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...clear: none of this will be easy. The struggle against violent extremism will not be finished quickly, and it extends well beyond Afghanistan and Pakistan. It will be an enduring test of our free society and our leadership in the world. And unlike the great power conflicts and clear lines of division that defined the 20th century, our effort will involve disorderly regions and diffuse enemies...

Author: /time Magazine | Title: Full Transcript of Obama's Speech | 12/1/2009 | See Source »

...remains to be seen how the Spanish public will take to the idea of removing the miniature action figures from their kids' Happy Meals. Ana's parents say they aren't worried about their daughter's weight. "We eat well at home, and an occasional treat isn't going to hurt her," says her mother Tonia. In fact, they had also eaten lunch at McDonald's the previous day. "She really loved the toy saber," Marco says...

Author: /time Magazine | Title: In Spain, Taking Some Joy out of the Happy Meal | 12/1/2009 | See Source »

...metro system, one of the most advanced in the world, is financed through three-year notes, which the city-state believed they could renew as ticket fees helped pay the interest. Now, the international consortium that is building the system - including the Japanese construction giants Mitsubishi and Obayashi as well as the Turkish company Yapi Merkezi - are probably left with huge fees unpaid...

Author: /time Magazine | Title: Can the Banks Force Dubai into Foreclosure? | 12/1/2009 | See Source »

Creditors, therefore, had to go to the negotiating table to be able to wring out payment. Dubai's on-balance-sheet debt seems to be about $80 billion (and some observers believer there could be a substantial amount of off-balance-sheet debt as well). About 40% of the official debt is held by British banks, 30% by E.U. firms, about 9% by U.S. institutions and 7% by Japanese ones. According to a source close to Dubai World, the city-state's representatives now wants to write off some $30 billion of its debt...

Author: /time Magazine | Title: Can the Banks Force Dubai into Foreclosure? | 12/1/2009 | See Source »

...banks, not surprisingly given their current condition, have resisted, and are now in negotiations in with Dubai World. The banks may have limited options. It does little good to go after Dubai's overseas holdings because those have largely been into the troubled real estate market as well. Those holdings and joint ventures involve the Essex House hotel in New York City, the W Hotel group, MGM Mirage in Las Vegas as well as smaller interests in such properties as Raimon island in Thailand...

Author: /time Magazine | Title: Can the Banks Force Dubai into Foreclosure? | 12/1/2009 | See Source »

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