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...necessity is a powerful weapon in this new battle. Shortly before Christmas, Russian President Vladimir Putin forced Royal Dutch Shell to cede control of Sakhalin II, the world's biggest oil and gas project, to the state-owned giant Gazprom, opening the North Pacific island's vast resources to Asian markets. The $7.45 billion price was small to Gazprom, whose value has soared from $9 billion in 2000 to $270 billion today, after years of record energy prices...

Author: /time Magazine | Title: Oil's Vital New Power | 1/12/2007 | See Source »

...remembers translating a phone call from President Bill Clinton to his boss in 1994. "Clinton said, 'Mr President, we need to diversify the oil pipelines. We need a new route.' It was all a very strategic plan," says Guluzadeh, sipping coffee in Baku's Park Hyatt, where Western and Asian businesspeople fill the $250-a-night rooms...

Author: /time Magazine | Title: Oil's Vital New Power | 1/12/2007 | See Source »

...personal preferences seem to have helped shape the choice. He is known to have been stingingly critical of Kim in meetings with U.S. officials. Michael Green, senior director for Asian affairs at the National Security Council until December 2005, says Hu had long indicated to visiting groups of Americans his skepticism about Kim's intentions. When the North finally tested a nuke last fall, China joined the U.S. and other regional powers in condemning Kim and supported a U.N. Security Council resolution sanctioning Pyongyang. Says a senior U.S. official: "If you asked experts several years ago, Could you imagine China...

Author: /time Magazine | Title: China Takes on the World | 1/11/2007 | See Source »

...that opium production in Afghanistan, which not only provides 90% of the heroin consumed globally but also funds Taliban activities, rose 61% last year over 2005. Some 670 tons of heroin are expected to flood the market, and that should slash the street price of a kilo of Southwest Asian heroin, now about $90,000 in Los Angeles. Yet the U.S. Drug Enforcement Agency (DEA), which annually loses some 3% of its 5,000 agents to attrition, has a two-year hiring freeze because of budget cuts to U.S. programs. DEA bean counters say they would need an additional...

Author: /time Magazine | Title: More Drugs, Fewer Narcs | 1/11/2007 | See Source »

...stew of cultures that bubbles away in my beloved Kuala Lumpur food courts is one of the last strongholds of Malaysia's multi-culti ideal. Half a century after the Southeast Asian nation broke free from British rule and formed a multiethnic state, national unity is being cleaved by race politics. The divisive mood was on display at the November party conference of Malaysia's biggest political party, the Malay-dominated UMNO, during which one delegate spoke of his willingness to ?bathe in blood? to defend the Malay ethnicity. Another held aloft a keris ceremonial dagger. The targets of this...

Author: /time Magazine | Title: Reading the Curry Leaves | 1/11/2007 | See Source »

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