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Sometime in the afternoon of July 5, agents from the Shanghai State Security Bureau - the agency that pursues cases of espionage within China - arrested and detained Stern Hu, an Australian citizen who is a senior Shanghai-based executive for Anglo-Australian mining giant Rio Tinto. Three of Hu's deputies, who are Chinese, were also detained that day. On July 8, Rio confirmed that Hu and his colleagues had been detained on suspicion of selling "state secrets." The Chinese government confirmed the detentions only on July 9, and the Australian Consulate in Shanghai said its representatives would be able...

Author: /time Magazine | Title: Aussie Mining Exec Arrested for Spying in China | 7/9/2009 | See Source »

...This, not Transformers 2, is the action movie series about giant robots that tens of millions of people should have been paying to see this summer. The NYAFF showed the first two parts in a trilogy; the final installment opens in Japan next month. Taking its title from a T. Rex song and based on a manga by Naoki Urasawa that has sold some 20 million copies, this fantasy of an alternative Japanese history imagines that the lines and pictures scrawled by a club of kids in the '70s has become the Book of Prophesies by a cult whose leader...

Author: /time Magazine | Title: Asian Film Fireworks for the Fourth | 7/4/2009 | See Source »

Goldman Sachs is a giant pig. A giant pig that blows bubbles through a wand shaped like a dollar sign. A giant pig that laughs at us when we invest in worthless dotcom stocks. A giant pig that happily watches us get carried away and burned by rising home prices. A giant pig that smiles widely when we have to fill our tanks with $4-a-gallon gas. Quite simply, the investment bank that is revered on Wall Street could just be a bunch of crooks, and greedy ones at that...

Author: /time Magazine | Title: Goldman Sachs vs. Rolling Stone: A Wall Street Smackdown | 7/3/2009 | See Source »

...pumped in Iraq rather than the $4-a-barrel rate sought by oil executives. Chevron, which had negotiated for a year to develop Iraq's second-biggest field, West Qurna, pulled out of the deal on Tuesday, saying it had not met the company's "standard investment criteria." French giant Total and Spain's Repsol also withdrew after failing to secure a better deal from the Iraqis, leaving Baghdad high and dry. "[The Iraqis] approached this auction with a bit of arrogance," Younsi says. "They thought oil companies would do absolutely anything to get into Iraq...

Author: /time Magazine | Title: The Reasons Behind Big Oil Declining Iraq's Riches | 7/2/2009 | See Source »

...blacklist them from bidding for the far larger fields down South. But those fears have diminished as the stalemate in parliament over oil has dragged on. Big Oil might also be emboldened to make deals on oil fields in the Kurdish areas since last week, when the Chinese oil giant Sinopec announced that it was acquiring the Swiss oil company Addax Petroleum, which operates in Iraqi Kurdistan. "It will be much more difficult to blacklist Sinopec," says Yousni. "This is China, a permanent member of the U.N. Security Council, not some small oil company," he says. Having dared to take...

Author: /time Magazine | Title: The Reasons Behind Big Oil Declining Iraq's Riches | 7/2/2009 | See Source »

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