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London's pre-eminence wasn't guaranteed by the Big Bang, however. More recently, the U.K.'s decision to opt out of the euro in the early '90s stoked concern that Frankfurt - now home to the European Central Bank - would eclipse the City as Europe's leading financial center. Those concerns have gone the way of the franc, lira and deutsche mark. Thanks to London's ability to exploit its long-standing expertise in marketmaking and English's position as one of Europe's primary languages, there are now more euros traded for dollars, pounds and yen each...

Author: /time Magazine | Title: The New Capital of Capital | 1/31/2007 | See Source »

...tropical Stalingrad, a bullet-raked, mortar-pounded, artillery-shelled canvas of Roman arches and Italian colonnades that that testifies to man's capacity for creation and also for destruction. Not the sort of place, in other words, that you'd expect to find a $30 million telecommunications concern doing a roaring trade in an ultra-competitive market. Yet, as Mustafa Sheikh, deputy managing director of Telcom Somalia says, the absence of a functioning government for 16 years has been a boon for private enterprise. His firm is one of three in Somalia that provides fixed-line and mobile phones, creating...

Author: /time Magazine | Title: Stateless in Mogadishu | 1/30/2007 | See Source »

...Russell were friends of his family's, and they moved in and out of his boyhood, heroes on that far-off Washington stage that beckoned him. The legendary Congressman Carl Vinson was Nunn's great-uncle. Along with a taste for basketball and politics, Nunn absorbed dignity, calm and concern, and always, from the frequent family tribunes, a "keen sense of America...

Author: /time Magazine | Title: The Presidency: Hitting the Middle Octaves | 1/26/2007 | See Source »

Actually, U.S. directors of the humanitarian-aid program feared that cash contributions might easily be diverted from their intended purposes. There were solid grounds for that concern. The General Accounting Office, an investigative arm of Congress, reported last week that the State Department was unable to account definitively for some $17 million of the $27 million that Congress had authorized for the program. The GAO claimed that a small amount was actually spent on military equipment; an Administration source confirmed this but blamed a mistake by a contractor. In another example of undocumented spending, diplomats familiar with the project...

Author: /time Magazine | Title: Pursuing the Money Connections | 1/26/2007 | See Source »

...castle and a space station were approved, but grownups nixed a plea for a haunted house lest it attract graffiti. After the diagrams were drawn up, community leaders received from Leathers' firm spiral-bound manuals detailing exactly what lumber and tools were needed. Some critics have voiced concern about the safety of volunteer-built playgrounds, but Leathers insists only the best materials are used and the workers are strictly supervised. "One thing we have learned is that we can't cut corners," says Leathers. "Playgrounds have to be tough because kids put them through such hard...

Author: /time Magazine | Title: Design: Johnny Appleseed of the Swing Set | 1/26/2007 | See Source »

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