Word: localitis
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Dates: during 2000-2000
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...founding Timeless. He and CEO K.K. Cheng developed the firm with $10 million gleaned from an anonymous investor and the company's 15-member management team, many of whom Cheng had known from nearly two decades in the technology industry. By 1997, Timeless had acquired two local systems-integration companies, and by 1998 it had opened its first China branch in Guangzhou and set up a joint venture in the special economic zone of Zhuhai...
...million for a 2% stake in Timeless. In turn, Timeless agreed to invest $23 million in new offices in the Center, a top-drawer Cheung Kong development. In the old economy, a deal with one of Asia's richest men would have marked one's arrival among the local business elite. But to many investors, Timeless suddenly looked less like a go-go technology firm than an old-fashioned real estate play...
Rajesh Jain made one of India's biggest business deals of 1999--and ran. Before the score that netted him $115 million, Jain, 32, operated a website known as IndiaWorld, which posted local news and sports scores, primarily for Indians living overseas. His 20 staff members were squeezed into a 970-sq-ft. warren in downtown Bombay. Profits were minimal. But last fall Jain hit a cosmic payday when he sold his portal company, IndiaWorld Communications, to Satyam Infoway, an Indian Internet service provider listed on NASDAQ. The $115 million deal--one of the biggest Internet transactions involving two Asian...
...served as a major Soviet naval base and was off limits to Westerners. But now BMW's $25 million joint venture is up and running and--mirabile dictu--is actually assembling cars from so-called knockdown kits. "The Russian market may be chaotic," says Klaus Liske, BMW's local production director, "but we're confident that we've found a good home." As it happens, BMW's latest plant is a former Soviet naval factory that was built by Germans before the war to make U-boats. "A good German foundation," Liske notes, "for our move into Russia...
Good foundations for foreign investments are hard to come by in Russia these days, at least according to recent headlines that lend new meaning to the term hostile takeover. From Vyborg to Vladivostok, court fights over shareholders' rights have even led to bloody clashes between riot troops and local workers. "If you want to empty a boardroom on Wall Street," quips an American investment banker in Moscow, "just say the word Russia." For too many foreigners, investing in Russia has proved to be tortuous and hugely expensive. Just ask the folks at BP Amoco. Last fall the company nearly...