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...Starbucks's stock, which has fallen more than 50% in the past two years, rallied in early-morning trading. Investors liked the announcement, which replaced an earlier, less-aggressive plan to shutter just 100 shops. "The first step is admitting you have a problem," John Glass, an analyst at Morgan Stanley, wrote in a research note. He estimated that closing the 600 stores could boost U.S. operating margins by at least 1 percentage point...

Author: /time Magazine | Title: Starbucks Goes From Venti to Grande | 7/2/2008 | See Source »

...Sarkozy will welcome political leaders from across Europe, the Middle East and North Africa to a summit to debate his ambitious agenda for bolstering trade in the region, protecting the environment and cracking down on terrorism and the trafficking of contraband goods, drugs and illegal immigrants. His much touted plan for a union for the Mediterranean looks stillborn. German Chancellor Angela Merkel has worried that it could undermine the European Union; Libyan leader Muammar Gaddafi has deemed it a colonialist affront to Maghrebi pride. Yet at its core, Sarkozy's plan has an insight that is as simple to state...

Author: /time Magazine | Title: Mediterranean Crossing | 7/2/2008 | See Source »

Sarkozy's plan is, in any event, hardly racing along. The French proposal was originally meant to encompass only the 19 countries along the Mediterranean rim. But Merkel led a push to include all E.U. nations, a move that many fear could dilute what was already something grandly ambitious. And for all Sarkozy's fine words, most of the hard work of sorting out North Africa's problems will have to be done by those who live there...

Author: /time Magazine | Title: Mediterranean Crossing | 7/2/2008 | See Source »

...Obama, whose work as a community organizer was partly funded by a Catholic social-justice group, recently laid out his plan for a new and improved faith-based initiative. It is a policy extension of the phrase he often uses - "I am my brother's keeper" - to express his belief that members of a society are responsible for one another. And it is an idea rooted in the Catholic concept of the common good...

Author: /time Magazine | Title: The Battle for Catholic Voters | 7/2/2008 | See Source »

...freeze for freeze" plan is designed to prevent further escalation of the nuclear standoff, in which three rounds of U.N. sanctions and escalating rhetorical threats that have fueled war jitters and driven up oil prices have failed to budge Iran. Iranian officials had said before the latest offer was formally presented that any proposal that required them to end uranium enrichment as a condition for talks was "out of the question." At the New York City luncheon, however, Mottaki declined three opportunities to restate that position and suggested that Iran is weighing its options...

Author: /time Magazine | Title: Iranian Leaders Offer Nuclear Hope | 7/1/2008 | See Source »

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