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...took over as Investor's CEO in 1999, and his cousin Jacob, 47, who is vice chairman. The two are struggling to reverse huge losses in Investor's portfolio, whose net asset value per share almost halved last year as core holdings, including mobile-phone giant Ericsson and ABB, a Swedish-Swiss engineering firm, ran into serious trouble. The Wallenbergs' strategy: to use market weakness to boost their stakes in core holdings, among them bank SEB, Ericsson, ABB and appliance maker Electrolux. The Wallenbergs are making new investments in technology and have fostered a venture-capital arm. Those investments...
...BOTTOM LINE 'When I came here the debt mountain looked like the Himalayas. Now it's like the Matterhorn' PETER VOSER, financial director of Swiss-Swedish engineering group ABB, putting a brave face on a record $787 million annual loss
Think you've got problems choosing a health-care plan? Consider Michael Scarpa, benefits manager for the 13,000 U.S. employees of ABB, the power-and automation-technologies giant based in Zurich, Switzerland. Until recently, as contracts expiredevery May, 20 HMOs in 40 states would send in six-inch-thick binders containing detailed bids for ABB's business. Scarpa, 37, and his staff would spend days plowing through the paperwork. Then Scarpa would often pay a consultant as much as $45,000 to analyze the bids for each contract up for renewal...
That all changed earlier this year when Scarpa learned about IE-Engine, a privately held software firm based in Waltham, Mass., that promised to make it easier and cheaper to buy health insurance. IE-Engine set up a pilot program that helped ABB streamline its health-care providers in North Carolina from three to one with no reduction in quality of care. The system enabled Scarpa and his staff to make that decision in half the time it would have taken before. From the receipt of bids to the comparative analysis, the entire process was handled via the Internet...
...online. It's too early to say if this attack was political, but it was a reminder that hackers wouldn't need a big bang to cause a big economic shock. THE BOURSE Into The Fire Once considered a life preserver, last week asbestos helped nearly kill engineering giant ABB. Asbestos litigation has markets reeling - 200,000 suits are pending, up to 2.5 million are expected, and final costs could hit $200 billion. But asbestos liabilities aren't ABB's only problem, just the latest, cancerous attack. Once Europe's superstar answer to GE, in the last two years ABB...