July 27, 1998 |
Prime Minister-designate Keizo Obuchi of Japan promised U.S. officials Sunday that he would do "whatever it takes" to revitalize his nation's economy and help to reverse Asia's yearlong financial crisis. Meeting with Secretary of State Madeleine Albright here at a gathering of foreign ministers from Southeast Asia and other nations, Obuchi said he is committed to following through on a $42.
June 18, 1998 |
The U.S. intervention to bolster the Japanese yen bought "breathing space" for Asia's troubled economies, experts said Wednesday. But the big change was in the U.S. capital, not in Asia. Washington's action signaled a more forceful U.S. role in helping the Japanese economy rebound and in helping the rest of Asia recover from its financial crisis. The U.S. moves also, in effect, placed a floor under the yen and other major currencies in Asia.
October 23, 2000 |
Victoria Leung is a master of the unspoken word, the not-so-innocent question, the sympathetic smile. She knows the danger of saying too much. Leung knows she has only a few moments to sell herself--to tell a potential client that she works for a firm called Rebound; that she can help his company get rid of its unwanted goods; that his problems are her own. What she doesn't mention upfront is that Rebound, an online auction site, relies on the Internet.
June 7, 1998 |
It's not easy to see a bright future in Asia today. The financial crisis that began last year with currency devaluations and loan defaults has plunged many Asian economies into recession and sparked social unrest in others. The threat of a deep and lingering regional depression is very real.
August 31, 1998 |
Like a vortex, the global market collapse driven by Moscow's political and economic tumult last week promises to prolong and deepen the Asian crisis that helped trigger Russia's woes in the first place.
March 3, 1998 |
Just as life was getting really desperate, a man came to Prasert Kingsaklang's village. He went door to door telling villagers about well-paid construction jobs in Singapore and Kuwait and other exotic places. Prasert, 40, whose tiny rice farm had failed because of drought and whose wife made only a pittance selling noodles, knew friends who had gone abroad to work. They always came back with enough money to buy a small farm machine or build a house.
April 1, 2001 |
It began in the debris of Asia's financial crisis as one company's struggle to get out from under a mountain of debt. Four years later, the story of Thai Petrochemical Industries, one of Thailand's biggest industrial companies, remains that and more. Above all, TPI's is a cautionary tale underscoring a lingering weakness of many Asian economies in the wake of the 1997 crisis: the difficulty of transforming prestigious but deeply indebted companies into engines for economic growth.
July 15, 1998 |
Just a year ago, billboards in Malaysia proclaimed "The Future Is Now," and Britain's respected Economist magazine reported that 1 billion--yes, 1 billion--previously poor Asians were entering the middle class. With boom times seemingly destined to roll on, academics and financial experts cast about to find common denominators to explain Asia's extraordinary growth and enhanced living standards--Malaysia's per capita income, for example, jumped from $350 in 1957 to almost $5,000 in 1997.
December 30, 1998 |
What Asian crisis? Companies from Japan, Taiwan and South Korea continue to pour into Baja California, setting up factories in Tijuana and environs to satisfy the strong U.S. market for their consumer electronics and appliances. Boosted by the Asian arrivals, Baja's foreign-owned factories, called maquiladoras, numbered 1,045 in November, up 12% from a year earlier. More than 221,000 people now work at these plants, a 6% bump.
December 8, 1998 |
Samsung will swap its troubled car business for the debt-burdened electronics unit of rival Daewoo Motors as South Korea's conglomerates announced moves to shed scores of their units. Seeking to kick-start its sputtering corporate restructuring campaign, the government also said the family-run conglomerates, or chaebol, plan to raise $58 billion from investors or by selling assets. Samsung is the country's biggest electronics producer and the world's largest producer of memory chips.