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  • egypt-bombing-wide

    Egypt Bombing Raises Fears of More Sectarian Attacks

    The new year began in the Arab world’s most populous country with an explosion of long-simmering sectarian tensions. Thirty minutes after midnight on Jan. 1, during a New Year’s Eve mass, a bomb exploded in front of Saints Church in the northern port city of Alexandria, killing 21 worshipers and injuring about 100 others in the deadliest attack on Egypt’s Christian minority in more than a decade.
  • Stanley-Fischer-ov50-hsmall

    Stanley Fischer on Israel's Brain Drain

    Stanley Fischer is an oddity in Israeli government service. A renowned economist who spent most of his life in the U.S., he moved to Israel five years ago, at age 61, to be the Bank of Israel governor—a post roughly equivalent to America’s Federal Reserve chairman. He had to learn Hebrew and take on Israeli citizenship. He has kept the country’s economy stable through two wars and a global financial meltdown. In October, Euromoney magazine declared him Central Bank Governor of the Year. Fischer spoke with NEWSWEEK’s Jerusalem bureau chief, Dan Ephron. Excerpts:
  • pompeii-cu01-hsmall

    Pompeii's Second Destruction

    You may have thought Pompeii died after that battle with Vesuvius in A.D. 79. In fact, the gloriously preserved Roman town is being destroyed now, thanks to human neglect.
  • 11_ColumbiaRiverUSA

    Lakes Disappearing After Glacial Outburst Floods

    Two and a half years ago, the Baker River in Chilean Patagonia suddenly tripled in size, causing a virtual river tsunami. In less than 48 hours, roads, bridges, and farms were severely damaged and dozens of livestock drowned. Residents were in disbelief. Jonathan Leidich, an American whose company regularly leads tourists on treks up to nearby glaciers, hiked to the Colonia Glacier at the eastern flank of the Northern Patagonian Ice Field and discovered the source of the mysterious flood: Lake Cachet 2 had vanished. This enormous, two-square-mile glacial lake had emptied its 200 million cubic meters of water in just a matter of hours. What happened? Glaciologists say it was yet another “glacial lake outburst flood,” or GLOF. An increasing rate of melting at the Colonia Glacier swelled the lake so much so that the resulting water pressure gradually forced the creation of a tunnel beneath the surface of the adjacent ice and drained the lake. Since Cachet 2 emptied in 2008, the lake...
  • A page from the Talmud, the book consisting of early rabbinical writings that inform the Judaic tradition.

    In China, Pushing the Talmud as a Business Guide

    An apparent affection for Jewishness has led to a surprising trend in publishing over the last few years: books purporting to reveal the business secrets of the Talmud that capitalize on the widespread impression among Chinese that attributes of Judaism lead to success in the financial arts.
  • gold-mcguire-ISS18-wide

    Everything Gold Is New Again

    In stormy times, investors look for something solid to hang onto—something like gold. The World Bank president himself, Robert Zoellick, suggested in November that the world’s economies could use the old reliable metal to help stabilize their currencies. For these and many other reasons, professional gold-fund manager Shayne McGuire argues that gold has nowhere to go but up. The following essay is adapted from McGuire’s latest book, Hard Money: Taking Gold to a Higher Investment Level.
  • italy-greek-embassy-bomb-hsmall

    Behind Rome's Embassy-Row Bombings

    The Italian capital's tony diplomatic neighborhoods are in a panic after the discovery of another parcel bomb, days after two others exploded.
  • corporate-cash-ISS14-vl

    Companies Flush With Cash

    The recession has been over in most countries for more than a year now, and as economists continue to decipher how and why this downturn differed from others, an interesting anomaly has emerged. While nations like the United States, Great Britain, and Japan are saddled with debt, companies in the U.S. and Europe have more than $1.5 trillion sitting on their respective balance sheets. In normal times, this abundance of cash would be good for the economy, as companies would invest, expand capacity, and create jobs. And indeed, over the next year, analysts say there may be a slight uptick in spending as cash-heavy firms turn to mergers and acquisitions, dividend payments, capital expenditures, and a variety of job-creating investments, particularly in high-growth countries such as China, India, and Brazil.
  • Protesters Cry Shame, but Verdict No Surprise

    Angry protests underscored that even after 22 months of hearings, not many in Russia understood how prosecutors could accuse Mikhail Khodorkovsky and his codefendant of stealing billions of dollars' worth of oil from their own company.
  • world-poverty-ISS11-vl

    Welfare for the Developing World's Poor

    In the depths of the global financial crisis in 2008–09, China stunned the world with its massive $596 billion stimulus spending program, which helped Asia avoid the worst of the downturn. Another of Beijing’s initiatives drew much less attention but will prove even farther-reaching: a first-ever comprehensive pension plan aimed at alleviating crushing poverty in the Chinese countryside, home to two thirds of its 1.4 billion population, who live on an average wage of about $2 a day. The program distributes government-subsidized pensions to 55 million rural Chinese, 16 million of whom are already drawing benefits of up to $45 a month. Though enrollment is voluntary and requires each participant to kick in between $15 and $75 a year, the government picks up the lion’s share of the costs. By the end of 2010, nearly a quarter of China’s rural areas will have been covered. Now Beijing is working to extend the program to urban centers as well.
  • greece-economy-theil-ISS04-wide

    How Europe’s New Goals Will Pay Off

    Call it Greece’s China moment. Like an economy run into the ground by decades of socialism, as China’s was before the country began reforms in 1978, Greece’s political and economic order had failed. Greece wasn’t crushed by Maoism but by its $400 billion national debt. When the market for Greek bonds dramatically collapsed in the spring of 2010, the country’s prime minister, George Papandreou, managed to secure a $140 billion credit line from the European Union and the International Monetary Fund—under the strict condition that he slash public spending, raise taxes, and reform the Greek economy.
  • haqqani-father-son-taliban-hsmall

    Pakistan Arrests Key Taliban Leader

    Appearing to answer U.S. calls for greater toughness against Taliban networks operating on their border, Pakistan this week arrested the son of feared insurgent leader, Jalaluddin Haqqani, according to Taliban and Pakistani government sources.
  • france-protests-gross-ISS03-wide

    Economy: Debt and Politics

    Global leaders may not have much time in their schedules for Broadway shows, but it’s their loss if they’ve missed Al Pacino’s star turn on Broadway as Shylock in "The Merchant of Venice."
  • hugo-chavez-hsmall

    Chávez Uses Natural Disaster to Grab More Power

    As torrential rains swept Venezuela in early December, leaving some 35 dead and 130,000 homeless, the president wasted no time in leveraging the elements to his advantage. On “humanitarian grounds,” the man Venezuelans know as El Comandante asked—and on Dec. 17 won—Congress’s blessings to rule by decree for the next 18 months.
  • lori-berenson-FE21-hsmall

    Lori Berenson: Freed Peruvian Prisoner

    I’ve never killed anyone, never harmed anyone, never done anything to cause physical damage to anyone. And I’m sorry that I am seen as a person who would do that.
  • north-korea-sc40-wide

    North Korea Holds China Hostage

    The Chinese, Pyongyang’s main protection against total collapse, privately confess to being sick of their neighbor’s disruptive demands for attention.
  • sc21-israel-wide

    Palestine Goes It Alone

    Odds are that 2011 won’t be the year Israelis and Palestinians make peace. Expect instead a Palestinian push toward independence by other means.