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...crisis. Inflation runs at 250%, and about two-thirds of the labor force is either unemployed or working part time. Worst of all, García alleges, wealthy Peruvians have been frantically buying U.S. dollars and putting money into bank accounts abroad. To stop this capital flight, García shut down Peru's banks after he became President. When he allowed them to reopen two days later, accounts containing U.S. dollars were frozen. In addition, he devalued the sol, the local currency, by 12% to stimulate exports and slashed interest rates to spur economic activity...

Author: /time Magazine | Title: Defiant Debtor | 4/18/2005 | See Source »

...flight, a monitoring device reported that one of the three main engines seemed to be heating up to a dangerous 1,950 °F. That sensor alerted the onboard computer, and for the first time in the 24-year history of the U.S. manned space, an engine was shut down in flight. But as the craft hobbled bravely heavenward, mission control decided that the seven crew members should proceed with the flight at a stunted orbit of 197 miles above earth (the planned orbit was 242 miles). Challenger carried a $73 million array of sophisticated astronomical and scientific instruments...

Author: /time Magazine | Title: Science: Challenger's Agony and Ecstasy | 4/18/2005 | See Source »

...often extends to the on air personalities as well. With an average weekly audience of 2,527,000, NBC's Williams is the highest-rated radio talk-show host in America. Yet he could pass unrecognized on any city street, at least as long as he keeps his mouth shut. "Radio is an avocation, fun and games to me," says Williams, 53, who has been involved in a range of entrepreneurial ventures, from insurance and real estate to a car-rental agency and a florist business. Asked eleven years ago to invest in a radio station, he decided instead...

Author: /time Magazine | Title: Show Business: Friendly Sounds in the Dark | 4/18/2005 | See Source »

...season holds little joy for thousands of employees and executives in the semiconductor industry. This year major makers of the tiny electronic wafers, which are the raw material of the high-technology age and run everything from watches to supercomputers, are playing the role of the Grinch. They will shut their doors for up to three weeks next month, a time when workers normally expect year-end bonuses and office celebrations. The painful closings are only the latest steps that chip producers are taking to cope with a slump that has crippled the once booming high-tech industry. "There...

Author: /time Magazine | Title: America's Chips Are Down | 4/18/2005 | See Source »

Moviegoers should probably shut their eyes for the first few seconds of The Journey of Natty Gann and miss the production company's logo. Those who insist that the studio in question maintain certain prissy and unrealistic standards about onscreen language and incident will thus be spared needless outrage upon hearing the film's adolescent heroine mutter the odd four-letter word on stressful occasions, for example when she has to fight off a man intent on molesting her. Those who have a different set of expectations for the company's works will not feel obliged to hedge their enthusiasm...

Author: /time Magazine | Title: Cinema: Road Show...THE JOURNEY OF NATTY GANN | 4/18/2005 | See Source »

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