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China revalued its currency last week, allowing it to rise 2.1% against the U.S. dollar. No longer will the yuan exactly track the buck, as it has for nearly a decade--which has kept the yuan's value artificially low and made Chinese goods cheap in the U.S. Here's what it all means...

Author: /time Magazine | Title: China's Currency | 7/26/2005 | See Source »

...Iraq said U.S. commanders largely agreed with the report and are following its recommendation to turn over the vetting of recruits to the Iraqis, who have postponed some training to redo background checks. The spokesman also said the Iraqi Interior Ministry has begun using a biometric database to track "ghost employees" who are on the rolls but don't show up for work. A senior U.S. military officer in Iraq, however, tells TIME that he disagrees strongly with one opinion included in the report--that the Pentagon was serving up unprepared Iraqi police as "cannon fodder." --By Timothy J. Burger...

Author: /time Magazine | Title: Are Police in Iraq Ready? | 7/26/2005 | See Source »

...team, it is all but impossible to bring legal action against overseas buyers; they struggle even to track down the local suppliers and dealer. Museum enforcement officer Sebastian Haraha is frustrated by their lack of results. One dealer slipped into p.n.g. from neighboring Indonesia, he says, and managed to take three truckloads of artifacts back across the border without inspection by any authority. "I was trying to catch up with him, but every place I went to I just missed him," says Haraha, fanning out a wad of photographs of items he is attempting to trace."We don't know...

Author: /time Magazine | Title: The New Head Hunters | 7/25/2005 | See Source »

...boat coming, a plane and the icebox, the truck, and this place will be different," says senior man Johnson Kuanu. Some new things, he told them, would be good, including parts of Christianity, and some bad. "He said we had to be careful." Along a winding track leading from the banyan, a wind-blown cliff looks down to where the forest surges to meet the sand. This is where John Frum is believed to have first appeared, and where the sacred stones he left behind are still watched over. When he disappeared at the end of 1942, he promised...

Author: /time Magazine | Title: Turning Back the Clock | 7/25/2005 | See Source »

Roberts seemed on a fast track to judicial glory in 1992, when George H.W. Bush tapped him for the District of Columbia Circuit Court of Appeals at the age of 36. But he encountered his first setback when the bid died in the Senate with Bill Clinton's victory. Then George W. Bush tried in 2001 and finally succeeded in 2003. In the meantime, Roberts spent most of the '90s biding his time, getting rich as a corporate lawyer at Hogan & Hartson, one of Washington's largest firms, where he quickly emerged as the supreme commander of Supreme Court battles...

Author: /time Magazine | Title: Judging Mr. Right | 7/24/2005 | See Source »

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