Word: slump
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What's more, at a time when most of the world's tech companies are still shuttering plants and trimming R. and D. to weather the global economic slump, Samsung is extending its reach. Bolstered by the resurgent Korean economy--which is expected to grow 3% to 6% this year after nearly collapsing during the 1997 Asian financial crisis--Samsung Electronics' worldwide revenue reached $25 billion last year...
Since the early 1990s, Samsung has led the global market in DRAM semiconductors, the memory chips that are vital to almost every digital product we use. During the current slump, as competitors like Hitachi and NEC have been backing away from the chip business, Samsung has been diving in, introducing two new lines. The company has leveraged its digital know-how to dominate the manufacturing of computer monitors and state-of-the-art flat-panel displays. This summer Samsung, in conjunction with Texas Instruments, will introduce the world's first 50-in. TV with digital light-processing technology, now used...
Written off after a terrible slump to end the regular season, Harvard (15-14-4) earned an improbable automatic NCAA bid by beating Cornell last Saturday in the ECAC championship game. Sophomore forward Tyler Kolarik scored the winning goal in double-overtime for the 4-3 victory...
...Investors have bought into it big time: over two weeks, the Dow has risen 8%; the tech-heavy NASDAQ, 12%. But market sentiment can be fickle. A more encouraging sign is that productivity--which normally declines during recessions as output falls faster than hours worked--amazingly increased during the slump. The Labor Department reported last week that output per worker surged at an annualized rate of 5.2% in the fourth quarter, and rose 1.9% for all of 2001, even as the economy inched along. Productivity growth will probably continue as demand recovers, allowing employers to increase pay without raising prices...
...said last week. Sung Won Sohn, chief economist at Wells Fargo, agrees: "I personally don't believe we went into a recession." By one measure they're correct. Recessions are commonly defined as at least two consecutive quarters of declining gross domestic product, a measure of national output. This slump didn't make the cut. There has been just one quarter of negative growth, last year's third quarter, when GDP fell at an annualized rate of 1.3%. GDP rose 1.4% the following quarter and is expanding now as well...