Word: asianized
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Dates: during 1990-1999
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...longer. In February, Alwaleed and his children are scheduled to move into a sand-colored palace whose 317 rooms are adorned with 1,500 tons of Italian marble, silk Oriental carpets, gold-plated faucets and 250 TV sets. It will have four kitchens, for Lebanese, Arabic, Continental and Asian cuisines, and a fifth just for dishing up desserts, run by chefs who can feed 2,000 people on an hour's notice. Their royal highnesses will be able to swim in a lagoon-shaped pool, or catch a film in the 45-seat basement cinema...
Street Beats Asian Flu Get the lowdown on yesterday's trading from the FORTUNE Business Report...
VANCOUVER: APEC summits once had the atmosphere of a ticker tape parade trumpeting the miraculous economic growth of Asian economies. This week, however, the Asian Tigers limped to Vancouver in search of a solution to the currency crisis ravaging their economies. Even though the summit was upbeat about Asia's economic fundamentals, its decision to create an IMF bailout formula, with attendant political risks, was the strongest indicator of the depth of the crisis...
...message from APEC is that there is a serious crisis in Asia, but if everybody takes the necessary, and in some cases painful, steps, there won't be an Asian meltdown," says TIME White House Correspondent Jay Branegan. "They're saying 'The Asian miracle is not over, the Asian miracle is taking a breather,' and they hope it'll be a relatively short breather, because the economic fundamentals remain sound...
...side for Washington, the crisis weakened Asian resistance to extending free trade agreements, resulting in liberalization of trade in nine additional sectors. But, says Branegan, the harsh austerity and privatization programs that accompany IMF loans carry are likely to cause "a long period of political turmoil in Asia." Which means that it may be some time before the tigers again strut their stuff...