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...doom and gloom, however. The UAE government has funneled $33 billion into the country's banking system to calm the nerves of depositors and investors, promising coverage to foreign as well as local institutions. If the credit crunch shakes out speculators, known as "flippers," from Dubai's real estate market, that could help stabilize wildly inflationary conditions. "I am not necessarily thinking we are in a crash scenario," EFG-Hermes managing director Hashem Montasser tells TIME. "There is still genuine demand. Economies here are still growing. Overall, the economic situation is still very sound. We will see a deceleration...

Author: /time Magazine | Title: How Wall Street's Bust Threatens Dubai's Boom | 10/19/2008 | See Source »

...from the other direction. Driven by impulse and raw instinct, some already adorned in scrubs and stethoscopes, the volunteers converged on Ground Zero. But, for the most part, their inspiration was met with irony. Not only were tower survivors few in number, but the unfamiliarity of the volunteers to local emergency leaders compounded confusion for all. While some of these heroic volunteers ultimately tended to the injured, most were turned away. Eventually, as the drama receded and the volunteers also retreated home, their altruism went largely unnoticed and unrecorded. Sadly, good will did not translate into public good...

Author: By Howard Koh | Title: Out of the Ashes | 10/19/2008 | See Source »

...country's greatest writers and, more importantly, a leading voice of the generation that turned away from Communism to embrace the heady liberalismof the Prague Spring before it was crushed by Soviet tanks. So the recent allegation that, as a student under Communist rule, he informed local police on a young man is being greeted with dismay, and a little disbelief. The author of The Unbearable Lightness of Being and other best selling novels has vehemently denied the allegation, saying that the allegations are an attempt at character "assassination" and that he did not even know the man in question...

Author: /time Magazine | Title: Was Milan Kundera a Communist Snitch? | 10/18/2008 | See Source »

...Enforcement gets short shrift, because local governments benefit from development, says Doan Canh, a professor at the Institute for Tropical Biology. The Ministry of Natural Resources and Environment has only a few environmental inspectors, who typically must get permission from factory owners to inspect an industrial site. And when a company is found to be illegally discharging wastewater, the fines are too low - Vedan was fined several times in the past for a total of $1,400 - to be a deterrent. "I gave evidence of serious pollution from these factories, particularly Vedan, in 1994," says Canh. "But the relevant state...

Author: /time Magazine | Title: Vietnam Cracks Down on Polluters | 10/17/2008 | See Source »

...Prime Minister's call for tougher enforcement also cautioned local authorities to balance environmental protection with development to ensure growth is sustainable. In a press conference after the charges against Vedan were made public, Nguyen, the Natural Resources and Environment Minister, conceded he was under a lot of pressure. "Many local officials have called me to say that we have to lower standards on the environment," the Natural Resources and Environment Minister said, "otherwise they can't attract foreign investors...

Author: /time Magazine | Title: Vietnam Cracks Down on Polluters | 10/17/2008 | See Source »

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