 =09=09=09=09[IMAGE] =09=09=09=09=09[IMAGE]=09[IMAGE] =09=09=09=09=09[IMAGE]=09[IMAGE] =09=09=09=09 [IMAGE] =09[IMAGE]=09[IMAGE] =09=09=09=09=09=09[IMAGE] =09=09=09=09=09=09 =09=09=09=09=09=09GO TO ECONOMIST.COM =09=09=09=09=09=09 , Copyright 2001 The Economist Newspaper and The Economi= st Group. All rights=20 reserved. =09=09=09=09=09=09Legal disclaimer | Privacy Policy | Terms & Conditions=20 =09=09=09=09=09=09[IMAGE] =09=09=09=09=09=09[IMAGE] =09=09=09=09=09=09 [IMAGE]
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