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...slowing economic output is accompanied by rising costs. The ruling Uri Party has proposed tax cuts to help spur domestic consumer and corporate spending. But export growth slowed to less than 30% year on year in August, making it less likely that the country can reach this year's target GDP growth of 5%. In this precarious situation, a spike in oil prices might well tip the country into recession. "Needless to say, if oil prices were to approach $50 per barrel and stay there, all bets would be off," wrote Goldman Sachs economist Sun Bae Kim in a recent...

Author: /time Magazine | Title: Crude Awakenings | 9/6/2004 | See Source »

...about that ownership society. The Republican National Committee has foreshadowed the message of the day by boasting that the delegates are the convention's most diverse ever. How do they know? They have counted. The pageant will probably cause seizures among Bush's enemies. But they are not the target audience...

Author: /time Magazine | Title: Inside The Mind Of George W. Bush | 9/6/2004 | See Source »

...does someone who talks so much about getting good information deal with getting something so big so wrong? Bush will defend to his last breath the decision to target Saddam, weapons or no, but he now talks like a convert about the need for intelligence reform. "Look, I asked a lot of questions beforehand," he says of the prewar intelligence. "Anytime you put a large group of people into a combat zone, you ask a lot of questions." Having said that, he admits he is now asking even more. "We've just got to make sure that everybody's voices...

Author: /time Magazine | Title: Inside The Mind Of George W. Bush | 9/6/2004 | See Source »

...gives the company a strong incentive to stay at home: Ireland's 10% corporate tax rate, compared to 34.5% and roughly 38.3% for Guinness's rivals in the Netherlands and Germany. That would make it difficult for Diageo to justify selling its Dublin operations. If Guinness were an acquisition target, "you would never get the price to compensate for that," says Graeme Eadie, an Edinburgh-based beverage analyst at Deutsche Bank. And even if it no longer builds houses, Guinness is still known as a generous employer, providing complete health care for families of staff, and even paying for them...

Author: /time Magazine | Title: Can This Stout Keep Its Clout? | 9/5/2004 | See Source »

...perspective. The debate over head scarves in schools has been raging since the late 1980s: the government says the display of religious symbols undermines the mission of public schools to educate without regard to race, religion or gender; Islamic officials counter that the law is really intended to target Muslims. The debate had become so partisan that much of French society was convinced that Muslims put their religious beliefs ahead of allegiance to their country. But the events of last week changed many minds. Thousands of Muslims and non-Muslims demonstrated against the abductions. Many of the protests included women...

Author: /time Magazine | Title: Showing Faith in France | 9/5/2004 | See Source »

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