Word: dutchness
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...others still hope the U.S. will allow "steadfast allies" to subcontract work, as they did in Afghanistan. Corus Sings The Steely Blues When conflict happens in a marriage, the most common reason is money. Last week Corus - the steelmaker forged in 1999 from the merger of British Steel and Dutch firm Hoogovens - looked perilously close to divorce. To address its scarred financial position - Corus has lost about 32.9 billion since the merger, most of it on the U.K. side - the British-led management had planned a 3805 million sale of some of Corus' aluminum interests. When the Dutch supervisory board...
...stronger measures to restore corner-office accountability and stock-market confidence. His penchant for keeping things simple is legendary, and the need for reform remains acute. Just last week two former executives at Kmart were charged with manipulating earnings (their lawyer says the prosecution is "wrong and unjust"), while Dutch retailer Ahold owned up to faulty bookkeeping at a U.S. subsidiary and restated the past two years' earnings, slashing them $500 million...
...week following the discovery that a food-service subsidiary in the U.S. had overstated its operating earnings by at least $500 million. Ahold's stock immediately plunged by two-thirds, erasing €5 billion in value, although it picked up again slightly at the end of the week. Meanwhile, Dutch regulators, the Securities and Exchange Commission in Washington and the U.S. attorney's office in Manhattan started official investigations, and shareholder class-action suits have already been filed in the U.S. How could this happen to the worldwide giant that, after all, owns Giant and Stop & Shop...
Japan Chucks in Its Clogs It's difficult to imagine how an amusement park built around windmills and giant wooden shoes could fail, but last week Huis Ten Bosch, a Dutch theme park in Nagasaki, Japan, became the country's third largest bankruptcy this year, with liabilities of $1.95 billion. With unemployment at record highs, people in the world's second-biggest economy are in no mood to play; indeed, the once-booming leisure industry is also responsible for the country's two largest bankruptcies. The fall of Huis Ten Bosch is most significant because it highlights Japan's banking...
...Progress in combatting absenteeism has been erratic in much of Europe, where unions are powerful and the welfare state persists. In the Netherlands during the 1990s, the Dutch government shifted the bulk of the responsibility for the first year of a worker's sick pay from its own coffers to those of employers. Dutch companies, went the thinking, would thus police their workers' absences more carefully. It seems to have worked: one study by the Labor Force Survey shows absenteeism in the Netherlands fell about one-third between 2000 and 2002. Elsewhere, however, things have not changed. In Germany, employers...