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...sunk 35% below its June 2007 listing price of $31, costing CIC more than $1 billion. The pratfall appears to have prompted CIC to rein in its ambitions. Instead of splashy investments in the U.S. and Europe, the fund is now looking closer to home. It recently invested in Central Huijin Investment Co., a government agency with stakes in several of China's biggest state-run banks and brokerages, and will reportedly plunk another $66 billion into Agricultural Bank of China. To the extent CIC looks for investments abroad, its Chairman Lou Jiwei said in a late November speech...

Author: /time Magazine | Title: The Wealth of Nations | 12/6/2007 | See Source »

...fact, the technology has already been demonstrated in the Chinese capital. New York-based Paul Notzold recently traveled to Beijing where he used L.A.S.E.R. Tag to create a kind of performance art, encouraging pedestrians to send text messages to a central phone hooked up to his laptop. The text messages were then projected onto the Millennium Art Museum. "I was tentative about putting up unsanctioned messages on buildings, because of the government," Notzold says. "There were your typical radio shout-outs, and there were also some statements that could be kind of activist protest statements." The event took place without...

Author: /time Magazine | Title: Writing on the Wall | 12/6/2007 | See Source »

...letter, Mbeki describes his admiration for the central character in his favorite Shakespeare play, Coriolanus, who set out, as he wrote, with "truthfulness, courage, self-sacrifice, absence of self-seeking, brotherliness, heroism, optimism." Mbeki aspired to the same qualities, to be a "person who does good, and does it honestly," he tells Gevisser. But Coriolanus is a tragedy. The hero becomes a vainglorious despot. Mbeki is no Coriolanus, but as his paranoia and isolation reached new heights last year, Zwelinzima Vavi, the general secretary of the Congress of South African Trade Unions, warned the country may be "drifting toward dictatorship...

Author: /time Magazine | Title: Thabo Mbeki: The Dream Deferred | 12/5/2007 | See Source »

...perhaps, back from a long, surreptitious holiday. A photograph on the front page of Wednesday's Mirror casts doubt over how long the Darwins were actually separated. The snapshot, pulled from the web site of a company that specializes in relocating foreigners to the tiny Central American nation, allegedly depicts the couple together at an apartment in Panama City in July 2006. Hutchinson said police were working to authenticate the photograph. After acknowledging that it was a potential linchpin in the investigation, he cautioned not to presume its legitimacy before thorough vetting. "We all know it is not too difficult...

Author: /time Magazine | Title: 'Canoe Man' Arrested by Police | 12/5/2007 | See Source »

...Seoul Central District Prosecutors Office said it found no evidence that Lee, a former Seoul mayor and the presidential front-runner for the conservative Grand National Party (GNP), participated in alleged fraudulent financial practices including stock-price manipulation in partnership with Korean-American executive Kim Kyung Joon...

Author: /time Magazine | Title: South Korea's Cloudy Campaign | 12/5/2007 | See Source »

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