Word: globalizing
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...many Papua New Guineans, it's not surprising that their nation stands on the front lines of China's global campaign. Located on the eastern half of the world's second largest island, P.N.G. is the most linguistically diverse region of the world, with at least 800 distinct local languages spoken by just 6.5 million people. Yet despite the tribal diversity, the nation is unified in at least one aspect: suspicion of foreign exploitation of its plentiful resources, ranging from natural gas and timber to fisheries and gold. Tensions exploded in the 1990s on the P.N.G. island of Bougainville, where...
...Obama has the charm, while Clinton has the finesse and finishing touch in implementing policy. While I have my reservations, I think they both will steer the ship of Washington well. Clinton's role on the global stage is to balance power. As internationalist Democrats, both Obama and Clinton ought to engage with the G-20 nations, building bridges abroad while promoting democracy for real. As far as domestic matters are concerned, the U.S. must spend less and save more if it is to remain a power beyond the Obama-Clinton era. P.J. John Singapore...
...just the fortunes of one war-torn country are at stake. Researchers believe that Iraq's untapped oil reserves total at least 115 billion barrels - the third largest in the world. When fully developed, Iraq's oil industry could significantly boost global crude supplies and even bring down oil prices. Tapping Iraq's oil is an industry event of historic proportions, says Alex Munton, a Middle East analyst at global energy consultancy Wood Mackenzie. "There are very few examples in history you can point to and say, 'A similar thing happened there,' because there really have not been...
...Fresh from a trip to Baghdad, Yves-Louis Darricarrère, who heads global exploration and production for the French energy giant Total, told TIME in early November that oil executives all feared being left out of the rush. "Iraq is extremely important for the industry and for world supply," he said. Even though Total dropped its bid in June for one of Iraq's fields, it is now considering several others on offer in a second round of bids, which Iraq's government has scheduled for mid-December; Iraqi oil officials say they expect about 45 companies to compete...
...Minister Hussein Shahrastani estimates it will cost about $50 billion to upgrade infrastructure needed to produce Iraq's target of 6 million barrels a day by 2017. "Iraq's oil industry is in a dire state," says Samuel Ciszuk, Middle East energy analyst for the consultancy firm IHS Global Insight in London. "Decades of war, brain drain, political instability and underinvestment have all depleted what was there." When foreign oil companies finally start working Iraq's fields, they will face a critical shortage of local engineers, geologists, managers and almost everyone else they need, since previous generations of professionals have...