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...Petro-economies once seemed impervious to the American sub-prime mortgage mess. That view is reflected in a grim joke making its way around Wall Street and the City of London about the options left for laid-off bankers: "It's Dubai, Mumbai, Shanghai, or goodbye." But the reality may be even grimmer. In fact, Dubai and the other oil-enriched regions of the Arab world aren't quite the safe havens they once were. Western and Middle Eastern markets are more closely intertwined than they were during the 1970's oil boom. But recently, Arab exchanges have been...

Author: /time Magazine | Title: The Slump Hits the Gulf: No More Palm Islands? | 9/17/2008 | See Source »

...holds (China Telecom and Bank of China, among others), but it hasn't been safe. China's stock markets have fallen by 63% this year. Alerted to the severity of the slide by one of her investment-club friends, Zhu checked on the mutual fund earlier this week as Shanghai's stock index plunged below the 2,000-point level for the first time in nearly two years. Zhu was stunned to see that her investment had lost nearly...

Author: /time Magazine | Title: Wall Street Meltdown: Global Fallout | 9/17/2008 | See Source »

...friend from Shanghai leaned over to share her shameful secret: "I watched some of the Olympics," she said, in a tone of voice implying that this was a transgression akin to sleeping with her best friend's boyfriend or - even worse in this fashion-crazed city - toting an obviously knock-off handbag. For months, many citizens of China's most populous city gritted their teeth as Beijing got all the glory. But now that the Olympics are over, Shanghai is determined to reclaim the title of China's most happening metropolis. Just four days after the Summer Games' closing ceremony...

Author: /time Magazine | Title: Shanghai: After Beijing Games, Back in the Spotlight | 9/17/2008 | See Source »

...Shanghai has always thrived as China's gateway to the world. While Beijing may boast millennia of history, Shanghai owes its prominence to having served as a key trading port for colonial powers. Once China accelerated market reforms in the 1990s, the country's first stock exchange was established in Shanghai, and much of the foreign direct investment that flows into China comes through here. Fashion houses, banks and law firms gravitate first to Shanghai, not Beijing. Still, the last couple of years have not been kind to the city. A cancerous corruption scandal, uncovered by the overlords in Beijing...

Author: /time Magazine | Title: Shanghai: After Beijing Games, Back in the Spotlight | 9/17/2008 | See Source »

...Berling), eldest child of Hélene (Scob), matriarch of the clan who died at 75. Neither of his siblings - Adrienne (Binoche), a designer living in New York, and Jérémie (Renier), whose job has taken him, his wife and kids to Shanghai - is attached to Hélene's country home as much as Frédéric is; both want to sell the place and the valuable paintings and furniture in it. Frédéric has to decide whether to swallow his rancor for the sake of family amity, or fight with...

Author: /time Magazine | Title: Five Fast Takes from Toronto | 9/14/2008 | See Source »

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