Tony Emerson

It's a New Era for Oil

De Rato: We have lived through one of the most quick and sudden increases in the price of oil and other commodities. The effect so far, both in terms of inflation and growth, has been very limited.


Lee Raymond, CEO of Exxon-Mobil, is known as an oilman's oilman, with little patience for fuzzy green alternatives. Who better to ask about the semisoft idea behind the hybrid economy--reducing rather than replacing fossil fuels in the energy system?


Exxon Mobile CEO Lee Raymond is known as an oil man's oil man, with little patience for fuzzy green alternatives. Who better to ask about the semisoft idea behind the hybrid economy--reducing rather than replacing fossil fuels in the energy system?


For tourists now descending on Athens, it may matter that the Greeks failed to finish the roof on the Olympic swimming pool. That ticket sales disappoint.


Roger Hertog says, sure, investors are a bit emotional right now. But they'll be a lot more emotional if they make decisions that ruin their retirement. As vice chairman of Alliance Capital, which manages some $485 billion in investments, Hertog takes the long view.

The Power Of Europe

Name this superpower: its "miracle economy" dominated the world for a decade, before the miracle was exposed as a mirage. Stocks tanked. A housing bubble threatened to burst.

The Thirst For Oil

The fat book opens like the tale of another age, with a nighttime image of auto lights streaking red and white past the World Trade Center. Released last May, the Bush energy policy warns that dwindling supplies of oil and gas, an antiquated power grid and burdensome regulation threaten to drag the United States into the "worst energy-supply crisis since the 1970s." In his introductory speech, Bush spelled out a scary 20-year scenario in which America becomes increasingly "vulnerable to price...

When Up Is Down

Only last spring it was fashionable for Europeans to argue that when America sneezes, Europe no longer catches the flu. The nations of a uniting Europe are slowly "decoupling" from America, trading increasingly among themselves, carving their own economic path.

Dumping On America

With a steel trade war brewing, you'll be hearing a lot in coming weeks about how Europeans and Asians are "dumping" on America. But what exactly does that mean?

The Next Big Thing?

The Japanese mobile invasion of Europe is being prepared inside an anonymous office building in the workaday city of Dusseldorf, Germany. There, a team of 50 Germans, Dutch and Japanese are readying DoCoMo's i-mode Internet phone service for its European launch.

The Great Walls

News flash: the free-trade world is breaking up. Global trade rose 60 percent to $5.5 trillion in the 1990s, but flowed increasingly within and not between Europe, Asia and the Americas.

Swoosh Wars

The campus radicals met their shadow from Nike in Chicago. It was day six of a barnstorming summer "Truth Tour," accusing Niketown megastores of selling sneakers and clothes made in sweatshops.

Where's The Beef?

For the sake of France and the "evolution" of its haute cuisine, chef Alain Passard has decided to dump his grandmother's duck recipe. Discarded, too, are the sweetbreads, the rump steak with oil and pepper, the lamb with savor of harissa--12 signature meat and poultry dishes that earned three stars for Passard's restaurant, L'Arpege, putting it at the pinnacle of the Parisian food chain.

Lights Out

Pop quiz: Name this country. Rolling brownouts in one of its largest states leave high-school students in the dark, huddling in jackets, hats and gloves. Human screw-ups darken traffic lights, strand elevators, stop washers and dryers in midcycle and set off a run on flashlights.

It's A Jungle Out There

At times like these it is odd to speak of one "Western world," so wide are our differences. Mounting layoffs in the United States have aroused barely a whimper at home, yet inflamed the passions of protesters in France last week, where unions were staging their largest demonstrations in years.

Mystery Solved

Micro-Boom Net Stocks Are Crashing, Start-Ups Are Starving, Investors Are Fleeing: Is There Any Reason To Still Believe That A 'Computer Revolution' Will Remake The World? Yes


How quickly things change!" exclaims Hal Varian, an economist in Silicon Valley, the nerve center of America's chip-driven New Economy. These days, every dot-bust, every deflated e-billionaire, every sign of imminent recession is knowingly reported as evidence that the New Economy is dead.


If Alan Greenspan is the guru of good times in the United States, he is even more revered in Asia. Never has that been more clear than in the hours after Greenspan announced his surprise rate cut.

Hung Up In D.C.?

You'd never know it from what they're saying in Washington, but Deutsche Telekom CEO Ron Sommer started his career in America. Born in Israel to German and Austrian parents, he was a math prodigy who took his PhD in probability in Vienna at 21, then set off to New York to make his fortune.

Coffee, Tea...Or Tennis?

Over the white tablecloths in a crowded corporate dining room, Thomas Jurgen is flapping his arms like a giant bird. None of the lunching execs takes much notice, for many here at the Airbus headquarters in Toulouse, France, have seen Jurgen's act before.

A Letter To Jiang Zemin

Bruce Klatsky was on the phone, talking fast, eager to keep the plan secret. The boss of the Phillips-Van Heusen shirt company was one of three American CEOs on a mission to change China.

Opening Up The Club

Mike Carlson wasn't aching for a big score. At 40, he's a high-school biology teacher in Crockett, Calif., and barely pays attention to his own mutual-fund reports, much less the gold rush across the bay in Silicon Valley. "Given my station in life, that wasn't gonna happen for me," says Carlson.

Unfinished Business

Naturally, Europe welcomes the return of the fish. Thirty years ago its mightiest rivers were putrid with sewage and sludge, and few fish could survive the stew.

Buying American

The barons of Wall Street were red-faced, shouting. It was September 1998. High-flying Alcatel CEO Serge Tchuruk had launched his century-old French engineering company into the U.S. merger wars, and the move had proved an instant disaster.

Big, Bigger, Now Biggest

No, this was not World War III. Still it was hard to believe the first hostile-takeover attempt on German corporate soil would end, as the British raider claimed, in "smiles" all around.

The Unimperial Empire

The Portuguese like to think they were not like other conquerors. Consider Francisco Serro, the second European to reach the fabled Spice Islands. He fell in love on first sight with the island of Ternate in 1512, and set himself up as trade emissary and god-king.