The world this week: Business 10th

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<p<<FONT face="Verdana, Arial, Helvetica, sans-serif" size="-2"<Thursday
November</FONT<<FONT face="Verdana, Arial, Helvetica, sans-serif" size="-2"<
15th 2001</FONT<</p<
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<br<<font face="verdana, geneva, arial, sans serif" size="+1"<<b<Business this week</b<<br<</font<
<font SIZE="-2" FACE="verdana,geneva,arial,sans serif" color="999999"<November 15th 2001<br<From The Economist print edition
</font<
<br<<br<<br clear="all"<<div<<font face="verdana, geneva, arial, sans serif"<<b<Gains in trade</b<</font<</div<
<p<<font FACE="verdana,geneva,arial,sans serif" size="-1"<The world's trade ministers agreed to launch a new round of trade talks at the <b<World Trade Organisation meeting </b<in Doha, despite the misgivings of India over the treatment of poor countries and France over the phasing-out of farm export subsidies. Broad agreement was, however, reached on one issue dear to poor countries: rich countries agreed to make it easier to override patents on drugs to treat malaria, <font size="-1"<AIDS </font<and other diseases.</font<</p<

<p<<font FACE="verdana,geneva,arial,sans serif" size="-1"<
<a href="http://TheEconomist.s.maildart.net/link_34335_6627519_2_79987158_60345293_1_69"<See article: The Doha round</a<
</font<</p<

<p<<font FACE="verdana,geneva,arial,sans serif" size="-1"<<b<China </b<signed up to become a member of the <font size="-1"<WTO</font< after many years of negotiations. As part of the deal, Taiwan joined at the same time under its Chinese name, Taipei, and with no explicit recognition of its sovereign status.</font<</p<

<p<<font FACE="verdana,geneva,arial,sans serif" size="-1"<<b<Nasdaq Europe </b<is to ally with the small <b<Berlin Stock Exchange</b<. This marks the American market's first foray into Europe. Nasdaq is still eager to team up with a bigger European exchange, possibly London's.</font<</p<
<br clear="all"<<div<<font face="verdana, geneva, arial, sans serif"<<b<Running out of energy</b<</font<</div<
<p<<font FACE="verdana,geneva,arial,sans serif" size="-1"<<b<Enron</b<, Houston's mighty power-trading company, was taken over by <b<Dynegy</b<, a hometown rival, in an all-share deal worth some $10 billion. Enron's shares had crumbled in the wake of revelations of unorthodox financial dealings. Dynegy has saved a company that once dwarfed it, but it may yet suffer from Enron's undisclosed liabilities.</font<</p<

<p<<font FACE="verdana,geneva,arial,sans serif" size="-1"<
<a href="http://TheEconomist.s.maildart.net/link_34336_6627519_2_79987158_60345293_1_6a"<See article: See you in court</a<
<img src="http://www.economist.com/images/dingbats/e5.gif" hspace="2" width="17" height="10" alt="E+"<</font<</p<

<p<<font FACE="verdana,geneva,arial,sans serif" size="-1"<The <b<OPEC meeting </b<in Vienna, intended to shore up oil prices, ended in disarray after members put off planned production cuts until Russia and other non-<font size="-1"<OPEC</font< countries join in. Oil prices immediately fell sharply; some analysts speculated that they could fall to $15 or less per barrel over the next few months.</font<</p<

<p<<font FACE="verdana,geneva,arial,sans serif" size="-1"<<b<Newmont Mining</b<, America's biggest gold producer, bid to become the world's biggest. It announced an all-share offer worth around $2.6 billion to acquire Canada's Franco-Nevada Mining and a $1.8 billion offer for Australia's Normandy Mining.</font<</p<

