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...like a buy. Foreign investments in the country surged 32% to $28 billion in the fiscal year ending last March, according to just-released government figures. In 2001 foreigners accounted for almost a third of the mergers and acquisitions, says Thomson Financial, up from only 13% the year before. GE Capital, investor Wilbur Ross and the private-equity arms of firms such as J.P. Morgan are committing billions of dollars. "Despite all the uncertainties, there comes a point where you just can't ignore the opportunities here," says John Lewis, a partner at J.P. Morgan in Tokyo...
...waiting around for lawmakers to make the new rules. Investors went ahead Monday with their own brand of accounting and disclosure reform - knee-jerk selling. Companies with dark accounting clouds (Tyco, Global Crossing, Enterasys Networks), questionable earnings details (Amazon.com) or simply lots of complicated ways of making money (GE) all took baths Monday as "Enronitis" fueled a 220-point selloff of the Dow and a 55-point drop in the NASDAQ...
...dollars of the company's liabilities. By the time Enron crashed, it was primarily a trading firm. It had relatively few hard assets to cushion its fall when business faltered and hidden debts came due. The risks aren't nearly so great at asset-rich companies like Tyco and GE. But, as with Enron, seasoned analysts have trouble determining whence, exactly, they derive their profits...
While investors sort that one out, they can also look at GE, famous for its steadily rising earnings and steadily rising stock price. GE is an acquisitive conglomerate known for reporting one-time gains and one-time losses in striking balance, keeping growth on a calm and steady course. The company has also benefited from earnings that flow from its overfunded pension plan. Last year, with the broad stock market down 13%, GE reported a whopping $1.7 billion of income from pension-plan investments. How could that be? Here's one possibility cited by stock analysts: by raising the estimated...
Some companies are using B2B techniques to squeeze more efficiency from the supply chain. Consider mechanics who work on GE aircraft engines, who typically spend hours studying a paper repair manual, cross-referencing it with update notices, thumbing through a parts catalog and phoning to leave a message for someone at GE who might call back the next day. Software from Enigma of Burlington, Mass., offers a fast alternative: the mechanic has only to find the part he needs, then click on it, and it's on the way. It's a greasy business, not particularly sexy...