Word: jakarta
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...Around the World From Jakarta to New York, our take on 24 hours of New Year's Full Story...
...growth and savings rates are high. Korea's economy had until recently been expected to grow 6% this year. But at the same time, wildly imprudent lending policies have led to mountains of bad debt and economic instability. A speculative frenzy in real estate has cluttered the skylines of Jakarta and Bangkok with empty office skyscrapers. Unwise industrial investment has added new auto and microchip plants to a world market already glutted with both...
...made annual double-digit growth look easy are now strangling on a lethal brew of skyrocketing interest rates, current-account deficits, shrinking budgets and rapid flight of the foreign loans and capital that in many countries underwrote the miracle. "Right now my feeling is one of despair," says a Jakarta stockbroker who has watched the Indonesian stock market drop 33% since July. (It was down 5.8% just last week.) "Looks like it's going to get worse and worse before there's any chance of its getting any better...
...Industrial's 125-point slide on Wednesday, Hong Kong's Hang Seng index climbed a solid 260.92 points, to 10,623.78, today, or about 2.52%. In Japan, the Nikkei 225 was up 94 points, to 16,458.94. Australia and New Zealand also were up. In Indonesia, the Jakarta Composite was down slightly as traders waited for details on the restrictions imposed by the aid package, including what the New York Times called "wide-ranging austerity measures...
Britons' overwhelming reaction to the death of Diana no doubt stemmed in part from her unique efforts to modernize, humanize and gain acceptance for an institution that is a source of great fascination and pride to the British but still an enigma to them. CHRIS LUSHER Jakarta...