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...used because his company is in financial difficulty and he may leave the country.) Helicopters circled the event "as if David Beckham had arrived at the airport," he says. Inside, Mohamed put a down payment on an apartment, walked out the door, and sold the unit to a Russian man on the street for double his purchase price. The man paid cash. In just 20 minutes Mohamed had made $408,000. The lesson: "In Dubai, you can throw your ethics and economics textbooks right out the window, because the rules just don't apply...

Author: /time Magazine | Title: Dubai's Sand Castles | 5/25/2009 | See Source »

...nuclear bomb for the second time in three years. "We just didn't see this coming," a usually very well-informed intelligence source in east Asia told TIME today. The magnitude of the explosion in North Hamgyong Province, in the northeastern part of the country, near the Chinese and Russian borders, was four times greater than that of the last test, in the autumn of 2006, analysts in Seoul said. North Korea's KCNA news agency said the blast showed that "both the explosive power and technical control have increased," and the intelligence source didn't disagree with that assessment...

Author: /time Magazine | Title: North Korean Nuke Test: What Good Is Diplomacy? | 5/25/2009 | See Source »

Vladimir Putin, Russia's Prime Minister and former President, is not renowned for his love of literature. But on Sunday he gave Russian journalists an unexpected reading tip: the diaries of Anton Denikin, a commander in the White Army, which fought the Bolsheviks after the revolution in 1917. (See TIME's photos of last year's war in Georgia...

Author: /time Magazine | Title: Putin to the West: Hands off Ukraine | 5/25/2009 | See Source »

...discussion there about Big Russia and Little Russia - Ukraine," Russian news wires quoted Putin as saying after laying a wreath in Moscow at the grave of Denikin, who is now portrayed as a Russian patriot. "He says that no one should be allowed to interfere in relations between us; they have always been the business of Russia itself." (See TIME's Person of the Year: Vladimir Putin...

Author: /time Magazine | Title: Putin to the West: Hands off Ukraine | 5/25/2009 | See Source »

...summit would only cause troubles and fruitless discussions were wrong," says Nikolai Petrov, an analyst at independent think tank The Carnegie Moscow Center. "It looks like it wasn?t extremely successful, but it wasn't a failure." Referring to past E.U. conferences that have been held in remote Russian cities, he adds: "If anything, this was a continuation of E.U. field trips into Russia's deep countryside...

Author: /time Magazine | Title: No Gas Deal at the E.U.-Russia Summit | 5/23/2009 | See Source »

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