Word: daewoo
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...Take the Asian financial crisis of 1997. In South Korea, the biggest corporate failure - the collapse of the humungous Daewoo Group - happened two years after the onset of the crisis, when healthy economic growth had already returned. The crisis had undermined the fundamental willingness of a reformed banking sector and reform-minded government to continue backing the country's bloated and financially irresponsible companies. Daewoo's problems originated before the Asian crisis, but they only exploded after the crisis...
...pace of life inches along at the speed of a pedicab. But nearby, the rush for oil and gas is intense; last year, Russian, Thai and Vietnamese companies signed exploration deals with the junta. In late December, a consortium of four foreign companies, led by South Korea's Daewoo, inked an agreement with the junta and China National Petroleum Corp. to extract natural gas from Arakan's offshore Shwe fields and pipe it northeast through Burma to China's Yunnan province. The pipeline, along with a plan for a new deepwater port in Arakan where ships laden with Middle Eastern...
...route in red. Yet the general public in Arakan has not been told what many suspected and what the map I saw indicated: that the pipeline, on which construction is scheduled to begin this year, will travel through populous areas and will likely result in extensive village relocations. (Both Daewoo and the Indian company exploring for oil in Arakan did not respond to Time's requests for comment.) For locals, reporting what I had seen on the plane could land them in a labor camp for compromising national security. The week before I arrived, several Arakanese with vaguely political backgrounds...
...larger share of the domestic car market with the Tata Sumo and the Indica, India's first domestically developed car. Tata's cars, buses and trucks are sold in Europe, Africa, the Middle East, Australia and parts of Asia. The company bought South Korea's second largest truckmaker, Daewoo Commercial Vehicles, in 2004; a year later is acquired a 21% stake in Hispano Carrocera, a Spanish bus manufacturer...
...fact, it's not hard to argue that the Korean economy was better off with Daewoo out of the way. The persistence of the belief that Daewoo and the other giant Korean conglomerates were too big to fail led many bankers and bond investors to toss billions at them no matter how loony their business plans or unprofitable their projects. Money was wasted in unproductive ways. Once the too-big-to-fail perception was finally dispelled and the large conglomerates were no longer considered the safest investments, bankers and investors, looking for new opportunities, more readily financed small firms, entrepreneurs...