DECEMBER 18, 2000 VOL. 156 NO. 24

ALSO IN TIME COVER: The Best (and Worst) of 2000 When we look back, we'll remember Tiger Woods, Harry Potter and Sydney's Olympic gala BURMA: Commander-in-Waiting General Maung Aye stands ready to take over as hard-liner-in-chief, though he may have to beat out the country's top spy • Bringing the House Down: Suu Kyi and her brother face off CHINA: The System Isn't Working Premier Zhu Rongji's involvement in a business dispute in Shenyang epitomizes the nation's struggle with the rule of law INNOVATORS: New Lights of the Spirit From a multimedia bishop to the Chinese master of Fa Lun Gong, meet Time's religious visionaries for the millennium CINEMA: Off the Rails in Angkor Wat TIME goes tomb raiding with Angelina Jolie in Cambodia TRAVEL WATCH: For Every Paradise, There's a Parasite

Business

ALSO
The Best (and Worst) of 2000: Year in Review
When we look back, we'll remember Tiger Woods, Harry Potter and Sydney's Olympic gala

1. BEST LINKUP Nope, not AOL Time Warner. The top deal is German music and publishing giant Bertelsmann's pact with Napster, the buccaneering Internet service that lets Web users swap their favorite music without charge. Bertelsmann CEO Thomas Middelhoff broke with the music industry and agreed to give Napster a $50 million loan to enable its website to start collecting a monthly fee in exchange for unfettered—and legal—access to Bertelsmann tunes.

2. BEST WEB HYPE Nothing beats the $39 million initial public offering of Tom.com, an Internet portal partly owned by Hong Kong billionaire Li Ka-shing. Drawn by his reputation as a winner, 450,000 hopeful investors applied for shares. The offering ended up 669 times oversubscribed. The company has languished since and its share price has plummeted from a high of $1.97 to around 38.

3. BEST BANKRUPTCY The most welcome bust was that of Japan's Sogo department store chain, as the government resisted pleas for yet another big bailout. The failure indicated Tokyo is finally getting serious about putting its house in order. Maybe.

4. BEST NEW PRODUCT ANNOUNCEMENT European consortium Airbus Industrie's A3XX is a worthy competitor to Boeing's aging 747. The new plane features 550 seats in a two-deck leviathan costing $230 million. Airbus already has 44 firm orders for the plane.

5. BEST GOVERNMENT ACTION Kudos to German Chancellor Gerhard SchrOder's decision to cut corporate levies from 40% to 25% and slash personal income taxes by 9% over the next five years.

6. BEST SALES PROSPECT Go long on Brazil's Procomp, whose electronic ballot boxes were used to count 118 million votes in recent elections without a single dispute or missing chad. Are you listening, Florida?

7. BEST HOSTILE TAKEOVER U.K.-based Vodafone's purchase of German wireless firm Mannesmann tops the list. While some Germans tried to block the deal on grounds of nationalism, Vodafone ceo Chris Gent pulled off the biggest-ever merger by upping the price to $190 billion.

THE WORST SUBPAR CEO DaimlerChrysler chief JUrgen Schrempp became the poster boy for dubious mergers after his $36 billion purchase of Chrysler in 1998. Not only is the combined company now worth less than Daimler Benz alone before the tie-up, but Schrempp's excuse that he didn't know the extent of the problems at Chrysler until it was too late seems hard to swallow from such a hands-on, gung-ho boss.

8. BEST TELECOM STRATEGY It was a big year for Japan's NTT DoCoMo, whose i-mode mobile Internet service lets customers exchange e-mail, do their banking and make airline reservations on their cell phones. Ubiquitous in Japan, the company is setting its sights on Europe and the U.S., where it recently invested in AT&T Wireless.

9. BEST CENTRAL BANKER Yet again, it's U.S. Federal Reserve chairman Alan Greenspan, who is trying to negotiate a soft landing for America's overheated economy. If he succeeds, the U.S. slowdown could rein in growth without pushing the country into a recession. Greenspan also warned against "irrational exuberance" in Internet investing; it's not his fault that no one listened.

10.BEST FOREIGN IMPORT Brazilian wonder Carlos Ghosn pulled off an impressive turnaround at Nissan. Sent in by Renault after it bought a stake in the stumbling Japanese car maker, Ghosn has whittled staff and revved up design, turning last year's $6.5 billion loss into a profit of $1.6 billion for this year's first half.


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