Word: indonesia
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Dates: during 1990-1999
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Hardly a day goes by when some Wall Street analyst doesn't knock the oil-services industry. These companies, which help the oil giants explore and drill for crude and natural gas, were market darlings from 1995 to 1997, but now have more detractors than anything west of Indonesia. Though many oil-service firms are already trading near two-year lows, analysts' earnings estimates for them will soon be revised further downward. No brokerage will want the likes of Halliburton or Schlumberger on its "recommended" list. The gloom around these stocks is only deepening. And I am buying them hand...
...Mahathir had just fired him, he probably would have prevailed," says TIME senior foreign correspondent Johanna McGeary. "Instead, he's made a martyr of him." McGeary points out that it was similar social unrest that toppled President Suharto in Indonesia. Mahathir said at the time that the IMF was responsible for that uprising. This time, he's got no one to blame but himself...
...Japanese yen drops. With the rest of Asia struggling to find a way out of recession, such a move could set off a new round-robin of devaluations. China knows the stakes for itself as well: it has seen how lowering rates in Thailand, Malaysia, South Korea, Indonesia and Russia gutted those economies...
...recession comes, economists say, the cause will be the inability of countries such as Brazil, Indonesia, Malaysia, Mexico and Venezuela to buy as many U.S. exports with their devalued currencies--and the hit on U.S. wages and corporate earnings as cheap imports from those countries grab a greater share of the U.S. consumer's wallet...
...Indonesia too continued to receive billions in foreign cash despite years of the most egregious corruption and nepotism sanctioned by President Suharto. Apologists argued that funneling contracts to his children did not matter too much since the projects--new roads, factories, airports--did get built. If they cost more than they should have, the projects still contributed to annual economic growth of more than 6.5% for 25 years. When the "corruption surcharge" helped destroy the rupiah and emergency austerity measures threatened to starve a population where almost 50% are now on or below the poverty line, riots drove Suharto from...