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...chief Asia-Pacific economist for Société Générale in Hong Kong, estimates that GDP growth in East Asia (excluding China and Japan) could sink from about 6.5% this year to 5% in 2009, the slowest rate since 2001. Inflation, Maguire says, "is the largest risk to Asian growth since the financial crisis...
...winters really are great! And this doom-and-glooming might sound familiar. In 1981, TIME declared crime- and drug-plagued South Florida a "Paradise Lost." The region then embarked on an epic boom. Southeast Florida - including Miami, Fort Lauderdale, West Palm Beach - ballooned into the nation's seventh largest metro, while southwest Florida - Naples, Cape Coral, Fort Myers - became the fastest-growing metro. Last year 82.4 million visitors found their way to this lost paradise. And last month Governor Charlie Crist unveiled a $1.75 billion deal to buy the U.S. Sugar Corp. and its 187,000 acres of farmland...
...Filipino media have predictably lit up with Pineda coverage. The largest broadcaster in the Philippines, ABS-CBN, has called Pineda "the country's pride," and documents everything from the singer's visits home to the health of his voice. Pineda's compatriots are also delighted. "Everyone's talking about it," says Marilyn Deleon, 44, a Filipino-American Journey fan in New York City who helped create animated videos of Pineda and other Journey members and posted them online. At Pineda's first U.S. performance with Journey in Las Vegas in March, Schon estimates Filipino-Americans made up around half...
...business has never been for the faint of heart. But think back, if you will, some five years to a time when the industry was nothing like it is today. In mid-2003, when a barrel of oil fetched about $30, BP made what was then the largest ever foreign investment in a Russian firm. The British company paid more than $6 billion for a 50% stake in TNK-BP, an oil outfit it set up with a consortium of four Russian billionaires. Vladimir Putin, Russia's President at the time, joined Tony Blair, then Britain's Prime Minister...
This deal, which created Russia's third-largest oil firm, still has the leaders of both countries talking. But their tone has changed. When current U.K. Prime Minister Gordon Brown brought up TNK-BP with Dmitri Medvedev, Putin's successor, on the sidelines of the G-8 summit on July 7, the uneasy discussion was of a breakdown in relations between the British and Russian partners. Meanwhile, Dudley, the company's BP-appointed boss, is battling to keep his job. In Moscow that same day, AAR, the Russian consortium that controls 50% of TNK-BP, called for his dismissal, claiming...