Word: expressing
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Dates: during 1990-1990
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...Europe may not always have it so good. The company's managers express serious concern about growing competition from Japanese car companies, which are now gearing up major "transplant" factories as they did in the U.S. during the past decade. Auto analysts say the Japanese market share on the Continent is likely to rise from its current 11% level to 25% by 1994. "The battleground here will be every bit as bloody as in the U.S. in 1981-82," says Angel Perversi, managing director of General Motors Espana. "The Japanese are going to add excess capacity. The only question...
...Foreign Minister Eduard Shevardnadze told Soviet reporters that "it is not the idea of German unity itself but the revival of sinister shadows of the past" that raises alarm. He proposed that some way be found for the citizens of the Soviet Union, Europe, the U.S. and Canada to express their opinions on unification...
...embodied Wall Street's gold-rush spirit of the 1980s more than Peter Cohen, the high-strung chairman of the investment firm Shearson Lehman Hutton. A short, cigar-smoking firebrand, Cohen transformed Shearson from a stolid retail brokerage into an investment-banking giant. Backed by American Express, which bought the firm for $360 million in 1981, Shearson grew from 11,000 employees to 47,000 by the mid-'80s. But Cohen's expansion drive proved unstable. Hurt by several missteps and the slowing pace of Wall Street dealmaking, Shearson's investment-banking revenue declined 27% last year, to $963 million...
...stress on Cohen increased, his composure frayed. Colleagues reportedly heard him yelling over the phone at his boss, American Express Chairman James Robinson III. At one point, Cohen even had his offices at Shearson swept for listening devices. When Robinson pressured Cohen for his resignation last week, the Shearson chief complied. As Robinson told TIME: "The conditions of the market, the problems on Wall Street, all of ((the firm's woes)) led to Peter's feeling that his own identification had been linked to so many of the problems that he could not provide the ongoing leadership that the firm...
Cohen was determined to build a firm that would rival Merrill Lynch in size. In 1984 he orchestrated a $360 million merger between Shearson/American Express and Lehman Brothers Kuhn Loeb. That move catapulted Shearson into the immensely profitable investment-banking business. But signs of stress began to appear in the wake of the 1987 stock-market crash, when Shearson paid nearly $1 billion to acquire E.F. Hutton. Dozens of top-notch Hutton brokers defected to other investment firms. At the same time, the firm suffered dwindling business from individual investors, on whom Shearson was still heavily dependent. Cohen, meanwhile...