Word: telegrapher
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Three dark-suited men jumped from a car outside a Tokyo hospital last week and disappeared into the building. When they emerged, district prosecutors had arrested silver-haired Hisashi Shinto, 78, the powerful former chairman of Nippon Telegraph & Telephone. Within days, Takashi Kato, a former Vice Minister of Labor, was also taken into custody by authorities...
...admitted that an aide had taken part in the Recruit offerings, using the Minister's name. Ironically, the fall of Miyazawa strengthened the political position of Takeshita, since the men had been rivals in the ruling Liberal Democratic Party. Five days later, Hisashi Shinto, chairman of the giant Nippon Telegraph and Telephone, stepped aside after conceding his involvement in the Recruit stock deal...
...July, when the daily newspaper Asahi Shimbun accused 76 highly placed political and business leaders of unethical trading in shares of the real estate firm Recruit Cosmos, 20 people implicated in the scheme have given up their posts. Last week Hisashi Shinto, 78, chairman of the giant firm Nippon Telegraph & Telephone, resigned after admitting that his bank account contained $73,000 in profits from the Recruit deal. Just five days earlier, Finance Minister Keiichi Miyazawa had departed under a similar cloud...
...weeks Algerian workers had staged wildcat strikes at state-owned enterprises, including Air Algerie and the Post and Telegraph Service. Last week the growing anger over high prices and unemployment exploded into the worst riots to rock the nation since it won independence from France 26 years ago. For three days gangs of youths rampaged through Algiers, attacking government buildings, supermarkets, foreign airline offices, restaurants and nightclubs. On Friday some 6,000 demonstrators chanted Islamic slogans...
...already trading at astronomical prices in comparison with the profits of the companies that issued the shares, at least by American standards. On the New York Stock Exchange, such price-earnings ratios run about 15 to 1, while in Tokyo the multiples are often four times as high. Nippon Telegraph & Telephone trades at 158 times its earnings. "Japanese authorities have allowed a speculative bubble to grow," warns George Soros, manager of the New York City-based Quantum Fund. "At no time in the past has a bubble of this magnitude been deflated in an orderly manner...