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...family struggled back with small enterprises, at one point transforming a waste product generated by Ideal, another nationalized appliance company, into decorative moldings. Sallam's business has been transformed with Egypt's gradual implementation of economic reform, notably since 2004, when Prime Minister Ahmed Nazif took office in a Cabinet that included leading ex-businessmen. Sallam, who retains a 52% stake in the company, credits the government's moves to devalue the Egyptian currency, reduce tariffs and slash corporate taxes with enabling Olympic exports to take...

Author: /time Magazine | Title: Beyond the Bazaar | 7/17/2006 | See Source »

...Supreme Court has ruled that Presidents have immunity and that cabinet officers have ?qualified immunity,? meaning that they cannot be sued unless, for example, they violated someone?s constitutional rights and had a pretty good idea they were doing so. That leaves open the question of whether Vice Presidents get immunity, but the consensus among constitutional scholars is that they do, so Cheney lucks out. As behind-the-scenes guys, Rove and Libby probably get only qualified immunity, which means they?ll have to show that the complaint fails to state any legal claims, if they want...

Author: /time Magazine | Title: Does the Plame Lawsuit Have a Chance? | 7/14/2006 | See Source »

...Koizumi and his cabinet have voiced strong opposition to a rate hike, claiming that deflation has not been conclusively vanquished and that higher rates could dampen growth. Bitter memories remain of 2000, when the BOJ prematurely raised rates from 0% to 0.25%, plunging Japan back into recession; six months later, the BOJ was forced to drop rates back to zero. Still, Jesper Koll, chief Japan economist at Merrill Lynch, says fears of a replay of 2000 are misguided: "The Japanese economy is fundamentally different today, fundamentally stronger...

Author: /time Magazine | Title: Japan Takes Flight | 7/10/2006 | See Source »

...repair the Administration's relations with allies and has persuaded Bush to join multilateral negotiations aimed at defusing the standoffs with North Korea and Iran. By training and temperament, Rice is a foreign policy realist, less inclined to the moralizing approach of the neoconservatives who dominated Bush's War Cabinet in the first term. Her push for pragmatism has rubbed off on hawks like Vice President Dick Cheney, the primary intellectual force behind Bush's post-9/11 policies. "There's a move, even by Cheney, toward the Kissingerian approach of focusing entirely on vital interests," says a presidential adviser...

Author: /time Magazine | Title: The End of Cowboy Diplomacy | 7/9/2006 | See Source »

...before the launch. And the question of just how tightly to turn the economic screws may be one that Japan prefers to decide in consultation with the other key players in the crisis - the U.S., South Korea and China - in the days ahead. At a Wednesday press conference, Chief Cabinet Secretary Shinzo Abe said the missile test was "a serious problem," but that Japan would explore its options, gather more information and confer with other affected nations before it took further action...

Author: /time Magazine | Title: North Korea's Missile Test Leaves Japan in a Quandary | 7/5/2006 | See Source »

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