Word: montenegro
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...Yugoslav naval base at Tivat on the coast of Montenegro is a derelict place. Colossal jetties stretch out from an abandoned work yard piled with crumbling concrete, twisted metal rods and broken glass. In one corner, a Cold War-era submarine, its giant propeller exposed to the summer winds, is being slowly dismantled by a local crew in flip-flops. The berths are fouled with paint chips and rusted metal, and until a recent scavenging operation, explosives lay on the seabed...
...backers say will help turn this lowly industrial town into a glistening new Monaco. Its current appearance notwithstanding, Tivat is fortuitously situated on the so-called Venice-Corfu leg, the fastest-growing cruise destination in the Mediterranean and a pleasure ground for some of the world's wealthiest people. Montenegro's roads are crumbling, its power supply sporadic and its sewage system inadequate, but its coastline is one of the most spectacular on the Mediterranean...
...Peter Munk, 80, the Hungarian-born Canadian who heads the mining giant Barrick Gold, that potential makes Montenegro a prime candidate for development. Relaxing in shorts and bare feet on his chartered 162-ft. (49 m) yacht on the deep blue waters near Tivat, Munk says Monaco was also a relatively backward town before it transformed itself - and swaths of the French Riviera with it - into the playground it is today. Tivat, or Porto Montenegro as the marina area is being renamed, will have a similar effect, Munk declares: "The whole Adriatic is going to be lifted up by this...
...Munk, who built Barrick from nothing into the world's biggest gold-mining company, invested his own money to start the Montenegro project. But in recent months he has brought in an A list of fellow investors, including former banker Lord Jacob Rothschild and his son Nathan, French luxury-goods magnate Bernard Arnault and Russian mining billionaire Oleg Deripaska...
...medal tables. The movement now boasts more members than the United Nations. At the Opening Ceremony, more than 10,500 athletes marched together, representing 204 republics, theocracies, city-states, protectorates and even a certain island that competes under the name of Chinese Taipei. Three Olympic debutantes appeared in Beijing: Montenegro, the Marshall Islands and Tuvalu, a South Pacific nation whose very existence is threatened by global warming. China's flagbearer Yao Ming, at 2.29 m (7 ft. 6 in.) the Games' tallest Olympian, loped along the same path as 1.43 m (4 ft. 8 in.) American gymnast Shawn Johnson. Four...