Word: first-half
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...world, with revenues growing 49.7% in 2001, to $7.4 billion. But Haier's halo is slipping. In July the company sued Yicong Chen, 25, a Beijing-based securities analyst for a government-owned company who had written a critical research report. Haier then announced a 45% decline in first-half profits, largely because of weak sales of air conditioners--a segment that Chen's report covered. Chen nonetheless agreed to a court-supervised apology for the "distorted content" of the report. Michael Jemal, 37, president of Haier America, says the home office's p.r. problems have not affected U.S. sales...
When Nestle and CEO Brabeck-Letmathe, 57, get hungry, they crunch on companies. Over the past 20 months, Nestle, based in Vevey, Switzerland, has bought five food entities worth more than $16.5 billion. Aggressive U.S. expansion helped first-half profits rise 79%. Next up: a possible $12 billion joint bid with Cadbury Schweppes for Hershey Foods...
Keep your punter off the field. The Crimson sent its offense out on fourth down twice in the first half, converting both attempts. In all, three of Harvard’s four first-half possessions ended in scores, meaning its first punt didn’t come until the third quarter...
...Crimson’s first-half struggles were made worse by the absence of senior Michael Lobach, the team’s defensive anchor. Lobach was forced to sit out after receiving two yellow cards in a game against Fairfield last week...
...taken some Iberian earnings along for the ride. Last month, Spanish giant Telefónica cited currency woes as a reason for its reported 23% fall in Latin American revenues in the first half of 2002. Last week SCH, Spain's largest bank, registered a 13% drop in first-half earnings and said it expected worse to come in the second half. Adding to the troubles: the prospect that come October's elections, a left-wing government could take power in Brazil, bringing with it tax cuts and an increase in public spending. At worst, analysts fear this could precipitate...