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Russia first lay claim to the Arctic in July 2007, when Vladimir Putin signaled his intention to annex the entire North Pole, an area twice the size of France, Belgium and Switzerland combined. Currently, five countries - Russia, the U.S., Canada, Norway and Denmark - each control a 200-mile economic zone along their coasts in the Arctic region. None of these economic zones reach the North Pole. Under the current U.N. Maritime convention, one country's zone can be extended only if it can prove that the continental shelf into which it wishes to expand is a natural extension...

Author: /time Magazine | Title: Why Russia Is Bailing Out Iceland | 10/13/2008 | See Source »

...private deposits - the largest such guarantee in history, according to one leading banking expert. The fact that Ireland had previously issued an even more sweeping guarantee hardly shielded Germany from criticism: as Europe's biggest economy, it sets a massive precedent. Indeed, since Merkel's announcement, Denmark, Sweden and Austria have taken steps to offer stronger guarantees to their depositors. Spain is reportedly considering a move to follow suit, and British politicians were in talks with banks on Monday night about a stopgap measure to inject government funds into selected institutions...

Author: /time Magazine | Title: Europe Struggles for a Response to the Bank Crisis | 10/7/2008 | See Source »

...spending in research could be squeezed during the recession, especially since it is difficult to estimate how many electric cars they will ultimately sell. "Everybody is wondering what the market will be for electric cars and nobody has the answers," says Erik Morsing, GM's public relations manager in Denmark. "It depends very much on oil prices...

Author: /time Magazine | Title: Electric Cars at the Paris Auto Show | 10/6/2008 | See Source »

...should it be overlooked that electric cars need electricity, and making it isn't necessarily a clean process. Like GM, Nissan has a new electric car, the Nuvu, on display at the Paris show, and like GM, it is rolling it out in Denmark - a country of 5 million people with ample wind power and spare power during night hours, when most drivers are likely to recharge their cars. Renault's ZE is being tested in Israel, where there are plans to install the nation's first battery-charging stations, outside Tel Aviv, by the end of the year...

Author: /time Magazine | Title: Electric Cars at the Paris Auto Show | 10/6/2008 | See Source »

...which E.U. competition authorities had already pledged to challenge as a competition-distorting measure. But with Germany, Europe's largest economy, reversing its stand and taking that same route Sunday, Austria said it would follow suit - making it the fourth E.U. nation to guarantee private savings, along with Greece. Denmark and Sweden also raised the limits on savings they would guarantee, and by Monday, even British Finance Minister Alistair Darling was giving signals that Britain too might swap its current $88,000-per-person savings guarantee for blanket protection...

Author: /time Magazine | Title: Europe Scrambles as the Credit Crisis Goes Global | 10/6/2008 | See Source »

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