Word: third world
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...lost about 20% of its value before recovering to $63. Time Warner leaped 58% on the news, then settled at $82, up 26% for the week. In the nobody-knows-anything world of Wall Street, one analyst was predicting a 50% increase in AOL's stock price between now and next fall when the deal is expected to close, another was predicting a continuing slump, a third meaninglessly narrowed the medium-term price target to "between $55 and $90," and the last little analyst cried all the way home. "The Street has no historical reference," says one of the dealmakers...
...look who's behind the wheel now. The new owner of the world's most admired beer is South African Breweries, which last October bought a controlling interest in Pilsner Urquell and Radegast, the Czech Republic's two top brewers, from investment bank Nomura International in a $321 million deal. With it, SAB got the right to acquire Nomura's remaining stake by June 30, 2001, for $308 million. That makes SAB Central Europe's biggest brewer and vaults it into third spot worldwide, after Anheuser-Busch of the U.S. and Heineken of the Netherlands...
This confluence of technical expertise, market opportunity and ruthless efficiency has made Cisco the fastest company in history to reach $100 billion, $200 billion and, last month, $300 billion in market capitalization, leaving it the third largest company in the world behind General Electric and Microsoft. Cisco has built dominant market share in a crucial high-technology industry--controlling 50% of the $21 billion business-network market, where it has obliterated once formidable rivals like 3Com, Cabletron and Bay Networks. "We definitely are in the sweet spot," says Chambers of Cisco's prospects. "The whole network business has become...
...disappointment of survivalists, millenialists, and journalists everywhere, the much-hyped Y2K bug failed to bring about the end of civilization. At the very least, weren't all those third-world markets still running on old TRS-80s supposed to drag our shiny new mainframes down with them? Apparently not. Having barricaded ourselves in our bunkers with nothing but a pile of gold krugerrands and a mating pair of hamsters, we now find ourselves asking, didn't any computers, anywhere, crash on the morning of January...
...world's passage into the third millennium after Christ proved to be more celebratory than alarming, as Joel Stein notes in his story accompanying the magazine's photographic commemoration of the turn of the century. That was certainly clear to those of us who worked through New Year's Eve into the early hours of New Year's Day. TIME's headquarters overlooks part of the Times Square area, and every now and then, as we monitored the world, we looked out our windows to see the crowds massing, waiting for the famous ball to drop...