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...China is building up excess capacity at a breakneck pace. The country's economy grew 9.1% last year and attracted $53 billion in foreign investment, second only to the U.S. economy. The emerging middle class pushed retail sales up 9% in 2003, but industrial output shot up 17%. Economists warn of a crash waiting to happen: if too many factories make too many goods chasing too few buyers, the results are likely to be deflation, widespread business failures, layoffs, loan defaults and shaky banks. And with many other Asian countries retooling their economies to fuel China's boom, the knock...

Author: /time Magazine | Title: China: TIME Global Business: Moving Too Fast? | 2/23/2004 | See Source »

...passed them on to the enemy as a spy for the CIA. From 1972 to 1981, Kuklinski, whose code name was Gull, copied more than 35,000 pages of classified documents, often using a CIA camera disguised as a cigarette lighter. Perhaps his greatest service was to warn Washington in 1980 that the Soviets were planning to invade Poland to quash the country's fledgling trade union movement, allowing the U.S. to pressure Moscow to back down. Kuklinski, who defected to the U.S. in 1981, said his espionage was motivated by his disdain for Poland's Soviet overlords...

Author: /time Magazine | Title: Milestones | 2/16/2004 | See Source »

...also a Bacanovic client. They were eager to unload their shares in the biotech firm. Flustered, Faneuil called Bacanovic. When Faneuil told his boss about the Waksals, Bacanovic blurted out, "Oh, my God! Get Martha on the phone." Faneuil said he took this to mean his boss wanted to warn his prize client to sell her ImClone shares. But Bacanovic was only able to leave a message for Stewart, who was en route to Mexico, and he told Faneuil to expect her return call. "Can I tell her about Sam? Am I allowed to?" Faneuil recalled asking. "Of course," came...

Author: /time Magazine | Title: Oh, My God! Get Martha On The Phone | 2/16/2004 | See Source »

That's why Republicans who have watched Kerry up close warn that Bush shouldn't consider him a liberal lightweight who can be boxed up and buried. "That's a prescription for disaster in November," says Nebraska Republican Chuck Hagel. "He is a seasoned, smart, tough, articulate campaigner who has a pretty strong record to offer the American people. And that's the way [Republicans] better take...

Author: /time Magazine | Title: Campaign '04: Kerry's Record | 2/9/2004 | See Source »

...scared should you be? All of the human victims so far caught the virus from exposure to infected chickens. There's no evidence yet that bird flu is being spread from humans to humans, which would make this virus infinitely more ominous. Should that occur, experts warn of a global pandemic far worse than SARS, which killed 800 people worldwide. Mutating viruses are frighteningly unpredictable, but mass cullings of poultry should help to avert a pandemic...

Author: /time Magazine | Title: Just The Facts | 2/2/2004 | See Source »

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