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...were counting on Asia's boom to continue as uneventfully as it has over the past several years. Amit Kumar, a 22-year-old New Delhi resident, started a small building-materials business two years ago when India's capital was enjoying an unprecedented construction boom. But with interest payments on his bank loans mounting and customers dwindling, he closed up shop six months ago and started driving a taxi. The job is "beneath my status," Kumar complains, "but at least it keeps a roof above my head." If Asian governments don't get the fight against inflation right...

Author: /time Magazine | Title: Tiger Trap | 7/10/2008 | See Source »

...many readers, it will be hard to construct a prism through which police conduct in this story appears anything but deplorable. Two of the men dispatched to investigate Hurley were friends of his and dined with him the night after he was interviewed. Through their union, police exhibited little interest in the pursuit of truth, more a blind and vociferous loyalty to a colleague in strife. Between the inquest and the trial, Hooper observed their righteous fury at a Brisbane meeting whose purpose, she writes, "was to establish that the police were the victims. This was real-life...

Author: /time Magazine | Title: No Winners | 7/10/2008 | See Source »

...away the largest purse for any team sport, and Stanford, 58, is betting the match will attract a TV audience of 700 million. His primary motivation is to revive cricket's fading fortunes in the Caribbean, but he's also hoping it will stir up interest in the final frontier: the U.S. His countrymen, Stanford says, "are going to see a form of cricket they can completely identify with...

Author: /time Magazine | Title: Cricket, Texas-Style | 7/10/2008 | See Source »

...United Arab Emirates That's What Friends Are For The United Arab Emirates has written off all the money owed to it by Iraq--$7 billion, including interest--as the U.S. encourages Iraq's creditors to forgive some $70 billion remaining in foreign debt that the country accrued under former dictator Saddam Hussein. With Jordan appointing an ambassador to Iraq last week and Kuwait and Bahrain saying they are soon to follow, the U.A.E.'s announcement is being seen in Baghdad and Washington as evidence of warming relations between Shi'ite Iraq and its Sunni neighbors...

Author: /time Magazine | Title: The World | 7/10/2008 | See Source »

...tougher mortgage rules from the Federal Reserve aim to do. But at the same time, many on Wall Street and in Washington fear that the correction could careen into an economic cataclysm. That's why the Fed has intervened at the top of the financial food chain by cutting interest rates and bankrolling a shotgun takeover of the investment bank Bear Stearns. And it's why there's been lots of talk in Washington about doing something--anything--to slow the tide of mortgage foreclosures...

Author: /time Magazine | Title: The Not-Quite Bailout | 7/10/2008 | See Source »

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