Global Briefing: Global Briefing: Dec. 23, 2002

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