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...train wreck is unfolding, I took a tour last month of the warehouses and industrial parks of eastern Los Angeles County. Chris Bonney, the president of the City of Industry, Calif., office of commercial brokerage Lee & Associates, was my guide (and my driver). With the phenomenal growth of foreign trade passing through the ports of Los Angeles and Long Beach in recent decades, City of Industry, Pomona and their neighbors had become distribution boomtowns. But now, every time Bonney turned a corner, it seemed that he had another sad tale to tell. (See the best business deals...

Author: /time Magazine | Title: A Slow-Motion Wreck for Commercial Real Estate | 1/18/2010 | See Source »

...Taipei as the world's tallest. Its closest competitors are also in Asia, in such cities as Shanghai, Kuala Lumpur, Hong Kong, Nanjing and Guangzhou. On the list of the 10 tallest buildings, only Chicago's venerable Willis (formerly Sears) tower represents the older, developed economies, though One World Trade Center in New York City will join it when it is eventually completed. Will all those Asian cities that love tall buildings turn out to be as hubristic as critics think Dubai has been? Or does the zeal to build high and mighty represent a shift of economic power...

Author: /time Magazine | Title: The Moment | 1/18/2010 | See Source »

China, contending with a huge trade surplus with the U.S., bought more and more Treasury bonds, pushing down yields and making Treasuries less attractive to other foreign investors. As a result, the rising demand for higher yielding U.S. debt opened the door for Wall Street investment bankers to spin out new classes of fixed-income securities, most notably collateralized debt obligations or CDOs. Much of the money raised by those investments was funneled in the mortgage market. That gave lenders the ability to make more loans, allowing more people to buy houses and push up real estate prices. Many...

Author: /time Magazine | Title: Did Foreigners Cause America's Financial Crisis? | 1/15/2010 | See Source »

...million to a Vietnamese state-owned bank, apparently to secure the release of the four Vietnamese employees who faced the death penalty. Many investors hoped this was a small bump on the path to further economic reforms, and it didn't slow Vietnam's entry into the World Trade Organization in early...

Author: /time Magazine | Title: Jetstar Detentions Raise Red Flags for Investors in Vietnam | 1/15/2010 | See Source »

...past six months, Turkey has scrapped visa requirements for Lebanon, Jordan and Syria and signed a raft of agreements with each country designed to improve trade and cultural exchange. Since publicly chastising Israeli President Shimon Peres over Gaza at a conference in Switzerland last January, Prime Minister Recep Tayyip Erdogan has become a hero on Arab streets, and the latest diplomatic spat with Israel won't do his popularity any harm. Beirut daily Al Akhbar's headline on the Ayalon apology story praised "Sultan Erdogan" and exalted that "Israel understands only Turkish...

Author: /time Magazine | Title: Turkey and Israel: The End of the Affair? | 1/15/2010 | See Source »

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