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...Pfizer and Wyeth are facing a problem which is systemic and not isolated to their industry. Each expects revenue to fall in the near future as some of their largest-selling drugs lose patent protection. Putting the two companies together will allow them to fire tens of thousand of people and cut other overlapping costs. The firms are nearly identical, which makes expense savings certain...

Author: /time Magazine | Title: Behind Pfizer's Deal to Buy Wyeth | 1/26/2009 | See Source »

Iceland is getting used to this. Over the past six months its currency has collapsed, its largest banks have all failed and been nationalized, and its economy has imploded. Today the tiny (pop: 320,000) nation became the first to lose its government to the global financial crisis. Addressing the press, Iceland's Prime Minister Geir Haarde announced the resignation of his cabinet and the collapse of the current coalition government. The Conservative leader said that he could not "accept the Social Democratic demand that they would lead the government...

Author: /time Magazine | Title: Global Financial Crisis Claims Iceland | 1/26/2009 | See Source »

...defeats at the hands of toughened Iraqi security forces plus political missteps over the past year by al-Sadr and his followers have left the future of the mass movement in doubt. And without a solid showing of popular support in the coming vote, the Sadrists appear set to lose what remains of the enormous political power they once held. (See pictures of life returning to Iraq's streets...

Author: /time Magazine | Title: As Iraqi Elections Loom, al-Sadr's Political Clout Fades | 1/26/2009 | See Source »

...attempt to make inquiries into cooking sound more impressive; physicist Cassi suggested that he coined the phrase some years later), Adrià urged the audience to, essentially, chill out. "If we keep seeing science and cooking as two Martians coming at each other with test tubes, we all lose," he argued. "We have to normalize the relationship between them." A few hours later, as Elena Arzak demonstrated sauces that change color on the plate, and Dani García used liquid nitrogen to create a life-like tomato out of pureed vegetables, a handful of chefs continued to do just...

Author: /time Magazine | Title: Debating the Merits of Molecular Gastronomy | 1/23/2009 | See Source »

...this month, Wang Fei, a Beijing man whose wife committed suicide after discovering his infidelity, won a lawsuit against a friend of his wife's. The friend had posted Wang's personal information from the wife's journal discussing his affair, setting off intense criticism that caused Wang to lose...

Author: /time Magazine | Title: China's 'Netizens' Take On the Government | 1/23/2009 | See Source »

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