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...Central Bank was behind the curve in seeing the risks to growth that the credit crisis posed and kept interest rates too high for too long. Though Europe is not in outright deflation yet, the pressures across the continent are all trending downward. Even in China, the world's largest developing nation, officials acknowledge that the risk of inflation - their main concern at the time of the Beijing Olympics in August - is gone. At a high-powered international financial conference in Beijing over the weekend, a senior People's Bank of China official acknowledged to TIME that "if anything...
...breadth of the genetic screen—the largest conducted for Alzheimer’s today—enabled the scientists to discover genes that otherwise may never have been tied to the disease, according to Tanzi...
...horrible, wonderful, [and] important” and, reading his descriptions of factory farming, it’s easy to see why. A journalist by training, Scully traveled to a typical industrial hog farm in North Carolina—owned by the nation’s largest pork producer—and documented what...
...were surprised when House Democrats, meeting as a caucus, voted 137-122 to oust Michigan's John (the Truck) Dingell, 82, as chairman of the House Energy and Commerce Committee and give the post to Waxman. Few jobs in Congress are as powerful; the committee has one of the largest swaths of jurisdiction, encompassing energy, health-care and environmental issues. Waxman's elevation upends one of the most revered principles on Capitol Hill: the seniority system. "It's just been buried," says Representative Charlie Rangel of New York, chairman of the Ways and Means Committee. (See 10 Questions with Henry...
...Hong Kong, which in the third quarter grew at their slowest pace in more than six years. Hit by higher costs, slowing orders and tightening credit, thousands of factories owned by Hong Kong firms are closing up in southern China's industrial heartland. This week, HSBC, the city's largest bank, said it would layoff about 450 people in Hong Kong due to deteriorating business conditions and a poor outlook for next year. Supply chain-management firm Li and Fung, which sources clothing and other consumer goods for major American retailers and brands, announced this month that it was "undertaking...