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...rest of the world, the dispute presented a golden opportunity. The Middle East didn't waste time, stepping in with loans and development projects - or as one Western observer put it, "a rain of dollars." In June, the Islamic Development Bank - a lender in which Saudi Arabia, Libya and Iran hold the three largest stakes - agreed to build a railroad connecting Turkmenistan and Iran, the first direct rail link between the Islamic Republic and Central Asia. "As of today, our relations with the Islamic bank have really been activated," Tuvakmammed Japarov, the country's deputy prime minister for the economy...

Author: /time Magazine | Title: East and West Scramble for Turkmenistan's Riches | 11/29/2009 | See Source »

...also stepped in to fill Russia's shoes as a natural gas middleman. A new gas pipeline connecting Iran and Turkmenistan is expected to open in December, nearly doubling the gas trade between the countries to 700 billion cubic feet a year. Because Iran already has one of the world's largest gas reserves, most of the imported Turkmen gas would be resold for profit. Not to be outdone, China signed a 30-year deal with Turkmenistan in June to buy up to 1.1 trillion cubic feet of Turkmen gas annually, starting in 2011. Work is expected to be completed...

Author: /time Magazine | Title: East and West Scramble for Turkmenistan's Riches | 11/29/2009 | See Source »

...West has other problems to contend with, too. At the October investment conference in Ashgabat, several businessmen said a major obstacle was the fact the Turkmen have little time for Western values of democracy and free-market economics. Berdymukhamedov's regime is one of the most dictatorial in the world, keeping tight reins on the media and political opposition and allowing only the barest beginnings of private enterprise. "The reaction to our proposals is always, 'Thanks but no thanks,'" says one Western diplomat, who requested anonymity for fear of hurting his operations in the country. "It comes down to trust...

Author: /time Magazine | Title: East and West Scramble for Turkmenistan's Riches | 11/29/2009 | See Source »

...Lake Como. The Italian body of water, he wrote, "touches the limit of the permissibly picturesque." Atitlan, however, "is Como with the additional embellishment of several immense volcanoes. It is really too much of a good thing." Guatemalans have interpreted this declaration by the author of Brave New World to mean that Lake Atitlan is the most beautiful lake in the world - which is the billing on most of the tourist brochures, despite Huxley's ambivalent phrasing...

Author: /time Magazine | Title: How Guatemala's Most Beautiful Lake Turned Ugly | 11/29/2009 | See Source »

...renting the space to another operator, at a loss. "We used to have 15 or 20 tables a day. Now we get one," says Pedro Chavajag, 38, owner of Comedor Juanita, an eatery about 40 feet from a busy dock here. (See pictures of urban farming around the world...

Author: /time Magazine | Title: How Guatemala's Most Beautiful Lake Turned Ugly | 11/29/2009 | See Source »

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