Word: coal
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...compounded a growing concern over South Korea's economic future. The country's highflying prosperity has recently slowed down. Unemployment has risen to 5.6% and is expected to pass 7% by the end of the year. Inflation has reached almost 20%. Last month workers at the Sabuk coal mines, demanding a 40% pay hike, rioted for three days; a policeman was killed and scores on both sides were injured before the miners settled for a 20% increase. Three weeks ago, the Tongmyung Timber Co. of Pusan, South Korea's largest plywood maker, went bankrupt, leaving liabilities...
...euphoric days of victory held hope that the long years of sacrifice would finally be repaid with peace and prosperity. A U.S.-built network of roads, ports and communications facilities remained largely intact throughout the South and a united Viet Nam, blessed with two rice-rich river deltas, abundant coal and fertile fishing grounds seemed ready to emerge from the ashes of civil...
...students were protesting the martial law that has been in effect ever since, and against the failure of the regime to deliver on its promises of a new constitution and a specific timetable for free popular elections. The demonstrations had followed three days of rioting among striking coal miners in the southern city of Sabuk. Now, the army's crackdown raised fresh doubts about South Korea's ability to make a successful transition to democratic rule...
Unlike an earlier M.I.T. study, Energy: Global Prospects 1985-2000, which was released in 1977 and featured a pessimistic but very accurate appraisal of world petroleum supplies, the coal report is almost uniformly upbeat. It maps out an array of broad new trade patterns likely to emerge between the industrial and developing worlds as coal moves into greater use. International trade in coal, which already exceeds $10 billion annually, should surge by anywhere from ten to 15 times during the next 20 years, with nearly 40% of all coal exports coming from the U.S. Among the major projected customers...
Expanded use of coal has long been blocked by the problems of mining, moving and burning it. For one thing, no one really knows what the long-range effect on the environment will be of sharply stepped up coal use in the decades ahead. Moreover, the price tag for coal development will be staggering: about $1 trillion worldwide to dig the mines and then build the necessary trains, ports and other transportation facilities. The U.S. coal industry's feisty, strike-prone, 230,000-member United Mine Workers Union, which crippled Eastern U.S. mines for 110 days during the winter...