Global Briefing

By Desa Philadelphia

UPDATE NOVARTIS' GROWTH POTION

Our July cover story in TIME Global Business profiled the highly competitive, Harley-riding CEO of Novartis, Daniel Vasella, and his plans for continued expansion of the Swiss pharmaceutical giant, despite the troubles facing the drug industry. Since then Vasella has led two big growth-enhancing initiatives. He and his scientists persuaded the U.S. Food and Drug Administration to reverse its previous rejection of Zelnorm, a potential blockbuster remedy for sufferers of irritable-bowel syndrome--a condition for which there are few other treatments. Vasella also paid $876 million to acquire Slovakian pharmaceutical company Lek, the maker of such generic drugs as Amoksiklav, a substitute for GlaxoSmithKline's Augmentin antibiotic. The acquisition puts Novartis in position to challenge Israel's Teva Pharmaceuticals as the world's leading producer of generic drugs.

The Cell-Phone Silencer

Ever fantasize about quieting the jerk who yammers away on his cell phone while you're trying to enjoy a cozy dinner? More people are doing just that with portable electronic "jammers" that cost less than $400 and are about the size of, well, a cell phone. The devices, which block phone signals in an area the size of a dining room or a bus, can be legally bought in Israel and Japan. They are prohibited in the U.S., Canada and Britain, but NetLine of Tel Aviv--a leading manufacturer along with Medic, based in Tokyo--says the U.S. and Europe are its biggest markets. The U.S. Federal Communications Commission says it knows of no arrests of people using jammers but warns that they risk an $11,000 fine and a year in prison.

Gunning to Expand Into Golf

Smith & Wesson reckons that if you want to shoot straight on the golf course, you should give its new clubs a try. Widely known for making high-quality firearms, the company will release a full line of golf clubs next year. Smith & Wesson, based in Springfield, Mass., says the clubs are a natural extension of its brand. "The guy who buys a Smith & Wesson handgun is in many ways in the same demographic as the guy who buys golf clubs," says John Steele, who is in charge of the company's licensing agreements. The clubs will be produced in collaboration with Vadersen Design Group, based in Ponte Vedra, Fla. The group's president, Ernie Vadersen, is the founder of Snake Eyes golf clubs.

EXECUTIVE SUMMARY Exploits of the Year's Worst CEOs

In recent years, Random House has launched annual anthologies titled The Best Business Stories of the Year and The Best Crime Writing. So it shouldn't be surprising that characters like Kenneth Lay and Bernie Ebbers, the infamous former leaders of Enron and WorldCom, have inspired a hybrid release from the publishing house: Best Business Crime Writing of the Year. Edited by New Yorker columnist James Surowiecki, the new collection of newspaper and magazine articles chronicles the troubles of Martha Stewart, former Tyco CEO Dennis Kozlowski and the Rigas family of Adelphia Communications, among others. It's a recap of the year's most riveting soap opera, reminding us just how many scandals have erupted since Enron declared bankruptcy 12 months ago. Surowiecki says that together the stories "give a sense of the ease with which fudging the numbers eases into making up the numbers." Even so, he predicts, reform is the order of the day. "The book really was a function of the plethora of stories out there this year," he says. "I don't think we'll be able to do it next year."

Europeans Outspend Americans!

European Web surfers are increasingly embracing one of the joys of Internet access--shopping. According to market research group GartnerG2 in Stamford, Conn., for the first time Europe's online shoppers will spend more than their North American counterparts this holiday season. GartnerG2 projects that European online receipts for October through December will total $15.8 billion, 75% more than was spent in the same period last year. By comparison, North American spending is expected to increase 32%, to $15.7 billion. Analysts say the European online-spending spree is fueled by the growth of broadband access as well as the popularity of "multichannel" shopping. Europeans frequently browse printed catalogs, then go online to make purchases. Holiday-season online shoppers outside Europe and North America are expected to spend $6.8 billion, a 40% increase over last year's numbers. GartnerG2's Gill Mander says U.S. retailers can benefit from the trend by launching European versions of their sites.