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...undeveloped because a local demigod traversed the land on his daily pilgrimage to a volcano up north. My husband and I eyed each other. We'd been prepared for the Bali property market to throw up a challenge or two. But a hopping spirit metropolis and a commuting demigod weren't exactly what we had expected...

Author: /time Magazine | Title: A Tale of Two Islands | 10/16/2008 | See Source »

...Melwani, Hong Kong - based director of trading company Nikita, whose 10 Chinese manufacturing plants turn out women's undergarments for export to Latin America and Africa. "They don't care about quantity. They just want to know: 'What is the price?'" This year, Melwani noticed that U.S. buyers weren't coming anymore. And something else was different. His bank has stopped pushing loans. "Definitely things have changed from the beginning of this year," he says. "They are not as willing to encourage borrowing...

Author: /time Magazine | Title: Now the Real Pain Begins | 10/16/2008 | See Source »

...Retail Sales: The most significant barometer of economic health came out today in the Census Bureau's retail sales report. As expected, the numbers weren't pretty. Retail sales in September dropped to $375.5 billion, a 1.2% decrease from August. With access to credit severely restricted by the banking crisis, this third consecutive month of shrinking sales is significant because it happened during the back-to-school shopping period, usually retailers' biggest month outside the December holiday season. And a three-month decline in sales like this - September's drop was the worst - hasn't occurred since...

Author: /time Magazine | Title: Four Reasons the Markets Are Still Troubled | 10/15/2008 | See Source »

...murder charges, he was finally run in for tax evasion. Griffiths says arms traffickers have one obvious vulnerability: their need to ship arms on boats and planes, most of which require registration. When the E.U. introduced strict safety standards for air-cargo carriers two years ago, its leaders weren't thinking of arms dealers. Yet of the scores of companies they have since cited for violating safety rules, about 80 have been named in U.N. and human-rights reports as known arms shippers. "About 53 companies have been forced to close down," according to Griffiths, who released his findings...

Author: /time Magazine | Title: The Arms Trade Booms Amid Global Economic Woes | 10/14/2008 | See Source »

...would Russia promise $5.4 billion to bail out Iceland, when Iceland's traditional allies weren't offering the money? After all, Russia has its own grave financial issues to deal with. Does the country really expect to be paid back in "the famous Icelandic herring, popular in Russia since Soviet times?" as Victor Tatarintsev, Russian ambassador to Iceland, noted in an interview on Russian television. More likely, this act of benevolence is being viewed as a way for Russia to help secure a bridgehead for an advance into the Arctic regions to claim the vast hydrocarbon and other mineral deposits...

Author: /time Magazine | Title: Why Russia Is Bailing Out Iceland | 10/13/2008 | See Source »

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