Word: makers
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...INDICATORS Wrong Numbers Canadian telecom equipment maker Nortel Networks finally restated its 2001-03 results - revealing a 41% cut in profits for 2003. Twelve executives, not implicated in the inappropriate accounting, volunteered to repay $8.6 million in bonuses...
...Liberals, who dared to dream before election day, turned grouchy the day after. But they know that the message of ?Fahrenheit 9/11? and its agit-doc brethren didn?t go stale on Nov. 3. With Karl Rove fully validated as the King-maker - he got his man the popular vote this time - ?Bush?s Brain? is more relevant than before. Moore has been planning a documentary on health care, which should be ever more timely as the Administration pushes its privatization angle on Social Security. Of course Moore and his fellow Savonarolas will once again be preaching to the choir...
...things are very different for manufacturers based in some of the same countries where Baldor is doing so well. Weinig Gruppe, a midsize machinery maker near the city of Würzburg, Germany, has resorted to discounts to protect its global market share. Sales growth is stalling; profit margins are shriveling. Even with incentives, says CEO Rainer Hundsdorfer, "we've seen a slight decrease in business. Prices have to give...
Besides, the weak dollar is a big factor in the revived manufacturing sector. After some lean years, exports are picking up, and factory profits are on a roll. In the third quarter alone, equipment maker Caterpillar attributed $102 million of sales largely to the benefits of a falling dollar. General Motors is opening new Cadillac dealerships in Europe. "The drop in the value of the dollar certainly helps," says James Taylor, Cadillac manager in Detroit. Other U.S. multinationals are reaping windfalls too, converting overseas revenues into the weak dollar and getting more of them...
Four years ago, CEO Balaji Krishnamurthy devised a jaw-dropping inverted-bonus plan at Planar Systems that put himself dead last when it comes to receiving extra cash: his policy rewards rank-and-file employees first, before moving up the management chain. Since then, this maker of flat-panel displays, based in Beaverton, Ore., has been bombarded with questions from other CEOs about the bonus system, which, Krishnamurthy claims, is a better incentive for every employee to create shareholder value. "Those with a higher capacity to influence the results of the company must first ensure that those with a lower...