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When North Korea bought a dozen rusting Russian submarines in 1993, some observers worried that the scrap-metal hulks still carried enough high-tech equipment to help the North learn how to build its own submarine-launched ballistic missiles. Eleven years later, those fears may have been borne out: according to a report last week in Jane's Defense Weekly, North Korea is deploying missiles built with know-how gleaned from the subs and from Russian missile scientists. (Russian officials last week denied the country's scientists were involved.) With an expected range of at least...

Author: /time Magazine | Title: What Lies Beneath? | 8/9/2004 | See Source »

...search of jobs as the traditional industries, fishing and farming, have declined. Will young people who have fled the east be drawn back to work in the smelting plant and other businesses that Alcoa's presence may generate when many of them can work, for example, in the tech and pharmaceutical sectors in Reykjavík? "The labor market [in Iceland] is very flexible," Arnalds says. "If the smelter does not attract people back from Reykjavík, it will attract people from the villages of eastern Iceland...

Author: /time Magazine | Title: The Price of Wealth | 8/8/2004 | See Source »

...latest arrivals join an estimated 5,200 already living in the South, and their ranks are expected to grow as conditions in their homeland worsen. But as Yoo testifies, stepping out of a totalitarian time warp and into a high-tech, hyper-competitive society can be the challenge of a lifetime. To help them assimilate, Seoul gives refugees a two-month-long "life-training" course?teaching such things as how to open a bank account?and a $23,000 settlement payment. They also get a monthly income supplement of up to $375 and help with housing...

Author: /time Magazine | Title: A Whole New World | 8/2/2004 | See Source »

Searching For Billions For the past six months, Silicon Valley has been buzzing with the prospect of tech's first blockbuster public offering since the dotcom crash: search engine juggernaut Google's IPO is expected in a couple of weeks. But Google founders Larry Page and Sergey Brin seem determined to spoil the party. Last week the company gave an unusually bullish official estimate of its opening share price: $108 to $135 per share, or more than 150 times annual profit per share. Historically, most large companies average about one-seventh of that. Google watchers were split on the reason...

Author: /time Magazine | Title: Bizwatch | 8/1/2004 | See Source »

...million. Last week, the company announced a whopping 85% boost in second-quarter net profit, to $425.5 million. LG has the electronics world bracketed. At the commodity end, low-cost plants in China make the firm a power in developing markets. At the big-bucks, high-tech end, LG's home in broadband-rich South Korea has fostered a focus at LG on design and function that fits perfectly into the emerging digital home. Last year LG was the world's largest seller of mobile phones operating on the cdma standard (a type of mobile-phone technology popular in Korea...

Author: /time Magazine | Title: Getting Religion | 7/25/2004 | See Source »

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