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China's leaders are using the financial crisis as an opportunity to consolidate gains already made in the country's global competitiveness while laying a foundation for even greater progress in the future - and for the international power that economic prowess can bring. Nationalist voices in the media are already framing the crisis as a transformational moment in China's rise and the decline of the U.S. "They've criticized the dollar and asked for a new global reserve currency. They've criticized the U.S. role in the International Monetary Fund," says Beijing-based China scholar Russell Leigh Moses. Premier...
...land—to edge out the Crusaders, 25-24. He finished the day with 370 passing yards in the spectacular comeback.In the next contest against Brown, Pizzotti kept a drive alive as the clock wore down, setting Harvard up for a touchdown to bring the team within two. But a failed two-point conversion resulted in a 24-22 loss to the Bears.As the season progressed, that loss to Brown began to fester, nagging at Harvard’s Ivy title hopes. But Pizzotti kept the team in the hunt, averaging roughly 250 yards per game and rolling past...
...member countries of the OPEC cartel voted in Vienna on Thursday to maintain output at current levels rather than increase supplies in order to bring some relief to consumers, particularly in the gas-guzzling West. The OPEC oil ministers, whose countries account for about 40% of the world's entire crude-oil supply, also renewed their commitment to stick to their agreed quotas, rather than ship extra oil, as they began doing last April when several members ignored their agreed output limits. OPEC leaders, many of whose economies are heavily dependent on oil exports, have struggled to stabilize prices...
...lowball - bid seems the wrong word - offer went like this: If the U.S. government would wipe out Chrysler's shareholders, buy out its bondholders, cut wages and jobs, deal with its retirement liabilities and fund the warranties, then Fiat would take a crack at Chrysler. The Italians would bring their cars to Chrysler's showrooms and share their advanced diesel technology with Chrysler engineers. Chrysler might sell some cars in Fiat's markets - Jeeps may have the best overseas appeal. Marchionne would lend his managerial chops. And if things worked out, Fiat would take a controlling share...
...another case, Sotomayor ruled that investors could bring certain kinds of fraud suits against investment firms in state courts rather than in federal courts. The Supreme Court unanimously overturned that decision, ruling that to permit the suits in state courts would lead to "duplicative litigation." In the third case, the court reversed a decision written by Sotomayor that said individuals have the right to sue a corporation working on behalf of the Federal Government for violations of their constitutional rights. But that was a narrow, 5-4 reversal in which the court's four most consistent liberals - Souter, Stephen Breyer...