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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"> 
              1st 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 1st 2001<br>From The Economist print edition
</font>
<br><br><br clear="all"><div><font face="verdana, geneva, arial, sans serif"><b>New driver</b></font></div>
<p><font FACE="verdana,geneva,arial,sans serif" size="-1">Jacques Nasser, chief executive of <b>Ford</b>, was driven out. A worsening economy, on top of the recall of vehicles fitted with Firestone tyres, had led to a second consecutive quarterly loss. The Ford family, still owners of 40% of the company, decided to put one of their own back behind the wheel. William Clay Ford, Ford's chairman, will take over as chief executive as well.</font></p>

<p><font FACE="verdana,geneva,arial,sans serif" size="-1">
<a href="http://TheEconomist.s.maildart.net/link_32393_6563487_2_80010922_60368779_1_5c">See article:  The crisis at Ford as Jacques Nasser is ousted</a>
</font></p>

<p><font FACE="verdana,geneva,arial,sans serif" size="-1">A day later Jonathan Browning quit as managing director of <b>Jaguar</b>, a Ford subsidiary. The firm said his departure was unconnected with Mr Nasser's. Mr Browning was apparently unhappy about Ford's decision to create a joint committee of Jaguar, Land Rover and Aston Martin, introducing a layer of management over his head.</font></p>

<p><font FACE="verdana,geneva,arial,sans serif" size="-1">James Goodwin, chief executive of <b>United Airlines</b>, was ousted. He had added to the problems facing the airline in the aftermath of the terrorist attacks of September 11th with a letter to employees suggesting that United could &#8220;perish&#8221; unless matters improved. United's shares plunged and unions representing employees, who own 55% of the airline, demanded Mr Goodwin's head.</font></p>
<br clear="all"><div><font face="verdana, geneva, arial, sans serif"><b>Software settings</b></font></div>
<p><font FACE="verdana,geneva,arial,sans serif" size="-1">There were reports of a tentative settlement in the government's long-running antitrust case against <b>Microsoft</b>. Lawyers close to the talks suggested that the settlement might leave the software giant's market largely undiminished. But final details remained unclear, and it was also uncertain whether state attorneys-general would be willing to sign up.</font></p>

<p><font FACE="verdana,geneva,arial,sans serif" size="-1"><b>General Motors </b>sold Hughes Electronics, owner of <b>DirecTV</b>, to <b>EchoStar </b>for $25.8 billion. EchoStar's acquisition of Direc<font size="-1">TV</font>, its only serious rival as a satellite-<font size="-1">TV </font>broadcaster in America, dashes Rupert Murdoch's ambition to buy the company and create a worldwide satellite network through Sky Global. But American antitrust authorities may yet block the deal.</font></p>

<p><font FACE="verdana,geneva,arial,sans serif" size="-1">
<a href="http://TheEconomist.s.maildart.net/link_32392_6563487_2_80010922_60368779_1_5b">See article:  The battle for DirecTV</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"><b>Ericsson </b>installed Michael Treschow as its new chairman. The former boss of Electrolux will see the mobile-phone company through a restructuring necessitated by slowing world demand for mobile phones and dwindling market share. Ericsson's workers noted gloomily that his enthusiasm for job cuts earned him the nickname &#8220;Mike the Knife&#8221; at Electrolux.</font></p>

<p><font FACE="verdana,geneva,arial,sans serif" size="-1">As widely expected, Sir Peter Bonfield agreed to quit as chief executive of <b>British Telecom </b>in January 2002, a year ahead of schedule, after six years at the company. <font size="-1">BT </font>said he had completed a restructuring ahead of time: a measure required because Sir Peter had helped to run up debts of close to &pound;30 billion ($44 billion) through a series of ill-fated acquisitions and joint ventures. He will receive a pay-off worth some &pound;1.5m.</font></p>
<br clear="all"><div><font face="verdana, geneva, arial, sans serif"><b>Fair exchange</b></font></div>
<p><font FACE="verdana,geneva,arial,sans serif" size="-1"><b>Euronext</b>, formed through a merger of the stock exchanges of Paris, Brussels and Amsterdam, succeeded with its &pound;555m ($806m) bid in an auction for the London International Financial Futures and Options Exchange (Liffe). The pan-European outfit beat off the London Stock Exchange and Deutsche B&ouml;rse. The troubled <font size="-1">LSE </font>may now become a takeover target itself.</font></p>

