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...renovation or replacement. "This isn't going to happen overnight," says Randy Schrieber, vice president of ABB's U.S. Power Technologies division. "But the impetus that the utility companies have shown from the blackout bodes well for us." This promising news and the streamlining instituted by Jurgen Dormann, the German CEO who was imported last year to save the nearly bankrupt company, have provided a jolt to ABB shares. Their price rose 75% from June to September...

Author: /time Magazine | Title: World Briefing: Sep 22, 2003 | 9/22/2003 | See Source »

...economics. Prime Minister Jean-Pierre Raffarin scorned the European Commission's warnings about his country's disdain for the E.U.'s 3% cap on budget deficits. Earlier this month Raffarin said his duty was to France and not to the E.U.'s "mathematics." At least the French and Germans have each other. Most of the French government flew to Berlin for a joint cabinet meeting on Thursday, and they had a warm reception. The same cannot be said for the main outcome of their meeting: a "growth initiative" to funnel investment into big European infrastructure projects, like linking France...

Author: /time Magazine | Title: European Disunion | 9/21/2003 | See Source »

...Munich. it's the 65th anniversary of Kristallnacht - the infamous pogrom against Jews launched by Nazi Propaganda Minister Josef Göbbels - and it's the day construction is set to begin on the city's first major synagogue since World War II. Hundreds of politicians and dignitaries, including German President Johannes Rau, Bavarian State Premier Edmund Stoiber and Paul Spiegel, head of Germany's Jewish community, will attend the groundbreaking ceremony. But if a ring of alleged neo-Nazis had its way, police say, Nov. 9 would also have been the day a bomb containing 1.7 kilos...

Author: /time Magazine | Title: On the March Again? | 9/21/2003 | See Source »

...network. There is increasing concern among politicians and law-enforcement officials that neo-Nazis could form a movement as organized and deadly as the Red Army Faction (raf), which carried out kidnappings, killings and bombings from the 1970s to the '90s. One investigator, who wished to remain anonymous, says German law enforcement takes the threat seriously, but rejects the raf comparison. "The raf was a group of people with a much more sophisticated intellectual background," the official says. But the radical right is increasingly forming loose, cell-like structures, following a strategy popularized by the British neo-Nazi organization Combat...

Author: /time Magazine | Title: On the March Again? | 9/21/2003 | See Source »

...rogues' charter and a lawyers' delight," says Nicholas Hood of U.K. insolvency firm Begbies Traynor. "There'll be a high number of unscrupulous debt counselors bouncing firms into administration where it's not necessary." You can almost see the lawyers getting in line. When Payoffs Don't Pay A German court ordered Deutsche Bank CEO Josef Ackermann to stand trial for alleged breach of trust during Vodafone's 2000 takeover of German wireless operator Mannesmann. Ackermann, then a member of Mannesmann's supervisory board, was charged in February with sanctioning excessive payments to the firm's executives...

Author: /time Magazine | Title: Biz Watch | 9/21/2003 | See Source »

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