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...bidders on June 29 and 30. In the running are Exxon Mobil, Shell and BP as well as smaller Chinese, Russian and other state companies. Winners will have a 75% stake in the project - with 25% to the partnering Iraqi oil company - and will be compensated for their costs plus a profit based on increasing a field's oil production...

Author: /time Magazine | Title: A Chinese Lesson in Iraqi Oil Exploration | 6/26/2009 | See Source »

...drama Mr. Smith Goes to Washington. If there'd been just five slots, the roll call might have ended there. But since 10 was the magic number, there was room for two transcendent weepies, Dark Victory (Bette Davis loses her sight) and Love Affair (Irene Dunne loses her legs), plus a musical, The Wizard of Oz, a western, Stagecoach, and a romantic comedy, Ninotchka - all of which are close to being the definitive examples of their genres...

Author: /time Magazine | Title: Why the Oscars Need 10 Nominees | 6/25/2009 | See Source »

...would decide about short-term interest rates. These days that's a given: rates are stuck between 0% and 0.25% for the foreseeable future. Instead, the only real news one can hope for out of a Federal Open Market Committee (FOMC) meeting has to do with the $1 trillion-plus stash of mortgages and other debt securities that the Fed has built up during the past two years of financial turmoil. Is it going to step up its purchases (meaning it's still worried about economic collapse) or start winding them down (meaning it's starting to worry about inflation...

Author: /time Magazine | Title: The Fed Holds Steady: Mixed Signals on the Economy | 6/24/2009 | See Source »

...eminence, is a combustible combination. The North has 13,000 artillery tubes trained on South Korea, and the two sides have had two minor naval confrontations in the past 10 years. "Anytime you have a combination of this behavior of doing provocative things in order to excite a response - plus succession questions - you have a potentially dangerous mix," said U.S. Director of National Intelligence Dennis Blair in a recent speech...

Author: /time Magazine | Title: North Korea: The Coldest War | 6/22/2009 | See Source »

...plus-one theory. Among flour beetles, males routinely force themselves on other males. According to Bailey and Zuk, there's some evidence that sperm deposited during this male beetle rape is sometimes transferred to a female later on, increasing the chances that she will have offspring...

Author: /time Magazine | Title: Why Some Animals (and People) Are Gay | 6/19/2009 | See Source »

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