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...billion barrels of oil are traded daily through futures contracts at the New York Mercantile Exchange (NYMEX). This volume significantly overshadows the 80 million barrels of oil consumed each day worldwide. Yet this large volume of trading is misleading. Most of the trades are just noise: speculators going for quick profits, taking a position, and closing it out immediately...

Author: /time Magazine | Title: Are Oil Prices Rigged? | 8/22/2008 | See Source »

That's a pretty quick step from an election to nirvana, and Obama's opponents would like to turn such oratory against him. No one does it more effectively than radio host Rush Limbaugh, with his judo-master sense for his foes' vulnerabilities. Limbaugh rarely refers to Obama by his name. Instead, he drops his baritone half an octave and calls him "the messiah...

Author: /time Magazine | Title: The Five Faces of Barack Obama | 8/21/2008 | See Source »

...Americans jumped out to a small lead in the second set, then the Chinese tied it at 18, prompting a joyous roar from the home fans. But the U.S. reeled off three unanswered points - capped by a quick Walsh smash down the middle - to claim the match 21-18, 21-18. It was the 108th consecutive victory for Walsh, 30, and May-Treanor, 31, a winning streak that's more than a year...

Author: /time Magazine | Title: Chinese Volleyball: Game On | 8/21/2008 | See Source »

...about 480 workers who lost their jobs when the shipyard shut down, and upgrade Tivat's sewage and water-supply systems. Munk is even offering local students scholarships to Canadian universities. Initial hostility from opposition politicians who accused him of planning to auction off the land for a quick buck has abated. "This is just the kind of project that Montenegro needs," says Rade Ratkovic, a professor at the Faculty for Tourism, Hospitality and Trade Management in the port city of Bar. "We should award him a title: Count Munk of Tivat...

Author: /time Magazine | Title: Tivat: The Next Monaco | 8/20/2008 | See Source »

...Utah Jazz's Deron Williams nailed a three pointer at the buzzer to end the first half with the score at 55-43 and give the U.S. some much needed breathing room. Team USA had led by just one at the end of the first quarter, and the quick silver Australian point guard Patrick Mills - "an NBA player for sure," said the admiring U.S. coach Mike Krzyzewski afterwards - was giving them cause for concern, and ended up with 20 points...

Author: /time Magazine | Title: The Redeem Team Keeps on Rolling | 8/20/2008 | See Source »

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