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...crisis is largely one of China's own making. To reduce inflationary pressures on its red-hot economy, Beijing has not raised prices at the pump, which are set by the government, since May 2006. In that same period of time, international oil prices have risen about 30%, sticking refineries with spiraling costs for the crude they buy and shrinking profits for the gasoline they sell. Some smaller refineries stopped production altogether to avoid losses, while others begun hoarding their crude supplies, leading to gas shortages around the country...

Author: /time Magazine | Title: China Feels the Fuel Pinch | 11/1/2007 | See Source »

...shutter avant-garde exhibitions. Nevertheless, ironic depictions of Chairman Mao and not-so-subtle critiques of official corruption or urban alienation fill Beijing and Shanghai galleries. Some artists, particularly those who grew up during the Cultural Revolution, playfully twist that era's socialist-realist propaganda art - think heroic laborers, red-cheeked peasants and stalwart soldiers lifting banners with brand names or consumerist messages. Best known among these political popsters is Wang Guangyi, whose painting of Mao behind bars sold for $4 million last month...

Author: /time Magazine | Title: The Color Of Money | 11/1/2007 | See Source »

...visage sold for $1.63 million in London last month. "Then, suddenly we were told, 'That's finished, you will love money now.'" Puffing on a Cuban cigar at a five-star hotel's café in Shanghai, Zeng gazes at the other patrons. Next to him, a man in red silk pajamas leans over to slurp coffee from a dainty cup resting on the table. Nearby, a prostitute in a leopard-print minidress has arranged herself in an armchair, presumably waiting for a customer. "People are so confused and crazy now," Zeng says. "It's impossible...

Author: /time Magazine | Title: The Color Of Money | 11/1/2007 | See Source »

...Red Sox have literally been knocking on my door for four years now. It's time I let them...

Author: /time Magazine | Title: Married to the Red Sox | 10/31/2007 | See Source »

...Fewer than 20 breeding pairs of hen harriers, a legally protected bird of prey, are left in England. Hen harriers are one of two birds on the Royal Society for the Protection of Birds' "red list" - a designation reserved for species facing the greatest peril. Harry's grandmother, Queen Elizabeth II, is a patron of the RSPB...

Author: /time Magazine | Title: Did Prince Harry Hunt Rare Birds? | 10/31/2007 | See Source »

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