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Despite the speed of the oil boom, the price crash has jolted OPEC countries, which appear to have assumed that high prices were here to stay. Nigeria and Iran have both set their national budgets according to prices of about $80 a barrel, and Qatar's expectation has been $90 a barrel. "Producers very quickly got used to $100-plus prices," says Lee. "They thought of it as normal and justified. They seem to have very short memories...

Author: /time Magazine | Title: What's Behind (and Ahead for) the Plunging Price of Oil | 10/24/2008 | See Source »

...tallest, biggest, glitziest structures. Their coffers bulging with surpluses, many Persian Gulf states are turning their desert into one giant construction site. There's the City of Silk project in Kuwait, Dubailand in Dubai and any number of ports, airports, universities and giant residential and industrial complexes abuilding in Qatar, Abu Dhabi, Bahrain and elsewhere. KAEC "is not a vanity project, but there is definitely a statement being made," says a Riyadh businessman who asked not to be identified for fear of offending King Abdullah, who is personally keen on the new city that bears his name...

Author: /time Magazine | Title: The Massive Master Plan | 10/16/2008 | See Source »

...United Kingdom 9 13 Korea, Republic of 11 14 Austria 15 15 Norway 16 16 France 18 17 Taiwan, China 14 18 Australia 19 19 Belgium 20 20 Iceland 23 21 Malaysia 21 22 Ireland 22 23 Israel 17 24 New Zealand 24 25 Luxembourg 25 26 Qatar 31 27 Saudi Arabia 35 28 Chile 26 29 Spain 29 30 China 34 31 United Arab Emirates 37 32 Estonia 27 33 Czech Republic 33 34 Thailand 28 35 Kuwait 30 36 Tunisia 32 37 Bahrain 43 38 Oman 42 39 Brunei Darussalam n/a 40 Cyprus 55 41 Puerto Rico...

Author: /time Magazine | Title: In the New World Disorder, Loads of Rivals for America | 10/16/2008 | See Source »

Body of Lies is itself a maze movie, a subgenre that has both its seductions and its brambles. A maze movie flatters viewers' intelligence, their ability to sort out the jigsaw pieces of an elaborate puzzle. So the film hopscotches the globe, Syriana-style, from Qatar to Syria, Amman to Baghdad, with an incendiary side trip to Manchester, England, and back to Hoffman's office and breakfast nook in Virginia. The film introduces so many swarthy faces--foremost among them Hani Salaam (Mark Strong), the Jordanian intelligence chief--and in such a hurry, you may feel you need the equivalent...

Author: /time Magazine | Title: Body of Lies: Leonardo of Arabia | 10/9/2008 | See Source »

UPMC, not U.S. Steel, is the biggest employer in the area, with 50,000 workers. It's an exporter in its own right: UPMC runs hospitals in Ireland, Italy and Qatar. It exports knowledge, not metal. UPMC's operating revenue has been growing at 12% annually for the past five years, generating cash-flow earnings in excess of $500 million annually and enabling UPMC to reinvest a like amount. "We believed, even before this dramatic recession, that UPMC could not continue to support its growth living off Medicare and insurance revenues," he says...

Author: /time Magazine | Title: Finding One Economic Bright Spot on Main Street | 10/9/2008 | See Source »

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