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...world's most dangerous countries, has been further shaken by, of all people, a bus driver, a ski-lift operator and a gym rat. On June 28 Pakistani paramilitary forces chased militants led by Mangal Bagh, who used to drive a bus, from the fringes of Peshawar, a key transit point for supplies for U.S. and NATO forces fighting the Taliban insurgency in neighboring Afghanistan. While the operation was nominally successful - Bagh and his men were driven from the area and his compound was blown up - the militant leader was back on his pirate radio station a few hours later...
...General, then as President, foreign direct investment rose, the Karachi stock exchange outperformed regional neighbors and GDP grew on average 7% a year. The lifting of international economic sanctions, imposed in 1998 when Pakistan tested its first nuclear bomb, was partially responsible for the boost, but Musharraf also privatized key industries and opened up the banking sector. The rapid growth, however, exposed cracks in infrastructure that was failing to keep up. "The economy has been good for big business, good for the per capita averages and good for GDP," says Tasneem Noorani, who served as Secretary of the Interior under...
...previous government failed to generate a single additional megawatt. If you have that kind of growth but do not generate the power to go with it then the system will collapse." Load-shedding - as much as 18 hours a day in some areas - has brought production lines in key employment sectors such as textile-manufacturing to a standstill. Rising oil prices had been mitigated by government subsidies during much of Musharraf's tenure, but such subsidies can no longer be sustained. The cost of fuel - used for both transportation and energy production - jumped 17.7% in March, echoed...
...business lesson: choose your partners carefully. The moment a lock-in agreement blocking either side from selling out expired in December, the competing interests of BP and AAR looked set for a collision. Oil giants like BP are used to investing for the long term, knowing that patience is key in this capital-intensive business. AAR would like a faster return. Both sides might have done better, in fact, if one had taken overall control. Indeed, Putin recently recalled warning BP in 2003 to "agree to one of you having a controlling stake" in order to avoid "frictions over...
...Ultimately, the key to understanding Mandela is those 27 years in prison. The man who walked onto Robben Island in 1964 was emotional, headstrong, easily stung. The man who emerged was balanced and disciplined. He is not and never has been introspective. I often asked him how the man who emerged from prison differed from the willful young man who had entered it. He hated this question. Finally, in exasperation one day, he said, "I came out mature." There is nothing so rare - or so valuable - as a mature man. Happy birthday, Madiba...