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...effect on Asia's economic performance has been muted. The region as a whole is projected to grow at a brisk 7% pace in 2004, according to Merrill Lynch. But economists estimate that every $5 increase in oil prices shaves 0.2% from the GDP growth of the Asia-Pacific region, and the longer prices stay high, the stiffer the economic headwind. In the past few weeks, Asia's export-led economies have begun to show signs of stress. With higher oil prices putting a drag on consumer spending in America and raising costs throughout Asia's supply chains...

Author: /time Magazine | Title: Crude Awakenings | 9/6/2004 | See Source »

...hung low on a brisk January dawn in 2001, as several dozen police agents silently rolled into position in the rugged hills around Mezzojuso, a sleepy town 40 km south of Palermo. For months, investigators had been casing a red-roofed concrete house where they believed top Mafia bosses were planning an important lunchtime summit. Benedetto Spera, among the most feared and powerful figures in Cosa Nostra, was also scheduled to get a doctor's visit at the hillside farmhouse that day to treat his prostate cancer. The summit was considered so important that authorities suspected Bernardo Provenzano, the Sicilian...

Author: /time Magazine | Title: Sicily's Invisible Man | 8/29/2004 | See Source »

...Athens pool in a frenzied quest for gold in the 100-m breaststroke race last week, Japan's finest swimmer wasn't about to let a few centimeters of European torso or American leg stop him. Tagging the end of the pool in a speedy display somewhat slowed by brisk winds, the 1.78-m Kitajima raised his arms in a banzai cheer and threw back his head as a strange wail swirled through the stadium and skittered across the surface of the pool. Delivered in a high-pitched tone perhaps best detected by dogs, the shrieks were the unmistakable call...

Author: /time Magazine | Title: Bouncing Back | 8/23/2004 | See Source »

With long hours of paddling ahead, each morning in camp assumes a brisk urgency. Bags must be repacked and the rafts reloaded. Keeping our bags on the raft and out of the water is one thing; keeping the water out of our bags quite another, and much worried attention is paid to goosenecking them, an origami-style process that involves repeated twisting and tying. A dry night's sleep depends on such art. The campsite must also be kept as pristine as possible, which, as Pat explains to a shocked group on our first night, necessitates...

Author: /time Magazine | Title: A Raft With a View | 8/22/2004 | See Source »

With an extended stage taking up nearly as much space as the audience, director Robyn Nevin gives the lithe film star room to prowl. A new adaptation by Blanchett's husband, Andrew Upton, which splices up Ibsen's acerbic dialogue as if in a Robert Altman movie, keeps things brisk and tense. And Blanchett plays Hedda - whose dalliance with old flame Lovborg (Aden Young) brings her under scrutiny by family friend Judge Brack (Hugo Weaving) - as neither victim nor villain, but rather as a kind of classy control freak. This most un-neurotic of actresses makes Hedda's animal instinct...

Author: /time Magazine | Title: To the Limit | 8/4/2004 | See Source »

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