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...source of this economic boom can be found buried beneath the nearby ocean floor, where foreign oil companies have found at least 500 million bbl. of high-grade crude oil. Production has jumped from just 17,000 bbl. a day in 1996 to more than 220,000 bbl. a day, and could grow an additional 50% within three years. The oil boom has fueled fantastic economic growth--65% last year, down to an estimated 25% this year--and pushed annual per capita income from $800 seven years ago to more than $2,000 today. The bonanza in Equatorial Guinea...

Author: /time Magazine | Title: Energy: Black Gold | 12/23/2002 | See Source »

...RESIGNED. CHRISTOPHER GENT, 54, cricket-loving chief executive of Britain's Vodafone Group who rode the telecom boom and transformed the small FTSE company into the world's leading mobile-phone operator; in London. Vodafone chairman Lord MacLaurin said Gent stepped down over media criticism of his $19.8 million payout last year, when Vodafone recorded a $21.6 billion loss and its share price fell by a third. Gent's successor is Arun Sarin, head of Vodafone's U.S. ventures, who takes over in July...

Author: /time Magazine | Title: Milestones | 12/23/2002 | See Source »

...Julie Bradford, editor of the U.S.-based All About Beer magazine, says the microbrew boom stems from "an interest in tradition, flavor and quality, and as reaction against globalization." Few Asian countries have embraced the trend like Japan, where the economy may be stuttering but bargoers are still eager to spend their yen on a pint of jibiiru, or craft beer, from one of the country's 300 or so microbreweries. And we're not just talking about local favorites; the popular Yona Yona Ale from Yoho Brewing in Nagano and Hitachino Nest Beer of Kiuchi Brewery have both...

Author: /time Magazine | Title: Brews for Beer Snobs | 12/23/2002 | See Source »

...overwhelming majority of Native Americans like Hollow Horn aren't benefiting from the Indian casino boom, who is? In many cases, the big winners are non-Indian investors, some of whom pocket more than 40% of an Indian casino's profits. Actually, calling these people investors understates their role. They often serve as master strategists who draw up the plans and then underwrite the total cost of bringing a casino online: ferreting out an amenable tribe, paying a signing bonus, picking up tribal expenses and paying the salaries of the tribe's officials, all of this before a spade...

Author: /time Magazine | Title: Indian Casinos: Who Gets The Money? | 12/16/2002 | See Source »

...disdain. Houston is still one of the dozen best singers in the world, and her defiance would be worth slogging through if she'd just ululate a little. But with the exception of On My Own, an elegant twist on Diana Ross's It's My Turn, those magical BOOM! "and ayiiiii-eeeeyay..." moments never come. Instead, Houston talk-sings over a series of dry R.-and-B., pop and gospel riffs. Whether her reluctance to hit the top of her range is a sign of a deteriorating voice or an unwillingness to please is hard to know...

Author: /time Magazine | Title: The Overdramatic Duo | 12/16/2002 | See Source »

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