Word: lite
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...opening of the 18th annual Russian Fashion Week on Sunday, the most potent sign of the times was the sight of people wearing last year's styles. "Even the very rich aren't just going out and buying anymore," says Tatyana Ageyeva, a buyer who has worked for élite labels like Kenzo and Hugo Boss for nearly a decade. "Before, the wealthy would buy expensive things because they didn't care. Even if they knew they wouldn't wear it, that it would just sit in the closet, they would drop 3,000 euros. Now they are avoiding risks...
...while sales may have slumped, the spirit of some of Russia's rich remains breezy. The élite GUM shopping mall, situated on Red Square, has seen its number of shoppers fall some 30% this year, according to Ageyeva, the buyer. But Lilya Bondarchuk, a manager at the Jil Sander store in GUM, says that "clients joke about the crisis and ask each other if they have noticed it yet." Natalya Batalova, a corporate attorney who shops at GUM every few months, says she hasn't felt the crisis so far. "I don't know what it is," she says...
...speech to Germany's banking élite, Merkel also acknowledged that Europeans were under pressure to deal with the issue of toxic debt. "I am dying to see how the American model will work and whether private-sector incentives can actually sell the more difficult assets," she said skeptically. "But we can't dodge the issue because otherwise it will take far too long before the banks can return to their full strength...
Paramilitary troops and élite police commandos were called to the facility on Monday morning after an estimated 15 gunmen stormed onto the premises at 7 a.m., blasting their way in with the use of grenades and sophisticated weapons. In a brazen, military-style operation, the attackers - some of whom wore police uniforms, while others were masked and clothed in white - entered the grounds while the trainees were performing their morning drill on the parade ground. (See pictures from the assault...
...police recruits were not trained to confront armed terrorists, Interior Ministry chief Rehman Malik told reporters. They were shown fleeing the building in a panic as the rangers - a paramilitary force - and members of the Punjab police's élite commando unit arrived. The security forces mounted nearby buildings and worked their way into the besieged facility. Fierce gun battles ensued as they sought to push back the attackers. In scenes reminiscent of the three-day siege of Mumbai's luxury hotels, there was a relentless exchange of gunfire, with ammunition crackling loudly in the background. The local area, Manawan...