Word: globality
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Dates: during 1990-1999
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Iridium is falling to earth. The global satellite-telephone network that was supposed to let even jungle-trekking CEOs keep in touch has been bleeding money and racking up disappointments since its launch last fall. Now its investors are threatening to hang up. A day after Motorola, which owns an 18 percent stake, said that the company might have to declare bankruptcy unless its partners chip in more money, Lockheed Martin announced Thursday it wouldn?t be upping its 1 percent investment any time soon. Iridium will miss its next interest payment to bondholders, and its bankers have given...
...contiguous chain of cross-border ecotourism parks and nature reserves linking protected areas from Cairo to the Cape of Good Hope. Known as the Open Africa Initiative and endorsed by former South African President Nelson Mandela, the project hopes to bring local communities directly into the global tourist market, but it's still largely a dream. The goal is for tourism income from the parks to be plowed back into community development. "What we're saying is that it's about time that Africa turned conservation into an industry for Africans," says De Villiers. "This is something with which Africa...
Suddenly ecotourism is the new global orthodoxy--a panacea to save threatened environments, address poverty and salve the conscience of well-heeled travelers, as well as satisfy a growing thirst for closer contact with nature. Groups such as the World Wide Fund for Nature, Earthwatch and Discovery Initiatives now share the jungle and savannah with more conventional operators. Major travel companies, hotels and airlines have jumped on the bandwagon with scores of environmentally friendly initiatives. "Consumers are currently very sensitive to the environment, and you've got to take that into account," says Jacques Maillot, CEO of Nouvelles Frontieres, France...
...name of the tourism game. Four giant alliances, led by Star (United, Lufthansa, SAS, Air Canada, Thai, Varig, Ansett Australia and Air New Zealand), account for more than 60% of world airline traffic today. "Alliances give airlines the advantage of retaining their own identity while getting a global marketing reach," says Tim Goodyear of the International Air Transport Association, based in Geneva. Star is run by a management board and boasts integrated check-ins and sales forces. Other alliances allow partners to sell seats on one another's flights...
What goes down must go up. That seemingly inexorable law of economics is now pulling many Asian countries out of the slump that only two years ago threatened to disrupt the entire global economy. Throughout the region stock markets are on the rebound and currencies are on the rise, leading to renewed confidence that the worst is over and business will pick up further. But it may be too early to declare victory. "What is really happening," says TIME business senior editor Bill Saporito, "is that the Asian economies are coming off the bottom. Even when you do nothing...