Word: turmoil
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...moment, the best bellwether of Western sentiment remains the stock market. Its recent nosedive reflects not just political turmoil, but also signs of an economy under stress. While GDP is expected to rise about 7.5% this year, Neil Shearing, an economist at Capital Economics in London, warns that unless Russian authorities get a grip on this heady growth and "take some of the steam out of the economy, we could have a fairly nasty correction over the medium term." Meanwhile, a report published by the Organization for Economic Cooperation and Development in July warned that Moscow must do much more...
...Later, the U.S. women's soccer team, which played the tournament without its best player, Abby Wambach, shocked Brazil in the gold medal game, a 1-0 overtime thriller. Brazil had spanked the U.S., 4-0, at last year's World Cup, and then the U.S. turned into team turmoil after it, when benched American goalie Hope Solo teed off on their coach. Now, under new coach Pia Sundhage, they're the Olympic champs. And Solo, a polarizing force a year ago, is a star after shutting out Brazil. "Whatever I said last year, I said everything under emotions," Solo...
...Munk's project is one of the biggest in a region long riven by wars and political turmoil. Montenegro was sealed off from the outside world by the violent breakup of Yugoslavia in the 1990s, and later by its political alliance with Serbia. But since winning independence from Belgrade in 2006, it has seen a rush to develop its pristine coastline, sparking worries among some locals that their patrimony may be sold off in unsustainable ways. "Montenegrins have good reason to be incredulous," says Prime Minister Milo Djukanovic, during an interview in the just-completed Hotel Splendid in the bustling...
...Land, the U.K.'s second-biggest property developer, announced that construction of the building - already dubbed "The Cheesegrater", in honor of Rogers's wedge-shaped design - would likely be delayed, pushing completion back a year to 2012. The firm's motive? With the financial services sector trimming costs amid turmoil in the credit markets, both the demand and rental values for City offices are dwindling. British Land - itself hit by a $1.1 billion loss for the three months to July as the value of its portfolio tumbled - reckons it'll score lower construction costs and higher rents...
...Chinese get more than half of their surging oil imports from the Middle East and are deathly afraid of turmoil in the Persian Gulf. "They lose sleep at night thinking that they [rely] on the Middle East," says Jon Alterman, a senior fellow at Washington's Center for Strategic and International Studies and author of a new study called "The Vital Triangle: China, the United States, and the Middle East...