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Meanwhile, negotiations over iron-ore contracts, an annual ritual that has been particularly heated this year, may be another factor. Chinese steel producers have been pushing for a discount of up to 50% on the price agreed on last year with Rio Tinto. But with the negotiations stretching long past their original June 30 deadline, steadily climbing prices for iron ore have steelmakers sweating. "Clearly the Chinese insistence that the price be cut further no longer can be sustained," says Jim Lennon, a Macquarie Bank analyst, who notes that talks "have gotten increasingly acrimonious...

Author: /time Magazine | Title: Spotlight: The Rio Tinto Scandal | 8/3/2009 | See Source »

...have been convicted on corruption charges in recent years. Yossi Klein Halevi, a senior fellow at the Adelson Institute for Strategic Studies in Jerusalem, explains that some parts of the ultra-Orthodox community tend to disregard secular law, despite a tenacious adherence to the minutest detail of Jewish religious ritual. Says Halevi: "You have a kind of borderless community that in its best expressions maintains international charity efforts that are second to none. But the dark side of this is a mentality that often too easily slides into rationalizations for acts that cannot be rationalized, with the idea that...

Author: /time Magazine | Title: Jersey's Corruption Scandal: The Israeli Connection | 7/28/2009 | See Source »

...most parts of the world, including the North Pole, Christmas comes but once a year. But in the Nicaraguan capital of Managua, the Christmas trees along the downtown streets are lit festively every night of the year - even in July. The nightly ritual of lighting the trees (in this case, metal poles decorated with strings of lights and various other ornaments) serves as an eternal celebration of the Sandinista government's victory over the energy deficit inherited from the previous administration, at least according to Omar Cabezas, the ombudsman for the administration of President Daniel Ortega...

Author: /time Magazine | Title: Nicaragua: Where Every Day is Christmas | 7/18/2009 | See Source »

...Trail may have seemed plausible enough at first - the 49-year-old is an avid outdoorsman who has enjoyed the trail since he was a teenager. But knowledgeable hikers may still have raised an eyebrow at the claim, as Sanford's absence coincided with Naked Hiking Day, the annual ritual in which courageous trekkers take to the great outdoors in the buff. While the tradition has its fans, not everyone welcomes the combination of hiking boots and birthday suits. "It's just rude," said Brian King, a spokesman for the Appalachian Trail Conservancy. "People are out there hiking with their...

Author: /time Magazine | Title: The Appalachian Trail | 6/26/2009 | See Source »

...transparency that online social networking imposes is something that takes getting used to. For many people, exposing yourself to a potentially immense and judgmental community can be new and scary. But many gay people love that function of Facebook because it makes one primary but traditionally fraught ritual of gay and lesbian life so much easier. That would be coming out. Facebook is like drive-thru coming out: quick, cheap and open all night...

Author: /time Magazine | Title: How to Come Out on Facebook | 6/2/2009 | See Source »

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