Word: asia
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Dates: during 1990-1999
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Many, perhaps most, U.S. executives would still give that response. In their mind, the risks of investing in Asian economies that are still struggling to recover from a region-wide financial collapse far outweigh the bargain-basement prices now available. The deep recession in much of Asia looks likely to last through at least another year, then give way only to a very gradual recovery. That's at best; at worst, the recessionary cycle might still take one or more additional downward twists...
...still far below their peaks, had bounced up 50% or more from their deflated lows of summer. The Japanese government has announced yet another economic-stimulus program, and optimists hope this one might actually be carried out. Meanwhile, a timely international rescue plan for Brazil has eased fears that Asia's ills would spread inexorably to Latin America, then to the U.S., then Europe, back to Asia and on and on in widening global circles. Accordingly, a few U.S. business people are beginning to cast lines into economies that are still largely underwater and fish for bargains on the bottom...
...late summer last year "we told our clients, 'Take all your money out of Asia. Sell short,'" recalls Allen Sinai, chief global economist of Primark Decision Economics, a forecasting and consulting firm. In its worldwide model portfolio, it left only 5% for Japan. Says Sinai: "We doubled the allocation to Japan two months ago and put allocations back into South Korea, Hong Kong, Thailand and Singapore." Though many economists are dubious about how soon and how strongly Japan can recover from a long period of stagnation and now recession, Sinai pronounces himself "somewhat positive" on the outlook, at least...
Some firms already active in Asia through joint ventures are buying out their cash-strapped local partners, thus positioning themselves to reap all the profits from a future upturn. In South Korea, Coca-Cola has taken over the bottling and distribution businesses of three former partners--Doosan Beverage, Woo Sung Food and Honam Food--and it is no secret that Coors is negotiating to take full control of Jinro Coors Beer. South Korea is one of a tiny handful of troubled Asian countries expected to resume some positive growth, however small, by late...
...decade's record for layoffs. It reported that U.S. firms eliminated 574,629 jobs this year--32% more than in 1997 and within reach of the 1993 high of 615,185. Some economists argue that job gains will continue to offset job losses. But economic turmoil in Asia and Latin America may make things worse...