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...major retrenchment could have serious consequences for China's economy and society. The specter of legions of laid-off migrant workers roaming the streets in search of jobs is bound to keep Beijing's economic policymakers, who fear the political consequences of widespread social unrest, up at night. Sun, the Lehman Brothers economist, says as manufacturers are pushed to the brink, China's stock markets could see sharp declines. Given that many large, listed Chinese companies pad their profits by investing in stocks themselves, "a big correction could bring [corporate earnings] even lower, and a vicious cycle could result," says...

Author: /time Magazine | Title: China's At-Risk Factories | 3/20/2008 | See Source »

...predicted location was out by just three nautical miles. Yet his results lay untouched for years as funding and technological limitations hobbled the search effort. Eventually, however, Kirsner's work and research by Mearns using the diary of the Kormoran's captain convinced government to put up more than $4 million for the search, says Ted Graham. "No one had looked in this particular area before - and the technology, the funding and the expertise had not been available until now." Former signaler McDonald, who suspects details of the battle were hushed up at the time, says he won't believe...

Author: /time Magazine | Title: Lost No More | 3/20/2008 | See Source »

...result has been a flurry of speculation, false sightings, books and conspiracy theories - that a Japanese submarine was involved; that the Australian government staged a cover-up. In 2001, five Western Australian volunteers formed the Finding Sydney Foundation and began gathering evidence and government support for another search. In 2003, chairman Ted Graham met with David Mearns, the well-known American shipwreck hunter. Says Graham: "I just had the view that unless our generation found HMAS Sydney, and in particular found it while the widows were still alive, it would potentially be forgotten...

Author: /time Magazine | Title: Lost No More | 3/20/2008 | See Source »

...Mearns' team set sail in the Geosounder in early March to tackle a search zone of 1,800 square nautical miles between Carnarvon and Geraldton. After weathering technical problems and a cyclone, on March 12 it transmitted the startling news: the Kormoran had been found. Four days later, the Sydney was located. Graham's fellow Foundation director Glenys McDonald, who was on board, said: "I went up to the back deck and leaned over the railing and cried and gave thanks...

Author: /time Magazine | Title: Lost No More | 3/20/2008 | See Source »

...local police station and even helping out at an orphanage. Their outreach program convinced many bars in one area to close down voluntarily after 10 p.m. and tonight, as they wind their SUVs through the dimly lit streets, they stop people as much to get to know them as search for drugs or guns. "The primordial factor here is that they don't see us as the enemy and we don't see them as the enemy," says local officer Capt. Gilberto Tardochi...

Author: /time Magazine | Title: (Not Such) Bad Boys | 3/19/2008 | See Source »

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