Word: stockings
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...overreaction? Perhaps. Certainly there is an element of irrational behavior in the stock-market trembling that occurs every time the world's newest economic debutante adjusts her corset. China's $1.41 trillion economy is, after all, only the world's sixth largest (one-eighth the size of the U.S.'s and less than half of Japan's). But China's voracious demand for the world's raw materials and its burgeoning consumer markets means that the country has taken on outsized importance as an engine of global economic growth. Since 1995, China's GDP has doubled and its imports have...
CONVICTED. FRANK QUATTRONE, 48, star investment banker who shepherded some of the hottest companies of the dotcom stock boom to the public market and made $120 million in 2000 at Credit Suisse First Boston; of obstructing justice and witness tampering; in New York City. His first trial last fall ended in a hung jury...
...board at Shell knew it needed to do something, and fast. A shocking revelation in January--that the world's third largest oil company had overstated its proven petroleum reserves by 20%--was pummeling its stock price and angering shareholders. Regulators on two continents had started investigations. So in early March the board acted, ousting Philip Watts, who had been managing director of the Anglo-Dutch company for almost seven years and chairman since 2001, and replacing him with Jeroen van der Veer, president of Shell's Dutch sister company, Royal Dutch Petroleum. A quick cure for all those headaches...
...accordingly, and to the scandals that have enveloped European firms, such as Italy's Parmalat and the Dutch retailer Ahold, which owns a number of U.S. grocery chains. But the change also reflects the influence of American-style investor activism and the growing clout of U.S. pension funds in stock markets across the Continent. "The performance culture has come to Europe," says David Newkirk, a Booz Allen senior vice president...
...obvious yardstick of success or failure is stock price. The companies whose stock is bouncing back the fastest are usually those whose new leaders have acted most quickly to tackle their core problems. In Britain, Cable & Wireless stock is up 50% since Italian turnaround expert Francesco Caio took over a year ago. He swiftly shed unprofitable operations his predecessor had bought in the U.S., including a big Internet hosting business, but had been reluctant to sell when they didn't pan out. At ailing insurer Royal & Sun Alliance, Andy Haste, 41, the CEO who took over last year, wasted little...