Word: bankrupting
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Dates: during 2000-2009
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After being pummeled by the discounters, the major carriers might be expected to make a better effort to compete on price. And at least initially--as hurting airlines do anything to lure passengers on board and bankrupt carriers have more flexibility to trim costs--that may be the case. But in the long run, as the major carriers further cut capacity and eventually consolidate, it's likely that most domestic fares--which declined on average almost 10% in June and are now near 15-year lows--will start to inch their way back up. One reason is that in order...
...next step. Royal Dutch/Shell has pledged to spend up to $1 billion on renewables through the next five years. Japanese manufacturers, led by Sharp and Kyocera, have moved aggressively into photovoltaic cells, which turn sunlight into electricity. And in April General Electric snapped up Enron Wind from the bankrupt energy giant. "We are on a journey to a lower-carbon world," says Graham Baxter, an executive at Britain's BP, which is building a $100 million solar plant in Spain...
...deals. Reality is biting in what once was Europe's richest football league. Having spent years paying players hugely inflated salaries from TV money, Italy's top 18 clubs last year declared an operating loss of $764 million. Already this year Serie A club Fiorentina has been declared bankrupt, after owner Vittorio Cecchi Gori failed to meet deadlines on debts of $22 million; Fiorentina was demoted to Serie C2. Even top-flight teams are struggling. Rome's Lazio, the 2000 champion, had bids for three new players annulled after admitting it couldn't pay even 30% of the transfer fees...
...home, the Bush Administration surprised everyone by signing off on a $30 billion International Monetary Fund (IMF) rescue loan for Brazil, which began to restore stability. O'Neill gave tiny Uruguay $1.5 billion from the U.S. Treasury to stop a run on that country's banks. Now even profligate, bankrupt Argentina, which has sunk into bottomless recession through corruption and misguided policies, hopes to get in on the aid, though O'Neill has promised it nothing...
...trick is to separate the fallen angels from the real sinners. "If a stock is trading at $1 and it was trading at $50, it is telling you that unless a rabbit is pulled out of a hat, it is going bankrupt," says Jason Selch, analyst with Chicago-based Wanger Asset Management, which manages the Liberty Acorn Funds. Selch looks for orphans, stocks that have fallen so far out of favor that even brokers aren't paying attention to them. One orphan he owns is Navigant Consulting, which traded as high as $50 in 1999 and is now less than...