Word: kim
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Their teamwork paid off again last week. Even while the shooting continued in the streets of Manila, batches of film from a three-man team of photographers were being flown to Seoul, about four hours away. After telephone discussions with Richer, Moyer and TIME Photographer Ed Kim selected the photos that most dramatically illustrated what was happening in the Philippine capital. Then in a photo lab in downtown Seoul, Moyer, Kim and a team of technicians began the high-tech wizardry of transmitting the color photos to New York City...
...Image Processing and Color Transmission) Center in New York City. There Seth Zeitlin, one of six systems managers, received the data on tape and entered the information into TIME's computer system. Finally a high-resolution picture was printed, and Richer could see the photo that Moyer and Kim had selected less than an hour before in Seoul...
...backwardness stems from the country's imposing military buildup aimed at the prosperous South. Pyongyang is estimated to spend about 25% of its GNP annually on arms -- one of the highest proportions in the world. One result: North Korea is so broke that even China and the Soviet Union, Kim's two strongest military allies, have delayed oil shipments to the country because Pyongyang has been slow to pay its bills. Western observers also feel that North Korea's plight will never improve so long as the Kim regime holds to its doctrine of Juche, an ideology of extreme self...
...dubious honor, even for the most hard-line of Communist nations. But after months of negotiations, North Korea, the xenophobic workers' state run by Communist Leader Kim Il Sung, was publicly declared by capitalist bankers to be in default on its foreign debt. Reason: the Pyongyang government's failure to make payments on $770 million in obligations to two syndicates representing 140 banks. Other countries in the past have halted payment of debt but struck deals with foreign lenders, earning more favorable terms and fresh credits. In North Korea's case, says one European banker, "nobody in their right minds...
...latest default could make life more austere in Kim's kingdom. Lawyers representing the creditor banks are already scouting for North Korean assets to seize, including reserves believed to be stashed in bank accounts in Switzerland, Austria, West Germany and elsewhere. There is speculation too that the creditors could try to intercept the shipments of gold, worth about $27 million each, that Pyongyang sells each month through the London bullion market. Juche, in other words, could encompass even harder times ahead...