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...airport would have to be replaced by a facility on a bigger, safer site. Kai Tak, in fact, grew and prospered and lasted another 51 years. The Review lasted even longer, reporting on business and political issues from every country in the region. But last week owner Dow Jones & Co. announced that following six unprofitable years, the Review would be turned into a monthly periodical of opinion pieces put out by a tiny editorial staff. The Asian boom that was the Review's story for 58 years wasn't enough to keep it in business...
...force behind Dow Chemical's bounce back from the red last year, Liveris, 50, then COO, helped execute the firm's recovery plan, which included cutting costs and shifting focus to growing markets like China. On Nov. 1 the Australian native and sports fanatic takes over as CEO. His years of running Dow's Asia-Pacific operations will stand him in good stead, since sales in the region are on track to make it the industry's largest market within the next two to three years. --By Barbara Kiviat...
...reaction on Wall Street was swift and brutal. Merck's chief executive Ray Gilmartin announced that the company's 2004 earnings could shrink as much as 20%. Its stock promptly lost $28 billion of its market value, temporarily dragging the Dow Jones industrial average down with it. The timing could not have been worse for Merck, whose sales last year grew a paltry 5%, compared with 23% in 2000, and whose big anticholesterol drug Zocor will lose patent protection in 2006, with nothing to replace it. Some analysts wondered whether the company was ripe for a merger--an idea Merck...
...economy; when they don't run smoothly, it's tough for the economy to grow. And lately, for companies whose bottom line depends on moving goods on schedule, the situation has become dire. UPS, the huge parcel service, was recently forced to shift some shipments to trucks. Dow Chemical, which supplies, among other things, chlorine for water utilities, suspended operations at a Michigan plant until the distribution logjam clears. Passenger trains are affected too. Amtrak's Sunset Limited, which makes a thrice-weekly run from Orlando, Fla., to Los Angeles, has yet to arrive on time this year, rolling...
Customers from Dow Chemical, UPS and Amtrak to a small New Orleans molasses shipper and a Houston creosote supplier have watched in frustration as delays on UP's rails caused their products to pile up in railyards and ports, arrive hours or days late and sometimes never get to the destination at all. UP has been paying a hefty price too: as its rails began backing up, the company's profits took a hit, falling to $323 million in the first half of 2004 from $717 million in that period a year...