Russia's New World Order (Cover Story)
Buoyed by expensive energy and a booming economy, the Kremlin is once again flexing its muscles abroad—but very carefully


The Crying Game
After dazzling in 2002, Asia suffers a cruel reminder that it takes time to forge a soccer superpower


Eyes on the Prize
A bid for Hong Kong's PCCW is just the latest example of Macquarie Bank's gift for detecting rich opportunity in unglamorous assets


No Answer to Arroyo's Prayers
Despite a papal seal of approval, the Philippine President's woes aren't over

Milestones

Letters
What Happened at Haditha?

White Nights (Check In)
Taipei's monochromatic Ambience Hotel is the choicest stay for the style-conscious

Spa Gazing (Diversions)
Hong Kong's venerated Peninsula hotel opens one of the city's most extravagant spas

A Wild Night Out (Amuse Bouche)
If you like a taste of scorpion with your crocodile, grab a table at London's Archipelago

Off-Peak, On Budget (TIME Traveler)
How to hit the world's great destinations when the crowds aren't there

Knock Knock, Who's There? (Tech Watch)
Jacob Jensen goes from designer bling to designer rings