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...plus side, there was some improvement in commodity prices in May - but it was more than offset by an appreciating currency and lower export volumes, which crushed trade receipts. As a result, second-quarter GDP is expected to contract 3.1% on an annualized basis, according to the Toronto-based investment dealer CIBC World Markets. "I wouldn't be surprised if June was as bad as May," says CIBC economist Krishen Rangasamy, referring to Canada's trade deficit. He expects the country's balance of trade to begin improving in the fourth quarter, with annualized GDP growth...

Author: /time Magazine | Title: Just When Canada Thought It Was in Recovery... | 7/20/2009 | See Source »

...menacing event along many U.S. coastlines. Some strains are toxic and can close beaches and poison seafood, posing a hazard to consumers. The National Oceanic and Atmospheric Administration (NOAA) maintains a forecasting system for the Gulf of Mexico to warn of harmful Florida blooms. On Thursday, on the other side of the continent, Senator Olympia Snowe, a Maine Republican, urged the NOAA to direct at least $500,000 to assess a disastrous red tide - a form of algal bloom. "The state of Maine is currently besieged by the most virulent red tide event ever recorded in the region," Snowe wrote...

Author: /time Magazine | Title: Arctic Mystery: Identifying the Great Blob of Alaska | 7/18/2009 | See Source »

...prelate considered to be close to Benedict, tried to soften the church's approach to the case by writing in the Vatican's official newspaper L'Osservatore Romano that the girl "should have been defended, hugged and held tenderly to help her feel that we were all on her side." Two weeks ago, the Vatican announced that Sobrinho, who had been serving past retirement, was stepping down. And that's where the church stood. Until...

Author: /time Magazine | Title: A Sequel to the Case of the Pregnant 9-Year Old | 7/18/2009 | See Source »

...that most of the media is still in a "post-9/11 swoon" and doesn't cover the department with any teeth. It really happened even earlier, with the age of Giuliani and his turnaround of the crime situation. People were so afraid of getting on the wrong side of him that there was very little critical coverage at the time, so it all came out in the coverage of Louima and Diallo, which are two of the most horrific incidents that occurred. [Abner Louima is a Haitian immigrant who was brutally assaulted by a police officer in a Brooklyn...

Author: /time Magazine | Title: The Hidden Side of the NYPD | 7/17/2009 | See Source »

...press conference, Yudhoyono also lamented Manchester United's cancellation of their planned soccer match with an Indonesian all-star side next week. "If this hadn't happened, the best-known soccer club in the world would have played in Jakarta," he said. The team had planned to stay at the Ritz-Carlton...

Author: /time Magazine | Title: After a Four-Year Calm, Bombs Hit Jakarta Hotels | 7/17/2009 | See Source »

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