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...over the past several months, the prices of oil, copper, palm oil and others have rallied. This shouldn't be happening given the parlous state of the world economy. The International Monetary Fund in April cut its global growth forecast for 2009, predicting GDP would contract by 1.3%, the most severe recession since the 1930s. Yet oil is some 60% more expensive now than in December. Palm oil, which is used in a wide variety of manufactured foods, has surged more than 50% this year. "The only area of the world economy I know of where the fundamentals are improving...
...With that in mind, Nasheed announced a contingency plan late last year that titillated the foreign press. From its tourist revenues, the Maldives would set aside a chunk of money each year. It would combine that with aid from richer nations and the Commonwealth, and build a sovereign fund that could one day go toward purchasing new territory for the country's climate refugees in far bigger nations like India or Australia. "At the end of the day, we are talking about needing dry land," says Nasheed bluntly. "It is a myth to assume that humanity has always been stationed...
...Maldivians - who pride themselves on thousands of years of unique history at the hub of Indian Ocean sea routes - want to leave, and Nasheed knows the sovereign fund is a last resort. Efforts now aim at shaping the country into a climate-change laboratory. In mid-March, the government announced its intention to be the world's first carbon-neutral nation within 10 years. The archipelago's coral reefs can also provide an invaluable testing ground for scientists. "Coral is the bedrock of our nation," says Azeez, who works at a coral-research and -regeneration facility at the Banyan Tree...
Amid an extraordinary collection of honorees at our annual TIME 100 gala that included social entrepreneurs and activists, First Lady Michelle Obama announced that as part of the new Serve America Act, the White House is creating the Social Innovation Fund to help nonprofits and individuals who are working on creative solutions to the nation's most difficult challenges. TIME supported the creation and passage of the Serve America Act, and Mrs. Obama's speech--she is, by the way, a TIME 100 honoree--was a fitting capstone to both the evening and the movement for national service. She cited...
That's not to say the recession is over. Roubini sees the road to recovery as a long and choppy one, with unemployment rising toward 12%. So don't trade in your emergency fund for a boat. But when it comes to your investing life, it's time to get back into the water. "People think that things need to go from terrible to terrific before they can invest," says Fidelity's legendary stock picker Peter Lynch. "But things only have to get to somewhat crummy for stocks...