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Since the acquisition, Bank of America's stock has fallen 50% and at one point went as low as $2.53. The problems at Merrill Lynch have turned out to be much bigger than Lewis originally thought. And at times, the Merrill-related losses have raised anxiety about the health of the entire bank. In January the Treasury Department announced it was injecting an additional $20 billion into Bank of America. In all, the government has spent $45 billion trying to stabilize the finances of the bank...

Author: /time Magazine | Title: The Rise and Sudden Fall of Bank of America's Ken Lewis | 10/1/2009 | See Source »

...convenience store already occupies a special place in the heart of Hong Kong. Although most of the stores are no bigger than a New York studio apartment, they're as ubiquitous as Starbucks in Seattle: there are nearly 1,000 7-Elevens in this city of 7 million - almost as many as in the whole state of California. (Circle K has a third of that number.) An estimated 85% of Hongkongers visit a 7-Eleven every month, according to the company, where they can do everything from withdraw money and replenish their subway passes to pay their electricity bill...

Author: /time Magazine | Title: Can 7-Eleven Win Over Hong Kong Foodies? | 10/1/2009 | See Source »

...Much to the frustration of military advisers who want them in bigger conflict zones, the U.S. military keeps a small number of highly skilled soldiers in the southern Philippines to help train local troops in their ongoing fight against Abu Sayyaf, which the U.S. State Department believes has only between 200 and 500 active members today. The Philippine military told a reporter that the U.S. troops in the Sept. 29 incident were not involved in any combat operations but "were just there to help in building a school." The deaths were the first U.S. military casualties to occur...

Author: /time Magazine | Title: Abu Sayyaf | 10/1/2009 | See Source »

...imports come from a fairly small number of firms, including Swiss-Dutch companies Vitol and Trafigura and India's Reliance Industries. New U.S. sanctions would force those companies to choose between doing business in the U.S. or doing business with Iran - a no-brainer for most firms. "They have bigger fish to fry [than Iran]," says Mark Fitzpatrick, a former State Department official and now director of Nuclear Nonproliferation at the International Institute for Strategic Studies in London. "They all have bigger markets elsewhere, including in the U.S." Indeed, even talk of a refined-petroleum blockade convinced British Petroleum...

Author: /time Magazine | Title: How Badly Would Sanctions on Gas Imports Hurt Iran? | 9/30/2009 | See Source »

...England." Bailey says the treaty is the only answer to Ireland's woes. "My parents say that they'll do the exact opposite of what the government's telling them," she says. "I can understand how they feel - [the government] kind of screwed us over. But there's a bigger picture. Without Europe, things would definitely be worse...

Author: /time Magazine | Title: The E.U.'s Future: Back in the Hands of Irish Voters | 9/29/2009 | See Source »

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