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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">September 27th 2001<br>From The Economist print edition
</font>
<br><br>
<p><font FACE="verdana,geneva,arial,sans serif" size="-1"></font></p>

<p><font FACE="verdana,geneva,arial,sans serif" size="-1">The federal government agreed an aid package for <b>America's airlines </b>to protect them from the aftermath of the terrorist attacks on America which left cabins nearly empty. The airlines, most of which were in trouble before September 11th, were promised grants and loans totalling $15 billion, to be distributed by size rather than long-term health.</font></p>

<p><font FACE="verdana,geneva,arial,sans serif" size="-1">
<a href="http://TheEconomist.s.maildart.net/link_28923_6452187_2_80010922_60368779_1_5a">See article: A business in search of customers</a>
</font></p>

<p><font FACE="verdana,geneva,arial,sans serif" size="-1">Governments worldwide agreed to cover national airlines after insurers limited liabilities on <b>third-party damage </b>for similar terrorist incidents to $50m per aircraft. Many airlines said that they could not afford to fly unless governments intervened.</font></p>

<p><font FACE="verdana,geneva,arial,sans serif" size="-1">Airlines responded to falling business by cutting staff and services. America's <b>Delta Air Lines </b>cut its workforce by 13,000, some 16% of the total, and reduced schedules by 15%. Italy's <b>Alitalia </b>announced that it would lay off 17% of its workforce and ground some planes. <b>Air Canada </b>said it would shed 5,000 staff and cut 20% of its schedule. <b>KLM Royal Dutch </b>introduced a surcharge on ticket prices and increased prices on fares to the Middle East. </font></p>

<p><font FACE="verdana,geneva,arial,sans serif" size="-1"><b>America's insurance industry</b>, also hard hit, is likely to get help against the risk of future terrorist incidents. Lawmakers are considering legislation that would make the government the insurer of last resort in the event of further assaults.</font></p>

<p><font FACE="verdana,geneva,arial,sans serif" size="-1">
<a href="http://TheEconomist.s.maildart.net/link_28922_6452187_2_80010922_60368779_1_59">See article: Risk's new dimension</a>
</font></p>

<p><font FACE="verdana,geneva,arial,sans serif" size="-1"><b>Lloyd's of London</b>, the insurance market, estimated that its net share of the insurance bill for the attacks would be &pound;1.3 billion ($1.9 billion). This would be Lloyd's biggest-ever single loss.</font></p>

<p><font FACE="verdana,geneva,arial,sans serif" size="-1">Profits at big <b>investment banks </b>are on the wane. Lehman Brothers said its profits were down by 32% in the past quarter compared with a year ago. Goldman Sachs reported a decline of 43%, Bear Stearns one of 26% and Morgan Stanley one of 41%.</font></p>
<br clear="all"><div><font face="verdana, geneva, arial, sans serif"><b>On the wane</b></font></div><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/20010929/CWW625.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"><b>America's economy </b>appeared to be foundering. The Conference Board's measure of consumer confidence&#8212;only partly accounting for feelings after the terrorist attacks&#8212;fell sharply in September. Car makers said that they expected sales, an informal leading indicator, to fall by up to 20% in September compared with a year earlier.</font></p>

<p><font FACE="verdana,geneva,arial,sans serif" size="-1">
<a href="http://TheEconomist.s.maildart.net/link_28921_6452187_2_80010922_60368779_1_58">See article: Cheap, but not cheerful</a>
</font></p>

<p><font FACE="verdana,geneva,arial,sans serif" size="-1">The <font size="-1">IMF </font>predicted further gloom for the <b>world economy</b>. In its <i>World Economic Outlook </i>it forecast global growth of 2.6% this year, down from a previous estimate of 3.2% six months ago. But this forecast was not updated to take account of the terrorist attacks on America. The <font size="-1">IMF</font>'s chief economist, Kenneth Rogoff, suggested that a recession in America was a &#8220;done deal&#8221;, though he later withdrew the remark.</font></p>

<p><font FACE="verdana,geneva,arial,sans serif" size="-1">
<a href="http://TheEconomist.s.maildart.net/link_28924_6452187_2_80010922_60368779_1_5b">See article: Going downhill</a>
</font></p>

<p><font FACE="verdana,geneva,arial,sans serif" size="-1">European Union leaders decided that <b>budget deficits </b>should be allowed to rise above pre-agreed limits this year to cushion member countries as the world economy worsens. The European Central Bank said that this was within the terms of the &#8220;stability pact&#8221;, which is meant to penalise member countries that allow deficits to rise above 3% of <font size="-1">GDP</font>.</font></p>
<br clear="all"><div><font face="verdana, geneva, arial, sans serif"><b>GE force</b></font></div>
<p><font FACE="verdana,geneva,arial,sans serif" size="-1">Jeffrey Immelt, who succeeded Jack Welch as chief executive of <b>General Electric</b> in early September, forecast that profits this year and next would rise by 10% or more despite the terrorist attacks and the struggling world economy. He claimed that <font size="-1">GE </font>was &#8220;built to outperform&#8221; but noted that a large-scale war could harm the company's prospects.</font></p>

<p><font FACE="verdana,geneva,arial,sans serif" size="-1"></font></p>

<p><font FACE="verdana,geneva,arial,sans serif" size="-1"><b>Kvaerner</b>, a heavily indebted Anglo-Norwegian engineering company, teetered on the brink of bankruptcy. Banks agreed to extend short-term loans but the company's plans to raise some NKr2 billion ($230m) with a rights issue were met with little enthusiasm by investors. The company's shares lost 80% of their value over the past week.</font></p>

<p><font FACE="verdana,geneva,arial,sans serif" size="-1"><b>EMI </b>revealed that pre-tax profits for 2001 would be down by around 20% compared with the year before; its shares responded by plummeting 35% in one day. The British music group, which failed to clear regulatory hurdles in merger attempts with both Bertelsmann and <font size="-1">AOL </font>Time Warner, looks an invitingly cheap target for a takeover.</font></p>

<p><font FACE="verdana,geneva,arial,sans serif" size="-1"><b>Advanced Micro Devices</b>, the world's second-largest chip maker, announced that it would cut 2,300 jobs, some 15% of the total, after Gateway, a big <font size="-1">PC </font>maker, phases out its line using <font size="-1">AMD</font>'s chips.<b></b></font></p>

<p><font FACE="verdana,geneva,arial,sans serif" size="-1"><b>Procter &amp; Gamble</b>, the world's leading consumer-goods company, abandoned a health-drink and snack joint-venture with Coca-Cola, the world's biggest soft-drink firm. After reconsidering the much-heralded deal, claimed as a trailblazer for the future of global distribution and marketing, the two firms decided to pursue separate strategies.</font></p>
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