<p><font FACE="verdana,geneva,arial,sans serif" size="-1">
<a href="http://TheEconomist.s.maildart.net/link_32396_6563487_2_80010922_60368779_1_5f">See article:  After Liffe</a>
<img src="http://www.economist.com/images/dingbats/e5.gif" hspace="2" width="17" height="10" alt="E+"></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>, the world's biggest energy-trading company, faced mounting financial problems. Doubts increased about the company's unorthodox financial dealings and the potential liabilities they might carry. Enron's shares continued on a downward path to their lowest since 1992.</font></p>

<p><font FACE="verdana,geneva,arial,sans serif" size="-1">
<a href="http://TheEconomist.s.maildart.net/link_32395_6563487_2_80010922_60368779_1_5e">See article: A financial black hole</a>
</font></p>

<p><font FACE="verdana,geneva,arial,sans serif" size="-1"><b>Lockheed Martin </b>swooped to capture the biggest defence contract ever handed out by the Pentagon. Building America's next-generation Joint Strike Fighter could be worth some $200 billion to Lockheed's consortium, which includes <font size="-1">BAE </font>Systems and Northrop Grumman. The deal is bad news for Lockheed's main competitor, Boeing.</font></p>

      <p><font FACE="verdana,geneva,arial,sans serif" size="-1">
<a href="http://TheEconomist.s.maildart.net/link_32394_6563487_2_80010922_60368779_1_5d">See article: California's passionate Republicans</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"><b>Renault </b>and <b>Nissan </b>took steps to deepen their partnership. Nissan will take a (non-voting) 15% stake in the French car maker for some <i>euro</i>1.4 billion ($1.3 billion). Renault will raise its stake in the Japanese concern from 37% to 44%, at a cost of &yen;216 billion ($1.76 billion). The French government will reduce its 44% stake in Renault first to 38% and eventually to 25%.</font></p>

<p><font FACE="verdana,geneva,arial,sans serif" size="-1">A consortium led by <b>ExxonMobil </b>announced the biggest-ever foreign investment in a Russian oil project. Some $4 billion could be spent to develop offshore oilfields at Sakhalin island in the far east of the country.</font></p>

<p><font FACE="verdana,geneva,arial,sans serif" size="-1"><b>McDonald's</b> announced its latest special offer: a $5 billion share buyback over the next four years. The hamburger giant also gave warning that profits next year would grow by only 5-10%.</font></p>

<p><font FACE="verdana,geneva,arial,sans serif" size="-1">
<a href="http://TheEconomist.s.maildart.net/link_32400_6563487_2_80010922_60368779_1_51">See article:  Face value: Jack Greenberg of McDonald's</a>
</font></p>
<br clear="all"><div><font face="verdana, geneva, arial, sans serif"><b>America founders</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> </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"><img src="http://www.economist.com/images/20011103/CWW787.gif" width="187" height="184" alt="" align="right"> News about <b>America's economy </b>continues to be dismal. <font size="-1">GDP </font>contracted in the third quarter by 0.4% at an annual rate, the worst fall since 1991. Consumer confidence also tumbled to a seven-year low, according to figures from the Conference Board.</font></p>

<p><font FACE="verdana,geneva,arial,sans serif" size="-1">
<a href="http://TheEconomist.s.maildart.net/link_32399_6563487_2_80010922_60368779_1_62">See article: Real and nominal growth</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">Prices of <b>Argentina</b>'s bonds sank to their lowest since 1995, amid fears that the country is on the brink of default. The government delayed promised economic measures while it sought to press reluctant provincial governors to accept further spending cuts.</font></p>

<p><font FACE="verdana,geneva,arial,sans serif" size="-1">
<a href="http://TheEconomist.s.maildart.net/link_32398_6563487_2_80010922_60368779_1_61">See article:  South America's troubled economies</a>
</font></p>

<p><font FACE="verdana,geneva,arial,sans serif" size="-1">A World Bank report estimated that <b>growth in developing countries </b>could be as low as 2.9% this year (down from 5.5% in 2000) after the events of September 11th combined with the slowdown of the world's big economies. Ahead of next week's Doha trade meeting, the report also said that abolishing all trade barriers would boost global income by $2.8 trillion over a ten-year period.</font></p>

<p><font FACE="verdana,geneva,arial,sans serif" size="-1">
<a href="http://TheEconomist.s.maildart.net/link_32397_6563487_2_80010922_60368779_1_60">See article: A deal at Doha</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">Germany launched a cinema advertisement intended to convince the public of the <b>benefits of the euro</b>. The commercial stars G&ouml;tz Georg and Ingolf L&uuml;ck, two well-known actors, as well as Hans Eichel, Germany's less-famous finance minister. </font></p>
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