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            <p><FONT face="Verdana, Arial, Helvetica, sans-serif" size="-2">Thursday
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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 &#8220;Keep America Rolling&#8221; 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 &pound;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 &pound;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 &amp; Wireless</b>, a telecoms company, said that it would use part of its &pound;4.1 billion ($5.9 billion) cash pile to buy back shares and pay a special dividend to the tune of &pound;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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