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...current British Prime Minister, it has become a magnet for people, jobs and investment from around the world. The big U.S. banks made London their international hub, and the major continental European banks moved much of their trading and investment banking operations there. About 70% of international bonds, one-third of the world's foreign exchange and almost half the total volume of international equities are traded in London, more even than New York, its only remaining rival as the world's financial capital. Hedge funds piled into Mayfair on the heels of private-equity players. Any self-respecting Russian...

Author: /time Magazine | Title: London's Gathering Storm | 10/9/2008 | See Source »

...professional services linked to finance, such as accounting, law and management consultancy, and the total rises to 14%. And that's for Britain as a whole. For London, finance has been even more important: It now accounts for almost one-fifth of the city's total output, and perhaps as much as one-third if professional services are included. That's far more even than New York, where financial services are about 15% of the local economy...

Author: /time Magazine | Title: London's Gathering Storm | 10/9/2008 | See Source »

...presidential race, in eastern Ukraine - where much of the population inclines more toward Russia than toward the West - and has backed the more Moscow-friendly Party of the Regions headed by Viktor Yanukovych. In last year's parliamentary election, Yanukovych's party polled highest, winning just over one-third of the national vote, but was kept out of power by a renewed coalition between Tymoshenko and Yushchenko...

Author: /time Magazine | Title: The Trouble (for McCain) with Ukrainian Democracy | 10/9/2008 | See Source »

...According to the University of Michigan survey, one-third of consumers cited fears over job security and income level as reasons for delaying purchases of household items including furniture and appliances. Jennifer Barrow, a writer for the TV show King of the Hill, says her extended family is considering limiting all Christmas gifts to $25 and may skip presents for adults. "While the financial crisis has not hit me personally, I am concerned," says the Burbank, Calif., single mother. "I am definitely trying to follow a budget for the first time and rein in spending...

Author: /time Magazine | Title: Looking Ahead to a Blue Christmas | 10/7/2008 | See Source »

...ghayde, 33, commands one-third of the 923 Sunni fighters that patrol Dora, a predominantly Sunni neighborhood of Baghdad where al-Qaeda had banned barbershops and outlawed alcohol. He had 422 men, but about 50 fled, fearing arrest by the government. The district, which is hemmed in by high concrete T-walls, was a byword for terror before locals like the sheikh joined with U.S. forces to rout the extremists...

Author: /time Magazine | Title: Disbanding the Sunni Patrols: A Backlash Brewing? | 9/30/2008 | See Source »

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