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China began the most anticipated and expensive Olympics in history with President Hu Jintao declaring the games officially open in an elaborate display of traditional performance and technological wizardry designed to showcase the country's transition from an ancient culture to a modern powerhouse.
As of 11:36:00 AM EDT Fri, August 8, 2008
Russia and pro-U.S. ally Georgia were on the brink of war, with Russian troops and tanks moving into Georgia's breakaway province of South Ossetia. Russia said it had sent reinforcements to the area and that 10 of its troops had been killed after Georgian troops launched a major offensive. 12:01 p.m.
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Stocks rebounded sharply as a big drop in oil prices trumped an ugly quarterly report from troubled mortgage giant Fannie Mae. Crude futures dropped below $117 a barrel and the dollar bounced across the board. 10:53 a.m.
Fannie Mae swung to a bigger-than-expected loss of $2.3 billion for the second quarter and said it expects further heavy losses from home-mortgage defaults. The company also slashed its dividend. 10:48 a.m.
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A military jury sentenced Osama bin Laden's former driver to 5 1/2 years in prison for aiding terrorism, making him eligible for release in just five months. Salim Hamdan had faced up to life in prison, and prosecutors sought a sentence of at least 30 years.
Companies throughout the food chain are changing the way they do business in response to soaring grain costs, and consumers are likely to bear the brunt in the form of rising food prices.
Publishers are hawking more gory and gross books to appeal to an elusive market: boys. Booksellers are also catering to teachers and parents desperate to make young males more literate.
Ma Yinjiang is part of a huge swath of Chinese who see the Olympics as more than a two-week sporting event. He and others see the Games as a sign that China's people have changed as much as its economy.
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Real Time Economics August 8, 9:14 AM Secondary Sources: Second Stimulus, Greenspan Epilogue, Fed and ECB |
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