<p<<font FACE="verdana,geneva,arial,sans serif" size="-1"<<b<Japan Airlines</b<, the country's leading carrier, is to take over the third-largest, <b<Japan Air System</b<, in an effort to cut costs as passengers turn their backs on airlines after September 11th.</font<</p<
<br clear="all"<<div<<font face="verdana, geneva, arial, sans serif"<<b<Buying wisely?</b<</font<</div<<br clear="all"<<table align="right" cellpadding="0" border="0" cellspacing="0" width="191"<<tr<<td height="1" bgcolor="#FFFFFF" colspan="3"<<spacer height="1" type="block"<</spacer<</td<</tr<<tr<<td width="1" bgcolor="#FFFFFF"<<spacer width="1" type="block"<</spacer<</td<<td<<table cellspacing="0" border="0" cellpadding="1"<<tr<<td<<img src="http://www.economist.com/images/20011117/CWW836.gif" width="187" height="184" alt=""<</td<</tr<<tr<<td align="left"<<font FACE="Arial, Helvetica, sans-serif" SIZE="-1"<<b<</b<</font<</td<</tr<</table<</td<<td width="1" bgcolor="#FFFFFF"<<spacer width="1" type="block"<</spacer<</td<</tr<<tr<<td height="1" bgcolor="#FFFFFF" colspan="3"<<spacer height="1" type="block"<</spacer<</td<</tr<</table<

<p<<font FACE="verdana,geneva,arial,sans serif" size="-1"<American <b<retail sales </b<shot up by a record 7.1% in October, driven mainly by car sales, which leaped by 26.4% over the same period. General Motors extended until the start of 2002 its “Keep America Rolling” scheme of zero-interest financing on new vehicles introduced to boost car sales after September 11th. Ford and Chrysler had introduced similar offers. The scheme has clearly been a great success for now, though profitability and future vehicle sales are likely to suffer.</font<</p<

<p<<font FACE="verdana,geneva,arial,sans serif" size="-1"<Americans have reacted to the slowing economy by shopping in lower-cost stores. <b<Wal-Mart</b<, the world's biggest retailer, said that sales had risen by a record 15.5% in the latest quarter compared with a year ago, pushing profits up to $1.5 billion. J.C. Penney and Home Depot also made gains.</font<</p<

<p<<font FACE="verdana,geneva,arial,sans serif" size="-1"<Luxury-goods companies are usually the first to suffer as a recession approaches, and <b<LVMH </b<is proving no exception. It issued its third profit warning in eight weeks, putting the main blame for its troubles on the American market.</font<</p<
<br clear="all"<<div<<font face="verdana, geneva, arial, sans serif"<<b<The price of a call</b<</font<</div<
<p<<font FACE="verdana,geneva,arial,sans serif" size="-1"<<b<Vodafone</b<, the world's biggest mobile-phone operator, announced pre-tax losses of £8.4 billion ($12 billion) in the six months to the end of September. The loss reflects write-offs of the value of assets it bought during the telecoms bubble. Its shares gained as its core mobile-phone services continued to perform well. Vodafone also said it would like Britain's government to improve the terms for third-generation mobile licences.</font<</p<

<p<<font FACE="verdana,geneva,arial,sans serif" size="-1"<<b<Marconi </b<at last accepted that it had heavily overpaid for American telecoms firms acquired near the height of the telecoms boom. It announced pre-tax losses for the latest half year of a whopping £5.1 billion ($7.3 billion) after drastically reducing the value of its transatlantic assets. The companies, purchased for cash, have left Marconi with a heap of debt.</font<</p<

<p<<font FACE="verdana,geneva,arial,sans serif" size="-1"<<b<Cable & Wireless</b<, a telecoms company, said that it would use part of its £4.1 billion ($5.9 billion) cash pile to buy back shares and pay a special dividend to the tune of £1.7 billion. The company said it would still look for acquisitions to put some of the spare money to work but said it was in no hurry.</font<</p<

<p<<font FACE="verdana,geneva,arial,sans serif" size="-1"<Profits at <b<Siemens </b<fell by 76% in the year to the end of September to <i<euro</i<2.1 billion ($1.9 billion), including restructuring charges and a write-down of assets at the German engineering giant's mobile and fixed-line telecoms divisions.</font<</p<
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<FONT face="Verdana, Arial, Helvetica, sans-serif"< <b<The future of the MBA</b<<BR<
</FONT< <FONT face="Verdana, Arial, Helvetica, sans-serif"< <BR<
</FONT< <FONT face="Verdana, Arial, Helvetica, sans-serif" size="-1"<In an uncertain economy, find out what rewards - and risks - come from
pursuing an MBA degree. Research the effect of the downturn on MBA
programmes and graduates. Learn what MBAs can do to position themselves
best. Read
<a href="http://TheEconomist.s.maildart.net/link_33435_6627519_2_79987158_60345293_1_69"<MBA Outlook</a<, a special report from The Economist Global
Executive today.</FONT<

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