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...hostile engagements between British and Icelandic fishing fleets and naval vessels, with nets being cut and boats being rammed, ending in the 1970s with an agreement that many British fishermen still blame for limiting their catches. If Brown fails to retrieve British cash from Iceland, a wider swath of the population - all British taxpayers, in fact - will feel the effects this time around. His chancellor, Alistair Darling, promised U.K.-based private investors on Wednesday that the government would cover their full potential losses after IceSave, an Internet subsidiary of Landsbanki that attracted customers with a range of high-interest products...

Author: /time Magazine | Title: Iceland: Britain's Credit Crunch Scapegoat | 10/10/2008 | See Source »

...general election campaign for the open seat in New York's 26th congressional district is still largely defined by the rocky primary season that preceded it. Former businessman Chris Lee ran unopposed for the Republican nomination in the district that covers parts of seven counties across a broad swath of upstate New York between Rochester and Buffalo, giving him a substantial financial advantage. As of the last official reporting on August 20, he had about $750,000 on hand, including $470,000 from his own pocket. Meanwhile, his Democratic opponent, environmental lawyer Alice Kryzan, had to compete in a bruising...

Author: /time Magazine | Title: Races to Watch: A GOP Seat at Risk in Upstate New York | 10/8/2008 | See Source »

...this is not meant to be a tourist destination. Each of the new cities will specialize in specific industrial sectors, where foreign and Saudi businesses are being encouraged to build factories and offices. KAEC's speciality will be plastics - in the masterplan, a large swath of the city is designated "Plastics Valley". There will also be a $6 billion aluminum complex and a container depot. The UAE aluminum maker Dubal has already signed up as one of the "anchor" industries. Chocolate maker Mars will be another. The city's planners hope KAEC will eventually create 40,000 industrial jobs...

Author: /time Magazine | Title: A New City in the Saudi Desert | 10/2/2008 | See Source »

...David Petraeus, the architect of the U.S. surge policy in Iraq, leaves to take over U.S. Central Command later this fall - a swath of territory from Kazakhstan to Kenya, including Iraq and Afghanistan - he's passing the baton to his former top deputy in Iraq, Gen. Raymond Odierno. The New Jersey-born and bred Odierno, an imposing (6-ft. 5-in.) leader whom the troops call "General O", spent 15 months as Petraeus's number two during the implementation of the surge. His new job will include advising the next President on if and when to pull out U.S. troops...

Author: /time Magazine | Title: General Raymond Odierno | 9/15/2008 | See Source »

...brunt of the storm passed directly over the coast's best-preserved barrier island, Grand Isle, which sapped its power; Gustav also seems to have passed over another speed bump in the form of a rare swath of healthy marshes. "It's really incredible; a slight variation of the track either way could have meant six more feet of storm surge," says Louisiana State University coastal scientist Robert Twilley, who studied Gustav's track. "I hope nobody gets a false sense of security." The barrier islands that once protected New Orleans have eroded, and most of the city's nearby...

Author: /time Magazine | Title: Gustav's Lessons for New Orleans | 9/4/2008 | See Source »

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