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...focus on Asia and other emerging markets, particularly in places where globalizing Chinese businesses are expanding. Industrial and Commercial Bank of China (ICBC) paid $5.6 billion in 2007 for 20% of Standard Bank, South Africa's largest lender, in part to serve Chinese-owned resources companies prospecting for oil, gold, copper and other metals in places like Angola, Congo, Liberia and Zambia. ICBC is now said to be interested in the Royal Bank of Scotland's Asian assets, along with Australia's ANZ Bank and Anglo-Asian lenders HSBC and Standard Chartered Bank...

Author: /time Magazine | Title: Why China's Banks Are Stronger than America's | 6/3/2009 | See Source »

...also received the National Book Foundation’s Medal for Distinguished Contribution to American Letters and the Gold Medal for Belles Lettres from the American Academy of Arts and Letters...

Author: By Cara K. Fahey, CRIMSON STAFF WRITER | Title: Ten Will Receive Honorary Degrees | 6/3/2009 | See Source »

...Aviv was to prove a perfect laboratory for Bauhaus, after urgent tinkering. The young Jewish architects who arrived from Germany, Poland and Russia with blueprints tucked under their arms were used to gloomy winter climes where sunlight was as rare as gold. In Europe, designs were made to trap sunlight, not block it. All that changed on the Palestine Mandate's dazzling shores, where designers realized that the fierce sun and parboiling heat were to be shunned. Gone were the big windows, replaced by narrow strips. Rooftops were given shade, balconies grew overhangs and designs were retooled...

Author: /time Magazine | Title: Tel Aviv: Plain Beautiful | 6/3/2009 | See Source »

...Office having assigned me to bunk in the penthouse of Grays middle entry with a tall, handsome, working-class and hilariously cynical white boy from Georgia. A lifelong hunter, he could hardly have seemed more different from me—a scion of the “Gold Coast” Afrostocracy of Washington. We irritated each other with occasional lapses in the tidiness that we both prized, but our late nights were never long enough for us to finish turning over the last rock of elite W.A.S.P. naivete and insincerity, or the last LP from the other?...

Author: By J. lorand Matory | Title: What Harvard Has Taught Me | 6/2/2009 | See Source »

WOODY ALLEN settles with American Apparel for $5 million and a pair of gold lam leggings...

Author: /time Magazine | Title: Pop Chart | 6/1/2009 | See Source »

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