Contents

Features

COVER: BREAKING OUT A3 Out to make money, the BBC is shaking up the world's airwaves--and competitors aren't too happy about it

MINING CONTROVERSY A23 In Peru, poor residents fear the environmental impact of mines, even at the risk of giving up foreign investments

IT'S ALL IN THE BOX A29 When world trade picks up, the cardboard-box industry can't help smiling

Departments

WORLD BRIEFING A5 Euro paybacks; Goldman's golf deal; cell-phone shuffle; Toyota plays the NBA

WORLD BEATERS A31 A mergers expert; a Sony TV exec; GM's new design chief; a sneaker king

INVESTING A32 Initial public offerings are heating up again. Should you take a chance?

GLOBAL LIFE A34 American-style no-smoking bans are starting to hit European cafes and bars

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ON THE COVER Photo-illustration for TIME by Paul Weston; microphone by PSC; earth by Mountains High; clouds by Corbis