Word: contracting
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...series of bizarre verdicts in commercial cases in recent years that have eroded the confidence of investors. In April, for example, the Commercial Court declared the very profitable Indonesian operation of Prudential Life Assurance bankrupt after an Indonesian consultant claimed the company owed him money from a terminated contract. The court immediately replaced Prudential managers with a receiver, who fired key staff. By the time Prudential got the Supreme Court to reverse the verdict in June, sales of new policies had fallen 50%. Since then, Prudential has fought off two other attempts to declare the unit bankrupt, including one last...
...Exxon-Mobil and Indonesian oil company Pertamina, now in the process of being privatized, has stalled the development of the massive Cepu oil field on the island of Java. The negotiations were dealt a serious blow in August, when Exxon-Mobil says it was informed by Pertamina that its contract to operate the field, set to end in 2010, would not be continued. Exxon-Mobil says it will hold off on a $2.6 billion investment to develop the field until its contract is extended. With oil prices remaining near $50 a barrel, Indonesia is losing nearly $3 billion a year...
GARY BETTMAN, National Hockey League commissioner, rejecting a contract offer from the players' union and instituting a lockout that could force the cancellation of the upcoming season...
...later apologized. But those who know him well say he isn't driven by politics as much as his addiction to breaking news. "He takes to stories like he's still a kid and trying to prove himself," says a CBS News producer. "He loves it." Rather's contract expires in 2006, at which point he will be 75. Heyward denies any talk of asking Rather to leave early...
...JUST SUPPOSED TO BE A MILDLY FUNNY TALKING HEAD ON BASIC CABLE. Instead, Jon Stewart, host of Comedy Central's The Daily Show, taught a new generation of voters how to laugh at politicians. Stewart has a new contract (through 2008), a new baby and a new book: America (The Book): A Citizen's Guide to Democracy Inaction. He chatted with TIME's Lev Grossman...