Word: card
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...heading for a shakeout, and SAP has to protect its dominant 35% market share. Agassi's vision? "Training people on computer systems is stupid," he says. "We need to train the systems to work with people." If he can turn that idea into a profitable reality, the punch-card kid might find himself captaining the team. --By Chris Taylor/San Francisco
...word of warning, however: with everything from the Tuscan hills to Ipanema beach listed in loving detail, reading 1,000 Places to See Before You Die is not going to be easy if you're deskbound?before you open it, ensure your passport and credit card are in working order...
...month ago, all Choi Pyong Jin had to do to feed his habit was insert one of his 18 credit cards into a bank ATM. Out came borrowed money, about $25,000 a month, which he shoveled into his ailing business?until the day of reckoning. Crushed by debt that far exceeded his annual income, Choi was forced to sell his house to pay off some of the card companies, but he still owed $113,000. A few weeks ago, he decided to break the pattern that had precipitated his financial ruin. He took scissors to his credit cards...
...government program instituted in 1999 to stimulate the domestic economy by getting thrifty citizens to borrow and spend has been too successful. Today, every working South Korean has on average four credit cards?and some 2.2 million people are behind on their payments, having rung up a staggering total of about $100 billion in credit-card debt. That's $2,000 in debt for every Korean, an amount equal to roughly a quarter of the country's annual economic output...
...accounts have mounted so quickly at card companies that the country's largest issuer, LG Card, recently nearly ran out of money and had to temporarily suspend its ATM cash-advance service. LG was bailed out last week with a $1.69 billion emergency loan package provided by its creditors, mainly banks. LG isn't the only issuer in trouble. Of South Korea's nine major card companies, eight lost money in the first half of 2003; losses at Samsung Card, the country's second-largest issuer, totaled $850 million in the first nine months of the year. Two banks, Korea...