Word: overhauled
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...China Going Back to the Land The ruling Communist Party announced a major initiative to overhaul the country's land-use policies, still hampered by the unwieldy collectivization policies of the Mao Zedong era. The plan, unveiled Oct. 19, is an attempt to jump-start agricultural productivity and promote prosperity among its restive farmers, who have largely been bypassed by China's economic boom. Currently, farmers are entitled to the proceeds from their sales but do not own the land--a system easily exploited by corrupt officials and developers. Beijing hopes the reforms--enabling farmers to lease, swap, subcontract...
...seems the East Coast might yet again be the backdrop for a massive overhaul of the world's financial playbook. U.N. Secretary-General Ban Ki-moon publicly backed calls for a summit before the new year, saying the agency's headquarters in New York - the very "symbol of multilateralism" - should play host. Sarkozy concurred, but for different reasons: "Insofar as the crisis began in New York," he said, "then the global solution must be found to this crisis in New York...
...normal times, a French President's call for an overhaul of the world's financial system would cause eye-rolling and dyspepsia among the world's free market purists. But these are not normal times: on the weekend, U.S. President George W. Bush echoed Nicolas Sarkozy's push for an international summit to that end, and on Monday world markets seemed to endorse the initiative with a positive fillip. Though the specific goals, attendees, and even exact date and venue of such a meeting have yet to be determined, the mere agreement by U.S. and European leaders to update...
...Believe it or not, your Garmin or iPhone uses a more advanced navigation technology than your airline. There's been discussion of upgrading the WWII-era radar technology on which air traffic relies to a satellite-guided GPS system, but the $35 billion plans have stalled. The proposed overhaul would help airlines fly shorter, more direct routes, reduce delays and save about $5 billion in fuel costs a year, according to estimates by the Associated Press. But even if the Federal Aviation Administration does invest, the new system wouldn't roll out until after...
...banking system undergoes its most wrenching overhaul in 70 years, Bair, chairwoman of the FDIC, has become the voice of ordinary passbook holders. Bair was front and center with Treasury Secretary Hank Paulson and Fed boss Ben Bernanke when they announced plans to recapitalize the U.S. banking industry. But the three aren't always in perfect alignment. As guarantor of Americans' $4.5 trillion in deposits spread around in some 8,500 U.S. banks, Bair is trying to balance both the needs of depositors like the storied Mrs. Lobsiger and those of big-name players like Citigroup who help generate much...