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TONY BLAIR The former Prime Minister remortgaged his constituency home for more than $450,000 and claimed almost a third of the interest as an expense at about the time he was buying another property in London...

Author: /time Magazine | Title: The World | 5/25/2009 | See Source »

...contrast, Saudi Arabia's institutional memory of the boom and bust cycle served it well during what was the kingdom's third great oil boom of the past four decades. After the high prices of the 1970s, Saudi Arabia's economy went through a long-drawn-out slowdown as oil revenues plummeted for most of the 1980s. After a spike when Iraq invaded Kuwait, prices weakened again in the 1990s, even as Saudi struggled to pay off its (large) chunk of the bill for the first Gulf War. At the height of the Asian financial crisis in 1998, oil prices...

Author: /time Magazine | Title: Saudi Arabia's Lessons Learned | 5/25/2009 | See Source »

...Third, King Abdullah, though often criticized as being too "frugal," has stuck to sensible spending. It is this that has saved Saudi Arabia. Even the ambitious economic cities that were announced at the end of 2005 were private-sector initiatives, not state-financed ones...

Author: /time Magazine | Title: Saudi Arabia's Lessons Learned | 5/25/2009 | See Source »

...Miami On Third Try, Conviction in Terrorist Plot After three years and two mistrials, a federal jury convicted five Miami-based men of conspiring to blow up the Sears Tower, Chicago's landmark skyscraper, in 2006. Ringleader Narseal Batiste, who was captured on tape swearing allegiance to al-Qaeda and threatening to "kill all the devils," faces up to 70 years in prison. He was the only suspect convicted on all charges--one was fully acquitted and one exonerated in a previous trial--in a protracted case that some experts said lacked convincing evidence. Defense lawyers vowed to appeal...

Author: /time Magazine | Title: The World | 5/25/2009 | See Source »

...Afghanistan POISON-GAS ATTACKS At least 84 Afghan girls were admitted to a hospital in the small town of Mahmud Raqi for nausea and headaches after the third apparent poisoning at a school in less than three weeks. Officials suspect Islamic extremists, who have been known to burn down schoolhouses and spray acid in schoolgirls' faces. Women could not attend classes under the Taliban...

Author: /time Magazine | Title: The World | 5/25/2009 | See Source »

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