Word: gumbel
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...expect Middelhoff-style grandiose plans, however: probable targets for acquisition are small to midsize TV stations in Eastern Europe. "It wasn't so much a clean-up as a change of philosophy," says Klaus Goldhammer, a German media consultant. "Thielen is taking Bertelsmann back to its roots." --By Peter Gumbel...
...home, and if the U.S. addresses its budget shortfall--well, we may just escape this jam without a scratch. That's a lot of ifs. But, thankfully, everyone has something at stake. --With reporting by Steve Barnes/ Little Rock, Paul Cuadros/Chapel Hill, Matt Forney/ Beijing, Jim Frederick/Tokyo, Peter Gumbel and Jonathan Shenfield/Paris, Eric Roston/Washington, Michael Schuman/Hong Kong, Joe Szczesny/ Detroit, Charles P. Wallace/Berlin and Leslie Whitaker/Chicago...
...firm Sprint. Some were not impressed during the hearings. "Coming in as an antitrust novice is a very tough exercise," says David Wood, a Brussels-based lawyer for Howrey Simon Arnold & White, "but it was a lame performance. She has to pick up a gear or two." - By Peter Gumbel In Need Of A Remedy Shares in Merck plunged almost 27% in a day's trading after the U.S. pharma firm withdrew its Vioxx arthritis drug due to fears that it put users at greater risk of a heart attack or stroke. The painkiller generated $2.5 billion in global sales...
...prompting inflationary wage demands, and so far haven't hurt consumer demand. "The impact is modest," Cotis says. His view was confirmed by the U.S. Federal Reserve, which raised a key interest rate last week in a sign that it too believes the U.S. economy is rebounding. - By Peter Gumbel Hiding The Red Ink The E.U. threatened Greece with legal action for underreporting its budget deficit between 2000 and 2003. Revised data put the deficit for the period above the euro-zone ceiling of 3% of GDP. Meanwhile, France unveiled its 2005 budget aimed at bringing its own deficit under...
...partners in Italy are awaiting trial on fraud charges they deny. Deloitte says Parmalat itself was responsible for any fraud. Bondi is betting that after the Enron debacle, which brought down Arthur Andersen, it'll be hard for the auditors to persuade courts that they were deceived. - By Peter Gumbel Calm After The Storm In the first loss estimate based on insurance claims, the U.S. Insurance Information Institute put the cost of Hurricane Charley to insurers at $7.4 billion, and suggested existing premiums could absorb the storm's impact...