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...epic boom, fueled by foreign speculators and one luxury development project after another. By the time the tower opened on Jan. 4 with a lavish fireworks display, though, the showmanship had faded. Weeks earlier, Dubai's biggest state-owned development company had declared it was unable to pay its debts. Officially, Dubai owes its creditors $80 billion, though a recent report by regional investment bank EFG-Hermes estimates that the city may be in the hole for as much as $170 billion. After Sheik Khalifa al-Nahyan, the oil-rich ruler of neighboring Abu Dhabi, stepped in with $10 billion...

Author: /time Magazine | Title: The Lessons of Dubai | 2/22/2010 | See Source »

...PIIGS group of troubled European economies--is carrying a deficit close to 13% of GDP, more than four times the E.U. limit. Part of the blame for Greece's economic woes has been placed on padded public-sector wages and rampant tax evasion. Proposed austerity measures, which include a pay freeze for government employees, prompted thousands to go on strike. European leaders, who fear that Greece's troubles will trigger widespread financial strain in the region, are mulling over a rescue plan that could include regional loans or financial aid from the International Monetary Fund...

Author: /time Magazine | Title: The World | 2/22/2010 | See Source »

...with grown children, who learns at the outset that her cancer has spread and she has four to six weeks to live. Accepting the news with barely a flinch, she tries to tell her extended family, only to find they are too caught up in their own troubles to pay much attention. Among the brood: a son whose bitchy fiancée wants him to get into the dope trade so she'll have enough money to open a boutique and an older daughter who reveals that her younger "brother" is actually her own illegitimate child...

Author: /time Magazine | Title: Tyler Perry's Big Happy Family | 2/22/2010 | See Source »

...what looked like a commercial for Preference by L'Oreal. (Do you fast-forward through that opening when TiVo-ing the show? I do.) But in the past two episodes, I've come to think that Olsen and Sheffer knew what they were doing and have made the vagaries pay...

Author: /time Magazine | Title: Big Love: Shark-Jumping in Utah | 2/21/2010 | See Source »

...that they won't admit new students at this point because too much material has already been covered. If you do manage to find a class that will let you in, remember that there's also a $10 add/drop fee. But that's a small price to pay for a happier semester...

Author: By Sophie T. Bearman, CONTRIBUTING WRITER | Title: Drop It Like It's Hot! | 2/21/2010 | See Source »

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