Word: profiteer
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Dollars in billions: Sales Profit after taxes...
...first chemical plant. And much like H.J. Heinz in the U.S., J.N. Tata attached social welfare to his business. Tata Steel introduced a series of worker benefits that would become common only much later in the West: the eight-hour day in 1912, maternity benefits in 1928 and profit sharing...
...anything for charity." The company is not free from controversy. In January, Tata Steel's plans to build a mill in the eastern state of Orissa went tragically awry when police fired on protesters who accused the state government--acting as a broker in the development--of making a profit on the sale of their land. Twelve people were killed. But to lay off 40,000 employees in Jamshedpur, Tata Steel offered to pay their salaries until retirement along with free health care for life, and allowed workers to keep their company houses for three years. Initiatives like these have...
...Liberalization of the European telecommunications industry in 1998 brought an onslaught of competition in local phone markets. Although Telekom is still the dominant carrier in Germany, competition is accelerating and management has been slow to fight back. In August, Ricke issued an unexpected profit warning and then announced plans to cut costs and improve customer service. But the erosion continued. On Thursday, Telekom reported a 20% drop in net profit in the third quarter to $2.48 billion, compared with $3.12 billion the year before. After adjustments for extraordinary income, Telekom's profit was down...
...utter and complete failure of U.S. authorities to take any action to investigate high-level involvement in the torture program could not be clearer," says Michael Ratner, president of the Center for Constitutional Rights, a U.S.-based non-profit helping to bring the legal action in Germany. He also notes that the Military Commissions Act, a law passed by Congress earlier this year, effectively blocks prosecution in the U.S. of those involved in detention and interrogation abuses of foreigners held abroad in American custody going to back to Sept. 11, 2001. As a result, Ratner contends, the legal arguments underlying...