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...Mercantile Exchange (CME) traded a modest $2.2 billion in weather futures - obscure derivatives that are linked to temperatures in 29 cities worldwide and that enable traders to bet on hot or cold spells. But the weather was unusually volatile in 2005: drought and floods in Europe, record heat in Australia and an active storm season capped by Hurricane Katrina in the U.S. By the end of the year, CME had traded $36 billion in weather futures...

Author: /time Magazine | Title: Cash Cow | 12/12/2007 | See Source »

...Australia's New Leader Why was the Howard government tossed out so decisively? [Dec. 3] All right, the economy was strong, but many Australians were saying, If things are so great, why am I not doing well? Howard was governing for the big end of town, not for all Australians. His industrial-relations policies were foreign to Australians and unwelcome. The scale of his defeat says it all. Neville Lines, Redcliffe, Queensland...

Author: /time Magazine | Title: Inbox | 12/6/2007 | See Source »

...Your article on Australia's Kevin07 election was thought-provoking. Just one question remains: After Sir Robert Menzies' reign as the longest-serving Australian PM, the Liberal Party tried a series of leaders without electoral success. John Howard was the country's second-longest-serving PM. Now that his heir apparent Peter Costello has declined to stand as opposition leader, will we see history repeating itself? Murray Hunter, Waitakere city, new zealand...

Author: /time Magazine | Title: Inbox | 12/6/2007 | See Source »

...Migration's Two-Way Streeet Your map showing migration trends in Europe showed 33,500 Australians migrating to the U.K. each year [Dec. 3]. To paint a more realistic picture, you should also have included the numbers migrating from Britain to Australia (around 70,000 in 2006). Evelyn Krull, Adelaide, South Australia...

Author: /time Magazine | Title: Inbox | 12/6/2007 | See Source »

...York Police Department (NYPD) puts it, or "a group of guys," as U.S. intelligence officials call them. That's the best they can do, since the profile of a would-be terrorist is becoming less and less obvious. In that kind of fog, small behaviors necessarily loom large. In Australia, the NYPD report noted, before 17 men were arrested with bombmaking materials and maps of government buildings, some had traveled to the outback for a group bonding and hunting adventure. One month before the July 7, 2005, London transit bombings, two of the suicide bombers went white-water rafting together...

Author: /time Magazine | Title: The Fort Dix Conspiracy | 12/6/2007 | See Source »

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